The Aegon Life iMaximize Single Premium Insurance Plan is an investment policy that maximises your investment by allowing minimal charges and eliminating commissions in the policy purchase process. The plan also provides you the flexibility to decide on the protection that is most suited to your needs. The policy can be easily purchased online; hence, you can avoid the trouble of approaching insurance agents and following the cumbersome processes involved.
The Aegon Life iMaximize Single Premium Insurance Plan can be coupled with 3 unit-linked funds, as per the investment objectives of the customer. The policy also provides the policyholder the ability to boost fund value through top-ups. Additionally, the insured can partially withdraw from the fund in case of emergencies.
The insurer has set some eligibility criteria that must be fulfilled for the customer to be able to purchase the Aegon Life iMaximize Single Premium Insurance Plan. These factors are associated with the age of the customer and the amount of coverage he/she requires.
The eligibility conditions associated with the Aegon Life iMaximize Single Premium Insurance Plan are as follows:
|Minimum Entry Age||8 years|
|Maximum Entry Age||60 years|
|Minimum Maturity Age||18 years|
|Maximum Maturity Age||65 years|
The ages mentioned above are with respect to the last birthday of the customer
In order to benefit from the Aegon Life iMaximize Single Premium Insurance Plan, the customer has to initially decide on the premium he/she wishes to pay towards the policy. He/she should also determine the amount of insurance coverage required and the desirable sum assured. Following this, he/she can invest the premium in any of the 3 investment funds linked to the policy.
|Minimum Sum Assured||Entry age below 45 years : 125% of the single premium Entry age equal to or greater than 45 years : 110% of the single premium|
|Maximum Sum Assured||Entry age up to 35 years : 10 times the single premium Entry age above 35 years : Maximum sum assured is equal to the Minimum sum assured|
|Premium Payment Term||Single Pay / Equal to policy term|
|Policy Term||Entry age up to 50 years : 10 years Entry age greater than 50 years : 5 years|
|Maturity Benefit||The policyholder receives the total fund value (inclusive of top-up fund) on the date of maturity.|
|Death Benefit||If the life assured faces death during the policy term, the nominee will receive the highest amount among the following:
|Liquidity through partial withdrawal||The Aegon Life iMaximize Single Premium Insurance Plan enables you to withdraw money from the fund value after the completion of 5 policy years. The maximum amount that can be partially withdrawn in a policy year is 20% of the fund value at the beginning of that year. The life assured can make up to 4 partial withdrawals, completely free of cost, during each policy year. Partial withdrawal is allowed only if the policyholder is above 18 years of age. The amount that is partially withdrawn should also not be more than Rs.5,000. After a partial withdrawal, an amount that is equivalent to a single premium under the plan should exist in the fund balance.|
This plan does not have provisions for any add-on coverage.
If the policyholder commits suicide within one year from the date of issuance of the policy, only the fund value will be paid to the nominee. Following this, the policy will be terminated with no further benefits.
Some of the other key features of this Aegon Life Unit Linked Insurance Policy are summarised below:
|Free Look Period||If the customer is not satisfied with the terms and conditions mentioned in the policy documentation, he/she can return the policy to the insurance company for cancellation within 30 days from the date of receipt of the policy. When the policy is cancelled, the customer receives the fund value and deducted charges less the stamp duty and the cost of medical reports.|
|Switch||The Aegon Life iMaximize Single Premium Insurance Plan has a switch feature that enables the policyholder to redirect investments from one fund to another. During a policy year, the life assured is allowed to switch funds four times (maximum) without paying any costs. If he/she requests for additional switches, there will be charges levied for the service.|
|Top-Up||A top-up premium is an amount over and above the contractual basic premiums. During the policy term, the total amount of top-up premiums paid shall not be more than the single premium paid. Top-up of premium is allowed at all times, except during the last 5 years of the policy term. This facility enables the policyholder to contribute additional premiums to boost the fund value, at his/her convenience. The top-up premium also increases the policy sum assured.|
|Surrender||In order to avail the complete benefits of the policy, the life assured needs to continue till the end of the policy term. However, in certain unforeseen circumstances, he/she may be compelled to surrender the policy. If the policy is surrendered before the completion of 5 years, the Fund Value will be shifted to the Discontinuance Policy Fund, after the discontinuance charges are deducted. The proceeds in the Discontinuance Policy Fund will be paid to the policyholder after 5 years from the commencement of the policy. If the policy is surrendered after the completion of 5 years, the Fund Value will be paid to the life assured.|
The charges under the Aegon Life iMaximize Single Premium Insurance Plan are as follows:
|Secure Fund||1% per annum|
|Debt Fund||1.10% per annum|
|Blue Chip Equity Fund||1.35% per annum|
|Discontinuance Policy Fund||0.50% per annum|
|When the policy is surrendered during the policy year||Discontinuance charges|
|1st||Lower of 1% of (Single Premium or Fund Value), subject to a maximum of Rs.6,000|
|2nd||Lower of 0.5% of (Single Premium or Fund Value), subject to a maximum of Rs.5,000|
|3rd||Lower of 0.25% of (Single Premium or Fund Value), subject to a maximum of Rs.4,000|
|4th||Lower of 0.1% of (Single Premium or Fund Value), subject to a maximum of Rs.2,000|
The Discontinuance charge on Top-up premium units is nil.
