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.

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Top Ageas Federal Life ULIP Plans

Fund Name
Fund Size
NAV
5 Year
7 Year
10 Year
Ageas Federal Life ULIP Plans Cautious Asset Allocator Fund
62 Cr
28.6 -0.13%
6.2%
8.04% Highest Returns
7.9%
7.9%
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Ageas Federal Life ULIP Plans Bond Fund
564 Cr
23.72 -0.09%
5.19%
6.65%
6.9% Highest Returns
6.9% Highest Returns
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Fund Name
Fund Size
NAV
5 Year
7 Year
10 Year
Ageas Federal Life ULIP Plans Pure Fund
295 Cr
33.42 -0.15%
10.23%
11.12%
14.51% Highest Returns
14.51% Highest Returns
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Ageas Federal Life ULIP Plans Income Fund
405 Cr
26.25 -0.01%
4.91%
5.7%
6.64% Highest Returns
6.64% Highest Returns
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Fund Name
Fund Size
NAV
5 Year
7 Year
10 Year
Ageas Federal Life ULIP Plans Midcap Fund
757 Cr
50.25 -0.23%
10.87%
13.63%
17.11% Highest Returns
17.11% Highest Returns
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Ageas Federal Life ULIP Plans Equity Growth Fund
1,042 Cr
43.02 -0.28%
10.88%
10.6%
12.36% Highest Returns
12.36% Highest Returns
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Ageas Federal Life ULIP Plans Aggressive Asset Allocator Fund
152 Cr
43.32 -0.23%
11.12%
11.36% Highest Returns
11.03%
11.03%
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Ageas Federal Life ULIP Plans Moderate Asset Allocator Fund
51 Cr
32.81 -0.17%
7.65%
9.12% Highest Returns
8.84%
8.84%
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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
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*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 10th 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

 

Minimum

Maximum

Entry Age

1 month

65 years

Maturity Age

18 years

75 years

Policy Term

10, 15 or 20 years

Premium amount

Rs.15, 000

Rs.25, 000

Sum Assured

10 times the annual premium

Premium Payment Term

10 years and thereafter in blocks of 5 years

Premium Paying Frequency

Yearly

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 10th 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

 

Minimum

Maximum

Entry Age

1 month

64 years

Maturity Age

18 years

74 years

Policy Term

10 years

30 years

Premium amount

Rs.25, 000

Rs.95, 000

Sum Assured

Higher of 10/7 times the annual premium or 0.5/0.25*term*annual premium

10/7/15 times the annual premium or Premium Paying Term *2*annual premium

Premium Payment Term

5 years

Equal to plan tenure

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*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 Key features and benefits of Wealthsurance Growth Insurance Plan SP:

Here only key features of this plan are discussed. For a detailed description of the terms and conditions and features of this policy, please go through the policy documents. Please go through the policy documents for understanding its benefits, features, prices, and other features of Wealthsurance Growth Insurance Plan SP in detail. 

Name of the Plan: Ageas Federal Wealthsurance Growth Insurance Plan SP UIN: 135L034V03

Plan Type: It is a non-participating, unit-linked, single-pay life insurance plan. 

Policy Aim: It is a one-time investment policy that offers the dual benefits of life cover with the opportunity to make long-term returns. Guaranteed loyalty additions in the investment contribute to accomplishing the goal of wealth creation.

Maturity Benefit: If the policyholder outlives the policy term, fund value along with the total guaranteed loyalty additions, as on the maturity date is paid.

Guaranteed Loyalty Additions:  The guaranteed loyalty additions are credited to the policy at the end of the fifth year of the policy and then after every five years.

Death Benefit: The death benefit is paid to the nominee in case the policyholder dies during the tenure of the policy. The death benefit that is paid to the nominee or beneficiary of the insured is the highest of: 

  • Fund Value; or
  • Sum Assured; or
  • 105% of the single premium paid till the death date of the insured. 

Premium Payment: The policy premium has to be paid only once at the inception of the policy. 

