Ageas Federal ULIP Plans

The Ageas Federal ULIP Plan is an innovative financial solution designed to meet your long-term investment and insurance needs. These Unit Linked Insurance Plans (ULIP) are offered by Ageas Federal Life Insurance. Ageas Federal ULIP Plan combines the benefits of life insurance with investment opportunities, which allows you to grow your wealth while ensuring financial protection potentially.

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Grow Your Wealth!

Best ULIP Funds - Consider the best performing ULIP funds to invest in 2024 with Policybazaar. Find the list of best ULIP funds in India on the basis of Returns, Latest Nav, Fund Size and Categories

Data source : value research

Returns as on 18-05-2024. The returns are the returns of best-performing fund in the plan

Introduction to Ageas Federal ULIP Plan

Ageas Federal ULIP Plans are insurance policies that combine life cover with market-linked investments. You pay premiums, part of which goes towards insurance and the remaining gets invested in funds you choose (like equity, debt, index, and balanced funds).

So, you build wealth while being protected. The benefits of Ageas Federal ULIP Plan include potential wealth growth, tax benefits, and death benefits for your loved ones. The different ULIP plans cater to your varying needs, like wealth creation, child education, or retirement. 

Types of 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 structures. Let us take a look at the different types of plans offered by the company: 

Ageas Federal Life ULIP Plan Entry Age Maximum Maturity Age Premium Payment Term (PPT) Policy Term (PT) Minimum Monthly Premium (in Rs.) Tax Benefits under the Income Tax Act, 1961
Wealthsurance Growth Insurance Plan SP II 1 month - 70 years 18 - 76 years Single 6/ 10/ 15/ 20/ 25 years Rs. 50,000 lump sum Section 80C and Section 10(10D)
Wealth Gain Insurance Plan 5 - 60 years 18 - 74 years 5 / 10 / 15/ 20 years 10 / 15 / 20 years Rs. 2,500 per month Section 80C and Section 10(10D)
Wealth Plus Critical Protection Plan 18 - 52 years 28 - 70 years Limited: 10/ 15 years;
Regular: Same as PT
10/15/20/25 years Rs. 1,00,000 Section 80C and Section 10(10D)
Smart Growth Plan 1 month - 55 years 18 - 670 years 5/10/15/20 years 10 / 15 / 20 / 25 years Rs. 35,000 annually Section 80C and Section 10(10D)
Platinum Wealth Builder Plan 0 - 60 years 18 - 75 years 6/ 8/ 10/ 12/ 15 years 12 - 25 years Rs. 3 lakhs annually Section 80C and Section 10(10D)

The following sections will help you learn the key features of various Ageas Federal ULIP Plans in detail.

  1. Ageas Federal Wealthsurance Growth Insurance Plan SP II

    Ageas Federal Wealthsurance Growth Insurance Plan SP II is a single premium Unit Linked Insurance Plan (ULIP). It combines life insurance coverage with the potential for wealth growth through investment in unit-linked funds.

    Features of Ageas Federal Wealthsurance Growth Insurance Plan SP II:

    • Single Premium Payment: You only need to pay a single premium at the beginning of the policy term.

    • Choice of Investment Options: You can choose to invest your premium in one or more of six unit linked funds.

    • Life Insurance Cover: The plan provides life insurance cover for the entire policy term.

    • Maturity Benefit: If you survive the policy term, you will receive the fund value at maturity.

    • Loyalty Additions: The plan also offers loyalty additions, which are bonuses that are added to your fund value every five years.

    • Partial Withdrawals: You can make partial withdrawals from your policy after five years.

    • Top-up Premiums: You can also top up your premium at any time during the policy term.

    Invest more and Get more with ULIP Plan Invest more and Get more with ULIP Plan
  2. Wealth Gain Insurance Plan

    Ageas Federal Wealth Gain Insurance Plan is a unit-linked insurance plan (ULIP) that offers life cover and helps you build wealth over the long term. It provides you with the flexibility to choose from a variety of investment options and the potential to earn high returns.

    Features of Ageas Federal Wealth Gain Insurance Plan:

    • Choice of Funds: Invest in 8 different funds across equity, debt, and balanced options based on your risk appetite and financial goals.

    • Guaranteed Additions: Receive guaranteed loyalty additions to your fund value over the policy term, boosting your overall wealth accumulation.

