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Ageas Federal Termsurance Life Protection Insurance Plan

Ageas Federal Termsurance Life Protection Insurance Plan is a term insurance plan offered byAgeas federal life Insurance. It offers different life cover options to suit different requirements of the policy buyers and to secure the life of family members. The plan is available under two policy options: Pure Protection Option and Return of Premium on Maturity Option.

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These two options have single and regular premium payment terms. Let’s read further to know in detail about different aspects of the policy. 

Eligibility Criteria of Ageas Federal Termsurance Life Protection Insurance Plan 

The following are the eligibility criteria of the policy.

Eligibility Criteria 

Details

Plan Options

Premium 

Minimum

Maximum

Policy Tenure 

Pure Protection Option

Single

10 years

30 years

Regular 

Return of Premium on Maturity Option

Single 

10 years

30 years

Regular 

Premium Paying Term

Pure Protection Option

Single 

Regular

Return of Premium on Maturity Option

Single

Regular 

Sum Assured 

 

INR 5,00,000

No Limit

Premium Payment Frequency

Annual, Monthly,  Quarterly, Semi-Annual

Loan Facility

No loan facility is provided under the plan.

Age at Entry

Pure Protection Option

18 years

60 years

Return of Premium on Maturity Option

Age of Maturity

Pure Protection Option

70 years

Return of Premium on Maturity Option

Plan Options Offered by Ageas Federal Termsurance Life Protection 

Ageas Federal Termsurance Life Protection Plan offers two life cover options to choose from. These two options have two different premium payment modes such as regular and single. Individuals can choose different life cover options and premium payment options so that they can get the highest benefits from the policy considering their financial and family constraints.

Plan Options

 

Pure Protection Option

Under this option a valuable income protection benefit is offered to the beneficiary of the policy in case of an untimely demise of the life assured. This options is best suitable for individual who wants to buy a large insurance cover at a lower premium rate. 

Return of Premium on Maturity Option

This plan offers return of premium on maturity benefit wherein, the premium paid towards the policy during the policy tenure are returned back as maturity benefit to the life assured on maturity of the policy. 

Benefits Offered by Ageas Federal Termsurance Life Protection Plan

  1. Death Benefit

    The death benefit is paid to the nominee in case of unfortunate demise of the life assured during the policy tenure. The death benefit is paid as:

    Death Benefit 

    Age of Life Assured 

     

    Less than 45 years

    45 years and above 

    Single Premium 

    Highest of-

    1.      Sun assured or;

    2.      125% of the single premium paid or;

    3.      Minimum guaranteed sum assured paid on maturity 

    Highest of-

    1.      Sum assured or;

    2.      125%  of the single premium paid or;

    3.      Minimum guaranteed sum assured on maturity.

    Regular Premium 

    Highest of-

    1.      Sum assured or;

    2.      10 times the annualized premium. 

    3.      105% of the total premiums paid as on the date of death or;

    4.      Minimum guaranteed sum assured on maturity 

    Highest of-

    1.      Sum assured or;

    2.      7 times the annualized premium. 

    3.      105% of the total premiums paid as on the date of death or;

    Minimum guaranteed sum assured on maturity

  2. Maturity Benefit

    Ageas Federal Termsurance Life Protection Insurance Plan offers maturity benefits only for Return of Premium on Maturity Option plan. On survival till maturity, the policy will offer 100% of all the premiums paid till the date of policy maturity with necessary deductions as applicable. After this, the policy gets terminated thereafter.

  3. Tax Benefits

    The tax benefits offered in the policy depend on the number and amount of tax paid during the policy term. 

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

  4. Surrender Benefits

    The Termsurance Life Protection Insurance Plan offers different surrender benefits for different life cover options. In Pure Protection Option with regular premium payment, it does not offer any surrender value. But its single premium payment plan offers special surrender value as applicable. In Return of Premium on Maturity Option with regular premium payment, it offers surrender value as the amount highest of Guaranteed Surrender Value and Special Surrender Value as applicable.

Premium Illustration

Both the Termsurance Life Protection Insurance Plan options allow provision to choose either single or regular premium payment mode. A male policyholder of age 30 years with a sum assured of INR 10 lakhs and policy term of 15 years is required to provide the following premiums as below.

Option1: INR 2,480

Option2: INR 8,920

Documents Required While Purchasing Ageas Federal Termsurance Life Protection Plan?

The individuals should submit a set of documents to help with the KYC process of 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 size 2 photographs

They are requested to read all the policy-related information or documents carefully before purchasing the Termsurance Life Protection Insurance Plan successfully.

Exclusions

In case of death of insured individuals due to suicidal attempts, the incident will not offer the nominee any death benefit. However, if the event takes place within a year of the time risk commenced or policy revived, the nominee can claim 80% of premiums paid till the policyholder’s death date, or the Policy Surrender Value at that time, as applicable.

FAQ's

  • Q1. What are the key live cover options offered by the policy?

    A1. Termsurance Life Protection Insurance Plan offers two life cover options such as Pure Protection Option and Return of Premium on Maturity Option. These life cover options offer different premium payment terms to meet the diverse demand of policyholders effectively.
  • Q2. How death benefits are offered according to different policy terms?

    A2. Termsurance Life Protection Insurance Plan offers death benefits as per the premium payment mode chosen and the age of the policyholders. The policy offers different death benefits to individuals whose age is less than years and greater than years. It also offers different death benefits for single premium policy and regular premium policy.  
  • Q3. How much free look period offered by the policy?

    A3. The period is the time when the customers can send the policy back to the Insurer if they do not agree with the terms and conditions mentioned. The policy offers 15 days or 30 days’ for purchasing policy from insurer or third party channels respectively.
  • Q4. What is a grace period? What is the grace period mentioned in the policy?

    A4. Termsurance Life Protection Insurance Plan has 15 days or 30 days grace period for monthly or early, half-yearly, and quarterly payment modes respectively. During this time, policyholders can pay the premiums if they miss the due date of premium payment. 
  • Q5. How can the policy be terminated?

    A5. Termsurance Life Protection Insurance Plan will terminate in the following cases as mentioned.
    • When the policyholders do not want to continue the policy and surrender the policy as applicable, the policy gets terminated and no benefits will be payable.
    • After the death benefit is paid, provided the policy is in force.
    • The Pure Protection cover does not offer maturity benefits. Therefore at maturity, the plan will be terminated. In Return for the Premium on Maturity Option, the policy will terminate once the maturity benefit is paid.
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