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  • Aegon Life Future Protect Plus Insurance Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Future Protect Plus Insurance Plan is a Aegon Life unit linked insurance policy that offers enhanced life insurance coverage along with a choice of multiple funds to suit your investment requirements. Customers will have to make contributions systematically so that wealth can be generated for their future needs. Premium payments towards the Aegon Life Future Protect Plus Insurance Plan start from Rs.20,000 per annum, and with tax benefits in addition to a death as well as maturity benefit, this plan is a great option to gain from your investment.

    Eligibility – Who is the Future Protect Plus Insurance Plan for?

    To be eligible to purchase the Future Protect Plus Insurance Plan, individuals must be of a certain age when purchasing the policy as well as at the time of maturity. Following are the criteria you must meet of you wish to purchase a Future Protect Plus Insurance Plan:

    Plan Type Individual
    Minimum Entry Age 7 years completed
    Maximum Entry Age 50 years completed
    Maximum Maturity Age 70 years completed

    Sum Assured and Premium Range – What you Get and What it Costs?

    The premium payments made towards your Future Protect Plus Insurance Plan will determine the benefits you will receive through the policy. Customers can make their premium payments on a monthly basis, half-yearly basis, or yearly basis depending upon their preference. Following are some of the features of the Future Protect Plus Insurance Plan:

    Base Sum Assured If the age of the individual when purchasing the policy is less than 45 years, the sum assured will be Higher of 10 x Regular Annualised Premium or (0.5 X Policy Term X Annualised premium). If the age of the individual when purchasing the policy is equal to or more than 45 years, the sum assured will be Higher of 7 X Regular Annualised Premium or (0.25 X Policy Term X Annualised Premium).
    Maximum Sum Assured 18 X Annualised Premium if the age at entry is less than 45 years, and 10 X Annualised Premium if the age at entry is more than or equal to 45 years.
    Minimum Annualised Premium Rs.20,000 per annum for annual mode, and Rs.30,000 per annum for semi-annual and monthly.
    Premium Payment Frequency Monthly / Semi-Annual / Annual
    Premium Payment Term Equal to the policy term
    Policy Term 15 years / 20 years / 25 years

    *Premiums may vary based on age, location, plan term and other factors.

    Plan Coverage – What the Future Protect Plus Insurance Plan Covers?