    • Flexibility: Switch between funds easily to manage your investments based on market conditions.

    • Maturity Benefit: Get the accumulated fund value (including loyalty additions) at the end of the policy term.

    • Life Cover: Provides a death benefit to your nominated beneficiary in case of your unfortunate demise during the policy term.

    • Waiver of Premium on Disability: In case of disability, your future premiums are waived off, ensuring continued life cover and wealth accumulation for your family.

    • Tax Benefits: Premiums paid and maturity benefits qualify for tax exemptions under applicable sections of the Income Tax Act, 1961.

    • Top-up Option: Increase your investment and life cover throughout the policy term to adapt to your evolving needs.

    • Rider Options: Enhance your protection with optional riders like critical illness cover and accidental death benefit.

    People also read: What is ULIP

  3. Wealth Plus Critical Protection Plan

    Ageas Federal Wealth Plus Critical Protection Plan is a Unit Linked Insurance Plan (ULIP) that combines market-linked investment returns with death and critical illness coverage. It is designed to cater to individuals seeking wealth creation alongside financial security for themselves and their loved ones.

    Features of Ageas Federal Wealth Plus Critical Protection Plan:

    • Life Cover: Provides financial protection to your loved ones in case of your unfortunate demise.

    • Investment Growth: Your premiums are invested in market-linked funds, which have the potential to grow your wealth over the long term.

    • Critical Illness Benefit: This optional benefit provides a lump sum payment if you are diagnosed with any of the critical illnesses covered by the plan.

    • Premium Payment Term: You can choose to pay your premiums for a limited period or throughout the policy term.

    • Loyalty Additions: The plan offers guaranteed loyalty additions, which are added to your fund value at regular intervals.

    • Top-up Facility: You can increase your sum assured or invest additional premiums during the policy term.

    • Partial Withdrawals: You can withdraw a part of your fund value after a lock-in period.

    • Tax Benefits: You can avail tax benefits on your premiums paid and the maturity proceeds under the plan, as per Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Invest in high growth ULIP Plans Invest in high growth ULIP Plans
  4. Smart Growth Plan

    The Ageas Federal Smart Growth Plan is a unit-linked life insurance (ULIP) plan that offers a combination of life insurance coverage and investment benefits. This means that you can get both protection for your loved ones and the potential to grow your wealth over time.

    Features of Ageas Federal Smart Growth Plan:

    • Life Cover: Provides financial protection to your loved ones in case of your unfortunate demise.

    • Investment Growth: Your premiums are invested in unit-linked funds, offering the potential for long-term wealth creation through market performance.

    • Premium Payment Term: Choose to pay premiums for a limited period or throughout the policy term.

    • Fund Management: Switch between different fund options based on market conditions and your investment goals.

    • Partial Withdrawals: Withdraw a part of your fund value after a lock-in period of 5 years to address financial needs.

    • Policy Surrender: Surrender your policy after the lock-in period and receive the fund value.

    • Guaranteed Loyalty Additions: Receive loyalty bonuses added to your fund value at specific intervals, boosting your wealth accumulation.

    • Tax Benefits: Enjoy tax benefits on premiums paid under Section 80C and on maturity proceeds under Section 10(10D) of the IT Act, 1961.

    People also read: ULIP Calculator

  5. Platinum Wealth Builder Plan

    The Ageas Federal Platinum Wealth Builder Plan is a Unit Linked Insurance Plan (ULIP) specifically designed for high-net-worth individuals seeking both long-term wealth creation and life insurance protection.

    Features of Ageas Federal Platinum Wealth Builder Plan:

    • Life Cover: Provides financial security to your loved ones if you pass away during the policy term.

    • Investment Growth: Premiums are invested in market-linked funds for potential long-term wealth creation.

    • Loyalty Additions: Guaranteed loyalty bonuses are added to your fund value at specific intervals, boosting your wealth accumulation.

    • Wealth Booster on Premiums: Additional premium allocation of 2% of installment premium added to your fund from the 6th policy year till the end of the premium paying term, accelerating returns.

    • Flexible Policy Term: Choose your policy term (12 to 25 years) and premium paying term (6, 8, 10, 12, or 15 years).

    • Fund Switching: Switch between fund options based on market conditions and your investment goals.

    • Partial Withdrawal: Make partial withdrawals after a lock-in period to address financial needs.

