Ageas Federal Wealthsurance Growth Insurance Plan SP

Ageas Federal Life Insurance Wealthsurance Growth Plan - Single Premium (SP) is a non-participating unit-linked plan that lets you enjoy the market return benefits by investing once. It is a one-time investment plan that offers life coverage to the policyholder, providing your family with financial protection and stability in case of any uncertainty.

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Key Features of the Wealthsurance Growth Plan SP:

Following are the key features of the Ageas Federal Life Insurance Wealthsurance Growth Plan:

  • Ease of one-time payment
  • The plan provides you the flexibility to manage all your investments
  • You can select the amount of investment as per your requirements and financial objectives.
  • The plan also offers loyalty additions- guaranteed to the investment for better savings
  • The dual advantage of a life cover and provides the chance for making long-term returns.
  • Plan Provides financial protection to your family

Benefits of Wealthsurance Growth Plan SP:

Here is a quick laydown of the benefits of the Wealthsurance Growth Plan SP. Let’s take a look:

  • Investment options- You can change your investment options by switching between funds. This helps you in shifting your investment from one fund of investment to other without paying any additional amount.
  • Flexibility- Plan allows you to increase or decreases the number of insurance benefits as per your requirements
  • Death Benefit- The death benefit is paid to the beneficiary/nominee/legal heir in case of an unfortunate demise of the policyholder due to an accident or a natural one. The nominee will receive the highest of:  
    • Sum assure, or
    • Fund value present in your investment account or
    • 105% of the single premium received up to the date of the policyholder’s demise.
  • Maturity Benefit- On the survival of the policyholder or life assured the fund value that includes total guaranteed loyalty additions will be paid till the maturity date.  Guaranteed Loyalty Additions are provided under the policy at the termination of the 5th year of policy and then every five years afterward.
  • Tax Benefits: Get the tax benefits on the paid premiums u/s 80C and the amount received as death/maturity/surrender benefits u/s 10(10D).

Eligibility Criteria of Wealthsurance Growth Plan SP

Parameters

Minimum

Maximum

Entry Age

30 days  

70 years

Maturity Age

18 years

75 years

Premium

Rs. 25,000

No limit

Policy Term

5 years/10 years/15 years/20 years/25 years  

Premium Payment Term

Single-Premium

Sum Assured

1.25 times of the single premium

Maturity age - up to 48 years

10 times of the single premium

Maturity age - >48

1.25 times of the single premium

Details About Premium

Illustration for a policy term of 25 years with a premium of Rs.50,000 and SA Rs.62,500

Age

30 years

40 years

Premium

50,000

50,000

Sum Assured

500,000

62,500

Fund Value @ 4%

52,632

60,192

Fund Value @ 8%

79,885

88,874

Total Guaranteed Loyalty Additions @ 4%

2521

2720

Total Guaranteed Loyalty Additions @ 8%

3245

3472

Customization of Plan

Wealthsurance plan lets you choose an easy option of investments to create an insurance plan as per your requirements. Following are the simple steps:

  • Select the amount of premium that you want to invest and the policy tenure.
  • Now, select the 9 investment fund options based on your risk appetite
  • Choose the sum assured amount for the financial security of your family

Policy Details

1. Premium Payment:

The premium amount is payable only one time at the beginning of the policy.

2. Premium -Non-payment  

Discontinuation of the premiums in five years from the date of inception of the policy

  • If in case a policyholder does not pay the premium amount within the provided grace period, then the fund value will be transferred to the fund of discontinued policy after all the applicable discontinuance prices. The risk and rider cover shall be ceased (if any).
  • If the policyholder fails to revive the plan, then it continues to be in a risk and rider cover. All the discontinued fund payments will be payable to the assured at the end of lock-in-period or at the termination of the revival period (whichever comes later).

Discontinuation of the premiums after completion of five years from the date of inception of the policy

  • If the policyholder fails to pay premiums within the grace time after the payment of the due premiums in the primary 5 years of the policy. Then the policy will get converted to a reduced paid-up policy.
  • If the life assured is not able to revive the plan, it shall remain in a reduced paid-up policy. All the policy fund payments will be transferred to the assured at the end of a revival period.

Revival:

The life assured has the option to revive the plan within 3 years i.e., a revival time from the due date of the previous unpaid premiums. No interest/ fees will be deducted for the payment of the due premiums.

Surrender:

The life assured is provided with the option to surrender the policy during the lock-in period.

  • Surrender the policy within the lock-in period i.e., of 5 years: In this, a discontinuance charge is deducted from the policy fund value and the subsequent amount is transferred to the fund of discontinued policy. It also ceases the policy cover. All the fund payments of discontinued policy are compensated to the life assured at the surrender date or the lock-in-period date (whichever date is later).
  • Surrender the policy after the lock-in period i.e., 5 years of policy: The fund value as of the surrender date will be payable to the life assured.
  • After the payment of surrender value, the policy terminates.

Free-look Period Cancellation:

If the assured is not satisfied with the terms and conditions of the policy, he/she is permitted for a free look period of 15 days from the date of the policy’s document receipt for reviewing the policy’s TnCs.

Exclusions:

The amount as fund value is paid to the nominee in event of suicide in 12 months of the commencement of policy or from the date of policy revival.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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