Investment Plans 609 views January 18, 2021

Aegon Life Regular Money Back Insurance Plan provides financial security to you and your family. This Aegon Life Insurance plan helps generate a regular stream of income, so if you haven’t planned for your future goals yet, consider buying Aegon Life Regular Money Back Insurance Plan. It also provides extra funds to the insured person in case of an unforeseen contingency. You will get longer premium payment periods under this plan and can also avail of tax benefits. So let’s read this page further and know more about the Aegon Life Regular Money Back Insurance Plan.

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Benefits of Aegon Life Regular Money Back Insurance Plan

With this Aegon life insurance policy, you can get the following benefits –

Death Benefit – In case of the death of the life assured during the policy term, the nominee will receive a death benefit if all premiums are paid in full till the date of death. The death benefit for Aegon Life Regular Money Back Insurance Plan will be as follows:-

Sum Assured on Death + Accrued Reversionary Bonus + Terminal Bonus (if any)

The sum assured of Aegon Life Regular Money Back Insurance Plan on Death will be calculated as follows –

Premium Payment Term 7 or 10 yearsSingle Pay
Up to 10X the Annualized Premium or Sum Assured.Up to 1.25X the Single Premium or Sum Assured

Note – The total death benefit, subject to at least 105% of the total paid premiums.

Guaranteed Money Back Payouts – On survival till the policy term, you will receive a  Guaranteed Money Back Payout at the end of every year from the 10th to 19th policy year, provided all premiums are paid and the policy is in force. Check out the table below and know how it would apply to your Aegon Life Regular Money Back Insurance Plan.

End of Policy YearPercentage of Guaranteed Money Back
Payout
1015.00%
1115%
1215%
1315%
1415%
1515%
1615%
1715%
1815%
1915%
Total Payout150% of the Sum Assured

Note – Guaranteed Money Back Payout will not be available for your family members after your death.

Maturity Benefit – Receive the accrued reversionary bonus + terminal bonus, if any, at the end of the policy term, provided all premiums are paid in full.

Surrender Benefit – Aegon Life Regular Money Back Insurance Plan will acquire a surrender value after the payment of the first two year’s policy premiums for 7 pay and 10 pay premium payment options (7 Pay = 7 Years, 10 Pay = 10 Years). On the other hand, the surrender value will be acquired immediately, in case of a Single Pay.

The policy Guaranteed Surrender Value (GSV) will be as follows:-

GSV of Sum Assured = (Applicable GSV Factor) x (Total Amount of Premiums Paid) – Paid Guaranteed Money Back Payouts + GSV of Bonus = (Applicable GSV Factor) x (Accrued Bonus).

Aegon Life may declare the Special Surrender Value (SSV), which undergoes a change from time to time upon approval from the Insurance Regulatory Authority of India (IRDAI). The higher of GSV or SSV will be paid on surrender.

Policy Loan Benefit – A minimum amount of INR 5,000 to up to 60% of the surrender value can be borrowed against the Aegon Life Regular Money Back Insurance Plan if it acquires a surrender value.

Tax Benefit – Under Section 80C and 10(10D) of the Income Tax Act, 1961

Suicide Exclusion

If the life assured dies due to suicide within 12 months from the date of risk commencement or policy revival, the claimant shall receive either 80% of the paid premium till the date of death or the policy surrender value, whichever is higher, provided Aegon Life Regular Money Back Insurance Plan is in force at the time of death.

Additional Benefits on Aegon Life Regular Money Back Insurance Plan

You can customize your Aegon Life Regular Money Back Insurance Plan by adding the Aegon Life Premium Shield Rider at a nominal premium amount. This rider provides a waiver of premium in case of death or disability of the life assured either due to an accident or sickness. If under the policy, Proposer and Life Assured are different individuals, this rider waives off all future premiums in case of death or disability of the Proposer. Policies where Proposer and Life Assured are the same individuals, this rider waives off all future premiums in case of disability of the Life Assured. The following disabilities are covered under this rider:

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

Eligibility Conditions for Aegon Life Regular Money Back Insurance Plan

  1. Age at entry – 7 days to 55 years for 7 pay and 10 pay premium payment options as on your last birthday.
  2. Age at entry – 7 days to 60 years for a single pay premium payment option as on your last birthday.
  3. Age at maturity – allowed up to 75 years for 7 pay and 10 pay as on your last birthday
  4. Age at maturity – allowed up to 80 years for single pay as on your last birthday
  5. Aegon Life Regular Money Back Insurance Plan policy term is 20 years
  6. Premium payment options – Single Pay, 7 Pay and 10 Pay for Aegon Life Regular Money Back Insurance Plan
  7. The minimum premium amount for 7 pay and 10 pay is INR 12,000 per annum
  8. The minimum premium amount for single pay is INR 1 lakh
  9. Annual, half-yearly and monthly premium payment modes are available
  10. Aegon Life Regular Money Back Insurance Plan Sum Assured will depend on your age, opted premium payment term and premium amount
  11. Modal loadings other than annual premium are as follow Half Yearly Premium = annualized Premium * 0.512 and Monthly Premium = Annualised Premium * 0.087

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