    • Optional Spouse Cover: Provide additional protection for your spouse by opting for this cover.

    • Top-up Facility: Increase your sum assured or invest additional premiums during the policy term to enhance your wealth accumulation.

    • Tax Benefits: Enjoy tax benefits on premiums paid and maturity proceeds as per applicable tax laws.

Steps to Apply for Ageas Federal ULIP Plan

Follow the steps mentioned below to start investing in Ageas Federal Unit Linked Insurance Plans: 

Step 1. Choose a plan:

Explore Policybazaar website or consult an insurance agent to understand the plans available, such as Wealth Gain, Wealthsurance Growth, or Wealth Plus Critical Protection. Consider your specific goals, risk appetite, and budget to choose the best plan for you.

Step 2. Contact an agent or visit a branch:

Once you've chosen a plan, you can contact an Ageas Federal agent or visit a branch to initiate the application process. They will guide you through the formalities and provide the necessary documents.

Step 3. Gather documents:

You will need to submit various documents as part of the application process, including:

  • Proof of identity (PAN card, Aadhaar card)

  • Proof of address (Voter ID, electricity bill)

  • Proof of income (Salary slips, income tax returns)

  • Medical declaration form (completed by a doctor)

  • Proposal form (filled out with your details)

Step 4. Pay the premium:

You will need to pay the initial premium amount at the time of application. Ageas Federal offers various premium payment options, including lump sum, regular, or flexible premiums.

Step 5. Medical examination:

Depending on the chosen plan and your age, you may be required to undergo a medical examination. This helps the insurance company assess your risk profile and determine the premium amount.

Step 6. Policy review and approval:

Once all documents are submitted and the medical examination (if applicable) is completed, Ageas Federal will review your application. They will assess your eligibility and determine the premium amount based on your risk profile. Upon approval, you will receive the policy document outlining the terms and conditions.

Ageas Federal Life ULIP Plans - FAQs

  • Is Ageas federal life insurance good or bad?

    The decision of whether Ageas Federal Life Insurance is good or bad for you depends on your individual circumstances and priorities.
    • Positives:

      • Strong financial backing

      • Wide range of products

      • Online presence

      • Customer service

    • Negatives:

      • Limited brand awareness

      • Mixed customer reviews

      • Limited product comparison options

  • Is Ageas Federal ULIP Plan good for investment?

    Whether or not an Ageas Federal ULIP plan is good for investment depends on a variety of factors and your individual financial goals.

    You can consider the following advantages and disadvantages of ULIP plans for informed decision making: 

    • Pros of ULIPs:

      • Dual benefit: Provides life insurance coverage while also offering the potential for investment returns through market-linked funds.

      • Investment flexibility: You can choose from various funds based on your risk appetite and investment goals.

      • Tax benefits: Premiums paid for ULIPs are eligible for tax deductions under Section 80C of the Income Tax Act, 1961.

      • Loyalty additions: Some ULIPs offer loyalty additions as a bonus on top of your fund value.

    • Cons of ULIPs:

      • ULIP charges: ULIPs typically have many charges compared to traditional insurance or mutual funds due to their insurance component. These charges include mortality charges, fund management fees, surrender charges, and policy administration fees.

      • Market risk: The investment returns in ULIPs are subject to market fluctuations, so there is no guarantee of profits.

      • Lock-in period: ULIPs usually have a lock-in period of 5-6 years, during which you may face surrender charges if you withdraw your money.

      • Limited liquidity: Unlike mutual funds, ULIPs may not offer immediate liquidity in case you need to access your money.

  • What are the disadvantages of Ageas Federal ULIP Plan?

    The major disadvantages of an Ageas Federal ULIP Plan are listed below:
    • High charges: Entry, surrender, and fund management charges can eat into your returns.

    • Lock-in period: Limited access to your funds for several years, impacting liquidity.

    • Market risk: Investment component exposes you to potential market fluctuations.

    • Lower death benefit: Compared to pure term insurance, death benefit might be lower.

    • Complexity: Understanding charges, fund options, and risks can be challenging.

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

    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.
  • How can I check policy status for Ageas Federal Life ULIP plans?

    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.

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

    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.
  • What is the company’s process to settle claim for Ageas Federal Life ULIP plans?

    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.

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

    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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^The tax benefits under Section 80C allow a deduction of up to ?1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ?2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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