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Investment Plans 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.
Table of Contents
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 years | Single 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 Year | Percentage of Guaranteed Money Back Payout |
---|---|
10 | 15.00% |
11 | 15% |
12 | 15% |
13 | 15% |
14 | 15% |
15 | 15% |
16 | 15% |
17 | 15% |
18 | 15% |
19 | 15% |
Total Payout | 150% 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
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.
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: