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Aegon Life Future Protect Insurance Plan

The Future Protect Insurance Plan from Aegon Life is a unit linked insurance policy that allows customers to contribute money in a systematic manner so that they can create wealth for their future financial requirements. There are multiple fund options from which you can choose to best suit your investment requirements. The presence of an “Invest Protect” option will help you make profits from your investment while the risk to your returns are significantly minimised.

Customers who purchase the Future Protect Insurance Plan will have the flexibility to select the amount of life insurance cover based on their unique requirements, and the level of protection can be increased at any time during the policy term. The minimum annualised premium applicable to the policy starts at Rs.20,000 per annum, and there are several policy terms to choose from. Add to it the tax benefits along with the various other benefits offered and the Future Protect Insurance Plan from Aegon Life is a smart investment option.

Eligibility – Who is the Future Protect Insurance Plan for?

To be eligible to purchase the Aegon Life Future Protect 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 Insurance Plan:

Plan Type Individual
Minimum Entry Age 7 years completed
Maximum Entry Age 50 years completed
Maximum Maturity Age 65 years completed

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

The premium payments made towards your Future Protect Insurance Plan will determine the benefits you will receive through the policy. Customers can make their premium payments on a monthly basis, semi-annual basis, or an annual basis depending upon their preference. Following are some of the features of the Future Protect 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 20 X Annualised Premium
Minimum Annualised Premium Rs.20,000 per annum for annual mode, Rs.30,000 per annum for semi-annual mode, Rs.36,000 per annum for monthly mode.
Premium Payment Frequency Monthly / Semi-Annual / Annual
Premium Payment Term Equal to the policy term
Policy Term 15 years / 20 years / 25 years / 30 years / 35 years

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

Plan Coverage – What the Aegon Life Future Protect Insurance Plan Covers?

Death Benefit In case of the untimely demise of the life assured while the policy term is still in progress, the beneficiary will be eligible for the Maximum of Sum Assured or Fund Value. The overall death benefit will be more than 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 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 comes to an end. 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 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 Benefits If the policyholder survives the policy term, he/she will be eligible for the Fund Value 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.

Exclusions of Aegon Life Future Protect Insurance Plan:

The Future Protect 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 Aegon Life Future Protect Insurance Plan:

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

Free Look Period Customers who are not satisfied with any of the terms and conditions of the Future Protect Insurance Plan have the option of returning the policy coupled with a letter stating the reason for cancelling the policy within 30 days of receiving the policy document. 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 premium paid after stamp duty charges, pro rata adjustment for the period of risk cover, and medical examination charges, if any, are deducted.
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.
Discontinuance of Premium In case the customer fails to pay the premium within the grace period, the policy will lapse and the policyholder will not be eligible for any benefits.
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.
Surrender Value The Future Protect Insurance Plan does not offer any surrender benefits.

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

The benefits received through the Future Protect 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 Insurance Plan are subject to change based on changes in tax laws from time to time.

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

One of India’s most popular insurance companies, Aegon Life Insurance 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. An extensive portfolio of products to meet the requirements of a diverse customer base in addition to top notch customer service will ensure that purchasing the Future Protect Insurance plan from Aegon Life will be worth your investment.

Frequently Asked Questions (FAQs):

Q. How can I check the status of my Future Protect 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. Who can purchase the Future Protect 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 Insurance Plan.

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

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

Q. Can I revive my policy if it has lapsed?

A. Yes, but you will have to do so within the first two years from the date of the last unpaid premium.

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 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 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 Insurance Plan?

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