Ageas Federal Life ULIP Plans

Ageas Federal Life Insurance Co Ltd is a joint-venture of Ageas Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe. It is one of the fastest growing life insurance companies and offers a diverse range of wealth management, protection and retirement solutions to all its customers. It started its operations from 2008 and they were able to achieve breakeven in just 5 years.

Through a nationwide network of 2, 964 branches of Ageas Bank and Federal Bank, and a sizeable network of advisors and partners, Ageas Federal Life Insurance has achieved presence across the length and breadth of the country. They wish to be the leading provider of wealth management and other services. The main mission is to continually strive to enhance customer experience through innovative products, efficient relationship management and excellent service delivery in a cost effective manner.

What are ULIPs?

Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIP plans are as follows:

• The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund.
• Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc.
• Insurance coverage depends on the amount of premium paid
• The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value
• Switching option is available which enables the policyholder to switch his investment between funds

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Ageas Federal ULIP Plans

Ageas Federal Life Insurance Company Limited offers various types of Unit Linked Insurance plans to its customers with varied features and benefit structure. Let us take a look at the different types of plans offered by the company and the features and benefits of each plans in details.

Ageas Federal WealthsuranceSuvidha Growth Insurance Plan–

• Premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure.
• The premiums paid net of charges can be either invested in a choice of 2 funds or invested under the Systematic Allocator Strategy
• Under the Systematic Allocator strategy, the net premium is invested in a specified ratio in the Equity and Income Fundwith a higher proportion in the Equity Growth Fund. The ratio changes over time and with the date of maturity approaching, the proportion of investment increases in the Income Fund to protect the fund from market volatility.
• The policyholder may himself manage his investments if he does not opt for the above strategy. He has a choice of Equity Growth Fund and Income Fund to invest the net premium
• Loyalty Additions are added at the end of the 10^th policy year and every 5 years thereafter @3% of the average Fund Value over the last 3 years.
• On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature
• In case of death of the insured during the plan tenure, the death benefit payable is higher of the basic Sum Assured or the Fund Value subject to a minimum of 105% of all premiums paid till the date of death
• Partial withdrawals can be made with a minimum amount of Rs.10, 000 and a maximum of 20% of the available Fund Value
• Switching is allowed to change between funds and premium redirection is also allowed for redirecting future premiums into another fund
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

Ageas Federal Wealthsurance Growth Insurance Plan –

A unit linked plan with the dual benefit of capital appreciation and insurance protection. The features and benefits of the plan are as follows:

• Premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure.
• The premiums net of charges can be invested under two objectives – Do-it-yourself where the policyholder has a choice of 9 investment funds in which he can invest the premium in desired proportion or leave-it-to-us where the company manages the funds as per the customer’s risk profile of cautious, moderate and aggressive.
• The 9 funds available for investment to the policyholder are – Equity Growth Fund, Midcap Fund, Bond Fund, income Fund, Liquid Fund, Pure Fund, Aggressive Asset Allocator Fund, Moderate Asset Allocator Fund and Cautious Asset Allocator Fund
• Loyalty Additions are added at the end of the 10^th policy year and every 5 years thereafter @3% of the average Fund Value over the last 3 years.
• On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature
• In case of death of the insured during the plan tenure, the death benefit payable is higher of the basic Sum Assured or the Fund Value subject to a minimum of 105% of all premiums paid till the date of death
• Partial withdrawals are allowed after 5 completed policy years
• Switching is allowed to change between funds and premium redirection is also allowed for redirecting future premiums into another fund
• The Sum Assured can be increased or decreased subject to certain terms and conditions
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Ageas Federal Wealthsurance Growth Insurance Plan SP –

A unit linked insurance plan with a single premium payment option. The features and benefits of the plan are as follows:

• Premium under the plan is payable once at the commencement of the plan
• The premiums net of charges can be invested under two objectives – Do-it-yourself where the policyholder has a choice of 9 investment funds in which he can invest the premium in desired proportion or leave-it-to-us where the company manages the funds as per the customer’s risk profile of cautious, moderate and aggressive.
• The 9 funds available for investment to the policyholder are – Equity Growth Fund, Midcap Fund, Bond Fund, income Fund, Liquid Fund, Pure Fund, Aggressive Asset Allocator Fund, Moderate Asset Allocator Fund and Cautious Asset Allocator Fund
• Guaranteed Loyalty Additions are added at the end of the 5^th policy year and every 5 years thereafter @2.5% of the average Fund Value over the last 3 years.
• On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature
• In case of death of the insured during the plan tenure, the death benefit payable is higher of the basic Sum Assured or the Fund Value subject to a minimum of 105% of all premiums paid till the date of death
• Partial withdrawals are allowed after 5 completed policy years
• Switching is allowed to change between funds
• The Sum Assured can be increased or decreased subject to certain terms and conditions
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

Ageas Federal Wealthsurance Future Star Insurance Plan –

A unit linked child insurance plan which provides market related returns while at the same time taking care of the child’s future.Guaranteed Loyalty Additions are added to the fund @3% of the average fund value in the preceding three years.The fund value is paid on maturity of the plan and in case of death of the insured during the tenure of the plan; the Sum Assured is paid immediately. Thereafter, all future premiums are waived off and the aggregate future premiums payable are credited to the fund value by the company. This fund grows till the remaining time to maturity upon which the applicable fund value is paid to the nominee. The policyholder may also avail of the Education Support Benefit under which the death benefit can be availed as money-backs in the last 5 years of the policy after the death of the insured.

Applying for a Unit Linked Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For ULIPs through PolicyBazaar

• On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
• Click New Quotes to compare and choose from top insurance providers.
• Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
• Fill in your name, email address, city, country code, and mobile number. Click Continue.
• You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
• After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
• You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
• This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Ageas Federal Life ULIP Plans - FAQs