Investment Plans 136 views July 29, 2021

Aegon Regular Money Back Insurance Plan provides financial security to your family in case of your absence. The plan also helps you generate a regular stream of income as per your financial goals. The key benefits of the plan are as follows:

  1. Death benefit
  2. Regular guaranteed income
  3. Loan benefit for unforeseen circumstances
  4. Rider option
  5. Flexible premium payment options

You can read more about the benefits of the Aegon Regular Money Back Insurance Plan on this page below.

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Aegon Regular Money Back Insurance Plan Benefits

If you purchase Aegon Regular Money Back Insurance Plan, you will be eligible for the following benefits:

Death Benefit

In case of death of the life assured during the policy term, the insurer will pay the following to the nominee:

Sum Assured on Death + Accrued Reversionary Bonus + Terminal Bonus, if any

The total death benefit should be a minimum of 105% of the paid premiums as on the date of death.

Sum Assured on Death For Premium Payment Term of 7/10 years

It will be higher of:

  1. 10X the Annualized Premium
  2. Sum Assured

Sum Assured on Death For Single Pay

For individuals whose age at entry is < 45 years, the sum assured on death is higher of:

  1. 1.25X the Single Premium
  2. Sum Assured

For individuals whose age at entry is < 45 years, the sum assured on death is higher of:

  1. 1.10X the Single Premium
  2. Sum Assured

Maturity Benefit

If you survive till the end of the policy term, provided all due premiums are paid, the insurer shall pay the following maturity benefit to you:

Accrued Reversionary Bonus + Terminal Bonus, if any

Guaranteed Money Back Benefit

You will receive Guaranteed Money Back Benefit upon survival at the end of every policy year. The payout, which constitutes 15% of the sum assured, starts from the 10th policy year and continues till the 19th year. Guaranteed Money Back Benefit is payable to you if all due premiums are paid and the policy is in force.

Note: No Guaranteed Money Back Benefit is payable after the death of the life assured.

Bonus

The company will declare the Simple Reversionary Bonus as a percentage of the sum assured at the end of every financial year. This bonus will accrue at anniversaries, and the same shall be payable in case of death of the life assured or maturity, whichever is earlier. The terminal bonus may be declared by the insurer on death or maturity date based on the experience of the With-Profits fund.

Rider Option

Besides the above-mentioned benefits, you can get extra protection under Aegon Life Regular Money Back Insurance Plan by adding the following rider.

Aegon Life Premium Shield Rider

The rider waives off all the future premiums in case of death or disability. If the proposer and life assured are different individuals, this rider waives off all future premiums under the base plan in case of death or disability of the proposer. Whereas, if the proposer and life assured are the same individual, this rider waives off all future premiums under the base plan in case of disability of the life assured. The insurer shall cover the following disabilities under this rider:

  1. Loss of or loss of use of both Limbs
  2. Loss of eyesight in both eyes
  3. Loss of speech
  4. Loss of hearing in both ears
  5. Loss of or loss of use of any one limb

Loan Benefit

You can get a loan under the policy once it acquires a surrender value. While you can borrow a minimum of INR 5,000, the maximum amount cannot be more than 60% of the surrender value. The insurer may charge an interest rate on the loan that will be equal to yield to maturity on 10 years G-Sec + 2%. The loan interest rate can be reset at the beginning of each financial year, subject to prior approval from the Insurance Regulatory and Development Authority of India (IRDAI).

Aegon Regular Money Back Insurance Plan Eligibility Criteria

You need to meet the following age criteria if you want to purchase Aegon Regular Money Back Insurance Plan:

  1. Minimum Age at Entry – 7 days
  2. Maximum Age at Entry – 55 years for 7/10 Pay option and 60 years for Single Pay
  3. Maximum Maturity Age Allowed – 75 for 7/10 Pay options and 80 years for Single Pay option

Aegon Regular Money Back Insurance Plan Policy Term & Premium Payment Option

Aegon Regular Money Back Insurance Plan policy term is 20 years. You can choose your premium payment term from the following options:

  1. Single Pay
  2. 7 years
  3. 10 years

The minimum premium amount as per your chosen premium payment option is as follows:

  1. For 7/10 Pay options – INR 12,000 p.a
  2. For Single Pay option – INR 1,00,000

There is no limit on the maximum premium amount as it is subject to the underwriting policy of the company.

You can pay your premium yearly, half-yearly and monthly. The modal loadings for payment modes other than yearly mode are as follows:

  1. Half Yearly Premium – Annualised Premium x 0.512
  2. Monthly Premium – Annualised Premium x 0.087

Aegon Regular Money Back Insurance Plan sum assured is based on the age of the life assured, premium payment term and premium amount.

Life Cover for Minor Life Under Aegon Regular Money Back Insurance Plan

Parents or even grandparents can propose Aegon Regular Money Back Insurance Plan in the name of the child. For a minor life, the risk cover starts immediately upon commencement of the policy

Suicide Clause

In case of the life assured’s death due to suicide within one year from the date of commencement of the policy, the insurer pays 80% of the paid premiums to the nominee, in case of an in-force policy. Whereas, if the death occurs due to suicide within one year from the date of reinstatement of the policy, the insurer shall pay higher of the following to the nominee:

  1. 80% of the paid premiums
  2. Surrender Value

Free Look Period

A free look period of 15 days starts from the date you receive the policy. During this period, you can review the terms and conditions of the policy and return the same if not acceptable. On cancellation during the free look period, the insurer will return the paid premium after a deduction of the proportionate risk premium, stamp duty charges and expenses borne by the company on medical examination, if any.

If the policy is purchased through Distance Marketing mode, the free look period is 30 days. Distance marketing includes every activity of solicitation, such as:

  1. Telephone-calling
  2. Short Messaging Service (SMS)
  3. E-mail
  4. Internet
  5. Interactive television (DTH)
  6. Direct postal mail
  7. Newspaper & magazine inserts
  8. Solicitation through any means of communication other than in person

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