Investment Plans 672 views January 18, 2021

Aegon Life Future Protect Insurance Plan is a Unit Linked Insurance Plan that can protect your tomorrow systematically. With this life insurance plan from Aegon Life, individuals can create wealth for all their financial needs that may arise in the future. This plan gives you so many reasons to choose, such as Invest Protect option, liquidity options, multiple fund choices, tax benefits, etc.

On this page, we will be discussing some of the important aspects of Aegon Life Future Protect Insurance Plan, such as its key features, the basic sum assured, policy term options, eligibility criteria, etc. Keep reading to know more!


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Reasons to Choose Aegon Life Future Protect Insurance Plan

This Aegon Life Insurance Plan comes with flexibility and wide-ranging fund options to mop up your investment value. Besides, it comes with several other benefits that you could check below. So, without making you wait any further, let’s head straight to those!

  1. Aegon Life Future Protect Insurance Plan comes with an ‘Invest Protect’ option, which allows you to gain from your investment along with decreasing the risk related to your returns as much as possible.
  2. Want to choose from multiple investment fund options according to your investment goals? Well, you get the same with this plan from Aegon Life. There are 4 Funds in which you can invest your premiums. These funds are the Accelerator Fund, Stable Fund, Secure Fund, and Debt Fund. All of these funds have different risk profiles, so you can choose accordingly.
  3. Aegon Life also takes care of your investment during changing market needs and conditions by giving you different options such as Auto-rebalancing, Premium Redirection, and Switch.
  4. Individuals can also opt for the Top-up Premium option with which they can pay an additional premium amount over and above the basic premium. This top-up premium helps them boost their overall fund value and can be a minimum of INR 5,000.
  5. What can you do if you need money to fulfill your several requirements during a policy term? Well, you can use the ‘Partial Withdrawal’ facility with which you can withdraw money from your fund value (at that time) after the first 5 policy years. It can be a maximum of 20% of the overall fund value at the beginning of that policy year.
  6. Apart from partial withdrawal, policyholders can also enjoy the facility of systematic partial withdrawal with which they can redeem units periodically from their unit account and will be credited to their bank account. The frequency options can be monthly, quarterly or annually.
  7. Individuals can also choose to keep their investment intact even after maturity for 5 years after the maturity date with the ‘Settlement’ option.
  8. During your policy term, if you want to increase your protection, you can do so with the Aegon Life Future Protect Insurance Plan. Under this option, the sum insured can be increased up to 50% of the original base policy sum insured or INR 10 lakh (whichever is lower). However, you cannot reduce your sum assured.
  9. Tax benefits are available under Section 80C and Section 10(10D) of the Income Tax Act, 1961. You can get these benefits on the premiums paid and received benefits on your policy.

What is the Basic Sum Assured for this Policy?

The minimum basic sum assured for Aegon Life Future Protect Insurance Plan will depend on the entry age. For entry age below 45 years, the basic sum assured can be higher than 10 times the regular annualized premium or (0.5 x Policy Term x Annualized Premium). On the other hand, if the entry age is 45 years or more, the minimum basic sum assured will be higher of 7 times the regular annualized premium or (0.25 x Policy Term x Annualized Premium). The maximum sum assured can be as much as 20 times the Annualized Premium.

Aegon Life Future Protect Insurance Plan Benefits

What are the benefits you will avail of when you choose Aegon Life Future Protect Insurance Plan? Well, we are showing some of them below. Please check!

Death Benefit

In case something unfortunate like death happens to the insured person, the nominee will receive the higher of the following amounts –

  1. Sum of base sum assured (excluding partial withdrawals, if any) and top-up sum assured
  2. Overall fund value at the time of death

Note: One thing you should remember is that the ‘Death Benefit’ cannot be lower than 105% of the total premiums paid until the date of death of the insured person including the Top-up premium.

Maturity Benefit

At maturity, the insured person will receive the overall fund value (it will include the top-up fund value, if any). However, if you don’t want to take the entire maturity amount, you can choose the ‘Settlement’ option too and receive the maturity amount in installments over a maximum of 5 years from the maturity date.

Eligibility Conditions of Aegon Life Future Protect Insurance Plan

There are a few key pointers that you should take care of while going for the Aegon Life Future Protect Insurance Plan. We are mentioning them below. Do check!

  1. The policy term options are 15, 20, 25, 30, or 35 years from which individuals can choose. The premium payment term will be equal to the policy term.
  2. The entry age for this policy from Aegon Life stands at a minimum of 7 years, while it can go up to 50 years.
  3. The maximum age at the time of maturity can be 65 years.

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