Investment Plans 255 views January 22, 2021

Aegon Life iMaximize Single Premium Insurance Plan is a unit-linked insurance plan where your premium payment will be invested in different unit funds as chosen by you. This policy offers you death benefit, maturity benefit and the option of different funds to invest in. There is a facility of partial withdrawal available under this plan via which you can withdraw a part of the fund when there is a financial need. But you can’t do partial withdrawal within the first five policy years. Read the page below and collect more information on the Aegon Life iMaximize Single Premium Insurance Plan.

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Aegon Life iMaximize Single Premium Insurance Plan Benefits

You can avail of the following benefits under Aegon Life iMaximize Single Premium Insurance Plan according to the circumstances –

  1. Death Benefit: In case of your death, the nominee will receive either policy sum assured + top-up sum assured, if any or policy total fund value or 10% of all the paid premiums + the top-up premium if any, among whichever is higher.
  2. Maturity Benefit: On the maturity date, you will receive the total fund value plus the top-up fund value if any.
  3. Additional Units: The insurer will add units to your policy account anytime during the policy term to comply with the Insurance Regulatory Department Authority of India (IRDAI) regulations.

Segregated Funds Offered Under Aegon Life iMaximize Single Premium Insurance Plan

A segregated fund is a specific and separate fund that is exclusively managed for all the policyholders who share the same segregated fund. Aegon Life will hold the legal and beneficial rights in the assets of each segregated fund. The company has sole discretion on the investment and management of each segregated fund in their defined portfolio allocation. Check out the list of offered segregated funds under Aegon Life iMaximize Single Premium Insurance Plan.

  1. Blue Chip Equity Fund: It seeks long term capital appreciation by investing 80-100% in equities and 0-20% in money market instruments.
  2. Secure Fund:  It seeks regular income by allocating 40-60% in fixed interest securities and 0-40% in money market instruments.
  3. Debt Fund: It looks to generate attractive returns by investing in a diversified portfolio of government debt, corporate debt, money market instruments and other fixed-income securities.

Aegon Life iMaximize Single Premium Insurance Plan Top-Up Facility

You can pay a top-up premium at irregular intervals during the policy term, except for the last 5 policy years. To know more about this feature of Aegon Life iMaximize Single Premium Insurance Plan, check out the conditions mentioned below –

  1. Top-up premium payment shouldn’t be < INR 5,000
  2. The top-up premium payment minimum limit is subject to change after getting clearance from the IRDAI.
  3. Anytime during the policy term, the total top-up premium shall not be above a single premium
  4. Fund units of top-ups will have a lock-in period of 5 years for partial withdrawals
  5. The lock-in period condition may not apply in case of discontinuation or death of the life assured.
  6. Top-up premium payment will increase the policy sum insured. And such an increase is subject to board approved underwriting guidelines. In case you do not meet the norms for an increase in the sum insured during underwriting, the company can reject such a move. As a result, the top-up amount will be returned to the policyholder without any interest.
    Age at Top-upIncrease in Sum Insured
    Up to 35 years10X the Top-up amount
    Up to 45 years (36-44 years)1.25X the Top-up amount
    45 years & above1.10X the Top-up amount

Suicide Clause of Aegon Life iMaximize Single Premium Insurance Plan

In case the life assured commits suicide or the death of the life assured declared to be suicide within one year from the date of inception or revival, the total fund value becomes payable to the beneficiary.

Aegon Life iMaximize Single Premium Insurance Plan Death Benefit Claim Process

Aegon Life will require the following documents in support of the life assured death claim –

  1. Certificate of the Doctor/Medical Practitioner certifying the cause of death
  2. If it is the case of unnatural death, a Postmortem Report, First Information Report (FIR) and Inquest Report would be necessary to submit.
  3. A death certificate issued by the local authority or the authority authorized to issue the same under the Registration of Births and Deaths Act,1969 would be valid.
  4. Claimant’s statement in the prescribed form

In case of any unnatural death or other circumstances that are beyond the claimant’s control, the company may waive the requirement of such documents provided they are satisfied with the investigation carried out for the claim assessment. The company can ask for additional documents (including the policy document) or information for processing a claim.

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