Investment Plans 246 views January 16, 2021

Retirement is one of the crucial milestones for individuals as they look to live the glorious phase of their life after finishing their work life. However, retirement comes with a halt on regular income and could make you compromise on your lifestyle. But with Aegon Life Insta Pension Plan, you can stay free from any such worries. The plan can ensure regular income during your retirement days while also providing financial protection to your dependent members in case you die. With this life insurance plan, individuals can receive a regular income at different frequencies as per their needs.

Want to secure your life after retirement? In this case, you would want to know more about Aegon Life Insta Pension Plan? On this page, we will discuss some of its important aspects, such as key features, annuity frequency options, eligibility, etc. Read on to know more!

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Why Choose Aegon Life Insta Pension Plan for Yourself?

We all desire to maintain our lifestyle even after our retirement, and Aegon Life Insta Pension Plan ensures that you can do so. It is a non-linked non-participating individual immediate annuity plan that takes care of your immediate needs. But what are the other reasons that should make you choose this plan from Aegon Life? We are discussing some of them below that you can check!

  1. The plan gives you the flexibility to choose your retirement year according to your convenience. You can choose any age between 50 to 85 years as your Retirement Year.
  2. After retirement, individuals want a regular income with which they can maintain their lifestyle. Well, this plan from Aegon Life provides guaranteed regular income that helps you secure your life goals during your retirement years. You need to pay only once to secure a regular income for a lifetime through annuities.
  3. With Aegon Life Insta Pension Plan, there are mainly two annuity options that you can choose from – Life Annuity and Life Annuity with Return of Purchase Price.
  4. With the Life Annuity option, you will be getting an annuity for life while with the Return of Purchase Price option, you will get an annuity for life along with the return of purchase price of your plan in case of the demise of the insured person.
  5. This plan also provides the option to receive a regular income via the annuity option in different frequencies. These options are monthly, quarterly, half-yearly or yearly as per your requirements and future goals.
  6. If you are not satisfied with the terms and conditions of the Policy, you can return the policy documents within a period of 15 to 30 days. This period is known as the Free Look Period.
  7. On the premium paid (purchase price) towards the policy and benefits received, individuals can also get tax benefits under Section 80D and Section 10 (10D) of the Income Tax Act, 1961.
  8. Remember you cannot opt for a loan against your Policy. So, in case you had any presumptions about the loan facility with this plan, you should be ready for some other option in case a situation arises.

Benefits of Aegon Life Insta Pension Plan

As we told you earlier that individuals can choose from the two annuity options while going for Aegon Life Insta Pension Plan. You must want to know both these options in detail. Well, we are providing the same below. Do check!

Life Annuity Option

With this option, the Insured Person will receive a regular income throughout his or her life until death. This regular income will be in the form of an annuity. In case of the death of the insured person, the policy will stop providing any payouts and terminate by itself.

Life Annuity with Return of Purchase Price

This option provides the same benefit (Regular income via Annuity) as Life Annuity option. However, in case of the demise of the insured person, the nominee will receive the purchase price excluding taxes (if any), which will be the single premium paid at the time of policy inception. Also, the policy will terminate after the demise of the insured person.

Do remember that the policy will provide an annuity according to your chosen annuity frequency from the date of purchase of the Aegon Life Insta Pension Plan. All the annuity frequencies other than the annual options are mentioned below.

FrequencyAnnuity Installment (per frequency)
Half-yearly98% of Annual Annuity x 1/2
Quarterly97% of Annual Annuity x 1/4
Monthly96% of Annual Annuity x 1/12

Eligibility for Aegon Life Insta Pension Plan

There are a few important points related to the eligibility of the Aegon Life Insta Pension Plan that you should keep in mind when going for this life insurance plan. We are showing them below. Have a look!

  1. The minimum entry age stands at 50 years to choose this policy, while an individual with a maximum of 85 years of age can also apply for this policy from Aegon Life.
  2. The purchase price of the policy can be as low as INR 2,50,000 as the purchase price, while there is no maximum limit on the same.
  3. Coming to the annuity installment, the minimum amount will vary according to the frequency option chosen by you. For the monthly option, it will be INR 1,044. On the other hand, the minimum annuity will be INR 3,165, INR 6,395 and INR 13,051 for quarterly, half-yearly and yearly frequencies, respectively. Remember, there is no maximum limit on the Annuity.
  4. Aegon Life Insta Pension Plan offers only a ‘Single Pay’ option when it comes to the Premium Payment Term.

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