    Death Benefit In case of the untimely demise of the life assured during the policy term, the beneficiary will be eligible for the Sum Assured and Fund Value. The overall death benefit will be at least 105% of the total premiums paid until the date of death of the policyholder.
    Invest Protect Option Invest Protect is an option available to customers who purchase the Future Protect Plus Insurance Plan. Not only does this option help you gain from your investment, but also reduces the risk to your returns as the policy term nears maturity. During the last three years of your policy term, the Invest Protect option protects your finances by systematically shifting the fund from Accelerator Fund to Secure Fund.
    Fund Options Customers who do not wish to choose the Invest Protect option have the option of investing their premiums in any one or more for the following four funds: Accelerator Fund: The Accelerator Fund aims at investing your money in equities of several different sectors so that your portfolio is diverse and attractive returns can be generated in the long term. The fund also has the flexibility to invest in money market instruments and fixed interest assets. The amount of money the fund will invest in equities will be between 80% and 100%, while 0% to 20% of your money can be invested in money market instruments and fixed interest assets. Stable Fund: The Stable Fund aims at maintaining a balance between debt and equity exposure in order to ensure attractive and stable returns over the long term. The fund will also change allocation between equity and debt to make profits from movements in asset prices over medium to long term. Between 20% and 80% of your funds can be invested in equities, while the same percentage can be invested in money market instruments and fixed interest assets. Secure Fund: The Secure Fund aims at investing your money in a diversified portfolio of fixed income securities and money market instruments of short to medium term maturities. The objective of the fund is to generate reasonable returns with relatively low valuation risks. While 60% to 100% of your money can be invested in fixed interest instruments, only 0% to 40% can be invested in money market instruments. Debt Fund: The Debt Fund aims at generating attractive returns by investing your money in a diversified portfolio of fixed income securities, money market, corporate debt and government debt instruments of varying maturities. While 60% to 100% of your money can be invested in fixed interest instruments, only 0% to 40% can be invested in money market instruments.
    Management of Investment Since market conditions as well as your own financial needs may change from time to time, the Future Protect Plus Insurance Plan has made available the following options to better manage your investment: Auto-Rebalancing: The auto-rebalancing feature automatically rebalances the allocation of your investment in several different funds to the allocation proportions selected by you. Customers can avail this feature for free if they opt for it at the time of commencing the policy. Premium Re-Direction: The premium re-direction feature allows customers to change the premium allocation to be applied to their future premiums. In one policy year, customers can make two premium redirections for free, after which a fee will be charged for future redirections. Switch: The switch feature helps customers in shifting their investments from one fund to another. In one policy years, customers can make four switches for free.
    Maturity Benefit If the policyholder survives the policy term, he/she will be eligible for the Fund Value (including top-up value, if any) on the date of maturity. Customers who prefer not to take the whole maturity amount at once can avail the settlement option.
    Settlement Option The settlement option can be availed in case you want to remain invested in the fund(s) even after the policy has matured. If the settlement option is chosen, the policyholder will receive the maturity proceeds in instalments over a period of up to five years from the date of maturity. The period of time over which the proceeds are payable can be decided by the policyholder.
    Top-Up Premium An extra amount of premium in excess of the contractual basic premiums is called a top-up premium. Top-up premiums help in enhancing your fund value. Customers who purchase the Future Protect Plus Insurance Plan can top-up their premium at any time except the last five policy years. The minimum top-up premium amount is Rs.5000.

    Exclusions of Future Protect Plus Insurance Plan:

    The Future Protect Plus Insurance plan has one major exclusion which is as follows:

    • Suicide: In case of the demise of the policyholder by suicide during the first policy year, the nominee will be eligible only for the fund value of the policy as on the date of death. Moreover, in case the life assured commits suicide within 12 months of exercising the option to increase the sum assured, the amount by which the sum assured was increased will not be taken into consideration when calculating the death benefit.

    Other Key Features of Future Protect Plus Insurance Plan:

    Following are some of the other key features of the Future Protect Plus Insurance Plan:

    Free Look Period Customers who are not satisfied with any of the terms and conditions of the Future Protect Plus Insurance Plan have the option of returning the policy coupled with a letter stating the reason for cancelling the policy within 15 days of receiving the policy document. The free look period for policies purchase via distance marketing mode is 30 days. Once the policy is returned to the company, it will terminate and all interests, benefits and rights will stand extinguished. The customer will then be eligible to receive the fund value, plus mortality charge, plus premium allocation charge, plus policy administration charge, minus proportionate mortality charge, medical reports costs and stamp duty charges.
    Grace Period In case you have not made your premium payment on time, you will receive a grace period of 15 days to do so if you have chosen your premium payment frequency on a monthly basis. In case the premium payment frequency is annual, the grace period will be 30 days. In case a policyholder fails to make the premium payment during the grace period, the policy will lapse and the customer will not be eligible for any benefits.
    Surrender Customers who purchase the Aegon Life Future Protect Plus Insurance Plan have the option of returning it at any time. However, in case of a surrender of the policy in the first five years, the fund value minus applicable discontinuance charges shall be shifted to the Discontinuance Policy Fund. Proceeds of this fund shall be paid post the completion of the first five policy years. In case the policy is surrendered after the first five policy years, the policyholder will be eligible for the fund value. Once a policy is surrendered, it cannot be revived.
    Reinstatement In case your policy has lapsed, you can apply for reinstatement within two years from the date on which the first unpaid premium was due. The unpaid premiums will have to be paid along with an additional interest charge to reinstate the policy. However, the final decision regarding the reinstatement of a policy is at the discretion of the insurance company based on the provision of satisfactory evidence about the insurability of the life assured.

