Ageas Federal Life Insurance Saral Pension Plan

Eligibility Criteria for the Ageas Federal Life Insurance Saral Pension Plan

Features of the Ageas Federal Life Insurance Saral Pension Plan

Here are its key features under the Ageas Federal Life Insurance Saral Pension plan:

• Life Annuity(100% Return of Purchase Price) (ROP)
  Annuity will be paid in arrears for the lifetime of the annuitant. On death, the nominee receives 100% of the Purchase Price (before tax). This guarantees a safe return of your investment, making it an excellent option under the Ageas Federal Life Pension Plans.
• Joint Life Last Survivor Annuity with 100% Return of Purchase Price
  The arrears of annuity are paid as long as the primary or secondary annuitant is alive. On the first death, the 100% annuity continues to the surviving annuitant. On the death of the last survivor, the nominee receives 100% of the Purchase Price.
• Guaranteed Lifetime Annuity
  After buying the annuity, it cannot be altered because it is provided with a guaranteed amount throughout the life of a person.
• Flexible Payout Modes
  An annuity can be received monthly, quarterly, half-yearly, or annually, according to the selected option when it is initiated.
• Surrender Option (Under Given Conditions)
  The policy may be given up after six months of commencement in case the annuitant, spouse, or children are diagnosed with given critical illnesses. On approval, 95% of the Purchase Price (minus taxes) is to be paid as per policy terms.

Benefits of the Ageas Federal Life Insurance Saral Pension

The Ageas Federal Life Insurance Saral Pension Plan offers key benefits to ensure financial security under retirement planning, providing lifetime income and protection. Here are the main advantages:

1. Survival Benefit:
   Annuity is paid in arrears for the lifetime of the annuitant according to the option and payout rate selected.
2. Death Benefit: 
   • Single Life Option
     Upon the death of the annuitant, the annuity payments cease, and payment of 100% of the purchase price (without taxes) to the nominee is made. The policy is then terminated.
   • Joint Life Option
     When there is a first death, the 100% annuity will go to the surviving annuitant. Upon the event of the last survivor, 100% of the Purchase Price (excluding taxes) is given to the nominee, and the policy ceases.

Policy Details of the Ageas Federal Saral Pension Plan

The following are the policy details under the Ageas Federal Life Insurance Saral Pension Plan:

• Free Look Period
  A 30-day period of free look will be provided after receipt of the policy document. If cancelled within this period, the Purchase Price will be refunded after deducting proportionate risk premium, medical expenses (if any), and stamp duty charges.
• Surrender
  Allowed after six months, provided that there are certain critical illnesses as prescribed by the policy.
• Loan
  A loan can be availed after six months following policy commencement. Loan amount will be subject to conditions, i.e., the interest payable on the loan should not be more than half of the annual annuity. Loan interest is recovered from annuity payments.

With its flexibility and long-term benefits, the Ageas Federal Saral Pension Plan is a reliable retirement plan, being a part of some of the best investment plans for higher returns.

Exclusions Under the Ageas Federal Life Insurance Saral Pension Plan

• Suicide Clause
  ​Suicide exclusion is not applicable in the traditional sense, as this is an immediate annuity plan. The death benefit is governed strictly by plan terms regarding the return of the purchase price.

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