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Investment Plans 616 views January 20, 2021
A life insurance plan, if chosen carefully, can be a financial savior to yourself and your family at different phases of life. If you are looking for a life insurance plan that can protect your future needs systematically, Aegon Life Future Protect Plus Plan can be the one for you. With this plan from Aegon Life, you can get a wide range of benefits such as enhanced life insurance coverage, Invest Protect option, multiple fund choices, option to pay an additional premium, etc.
On this page, we will discuss all these features of the Aegon Life Future Protect Plus Plan in detail along with several other critical information. So, keep reading!
Table of Contents
Reasons to Choose Aegon Life Future Protect Plus Plan
Aegon Life Future Protect Plus Plan comes with several reasons that should make you choose this plan to protect your life. Want to know them? Well, we are showing the same below. Have a look!
- Aegon Life Future Protect Plus Plan gives individuals an enhanced life insurance coverage. With enhanced coverage, your dependent family members will get a sum assured amount as well as the fund value of the base policy in case you die during the policy term.
- This plan from Aegon Life gives you multiple fund options when it comes to fulfilling your investment needs. There are 4 Funds from which you can choose either one or more – Accelerator Fund, Stable Fund, Secure Fund and Debt Fund. Individuals will also have the flexibility to shift their investments from one fund to another up to 4 free switches in a policy year.
- When we talk about flexibility, individuals can choose their life insurance cover amount according to their convenience while also getting the option to increase their overall protection during the policy term. Aegon Life gives you an option to increase the sum assured during the policy term up to 50% of the base cover for a maximum of INR 10 lakh.
- If you are someone who is looking to accumulate wealth for your future financial needs, Aegon Life Future Protect Plus Plan can be the right option for you as it helps you contribute money systematically and conveniently.
- With this policy from Aegon Life, individuals get the option of ‘Invest Protect’ with which they can gain from their invested money with the minimum risk involved. When you choose this option, the plan will automatically transfer your investment from Accelerator Fund to Secure Fund during the last 3 years of your policy term.
- Anytime during your policy term, if you find yourself in need of money, you can enjoy the Partial and Systematic Partial Withdrawal facility. With these options, policyholders can withdraw up to 20% of the fund value after the first 5 policy years.
- Individuals can also opt for a Top-up premium with which they can pay an additional premium for a minimum of INR 5,000 anytime other than the last 5 policy years.
- You can also enjoy tax benefits on the premium paid and on the benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.
What is the Sum Assured Amount on this Plan?
In the Aegon Life Future Protect Plus Plan, the basic sum assured depends on the entry age of an individual. We are showing it below that you can check!
| Sum Assured/ Entry Age | For Entry Age less than 45 years | For Entry age greater than or equal to 45 years |
|---|---|---|
| Minimum Sum Assured | Higher of 10 times the regular annualized premium or (0.5 x policy term x annualized premium) | Higher of 7 times the regular annualized premium or (0.25 x policy term x annualized premium) |
| Maximum Sum Assured | 18 times the regular annualized premium | 10 times the regular annualized premium |
Benefits of Aegon Life Future Protect Plus Plan
After knowing the key features of the Aegon Life Future Protect Plus Plan, you would want to know about the benefits of this plan. Well, we are showing the same below that you can check.
Death Benefit
If the policyholder dies during the policy term, the company will pay both the sum assured amount and fund value at the time of death, to the nominee. You should keep in mind that the death benefit will be at least 105% of the total premiums paid up to the date of death.
Maturity Benefits
If a policyholder survives until the end of the policy term, Aegon Life Future Protect Plus Plan will also give him/her maturity benefits. This maturity benefit will be the overall fund value (including top-up fund value, if any) on the date of maturity. One of the best things about this plan is that if you do not want to take maturity benefit in one installment, you can avail of the settlement option. With the Settlement Option, individuals can receive the maturity amount in equal installments over a maximum of 5 years.
What Will be the Minimum Premium Amount for Aegon Life Future Protect Plus Plan?
When you choose this policy from Aegon Life, you will need to pay a certain premium amount towards it. The minimum annualized premium amount will be INR 20,000 per annum. However, if you are choosing semi-annual and monthly modes, the minimum premium amount will be INR 30,000 per annum.
Aegon Life Future Protect Plus Plan Eligibility Criteria
There are a few conditions that you should keep in mind when choosing the Aegon Life Future Protect Plus Plan. We are showing them below. Please check!
- Individuals can choose from policy term options of 15, 20, or 25 years. However, the premium payment term will be equal to the Policy Term.
- The minimum entry age for this policy stands at 7 years that can go up to 50 years.
- Coming to the maturity age, an individual can be as old as 70 years at the time of policy maturity.