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  • Aegon Life iInvest 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

    Get the most out of your investments with Aegon Life’s iInvest Plan. The plan is easily accessible online which eliminates the tiring process of purchasing a ULIP plan. With tax benefits and one of the lowest charges in the market, the Aegon Life iInvest Insurance Plan is one of the most efficient investments. Investment risk in the portfolio will be borne by the policyholder. This plan is a unit-linked life insurance plan which provides you the opportunity to maximum your money through strategic investments.

    Eligibility – Who is the Aegon Life iInvest Insurance Plan for?

    Aegon Life establishes certain requirements which must be met in order to be eligible for the iInvest Insurance Plan. Listed below is the eligibility criteria for this plan:

    Plan Type Individual online unit-linked life insurance plan
    Minimum Entry Age 7 years
    Maximum Entry Age 55 years
    Maturity Age 70 years

    *Ages mentioned are defined as the age last birthday

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

    The sum assured under this Aegon Life ULIP Plan depends on the age of entry which in turn determines your premium amount. Given below are the details associated with the premium payments, tenures and the sum assured under the iInvest Plan.

    Policy Terms
    • 10 years
    • 15 years
    • 20 years
    • 25 years
    Minimum Sum Assured
    • Entry age below 45 years: (10 X Annualised Premium) or (0.5 X policy term X Annualised Premium), whichever is higher.
    • Entry age 45 years and above: (10 X Annualised Premium) or (0.25 X policy term X Annualised Premium), whichever is higher.
    Minimum Annualised Premium 5-year policy term: Rs.48,000 7-year policy term:Rs.36,000 10-year policy term:Rs.24,000 Equal to policy term:Rs.24,000
    Maximum Annualised Premium No limit subject to underwriting
    Premium Payment Frequency Monthly and Annual
    Premium Payment Term 5 years, 7 years, 10 years, equal to policy term

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

    Plan Coverage – What the Aegon Life iInvest Insurance Plan Covers?

    Maturity Benefit The total fund value as is on the date of maturity will be paid out.
    Death Benefit During the policy term, in case of the life insured’s unfortunate demise, the nominee will receive the higher of the following:
    • Total Sum Assured on death
    • Total Fund Value
    • 105% of the premiums paid
    The total sum assured upon death is defined as the base sum assured on death plus top-up sum assured on death, if any. The total fund value is defined as base fund value plus top-up fund value, if any.
    Loyalty Units For policy terms of 15 years, 20 years and 25 years, provided all premiums are paid up, you will be eligible to receive loyalty units during the last 5 policy years. Loyalty Units are calculated as a percentage of the average base fund value based on the 48 months preceding the policy anniversaries:
    • 5-year premium payment: 1.70% loyalty unit addition.
    • 7-year premium payment: 1.70% loyalty unit addition.
    • 10-year premium payment: 1.80% loyalty unit addition.
    • Equal to policy term premium payment: 1.80% loyalty unit addition.
    Investment Portfolio Strategy You can opt between two portfolio strategies:
    • Self-managed
    • Lifestyle

    Investment Portfolio Strategies Under the Aegon Life iInvest Insurance Plan:

    Under this plan, you have the option to either self-manage your own portfolio or you can choose the lifestyle portfolio strategy.

    Self-managed Portfolio Strategy:

    You can actively manage your investment in any of the five investment funds that are available through Aegon Life. You are free to choose the proportions of investment in each fund

    Fund Name Risk Profile Money Market Instruments Equities Fixed Interest Securities Objective
    Blue Chip Equity Fund High 0% to 20% 80% to 100% 0% Long-term capital appreciation through a diversified equity portfolio.
    Accelerator Fund High 0% to 20% 80% to 100% 0% Diversify investment portfolio through investment in equities of various sectors and generating long-term returns.
    Stable Fund Moderate 0% to 40% 20% to 80% 20% to 80% Balance equity and debt exposure generating long-term stable and attractive returns.
    Secure Fund Low 0% to 40% 0% 60% to 100% Protect capital investment while generating income for high liquidity levels.
    Debt Fund Moderate 0% to 40% 0% 60% to 100% Investing in a diversified portfolio to generate attractive returns.

    Lifestyle Portfolio Strategy:

    Take advantage of a balanced mix of equity and debt based on the investment duration chosen under his plan. As your age increases, this option automatically enables you to increase your exposure to debt and decrease the exposure to equity. Your investment will be allocated between three investment funds. The ratio of investment in these funds will be pre-defined as listed below:

    Years to maturity Allocation to various funds
    Secure Fund Debt Fund Blue Chip Equity Fund
    25 years 0% 0% 100%
    24 years 0% 0% 100%
    23 years 0% 0% 100%
    22 years 0% 0% 100%
    21 years 0% 0% 100%
    20 years 0% 0% 100%
    19 years 0% 0% 100%
    18 years 0% 0% 100%
    17 years 0% 0% 100%
    16 years 0% 0% 100%
    15 years 0% 0% 100%
    14 years 0% 0% 100%
    13 years 0% 0% 100%
    12 years 0% 0% 100%
    11 years 0% 0% 100%
    10 years 0% 10% 90%
    9 years 0% 20% 80%
    8 years 0% 30% 70%
    7 years 0% 40% 60%
    6 years 0% 50% 50%
    5 years 0% 60% 40%
    4 years 0% 70% 30%
    3 years 10% 70% 20%
    2 years 20% 60% 10%
    1 year 40% 60% 0%

    Exclusions – What the Aegon Life iInvest Insurance Plan Doesn’t Cover?

    The iInvest Insurance plan has certain exclusions which mentioned below:

    • Suicide: If the life insured commits suicide within 12 months from the policy commencement date or the revival date, the nominee will be eligible to receive the fund value as is on the date of demise. Subsequent to the date of death, any charges applied to the policy will be refunded.

    Other Key Features of Aegon Life iInvest Insurance Plan:

    The Aegon Life iInvest Insurance Plan offers a number of benefits. Some of the key features worth noting are listed below:

    Free Look Period You can return the policy within 30 days from the date of receipt if you are not satisfied with the policy. The non-allocated premium will be refunded plus any charges applicable by cancellation of units plus the fund value on the date of cancellation minus stamp duty, medical examination costs and proportionate risk charges.
    Grace Period You have 30 days from the premium due date to pay the premium. In case of monthly mode, the grace period is 15 days.
    Discontinuance of Premium If you stop paying premiums within the first five years of the policy, you can withdraw the policy without any life cover or revive the policy within 2 years. If you do not respond to Aegon, your policy will be shifted to the discontinued fund policy and returns will be paid after the lock in period. If you stop paying premiums after 5 years, you can withdraw the policy without life cover, revive it within 2 years or convert the policy into a Paid-up policy.
    Reinstatement You can revive a lapsed policy within 2 years from the date of the first unpaid premium.
    Partial Withdrawals Withdraw money from the fund value after the 5th policy year. 20% of the fund value as at the beginning of the policy year is the maximum amount allowed. Four withdrawals are allowed for free in a policy year.
    Switch
    • Switch from Lifestyle to Self-managed portfolio strategy anytime during the policy term at no charge.
    • Switch from Self-managed to Lifestyle portfolio strategy once every policy year at no charge. During the last 12 policy years, this option is not available.
    Settlement Option After the maturity date, you can remained invested in the fund and receive maturity proceeds in instalments not exceeding 5 years.
    Premium Re-direction Alter your premium allocation under the self-managed portfolio strategy. This will be applied to your future premiums and top-ups.
    Top-up An additional amount of premium above the basic premium subject to a minimum of Rs.5,000 can be added at anytime except the last 5 years of the policy term. This option helps boost the fund value.
    Nomination Applicable under the Insurance Act, 1938, Section 39.
    Assignment Applicable under the Insurance Act, 1938, Section 38.
    Service Tax Levied as per prevailing tax laws.

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

    Under Section 80C and 10(10D) of the Income Tax Act, 1961, policyholders are eligible for tax benefits for premiums paid and benefits received from this policy. You are advised to consult a tax advisor to take advantage of the tax benefits which are subject to revisions from time to time.

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

    Aegon Life Insurance company dates back 170 years and has established itself as one of the leaders in the market. With operations in more than 20 countries, it offers a wide portfolio of products spanning across insurance, protection, retirement and asset management. With the Aegon Life iInvest Insurance Plan, you can get high returns from your investment. You also have great flexibility in the investment strategies available under this plan.

    Frequently Asked Questions (FAQs):

    Q.When do I have to start paying premiums?

    A. Once the policy document is issued, you will be required to pay the premium. Premiums will be required to be paid on the due date as per the premium frequency chosen by you.

    Q.Does Aegon Life Insurance provided reminders for premium payments?

    A. Yes, Aegon Life will remind you to pay your premiums through a letter or email 28 days before the due date. A reminder will be sent again 7 days before the due date.

    Q.How long will Aegon Life take to process a cancellation of the policy?

    A. If you opt to cancel your policy, you will receive you refund within 7 to 10 business days.

    Q.How do I escalate my complaint?

    A. If you query has not been resolved, you can visit the Aegon Life website’s customer service section to know more about the escalation matrix.

    Q.What is the process to revive a lapsed policy?

    A. Within 2 years from the date of discontinuance, you can revive your policy on the following terms:

    • Pay all due premiums
    • Provide satisfactory evidence of insurability
    • Policy administration charges applicable during the discontinuance period will be applied

    Q.What are the charges for premium allocation?

    A. There are no charges applicable for premium and top-up premium allocation.

    Q.What are the fund management charges?

    A. Fund management charges are levied as a percentage of the value of assets. The charges are appropriated by adjusting the Net Asset Value on a daily basis at the time when the unit-linked funds are priced.

    Q.What are the policy administration charges?

    A. The charge for policy administration is levied at the beginning of every policy month by way of cancelling units from the policy fund. For the first policy year, 0.2% of the annualised premium, subject to at least Rs.80 to a maximum of Rs.200 per month will be charged. For subsequent years, the charge will be compounded at 5% p.a. Every policy year, subject to a maximum of Rs.500 per month.

    Q.If I make partial withdrawals, will this be deducted from the death benefit?

    A. Any withdrawals made from the base fund value for two years preceding the date of death will be deducted from the base sum assured when calculating the death benefit. Upon attaining the age of 60 years, all partial withdrawals made two years preceding the age of 60 and all withdrawals made after the age of 60 will be deducted from the base fund value.

    Q.How much can I partially withdraw under this policy?

    A. You can withdraw up to 20% of the fund value as at the start of the policy year in which you wish to make the withdrawal. The minimum amount you can withdraw is Rs.5,000.