Aegon Life iGuarantee Insurance Plan

The iGuarantee Insurance Plan from Aegon Life is a traditional life insurance plan that offers the dual benefit of complete life insurance coverage and guaranteed maturity benefit. If you are searching for an investment option that guarantees returns on the premiums you have paid, look no further than the iGuarantee Insurance Plan. Since this is an online insurance plan, customers can purchase it anytime and anywhere.

The premium payments for this Aegon life savings plan start at Rs.48,000 per annum, and in addition to a guaranteed maturity benefit, which provides annual payouts for six years starting from the end of the policy term; and the guaranteed death benefit which pays the sum assured to the nominee in case of the death of the policyholder, the iGuarantee Insurance Plan also offers tax benefits.

Eligibility – Who is the iGuarantee Insurance Plan for?

To be eligible to purchase Aegon Life iGuarantee 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 an iGuarantee Insurance Plan:

Plan Type	Individual / Traditional
Minimum Entry Age	12 years completed
Maximum Entry Age	50 years completed
Maturity Age	56 years completed

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

The premium payments made towards your Aegon Life iGuarantee 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 iGuarantee Insurance Plan:

Sum Assured	10 x Annualised Premium
Minimum Annualised Premium	Rs.48,000 p.a in case the individual is under 40 years of age; and Rs.60,000 in case the customer is 40 years of age or above.
Maximum Annualised Premium	Rs.2.5 lakhs p.a
Premium Payment Frequency	Monthly and Annual
Premium Payment Term	6 years
Policy Term	6 years

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

Plan Coverage – What the iGuarantee Insurance Plan Covers:

Guaranteed Maturity Benefits

Starting from the end of the 6th year till the end of the 11th year from the date on which the policy commenced, policyholders will receive 135% of the annualised premium they had paid every year (not including tax).

Guaranteed Death Benefits

Death benefits are guaranteed in case of death of the policyholder during the policy term. Nominees will receive the sum assured and the policy will then terminate. The total death benefit you will receive will be a minimum of 105% of the overall premiums paid by the individual until the date of his/her death. In case the life assured dies during the payout period, the nominee will continue to receive the guaranteed payout until the end of the 11th year.

Exclusions – What the iGuarantee Insurance Plan Doesn’t Cover:

The iGuarantee Insurance plan has certain exclusions which are as follow:

• Policy loan: Customers cannot take a loan against this policy.
• Suicide: In case of the death of the life assured due to suicide within 12 months from the date on which the policy comes into force, the death benefit payable to the nominee will be a minimum of 80% of the premiums paid, provided the policy is still in force. Once the benefit has been paid to the beneficiary, the policy will terminate.

Other Key Features of iGuarantee Insurance Plan:

Following are some of the other key features of the iGuarantee Insurance Plan:

Free Look Period	Customers who are not satisfied with any of the terms and conditions of the iGuarantee Insurance Plan have the option of returning the policy document together with a letter that states the reason for the same within 30 days from the date on which the policy was purchased. All benefits will terminate upon returning the policy and the premiums paid to the company will be returned to the policyholder after the deduction of stamp duty charges.
Surrender Value	Following the payment of premium for the first two years, the iGuarantee Insurance Plan will acquire a guaranteed surrender value. The calculation of surrender value is as follows: Surrender Value = A guaranteed Surrender Value factor X Paid-up Value. Details regarding the guaranteed surrender value factors can be found on the policy document.
Grace Period	Customers who fail to make premium payments on time will receive a grace period of 30 days to pay the due premiums. In case of the death of the life assured during the grace period, any unpaid due premiums will be subtracted from the death benefit payable to the nominee.
Discontinuance of Premium	In case the premiums for the first two years remain unpaid even after the grace period, the policy will lapse and the individual will not be eligible for any benefits. The lapsed policy can be reinstated with a period of two years, and if the policy has not been reinstated within the specified time frame, the policy will terminate and no benefits will be paid out.

 

Tax Benefits – How you Can Save with the iGuarantee Insurance Plan:

The benefits received through the iGuarantee 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.

Why you Should Buy the iGuarantee Insurance Plan from Aegon Life?

Aegon Life 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 iGuarantee Insurance plan from Aegon Life.

Frequently Asked Questions (FAQs):

1. How can I check the status of my iGuarantee Insurance plan?

   A. You can check the status of your iGuarantee Insurance plan by either call the company on the toll free number, or via email.

2. How do I change the nomination details on my iGuarantee Insurance Plan?

   A. Aegon Life has a relatively simple process to change the name of the beneficiary. You can either choose 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, or you could call the company’s toll-free number and communicate the same over phone.

3. How do I make claims?

   A. In case of the death of the life assured, you must notify Aegon Life immediately. The filed up claims must then be submitted to the company along with 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 your claim.

4. How can I change the sum assured in my iGuarantee Insurance plan?

   A. In order to increase or decrease the sum assured of your iGuarantee Insurance Plan, all you have to do is submit a duly signed request.

5. What is the free look period of the policy?

   A. Customers who are not happy with the terms and conditions of their iGuarantee Insurance Plan can return the policy within a period of 30 days from the date on which the policy was purchased.

6. Are there any conditions / criteria to be met for reinstatement?

   A. The life assured must provide satisfactory evidence to Aegon Life regarding his/her insurability. Medical requirements and other evidences may be required by the company to confirm that you will not default on your premium payments in the future.

7. Can I apply for a duplicate policy document?

   A. If you wish to avail a duplicate copy of your 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.

8. What is the grace period for this policy?

   A. Customers who fail to make their premium payments on time receive a 30-day grace period to do the same.

9. What percentage of the annualised premium can I expect as my maturity benefits?

   A. Between the end of the sixth year and the end of the 11th year, the iGuarantee Insurance plan will pay 135% of the annualised premiums as maturity benefits.

10. What death benefits will the nominee receive in case of the death of the policyholder?

    A. The nominee of the policyholder will receive at least 105% of the total premiums paid until the death of the life assured.