Investment Plans 258 views January 16, 2021

Looking for a Life Insurance Plan that can provide you a combination of life protection as well as market-linked returns? Well, you can achieve the same with the help of Aegon Life iMaximize Insurance Plan. One of the best things about this Unit Linked Insurance Plans from Aegon Life is that individuals can be assured of their children’s future even when they are not around with the Triple Benefit Payout option that provides payouts at important life stages of your children.

You certainly would want to know more about Aegon Life iMaximize Insurance Plan. Well, don’t worry! We will be discussing some of its highlights, such as key features, premium amount, the sum insured, eligibility criteria, etc. So, read on to know more!

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What are the Key Features of Aegon Life iMaximize Insurance Plan?

“Why should I Choose this particular plan?” – This should be your first question before choosing any Life Insurance Plan. Understanding the key features of any plan will give you enough information about whether you should choose it or not. That’s why we are showing some of the key features of the Aegon Life iMaximize Insurance Plan below. Please check.

  1. Aegon Life iMaximize Insurance Plan is an Online Unit Linked Non-Participating Life Insurance Plan with which individuals can get the option of 6 Unit Linked Funds – Blue Chip Equity Fund, Accelerator Fund, Opportunity Fund, Stable Fund, Debt Fund, and Secure Fund. Individuals can choose funds according to their investment goals.
  2. Individuals can get a total of two death benefit options with this life insurance plan from Aegon Life. With Death Benefit Option 1, you can get a higher sum assured or fund value. On the other hand, with Death Benefit Option 2, individuals can get sum assured plus additional savings benefit plus income benefit.
  3. Since this is an online plan, individuals don’t need to pay any commissions and thus their overall cost lowers.
  4. At any time during your policy term, if you want to boost your fund value, you can do so without any trouble. Aegon Life provides the option of periodic top-up premium with a minimum of INR 5,000.
  5. You can switch your invested premium amount from one fund to another at any time during the policy term.. Other than this, you can also opt for ‘Redirect’ where your future premiums will be allocated.
  6. Individuals also don’t need to pay premium allocation charges when choosing this ULIP from Aegon Life.
  7. Individuals can also withdraw up to 20% of their overall investment after 5 years from the start of the policy if they want to fulfill any of their urgent needs.
  8. Individuals can enjoy tax benefits on the premium and benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

What are the Policy Term Options and Premium Payment Term Options?

One of the important things to know about any life insurance plan is the period for which your plan provides coverage. In the case of the Aegon Life iMaximize Insurance Plan, individuals can choose from 3 policy term options –  15, 20 and 25 years. However, when it comes to premium payment terms, it will depend on the benefit option chosen by you. With Benefit Option 1, the Premium Payment Term can be 5, 7, 10, 15, or equal to the policy term while with Benefit Option 2, the Premium Payment Option can be 10, 15, or equal to the policy term.

What is the Minimum Annualized Premium?

The minimum annualized premium for Aegon Life iMaximize Insurance Plan varies according to the benefit option chosen by individuals. In the case of Benefit Option 1, the minimum premium will be INR 24,000 (for other premium payment terms) or INR 36,000 (for premium payment term of 5 and 7 years).

In case an individual is choosing the Benefit Option 2, the minimum premium amount for individuals below 45 years will be INR 24,000, while for people aged 45 years or above, this amount will be INR 36,000. Individuals can also choose the premium payment frequency from two options – monthly and annual – according to their requirements.

Let’s Understand the Sum Assured Amount on Aegon Life iMaximize Insurance Plan!

In the case of the Aegon Life iMaximize Insurance Plan, the minimum sum assured will depend on the entry age of an individual. We are showing the same below. Have a look!

For Entry Age Below 45 years

Minimum sum assured can be higher of the following

  1. 10 times 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. 7 times the Annualized Premium
  2. 0.25 x Policy Term x Annualized Premium

Eligibility Conditions for Aegon Life iMaximize Insurance Plan

What are some of the important conditions that an individual needs to fulfill while choosing the Aegon Life iMaximize Insurance Plan? Well, we are showing the same below. Do check!

  1. The minimum entry age depends on the benefit option chosen by an individual. For Benefit Option 1, the minimum age stands at 7 years while for Benefit Option 2, this age can be as low as 18 years.
  2. Talking about the maximum entry age, this can be either 55 or 50 years for Benefit Option 1 & 2 respectively.
  3. One important thing you need to remember that an individual can be as high as 70 years at the time of policy maturity with Benefit Option 1. For the second option, maturity age can be as high as 65 years.

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