Investment Plans 390 views January 18, 2021

If you are looking to opt for a Life Insurance Plan that can both protect your life as well as provide a lump sum amount for your retirement life, Aegon Life iInvest Insurance Plan could be the right choice for you. This life insurance plan from Aegon Life can help you achieve your financial goals in a hassle-free manner. One of the best things about this plan is that it provides you an option of two investment portfolio strategies.

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Want to know more about Aegon Life iInvest Insurance Plan? Well, read on as we will be discussing some of its important aspects such as key features, benefits, policy term options, eligibility criteria, etc.

Why Should You Choose Aegon Life iInvest Insurance Plan?

Aegon Life iInvest Insurance Plan is an online Unit-linked Non-participating Life Insurance Plan that comes with features that have resonated with customers. We are showing some of them below. Let’s check out!

  1. You should remember that the investment risk in the investment portfolio of this Aegon Life Insurance Plan is to be borne by the policyholder and not the company. So, you need to take extra care when choosing an Investment Portfolio Strategy. Aegon Life provides two Portfolio strategies to manage your investments according to your requirements.
  2. Individuals can choose from 6 funds per investment according to their investment goals. This strategy is known as the Self-managed Portfolio Strategy. These 6 funds are Blue Chip Equity Fund, Accelerator Fund, Stable Fund, Debt Fund, Secure Fund, and Opportunity Fund.
  3. Aegon Life iInvest Insurance Plan also provides an option of Lifestyle Portfolio Strategy. With this pre-defined fund allocation strategy, individuals can choose the right mix between equity and debt. based on the period for which you want to invest.
  4. At any time during your policy term, individuals can change their investment funds with the help of ‘Switch’ and ‘Premium Redirection’.
  5. If you want to enhance your fund value during your policy term, you can do the same with a Top-up option. This will boost your overall fund value.
  6. Aegon Life iInvest Insurance Plan gives you the option of partial withdrawal after every 5 policy years. So, you can use it to meet your liquidity needs should they arise during the policy term.
  7. Individuals can opt for a Simple buying process that can be done online from anywhere. With this option, you don’t need to be worried about the complexities you usually face during buying the policy.
  8. Individuals don’t need to pay any premium allocation charge, thereby reducing their overall premium outgo. So, you have one more reason to choose this plan from Aegon Life.
  9. Under Section 80C and Section 10(10D) of the Income Tax Act, 1961, individuals can also enjoy tax benefits on the premium paid and benefits received towards this Aegon Life Insurance policy.

Let’s Understand the Benefits of Aegon Life iInvest Insurance Plan in Detail

What are those benefits that you can enjoy with Aegon Life iInvest Insurance Plan? Well, we are showing them below. Please check!

Death Benefit

The company will pay two kinds of death benefits if the insured person dies before the date of maturity and also policy should be in force. These death benefits are Base Death Benefit and Top-up Death Benefit. We are giving more details about them below.

Base Death Benefit

The death benefit under this option will be higher of the following.

  1. Base Fund Value
  2. Base Sum Assured, reduced only to the extent of the partial withdrawals concerning fund value from base premiums during 2 years

However, you need to remember that the minimum base death benefit should be 105% of the total regular premiums paid until the date of death.

Top-up Death Benefit

The top-up death benefits will be higher of the following amounts.

  1. Top-up Fund Value
  2. Top-up Sum Assured

Remember that Partial Withdrawals made from the top-up premiums shall not be included for Death Benefits. However, the minimum top-up death benefit will be 105% of the total top-up premiums paid during the policy term until the date of death.

 Maturity Benefits

If you survive until the maturity of the policy, the insured person will receive the total fund value as of the maturity date.

Loyalty Units

Aegon Life iInvest Insurance Plan also provides Loyalty Unit benefits to the insured person. Each Loyalty Unit addition will be calculated as a percentage of the average base fund value on the last 48 monthly anniversaries of your life insurance plan. However, you should have opted for a Policy Term of 15 or 20 or 25 years and all the due premiums have been paid. You can check the benefits in the below table.

Premium Payment TermLoyalty Unit Addition %
5 or 7 years1.70%
10 years or equal to the policy term1.80%

What Will be the Minimum Sum Assured on Death?

The minimum sum assured on Death will depend on the entry age into the policy. We are showing the same below. Please check!

For Entry Age Below 45 years

Minimum sum assured can be higher of the following

  1. 10 times of the Annualized Premium
  2. 0.5 x Policy Term x Annualized Premium

For Entry Age equal to or above 45 years

The minimum sum assured can be higher of the following

  1. 10 times of the Annualized Premium
  2. 0.25 x Policy Term x Annualized Premium

What is the Minimum Annualized Premium?

Every policyholder needs to pay a certain amount towards his or her policy. This amount is known as the Premium amount. The minimum annualized premium amount will depend on the Premium Payment Term chosen by you. For the premium payment term of 5 and 7 years, the minimum amount would be INR 48,000 and INR 36,000, respectively.

However, this minimum amount would be INR 24,000 if you are choosing a premium payment term of 10 years or equal to the policy term. Do remember there is no maximum limit on the premium amount. Individuals can choose to pay the premium in either annual or monthly frequencies.

Eligibility Conditions for Aegon Life iInvest Insurance Plan

What are those important conditions that an individual needs to keep in mind before choosing this plan? Well, you can check them below!

  1. The minimum entry age stands at 7 years, while it can go as high as 55 years for any individual.
  2. The maturity age for any individual can be as high as 70 years for this policy.
  3. Individuals can choose from different policy term options of 10, 15, 20, or 25 years, while Premium Payment Term options are 5 years, 7 years, 10 years, or equal to the policy term.

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