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Ageas Federal Life Income Protect Plan

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.

Let’s read further to know in details about different aspects of the policy.

Eligibility Criteria of Ageas Federal Life Income Protect Plan

The following are the eligibility criteria of Ageas Federal Life Income Protect Plan.

Parameters

Particulars

Premium

Minimum

Maximum

Policy Tenure

 

Limited

10 years

30 years

Regular

Premium Paying Term

 

Limited/Regular -10, 15, 20 years

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 for a loan

Entry Age

Regular

25 years

60 years

Limited

Maturity Age

Regular

70 years

Limited

Benefits Offered by Ageas Federal Life Income Protect plan

Death Benefit

On an 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.

Tax Benefits:

The tax benefits offered by the 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 applicable under this policy is 18% of the total premiums paid.

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

Surrender Benefits:

Ageas Federal Life Income Protect Plan does not offer any surrender value. However, suppose the policyholders want to exit from the policy after paying premiums for at least three consecutive years. In that case, 70% of the premiums paid till the date of surrender will be paid, and the policy will be terminated.

Premium Illustration

This term insurance policy by Ageas Federal Life Insurance allows policyholders to pay in regular and limited instalments. 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 afterward, he would be required 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 until the person's date of death.

Documents Required to Buy Ageas Federal Life Income Protect Plan

The individuals are required to read all the related documents and information before making a final policy purchase decision. To purchase an 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-size photographs
  • Proposal form

Exclusions

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

FAQs

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

    The policy offers a life cover solution as a 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.

  • Q. How much is the free look time mentioned in the plan?

    The period is the time during which the policyholders can return the plan if they disagree 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 the Income Protect Plan is purchased directly from the insurer. However, it offers 30 days if the policy is purchased through any third-party organization.

  • Q. What is a grace period? How much grace period is included in the policy?

    The period is the available time during which the policyholders should pay the due premium when they fail to make payments timely. During the grace period, the policy will offer all the benefits applicable. Income Protect Plan offers 15 days and 30 days of grace period for a monthly and yearly premium payment mode. 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 policyholder would fail to pay the premium within the period.

  • Q. When can the Income Protect Plan lapse or get terminated?

    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.

  • Q. How can the Income Protect Plan be revived?

    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 as a 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 be ended by paying the unexpired premiums.

  • Q. Which legal provisions are included in the policy?

    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. 

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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

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