Ageas Federal Life Insurance Super Protect Plus Plan

Key Features of the Ageas Federal Life Super Protect Plus Plan

• Designed as a flexible term insurance solution that adapts to changing life needs and financial goals.

• Provides financial protection up to age 85 years.

• Offers a choice between:

  • Life Cover with Terminal Illness, or

  • Life Cover with Terminal Illness and Return of Premium.

• Death benefits can be paid as a lump sum, as income, or as a combination of both.

• Includes a 12-month Cover Continuance Benefit period for premium payments during financial hardship.

• Provides Health Management Services at no additional cost to support the life assured's overall well-being.

Eligibility Conditions of the Ageas Federal Life Super Protect Plus Plan

Plan Options Available Under Ageas Federal Life Insurance Super Protect Plus Plan

Ageas Federal Life Insurance Super Protect Plus Plan offers two plan options to cater to different protection needs. You can choose a pure protection option with terminal illness coverage or opt for an enhanced variant that combines life protection with a return of premiums benefit. The available plan options are discussed below:

Option 1: Life Cover with Terminal Illness

The Life Cover with Terminal Illness option provides financial protection against life's uncertainties by combining a death benefit with coverage for terminal illness. It ensures that you and your family receive financial support when it is needed most.

Also read, Terminal Illness Meaning to understand how terminal illness coverage works in term insurance policies.

Terminal Illness Benefit

If the life assured is diagnosed with a terminal illness during the policy term, a Terminal Illness Benefit is payable as a lump sum, provided the policy is in force, and all due premiums have been paid.

• If the Sum Assured on Death is up to ₹2 Crore, the entire Terminal Illness Sum Assured is paid, and the policy terminates immediately.

• If the Sum Assured on Death exceeds ₹2 Crore, the policy continues after payment of the Terminal Illness Benefit. The Sum Assured on Death is reduced by the amount already paid as the Terminal Illness Benefit, and the reduced life cover remains payable on death during the policy term.

• For non-annual premium payment modes, any outstanding premiums due until the end of the policy year of terminal illness may be deducted before the benefit is paid.

• If a grace period or Cover Continuance Benefit period is applicable, the benefit is paid after deducting any due premiums.

Death Benefit

In the unfortunate event of the life assured's death during the policy term, while the policy is in force, the death benefit will be payable as follows:

Option 2: Life Cover with Terminal Illness and Return of Premium

The Life Cover with Terminal Illness and Return of Premium option combines life insurance protection with a maturity benefit. In addition to the Death Benefit and Terminal Illness Benefit available under Plan Option 1, this variant returns eligible premiums paid if the life assured survives to the end of the policy term.

Maturity Benefit

If the life assured survives until the maturity date, the maturity benefit will be payable as follows:

• If no Terminal Illness Benefit claim has been paid during the policy term, a lump sum amount equal to 100% of Total Premiums Paid will be paid on the maturity date, and the policy will terminate thereafter.

• If a Terminal Illness Benefit claim has been paid before maturity, the maturity benefit payable will be:
  {[1 – (Terminal Illness Sum Assured ÷ Sum Assured on Death)] × Total Premiums Paid}

The benefit will be paid as a lump sum on the maturity date, and the policy will terminate thereafter.

Policy Termination

The policy terminates upon expiry of the policy term after payment of the applicable maturity benefit.

Benefits of Ageas Federal Life Insurance Super Protect Plus Plan

In addition to life insurance protection, the plan offers several built-in and optional benefits that provide greater flexibility, financial support during difficult times, and access to health and wellness services.

Special Exit Value

Available under the Life Cover with Terminal Illness option, the Special Exit Value allows the policyholder to voluntarily terminate the policy and receive 100% of the Total Premiums Paid.
This benefit can be exercised during any of the first five policy years after the life assured attains 60 years of age

Cover Continuance Benefit

The Cover Continuance Benefit allows policyholders facing temporary financial difficulties to defer premium payments for up to 12 months while maintaining their policy coverage. This benefit allows multiple uses during the premium payment term, subject to a minimum gap of 5 policy years between two consecutive cover continuance periods.

Wellness Benefit

The plan provides access to health management services at no additional cost, subject to the policy being in force and all due premiums being paid. These services may include:

• Second medical opinion services

• Medical consultation support

• Medical case management assistance

The Wellness Benefit is designed to help the life assured obtain appropriate medical guidance, accurate diagnosis, and support for managing health conditions. These services are offered through third-party service providers and do not form part of the insurance contract.

Death Benefit Payout Options

The default death benefit payout is a lump sum. However, the nominee can choose from the following payout options at the time of claim:

• Lump Sum Payout

• Regular Income

• Combination of Lump Sum and Regular Income

Additional Benefits Available Under Ageas Federal Life Insurance Super Protect Plus Plan

Apart from the in-built benefits available under the base plan, Ageas Federal Life Insurance Super Protect Plus Plan also offers optional add-on benefits that can be availed by paying an additional premium. These benefits help enhance your protection against accidental events and critical illnesses.

Accidental Death Benefit

The Accidental Death Benefit provides an additional lump sum payout if the life assured dies due to an accident during the policy term. The benefit is payable if death occurs due to an accident during the policy term and within 180 days of the accident. The Accidental Death Sum Assured can range from 10% to 100% of the Sum Assured on Death, subject to a maximum limit of ₹2 Crore.

Accidental Total Permanent Disability Benefit

Accidental Total Permanent Disability Benefit provides financial support if the life assured suffers a total and permanent disability due to an accident during the policy term. The Accidental Total Permanent Disability Sum Assured can range from 10% to 100% of the Sum Assured on Death, subject to a maximum limit of ₹2 Crore. On the occurrence of an eligible accidental total permanent disability, the chosen sum assured is paid as a lump sum.

Ageas Federal Life Insurance Critical Shield Rider

Policyholders can also enhance their coverage with the Ageas Federal Life Insurance Critical Shield Rider, which provides protection against 50 listed critical illnesses. The critical illness rider helps manage treatment costs and recovery-related expenses.

Documents Required While Purchasing the Ageas Federal Term Insurance Plan?

The individuals should submit a set of documents to support the KYC process for policy processing. The required documents are listed below.

• Proof of Address

• Proof of Identity

• DOB Proof

• Bank details and other financial statements

• Proposal form

• Passport-sized 2 photographs

Key Exclusions Under Ageas Federal Life Insurance Super Protect Plus Plan

Some benefits under the policy and optional riders may not be payable in certain situations, including:

• Death due to suicide within 12 months of policy commencement or revival.

• Injuries or death resulting from self-inflicted harm or attempted suicide.

• Accidents occurring while participating in illegal or criminal activities.

• Claims arising from war, terrorism, riots, military operations, or hazardous occupations.

• Accidents related to adventure sports, alcohol or drug abuse, non-commercial aviation activities, or nuclear contamination.