Ageas Federal Wealthsurance Growth Insurance Plan

Ageas Federal Wealth insurance growth insurance plan is a ULIP Product which aims to build a sizeable fund with market participation and also with guaranteed additions for a secured future.

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  • Save Upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD

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Ageas Federal wealth insurance growth insurance - Key Features 

  • Plan Name: Ageas Federal Wealthsurance Growth Insurance Plan SP/ UIN: 135L034V03
  • Type of Plan: A Non-Participating, Unit Linked Single Pay Life Insurance plan.
  • Aim of the Policy: A one-time investment plan, it offers the dual benefit of a life cover along with the opportunity to make long term returns. Guaranteed Loyalty additions to the investment contribute to wealth creation goals.
  • It is a unit linked plan with regular and limited premium paying option.
  • Guaranteed Loyalty Additions boost the Fund Value.
  • The Sum Assured can be increased or decreased as per requirement.

The following 9 funds are available for investment:

  • Equity Growth Fund
  • Midcap Fund
  • Pure Fund
  • Bond Fund
  • Income Fund
  • Liquid Fund
  • Aggressive Asset Allocator Fund
  • Moderate Asset Allocator Fund
  • Cautious Asset Allocator Fund 

The policyholder may choose to invest in any of the fund himself or ask the company to do the investments on his behalf where the last 3 funds are chosen by the company. 

Ageas Federal wealth insurance growth insurance - Benefits 

  1. Maturity Benefit:

    Upon survival of Life Insured till the date of maturity, fund value including total Guaranteed Loyalty Additions, as on date of maturity is paid.

  2. Guaranteed Loyalty Additions:

    Guaranteed Loyalty Additions are credited to the policy at the end of the 5thpolicy year and every 5 years thereafter.

  3. Death Benefit: 

    In case of death of the Life Insured during the policy term, the Death Benefit will be paid to the beneficiary. Death benefit paid is the highest of: 

    • Sum Assured; or
    • Fund Value; or
    • 105% of the single premium paid till the date of death. 
  4. Premium Payment:

    The premium needs to be paid just once at the inception of the plan. 

  5. Non-payment of Premium:

    Discontinuing premiums within 5 years from the policy commencement date

    Discontinuing premiums after 5 years from the policy commencement date

    If the policyholder fails to pay premium within the Grace Period, the fund value after deducting applicable discontinuance charges, shall be credited to the discontinued policy fund and the risk cover and rider cover, if any, shall cease.

    After payment of all due premiums in the first five policy years, if the policyholder fails to pay premium within the Grace Period, the policy shall be converted into a reduced paid up policy with: 

    Reduced Death Sum Assured = Death Sum Assured x (Total No. of Premiums Paid / Original No. of Premiums Payable);

    In case the policyholder does not revive the policy, the policy shall continue without any risk cover and rider cover (if any); and the proceeds of the discontinued policy fund shall be paid to the policy holder at the end of the revival period or lock-in period whichever is later. 

    In case the policyholder does not revive the policy, the policy shall continue to be in reduced paid up status. At the end of the revival period, the proceeds of the policy fund shall be paid to the policy holder. 

  6. Revival:

    The policyholder can revive the policy within a revival period of 3 years from the due date of the last unpaid premium, by payment of the due premiums without any interest or fee. 

  7. Tax Benefits:

    Tax benefits may be available u/s 80C for the premiums paid and u/s 10(10D) for the amount received as maturity/death/surrender benefits under the policy.

Ageas Federal wealth insurance growth insurance - Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

1 month

 64 years

Maturity Age (Last Birthday)

18 years

74 years

Policy Term (PT) in years

10

30

Premium Paying Term (PPT) in years

5

Up to policy term

Premium Paying Frequency

Yearly

Yearly Premium

25,000

95,000

Sum Assured

Higher of 10*annual premium or 0.5*term*annual premium for ages <45 yrs.

Higher of 7*annual premium or 0.25*term*annual premium for ages>=45 yrs.

Or

175,000

PPT*2*annual premium up to a maximum of 15*annual premium for ages<54 yrs.

10/7*annual premium for ages >54 yrs.

Details About Premium

Illustration for a policy term of 15 years and PPT of 15 years 

Age

30 years

40 years

Premium

50,000

50,000

Sum Assured

500,000

500,000

Fund Value @ 4%

904,150

899,972

Fund Value @ 8%

12,56,804

12,51,301

Total Guaranteed Loyalty Additions @ 4%

38,110

37,893

Total Guaranteed Loyalty Additions @ 8%

49,022

48,771

Ageas Federal wealth insurance growth insurance - Policy Details 

  1. Grace Period:

    Grace period of 30 days is allowed for outstanding premium payments. 

  2. Surrender:

    • Surrender within the lock-in period of 5 years: A ‘Discontinuance Charge’ is deducted from the fund value and the resulting value is credited to the discontinued policy fund; and the life cover ceases. The proceeds of the discontinued policy fund are paid to the policyholder at the end of the lock-in period or the surrender date, whichever is later. 
    • Surrender after the lock-in period of 5 policy years: The fund value as on the date of surrender is paid to the policyholder. 
    • The policy terminates after payment of the Surrender value. 
  3. Free-look Cancellation:

    The policyholder is entitled to a free-look period of 15 days (30 days in case of policies solicited through distance mode) from the date of receipt of the policy document to review the terms and conditions of the policy.

  4. Inclusions

    • Partial Withdrawals are allowed after 5 policy years with a minimum amount of Rs.10, 000.
    • Unlimited Switches are allowed to change between funds chosen.
    • Premium Redirection is allowed to redirect future premiums in another fund. 
  5. Exclusions:

    Suicide Exclusion is applicable as detailed in the policy document and sales literature.

Documents Required 

An application form is needed to be filled accurately along with a correct medical history, address proof and KYC documents in order to avail the policy. A medical examination may be required in some cases, based on the sum assured and the age of the applicant. 

You may also compare: Ageas Federal Life ULIP Plans

FAQ's

  • Q. How can I check the status of my application?

    A. To know the status of the application, the insurance buyer needs to visit the website of Ageas Federal. The insured can check the status of the application online with his/her unique application number. 
  • Q. What if I am unable to do premium payment on time?

    A. If the insured is unable to pay the premium on time, then the policy will lapse and he/she will have to renew the policy within 2 years from the day of lapsation. You can refer to your product documents to know more about this. 
  • Q. Can I surrender my policy?

    A. Yes, you can. After the completion of 5 policy years, you can surrender the policy anytime you want. In case of policy is surrendered prior to the completion of 5 years, the fund value net of discontinuation charge will be credited to the policy fund where a 4% per annum growth is earned. After the 5 years of policy is completed, the fund value as on that date in the discontinued policy fund will be paid to you. After the completion of 5 policy years, on the date of surrender, the entire fund value is paid without any charges.  
  • Q. How many days of free look period are provided by the policy?

    A. If the insured has not made any claim, then he/she can cancel the policy under free look period of 15 days.The free look period is provided by the insurer during which the life insured can cancel the policy if he/she is dissatisfied with the policy’s terms and conditions. 
  • Q. What are the fund options available under the policy? 

    A. The following 9 funds are available under this policy;
    • Equity Growth Fund
    • Midcap Fund
    • Pure Fund
    • Bond Fund
    • Income Fund
    • Liquid Fund
    • Aggressive Asset Allocator Fund
    • Moderate Asset Allocator Fund
    • Cautious Asset Allocator Fund
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