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Income Protect Plan – Ageas Federal

Ageas Federal Life Insurance offers a term insurance plan named Income Protect Plan. It offers life cover as a lump-sum and monthly income facility to help the family members to meet financial and other needs. It has 10 to 30 years of policy tenure. The policy has regular and limited premium paying terms. The limited premium term offers the facility to pay premiums in 10, 15, or 20 years.

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Therefore, the interested individuals can choose Income Protect Plan terms according to their budget and other obligations. The premiums can be paid in monthly and yearly mode only.

The insured persons will get tax benefits, death benefits, survival benefits, and advance premium renewal opportunities if they purchase the policy. However, the policy term changes as per the limited or regular premium terms chosen.

Table - Features of Income Protect Plan

Parameters

Particulars

Premium 

Minimum

Maximum

Policy Tenure 

Limited 

10 years

30 years

Regular 

Premium Paying Term

Limited 

10, 15, 20 years

Regular

Monthly Income

Minimum: Rs. 15,000 ( in multiples of Rs. 5000)

Maximum: No limit; subject to Board Underwriting norms

Premium Payment Frequency

Monthly and Yearly

Loan Facility

The plan does not have any provision fora loan

 Policy Benefits

The following are the key benefits under Income Protect Plan:

  1. Maturity Benefit

    It is a term insurance plan. Therefore, Income Protect Plan does not offer any maturity benefit on survival till the date of maturity.

  2. Death Benefit

    On insured’s death, while the policy is in force, the nominee will get death benefits as illustrated below.

    • Lump-sum money: Income Protect Plan will offer 12 times the monthly income as on the date of death
    • Increasing Monthly Income Benefit: Monthly premiums equal to the monthly income at the date of death will be paid for a minimum of five outstanding policy years. The rate of monthly income benefit will increase at 5% every year till the outstanding policy year. After the policy term ends, the monthly income benefit will increase at the same rate if applicable.

    The death benefits such as lump sum money and increasing monthly income benefit will not be less than the highest amount of 105% of total premiums paid till the date of death, 10 times of annualized premium, minimum Guaranteed Sum Assured on maturity, and assured amount payable on the date of death.

  3. Premium Illustration

    This term insurance policy by Ageas Federal Life Insurance allows policyholders to pay in regular and limited installments. It has a 10 to 30 years policy term. Therefore, if a male policyholder is 35 years old and wants to get a monthly income of INR 25,000 in his absence for a few years afterwards, he would require to pay a premium amount of INR 9,888 for 20 policy years. 

    As he dies in the 10th year, his family will receive a lump sum amount of 12 times the monthly income i.e. INR 4,35,000. His family will also receive a monthly income of INR 36,250 for outstanding policy terms subject to a minimum of 5 years by increasing at 5% every year. In this case, the monthly income increased at 5% p.a. for 9 years till the date of death of the person.

  4. Tax Benefits

    The tax benefits offered by Income Protect Plan depend on the amount and number of premiums paid. The tax benefits are as per the provisions of Sec 80C and Sec10 (10D) of the Income Tax Act 1961. The goods and service tax or any cess as applicable under this policy is 18% of the total premiums paid.

    *Tax benefit is subject to changes in tax laws. Standard T&C apply.

Additional Benefits

Apart from the aforementioned benefits offered by Ageas Federal Life Insurance Income Protect Plan, there are certain additional benefits of the plan. They are:

  1. Advance Premium Renewal

    Income Protect Plan offers the opportunity to pay premiums in advance for the premiums due in that financial year. However, if the premiums are to be paid in advance for the next financial year, the policy will allow paying premiums in advance for up to a maximum of three months. The premiums collected in advance will be adjusted at the time of premium payment on the due date.

  2. Surrender Benefits

    Income Protect Plandoes not offer any surrender value. However, if the policyholders want to exit from the policy after paying premiums for at least three consecutive years, then 70% of the premiums paid till the date of surrender will be paid and the policy will be terminated.