    Tax Benefits – How you can Save with the Future Protect Plus Insurance Plan?

    The benefits received through the Future Protect Plus Insurance Plan are eligible for tax benefits under Section 10(10D) of the Income Tax Act, 1961. The premiums paid towards the policy are also eligible for tax benefits under Section 80C of the Act. Please note that the tax benefits offered by the Future Protect Plus Insurance Plan are subject to change based on changes in tax laws from time to time.

    Why you should Buy the Future Protect Plus Insurance Plan from Aegon Life?

    One of India’s most popular insurance companies, Aegon Life is headquartered in Mumbai and has around 59 branches across 46 cities. The company also works with around 9600 insurance agents and serves more than 4 lakh customers in the country. Aegon Life continues to grow steadily each year thanks in main to its provision of quality products and services. The company takes pride in its extensive portfolio of products that cater to the requirements of a diverse customer base, as well as its world-class customer service that are certain to ensure that purchasing the Future Protect Plus Insurance plan from Aegon Life is the right choice.

    Frequently Asked Questions (FAQs):

    Q. Who can purchase the Future Protect Plus Insurance Plan?

    A. Any individual who wishes to invest his/her money into money market instruments or fixed interest assets can purchase the Future Protect Plus Insurance Plan.

    Q. How can I check the status of my Future Protect Plus Insurance plan?

    A. You can check the status of your policy by either calling the company on the toll free number or emailing them.

    Q. Is there any policy administration charge?

    A. Yes. Starting from the first policy year, Rs.60 per month will be subtracted at the start of every policy month through cancelation of units. The applicable charge increases at 3% per annum at the beginning of each policy year starting from the second policy year. The maximum amount that can be charged is Rs.500 per month.

    Q. Are there any miscellaneous charges for the auto-rebalancing and switch features?

    A. If the policyholder opts for either of these features at the time of purchasing the policy, they can be availed for free. However, Rs.200 will be charged for adding or removing the auto-rebalancing feature once the policy term has commenced. In case of the switch feature, a minimum of 0.1% of the amount switched or Rs.500 per additional switch will be charged, subject to a minimum amount of Rs.100 to be switched.

    Q. How do I apply for a duplicate policy document?

    A. An endorsement form or a duly signed requisition letter has to be submitted to the company along with a guaranteed bond on a Rs.200 stamp paper and a duplicate policy document will be sent to you.

    Q. Is there a service tax applicable to the Future Protect Plus Insurance Plan?

    A. Yes, a service tax will be levied on benefits or premiums payable as per the prevailing tax laws.

    Q. What is a discontinuance policy fund?

    A. The Discontinuance Policy Fund is basically a segregated fund that has been created and set aside. It constitutes the fund value, as applicable, of all the discontinued policies. The aim of the fund is to invest in a diversified portfolio of money market instruments and government securities of short term maturities so that income is generated from your investment.

    Q. What are the charges for premium redirection?

    A. Premium redirection is allowed for free two times in a policy year. However, a minimum of Rs.200 and a maximum of Rs.500 can be charged for each additional redirection after the free ones have been exhausted.

    Q. Can the sum assured in my Future Protect Plus Insurance plan be changed at a later date?

    A. You will have to submit a duly signed request to the company to request them to make changes to your sum assured.

    Q. How do I claim benefits under the Future Protect Plus Insurance Plan?

    A. Aegon Life must be notified immediately in case of the death of the life assured and the filed up claims must be submitted to the company along with all the required documents as mentioned in the policy document. Aegon Life will then process the payment after it has verified your documents and confirmed the authenticity of the claim.

    Q. Can I avail a loan against the Future Protect Plus Insurance Plan?

    A. No, the Future Protect Plus Insurance Plan has no facility for customers to take a loan against the policy.