The Guaranteed Growth Insurance Plan from Aegon Life Insurance is a guaranteed money back insurance policy which comes with guaranteed returns. This plan is ideal for customers who wish to receive returns upon maturity of the policy or upon the death of the policyholder. The policy provides customers with guaranteed annual payouts for eight years upon the end of the policy term. In case of the death of the policyholder during the policy term, the nominee of the policyholder will receive guaranteed payouts and all future premiums will be waived.
The Aegon Life Guaranteed Growth Insurance Plan can be purchased for a minimum annualised premium of Rs.20,000 for customers aged between 8 and 35 years of age, Rs.30,000 for customers between 36 and 45 years of age, and Rs.40,000 for individuals between 46 and 50 years of age. Customers who purchase this Aegon life savings plan can also avail tax benefits on the premium payments made towards the policy under Section 80C of the Income Tax Act. Tax benefits can also be claimed on the claims received under Section 10(10D) of the Income Tax Act.
To be eligible to purchase a Guaranteed Growth Insurance Plan, individuals must be of a certain age when purchasing the policy and also at the time of maturity. Following are the criteria you must meet if you wish to purchase a Guaranteed Growth Insurance Plan:
|Minimum Entry Age||8 years completed|
|Maximum Entry Age||50 years completed|
|Maturity Age||60 years completed|
The premium payments made towards your Guaranteed Growth Insurance Plan will determine the benefits you will receive on maturity of the policy. Customers can make their premium payments on a monthly basis, or an annual basis depending upon their preference. Following are some of the features of the Guaranteed Growth Insurance Plan:
|Sum Assured||10 x Annualised Premium|
|Minimum Annualised Premium||Rs.20,000 in case the individual is between 8 and 35 years of age; Rs.30,000 in case the customer is between 36 and 45 years of age; and Rs.40,000 for individuals who are 46 to 50 years old.|
|Maximum Annualised Premium||Rs.3 lakhs if the individual is between 8 and 35 years of age; Rs.2 lakhs if the customer is aged between 36 and 45 years; and Rs.1 lakh if the customer is between 46 and 50 years old.|
|Premium Payment Frequency||Monthly and Annual|
|Premium Payment Term||8 years|
|Policy Term||10 years|
*Premiums may vary based on age, location, plan term and other factors.
|Guaranteed Maturity Benefits||Upon expiry of contract, annual payouts are guaranteed for eight years starting from the end of the policy term. Between the end of the 10th and 17th year of taking out the policy, 150% of annualised premium payable will be returned to the policyholder.|
|Guaranteed Death Benefits||Death benefits are guaranteed in case of death of the policyholder during the policy term. Nominees will receive the payouts between the end of the 10th year till the end of the 17th year, and all future premiums will be waived.|
The Guaranteed Growth Insurance plan has certain exceptions which are as follow:
Following are some of the other prominent features of the Guaranteed Growth Insurance plan:
|Grace Period||Customers who purchase the Guaranteed Growth Insurance plan will receive a grace period of 30 days from the premium due date to ensure that their premiums have been paid.|
|Surrender Value||After the first annualised premium has been paid, or the payment of the first 12 monthly payments has been made, the policy will acquire a guaranteed surrender value. The formula for calculating the surrender value is as follows: In case all due premiums have not been paid, Surrender Value = A Guaranteed Surrender Value factor X Paid-up Value. In case all due premiums have been paid, Surrender Value = A Guaranteed Surrender Value factor X Total annualised premiums paid. The policy contract will have all the details regarding guaranteed surrender value factors.|
|Discontinuance of Premium||In case the policyholder fails to make premium payments post the grace period, the policy will lapse and the policyholder shall not be eligible for any benefits.|
|Reinstatement||In case your policy has lapsed, you can apply for reinstatement within two years from the due date of the first unpaid premium. To reinstate your policy into force, you will have to make all the due premium payments in addition to the interest charged by the company. The decision to reinstate a policy, however, is at the sole discretion of the company.|
|Free-look Period||In case customers are not satisfied with any of the terms and conditions of the Guaranteed Growth Insurance plan, the policy document can be returned along with a letter stating the reason for disagreement within 15 or 30 days from the date on which the policy was purchased. The premiums paid to the company will be returned to the customer after stamp duty charges have been deducted.|
The benefits received through the Guaranteed Growth Insurance plan are eligible for tax benefits under Section 10(10D) of the Income Tax Act, while the premiums paid towards the policy are also eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
Aegon Life Insurance is among the most popular insurance companies in India. With its headquarters in India, the company has 59 branches across 46 cities. It also boasts around 9600 insurance agents and serves more than 4 lakh customers in the country. An impressive portfolio in addition to quality customer service will ensure that you have made the right decision by purchasing the Guaranteed Growth Insurance plan from Aegon Life.
A. Aegon Life has an easy and hassle-free process to change the name of the beneficiary. The policyholder just has to call the toll-free number and provide an endorsement form before informing the firm that the name of the beneficiary needs to be changed.
A. In case of the death of the policyholder, the insurance company must be notified and the filed up claims must be submitted to Aegon Life in addition to all the required documents as mentioned in the policy document. The claim will be processed after the company has conducted the necessary verification to ascertain the authenticity of the claim.
A. You can either call the company on the toll free number or email them to check the status of your policy.
A. If you require a duplicate policy document, you will have to submit an endorsement form or a duly signed requisition letter in addition to a guaranteed bond on a Rs.200 stamp paper.
A. Yes, all you have to do to increase or decrease the sum assured is to submit a duly signed request.
A. A free look period of 15 days applies to customers who purchase the policy from the company itself, while a 30-day period is granted to those who purchase it through distance marketing mode.
A. Customers who fail to make their premium payments on time receive a 30-day grace period to do the same.
A. Your Guaranteed Growth Insurance plan can terminate on the death of the life assured, on the date of maturity, on the date of surrender, or if the first 12 monthly premiums are not paid and the policy has not been reinstated within the specified period.
A. Yes, all lapsed policies can be revived by within two years from the date on which the last premium payment was due.
A. Policies can be reinstated by paying all the due premiums along with the interest rate charged by the company. However, the company will assess your insurability to determine whether or not your policy can be reinstated.