The Sum at Risk is defined as the highest amount among the following:
Female policyholders are charged lower mortality charges than males. Smokers and people leading substandard lives may be charged an additional amount by the insurance company.
|Facility||Number of transactions allowed free of cost||Charges|
|Switch||4, in a policy year||Additional switches will be charged 0.1% of amount switched, subject to an upper limit of Rs.200|
|Partial Withdrawal||4, in a policy year||Additional partial withdrawals will be charged Rs.200 per withdrawal|
The miscellaneous charges specified above may be increased by the insurer, based on IRDAI guidelines, but will not exceed Rs.500.
The premiums paid and benefits availed under the Aegon Life iMaximize Single Premium Insurance Plan are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961. However, these are subject to change based on revisions in tax laws. The customer is hence, advised to consult a tax advisor for prevailing tax laws at the time of policy purchase.
Aegon Life is a trusted provider of insurance solutions in the country. With its headquarters in Mumbai, the company has an extensive network of 59 branches across 46 cities in India. The company also employs around 9600 insurance agents and has a vast customer base of more than 4 lakh policyholders. The insurance company is notable in the quality of their products and services. They are also renowned for their excellent customer service facilities.
>What are the eligibility criteria for top-ups under the Aegon Life iMaximize Single Premium Insurance Plan?
The eligibility conditions for top-ups are as follows:
|Age at making the top-up||Minimum increase in sum assured after the top-up|
|Up to 44 years||1.25 times the top-up amount|
|45 years and above||1.10 times the top-up amount|
|Age at making the top-up||Maximum increase in sum assured after the top-up|
|Up to 35 years||10 times the top-up amount|
What are the funds in which investments are made under the Aegon Life iMaximize Single Premium Insurance Plan?
Under the Aegon Life iMaximize Single Premium Insurance Plan, the customer has the option to invest in any of the following funds:
|Fund Name||SFIN||Objective||Risk Profile||Primary investment in|
|Blue Chip Equity Fund||ULIF01511/02/14BL UECHIPEQ0138||Aims to provide long-term capital appreciation through investments in diversified equity portfolio, consisting of large cap companies and market leadership||High||Equities|
|Secure Fund||ULIF00505/07/08 SF0138||Aims to generate income with high levels of liquidity, while offering protection to the capital. Investments will be in diversified portfolio consisting of money market instruments and other short-term fixed interest securities||Low||Fixed Interest Securities and Money Market Instruments|
|Debt Fund||ULIF00405/07/08 DB0138||Aims to generate attractive returns. Investment is in a diversified portfolio consisting of corporate debt, government debt, money market instruments, and other fixed interest securities||Medium||Fixed Interest Securities and Money Market Instruments|
What are the details of the Discontinuance Policy Fund associated with the Aegon Life iMaximize Single Premium Insurance Plan?
The Discontinuance Policy Fund, SFIN ULIF01403/09/10DISCONPF0138, will invest in a diverse portfolio of money market instruments and government securities. The main objective of the fund is to generate a less volatile income which would provide at least a guaranteed return of 4% per annum. Any income earned over this minimum rate will be assigned to the Discontinuance Policy Fund.
How do the claims under the Aegon Life iMaximize Single Premium Insurance Plan work?
In case of the death of the life assured, the company must be notified immediately and the claim forms must be submitted along with all the required documents, as mentioned in the policy documentation. The claim will be processed by the company after it has verified your documents and confirmed the authenticity of the claim.
Can the sum assured in my Aegon Life iMaximize Single Premium Insurance Plan be changed at a later date?
Yes. To change your sum assured, you will be required to add top-up premiums to your policy.
How do I apply for a duplicate policy document?
To avail a duplicate policy document from Aegon Life, you will have to submit an endorsement form or a duly signed requisition letter to the company along with a guaranteed bond on a Rs.200 stamp paper.
Can I avail a loan against the Aegon Life iMaximize Single Premium Insurance Plan?
No, the Aegon Life iMaximize Single Premium Insurance Plan does not enable customers to take a loan against the policy.
>I already have a pension plan. So do I need to purchase a savings or investment plan separately?
The purpose of a savings and investment plan is totally different from that of a pension plan. The pension plan is created to provide you a regular income when you enter into retirement. A savings and investment plan is designed to meet the long-term financial goals of an individual. This includes funding your child’s education, creating a fund for your future aspirations, etc. This type of plan acts as a cushion to secure your finances throughout life. \
Hence, it is advisable to invest in a savings or investment plan if you are looking to avail benefits from the policy not only during your retirement years, but throughout life.
What are the different types of Savings Plans?
Savings plans can be of the traditional endowment type or unit-linked type. You can choose a plan based on your risk appetite, your understanding of the financial market, and your ability to track the movements in your investment. So, individuals who can bear investment risks for higher returns should look to purchase unit-linked products. The converse is true for traditional savings plans as well.
Is Service Tax applicable to the Aegon Life iMaximize Single Premium Insurance Plan?
Service tax and all other mandated taxes will have to be paid by the policyholder, according to prevailing tax laws.
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