Eligibility Criteria

Parameters

Particulars

Plan Options

Premium 

Minimum

Maximum

Entry Age 

Regular 

25 years

60 years

Limited

Maturity Age 

Regular

70 years

Limited

Which Documents are required to Purchase the Policy?

The individuals are required to read all the related documents and information before making a final policy purchase decision. To purchase Income Protect Plan, they are required to provide the following documents.

  • Address proof
  • Identity proof
  • Date of birth proof
  • Income details and bank details
  • Passport-sized photographs
  • Proposal form

The Process to buy Income Protect Plan Online

The Income Protect Plan is not an online term plan. So, interested individuals are required to visit the nearest branch to submit a proposal form and necessary documents to purchase the policy successfully.

However, they can generate BI report through the website. To generate the BI report, the interested individuals are required to follow the steps put forth below.

Step 1: The individuals must visit the insurer’s website and click the “Buy Online” button. The online purchase portal will ask them to provide Basic Information i.e. contact details, date-of-birth, GSTIN, etc. and product information i.e. Plan Name, Premium Payment Mode, Policy Term, Monthly Income, Assured Sum Amount, etc. These data will help to generate the BI report.

Step 2: The individuals must read the BI report carefully to understand the policy benefits they will receive. They must accept the clause and norms mentioned in the BI report and sign accordingly.

Step 3: The “Generate Request” button will lead to a page that will show the required documents to submit to complete the policy purchase process successfully.

Key Exclusions

Income Protect Plan does not offer the regular death benefits if the insured person dies due to suicidal attempts. However, if the incident takes place within twelve months from the policy revival date or risk initiation date, the nominee can claim at least 80% of premiums paid till the death date, or, the Policy Surrender Value as on the death date.

FAQ's

  • Q1. What are the key life cover options offered by Income Protect Plan?

    A1. The policy offers a life cover solution as financial protection solution for the nominee. The nominee will receive the lump sum amount and monthly income in the absence of insured individuals. It helps the nominee to meet immediate and regular financial expenses and maintain a stable lifestyle.
  • Q2. How much free look time is mentioned in the plan?

    A2. The period is the time during which the policyholders can return the plan if they do not agree with the policy norms and clauses. They will be refunded with the premiums paid with required deductions and charges as applicable. The policy offers a free look time of 15 days if Income Protect Planis purchased directly from the insurer. However, it offers 30 days if the policy is purchased through any third-party organisation.
  • Q3. What is a grace period? How much grace period is included in the policy?

    A3. The period is the available time during which the policyholders should pay the due premium when they fail tomake paymentstimely. During the grace period, the policy will offer all the benefits applicable. Income Protect Planoffers 15 days and 30 daysof grace period for a monthly and yearly mode of premium payment. If the insured person dies during the grace period, then the nominee gets the death benefits by deducting the outstanding premiums. The policy will lapse and no benefits will be payable when the policyholderwould fail to pay the premium within the period.
  • Q4. When Income Protect Plan can lapse or terminated?

    A4. In the case of Regular pay policies, when the policyholders fail to pay the premium of policy even within grace time available then the policy will lapse. In the case of Limited pay policies, if they do not pay premiums for three consecutive years, then the policy will lapse and no benefits will be payable.
  • Q5. How can Income Protect Plan be revived?

    A5. The lapsed policy can be revived during five years’ time starting from the date of the first unpaid premium. They are required to pay premiums outstanding asa penalty. However, if the policy is not revived within the period, the policyholders will not be able to revive the policy. In the case of a Limited pay policy, the unexpired premiums will be paid and the policy will not be revived thereafter. However, if the insured person dies during the revival period, the policy can beended by paying the unexpired premiums.
  • Q6. Which legal provisions are included in the policy?

    A6. The policy follows certain legal provisions in the case of assignment, nomination, and taxation. It follows the Income Tax Act 1961 for taxation, Section 38 of Insurance Act 1938, and Section 39 of Insurance Act 1938. Therefore, if the policyholders find any discrepancies regarding the clauses mentioned, fraudulent activities identified, misrepresentation of data found, or others, they must follow the provisions mentioned in the identified legal acts for taking any legal initiative.
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