Non-payment of Premium:

Discontinuing Policy Premiums Within Five Years From Its Date of Commencement

Discontinuing Policy Premiums After Five Years From Its Date of Commencement

If the insured fails to pay the policy premiums within the policy's grace period, its fund value after the deduction of applicable discontinuance charges has to be credited to this discontinued insurance policy fund, and the rider and risk cover, if any, must cease.

After paying all due policy premiums in the first five years of the policy, if the insured fails to pay the premium within its grace period, the policy must be converted to a reduced paid-up plan that has: 

Reduced Death SA (Sum Assured) = Death SA x (Total Number of Paid Premiums / Original Number of Payable Premiums)

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

In case the insured does not revive the insurance policy, it shall continue to be in reduced paid-up status. At the end of its revival period, the proceeds of the insurance policy fund must be paid to the insured. 

Revival: The insured can revive the policy within its revival period of three years from the due date of the last premium that was not paid, by paying its due premiums without any fee or interest. 

Surrender:

  • Surrender within the lock-in period of five years: The ‘Discontinuance Charge’ is deducted from the policy's fund value and its resulting value is credited to the discontinued fund of the policy, and its life cover ends. The proceeds of this discontinued plan fund are given to the insured only when its lock-in period ends or its surrender date, whichever is later. 
  • Surrender after the lock-in period of five policy years: The fund value as mentioned on the surrender date is paid to the insured. The insurance plan terminates after paying the surrender value. 
  • Free-look Cancellation: The insured is given a free-look period of 15 days (30 days in case of policies requested through distance mode) from the date the policy documents are received by him/her. This period is given to review the terms and conditions of the policy. 

Exclusions: Suicide exclusion is provided, and it is mentioned in detail in the documents of the policy and its sales literature. 

Tax Benefits: A policyholder can avail the tax benefits under section 80C for the premiums he/she has paid and under section 10(10D) for the amount he/she has received as surrender/death/maturity benefits under the policy.

Eligibility Details

 

Minimum

Maximum

Entry Age

1 month

70 years

Maturity Age

18 years

75 years

Policy Term

5 years

25 years

Premium amount

Rs.25, 000

No limit

Sum Assured

1.25 or 1.10 times the Single premium Paid depending on age

10 times the Single premium Paid

Premium Payment Term

Single Pay

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

Ageas Federal Life ULIP Plans - FAQs

  • Q1. How to pay premium? What are the modes of payment available?

    Ans:. You can choose from ANY of the following premium modes from Ageas Life Insurance
    • Online Payment
    • Payment through Ageas & Federal Bank Branch
    • ECS
    • Payment through Advisor
    • Cheque facility

    For payment through online, policyholder must visit e-portal of company.

    • Enter your policy number and date of Birth
    • Then verify your policy details
    • Select payment options and pay payment.
  • Q2. How can I check policy status for Ageas Federal Life ULIP plans?

    Ans:. As a registered user, please visit the site

    and provide the relevant policy information to enter the site and check the current status of your policy.

    You can track you application from the above link in case you have recently applied.

  • Q3. What is the policy renewal process for Ageas Federal Life ULIP plans?

    Ans:. As an existing Ageas customer, you can convert all your paper policies into e-Policy to conveniently pay online premiums for renewals. You can fill the e-Policy Conversion Form and submit it to your nearest Ageas Federal branch. Once done, the renewal process remains the same as paying premium online.
  • Q4. What is the company’s process to settle claim for Ageas Federal Life ULIP plans?

    Ans:. Ageas Federal Insurance company guarantees to settle your claims within 8 working days, provided all your documents are in order. For every delay thereafter, the company will pay a penalty charge of 8% to the beneficiary.

    The process is simple. Fill the suitable claims form and submit the medical bills and reports and other documents as requested by the company to the nearest branch. The claim amount will be directly deposited in your bank account.

  • Q5. What is the policy cancellation process for Ageas Federal Life ULIP plans?

    Ans:. It will take maximum 30 days for policy cancellation process. The Ageas policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. After receiving the documents and scrutinizing them, the refund is credited into the policyholder’s bank account as per the policy’s records, and the policy is cancelled.
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