Insurance Plans January 14, 2021

Want to save a lump sum amount for your future goals along with protecting your family’s finances in case you are not around? Well, you can achieve it with the Aegon Life Jeevan Riddhi Insurance Plan. With this Life Insurance Plan from Aegon Life, you can ensure security in case of an accident or disability. Not only this, but you can also get extra funds in case you need urgent money during the policy term. 

Want to know more about Aegon Life Jeevan Riddhi Insurance Plan? Well, read further as we will be discussing its key features, benefits that you will get, eligibility conditions, and much more here.

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Why Should You Choose Aegon Life Jeevan Riddhi Insurance Plan?

Aegon Life Jeevan Riddhi Insurance Plan is a non-linked participating Life Insurance Plan that can fulfill your future financial goals. But what are those other key features because of which you should choose this life insurance plan from Aegon Life? Well, you can check them below!

  1. One of the best features of the Aegon Life Jeevan Riddhi Insurance Plan is that individuals can enjoy a guaranteed addition of 5% in the Sum Assured Amount for every year of premium payment. So, your sum insured will enhance every year automatically which will increase your overall protection.
  2. Other than the guaranteed additions, individuals will also get an increase in the benefit amount every year of your policy courtesy bonus payouts. The simple reversionary bonus will be a percentage of the Sum Assured at the end of every policy year. 
  3. If you are looking for a plan that can help you achieve your future goals, this plan from Aegon Life can be the right option. The reason: this plan provides a lump sum amount at the time of maturity with which you can fulfill your goals.
  4. Individuals can also ensure the financial security of their families with the Life Cover option. In case something unfortunate like a death happens to you, this plan will provide a lump sum amount.
  5. In case you need urgent money, you can also opt for a loan against your policy once it acquires the surrender value. The minimum amount of loan against your Aegon Life policy will be INR 5,000, and you cannot opt for more than 60% of the overall surrender value. The current interest rate on the loan is 9.74% per annum. With this loan, you can meet any financial needs.
  6. Aegon Life Jeevan Riddhi Insurance Plan also provides Accidental Death Benefits equal to 50% of the Sum Insured in case the insured person dies due to an accident.
  7. You can enhance your overall protection with the help of Aegon Life Premium Shield Rider. With this Rider Option, you can get a waiver of your premium on death or disability due to either accident or sickness. 
  8. Sum Assured will depend on a wide range of factors such as Age of Life Assured, Premium Payment Term, and the Annualized Premium Amount. 
  9. Policyholders can also enjoy tax benefits under Section 80D and Section 10(10D) of the Income Tax Act, 1961, on the premium paid and benefits received on your policy. 

Choose Policy Term and Premium Payment Options According to your Convenience

With Aegon Life Jeevan Riddhi Insurance Plan, you can choose the policy term and premium payment term according to your requirements. When we talk about the policy term, it ranges from 10 to 20 years for limited pay policies. However, for single pay policies, the policy term can be 10 years. 

The premium payment term can be either Single Pay or Limited Pay. If you cannot pay the premium amount in a single installment, you can also choose from the premium payment frequency options – Annually, Half-yearly or Monthly. 

Let’s Discuss Aegon Life Jeevan Riddhi Insurance Plan Benefits!

With Aegon Life Jeevan Riddhi Insurance Plan, you can get the following benefits. Have a look!

Death Benefit

In case the insured person dies during the policy period, the nominee will receive the following benefits.

  1. Sum Assured on Death
  2. Accumulated Guaranteed Bonus
  3. Accumulated Reversionary Bonus (if any)
  4. Terminal Bonus (if any)

Remember that the total benefit cannot be more than 105% of the total premiums received up to the date of death. The Sum Assured on Death will be 10 times the Annualized Premium or Sum Assured for Limited Pay Policies, and the highest of 125% of the Single Premium or Sum Assured in case of Single Pay Policies.

Inbuilt Accidental Death Benefit

In case of an accident to the insured person, the company will pay an additional benefit to the nominee. This benefit will be equal to 50% of the Sum Assured.

Maturity Benefits

If you survive until the end of your policy term, Aegon Life Jeevan Riddhi Insurance Plan will provide the following maturity benefits.

  1. Sum Assured
  2. Accumulated Guaranteed Bonus
  3. Accumulated Reversionary Bonus (if any)
  4. Terminal Bonus (if any)

Eligibility Conditions for Aegon Life Jeevan Riddhi Insurance Plan

What are those important conditions that you will need to keep in mind while choosing Aegon Life Jeevan Riddhi Insurance Plan? Well, you can check them below. 

  1. The minimum entry age stands at 18 years, while the maximum can be 55 years for Limited Pay Option and 60 years for Single Pay Option. 
  2. The maximum maturity age of an individual can be 70 years for this policy from Aegon Life.
  3. Premium payment terms can be either Single Pay or Policy Term minus 5 years. 
  4. The minimum premium amount tends to be different for Limited Pay and Single Pay. In the case of Single Pay, the minimum premium amount stands at INR 1,00,000, while for Limited Pay, it will depend on the Policy Term and can be as low as INR 15,000. However, there is no limit on the maximum premium amount.

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