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The iMaximize Insurance Plan is Aegon Life online unit linked insurance policy that offers maximum benefits at an optimum cost. With no premium allocation charges and short pay options of 5 Pay and 7 Pay, customers can choose from three unit linked funds, which are Secure Fund, Debt Fund, and Blue Chip Equity Fund. Customers also have two death benefit options in addition to the option of enhancing their fund value through top-ups. The Aegon Life iMaximize Insurance Plan can be purchased online, and also offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
To be eligible to purchase an iMaximize 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 iMaximize Insurance Plan:
|Minimum Entry Age||7 years completed in case of Benefit Option One, and 18 years completed in case of Benefit Option Two.|
|Maximum Entry Age||55 years completed in case of Benefit Option One, and 50 years completed in case of Benefit Option Two.|
|Maturity Age||70 years completed in case of Benefit Option One, and 65 years completed in case of Benefit Option Two.|
The premium payments made towards your iMaximize Insurance Plan will determine the benefits you will receive through 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 iMaximize Insurance Plan:
|Minimum Sum Assured||Higher of 10 X Annualised Premium or 0.5 X Policy Term X Annualised Premium in case the entry age is less than 45 years, and Higher of 7 X Annualised Premium or 0.25 X Policy Term X Annualised Premium in case the entry age is more than or equal to 45 years.|
|Maximum Sum Assured||10 X Annualised Premium in case the entry age is more than or equal to 45 years, and the aforementioned minimum sum assured is the only option for applicants who are below 45 years of age at the time of entry.|
|Minimum Annualised Premium||Rs.36,000 per annum for five and seven years premium payment terms, and Rs.10,000 per annum for premium payment terms of 10 years and above in case of Benefit Option One. Rs.24,000 per annum for entry age under 45 years, and Rs.36,000 per annum for entry ages equal to or more than 45 years in case of Benefit Option Two.|
|Premium Payment Frequency||Monthly and Annual|
|Premium Payment Term||5 years, 7 years, 10 years, 15 years, or equal to policy term in case of Benefit Option One, and 10 years, 15 years, or equal to policy term in case of Benefit Option Two.|
|Policy Term||15 years / 20 years / 25 years|
*Premiums may vary based on age, location, plan term and other factors.
|Maturity Benefit||Upon the completion of the policy term, the policyholder will be eligible for the total fund value (plus top-up fund value, if any).|
|Death Benefit||Option One: In case of the untimely death of the life assured, the beneficiary will be eligible for higher of fund value or sum assured or 105% of all premiums paid until death after which the policy is terminated. Option Two: In case of the death of the life assured during the policy term, the beneficiary will be eligible for an immediate payment of 105% of all premiums paid or the sum assured, whichever is higher. The nominee will also be eligible for the Additional Savings Benefit, which is a Unit Fund into which the company will regularly deposit an amount equal to the policy premium for the remainder of the premium payment term and all future premiums will cease. At the start of each policy year starting from the year in which the policy holder dies, the nominee will also receive an Income Benefit, which is an amount equal to the annualised premium until the end of the policy term. Moreover, the total fund value as on the date on which the death of the policyholder was intimated, shall be reallocated to the Secure Fund along with the future premiums as per the Additional Savings Benefit, and will be paid to the nominee at the end of the policy term.|
|Liquidity through Partial Withdrawal||The facility of partial withdrawal allows customers to withdraw their money from their fund value after the completion of the first five policy years. The maximum amount you can partially withdraw in any single policy year cannot exceed 20% of the fund value at the start of said policy year. Four free partial withdrawals are allowed per annum.|
|Investment Funds||Customers have the option to invest their money in any of the following three investment funds: Blue Chip Equity Fund: The objective of the Blue Chip Equity Fund is to offer long-term capital appreciation through investment in a diversified equity portfolio that comprises of mainly large cap companies with market leadership, quality management, and strong financials. Secure Fund: The objective of the Secure Fund is to generate income on a consistent basis with high levels of liquidity while ensuring that the capital is protected. The money invested in the Secure Fund will be injected into a diversified portfolio of short term fixed interest securities and money market instruments. Debt Fund: The objective of the Debt Fund is to generate attractive returns through investment in a diversified portfolio of money market, corporate debt, government debt instruments and other fixed income securities of differing maturities.|
The iMaximize Insurance plan has certain exclusions which are as follow:
Following are some of the other key features of the Aegon Life iMaximize Insurance Plan:
|Free Look Period||Customers who are not satisfied with the terms and conditions of the iMaximize Insurance Plan have the option of returning the policy to the company within 30 days from the date on which they receive the policy. Once the policy is cancelled during the free look period, the company will return the premiums to the customer after deducting stamp duty charges, pro rate adjustment for life cover, and any other expenses incurred by Aegon Life on medical examination, if any.|
|Grace Period||In case you have not made your premium payment on time, you will receive a grace period of 30 days to do the same if you have opted for an annual premium payment frequency, and 15 days in case of monthly premium payment frequency. If the premium is not paid within the grace period, the policy will lapse and the life cover as well as all the benefits will be extinguished.|
|Discontinuance of Premium||In case the customer discontinues the payment of premiums, the policy may lapse based on how many premium payments have already been made. In case the discontinuance of premiums starts in the first five years of the policy, a notice will be sent by the company after the grace period has expired. The customer will then have two options – to revive the policy within two years, or surrender the policy without any life cover. In case there is no response by the customer to the notice sent by the company within 30 days, the policy will be discontinued. The fund value on the date of discontinuance will then be subtracted by a discontinuance charge and the amount will be transferred to the Discontinuance Policy Fund. The money will then be paid to the policyholder after the lock-in period of five years has expired.|
|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. In case the policy is not reinstated within the specified period, the policy will be terminated.|
|Premium Re-Direction||Customers can use the premium re-direction feature to alter the premium allocation to be applied to their future premiums and top-ups.|
|Switch||The switch feature allows customers to shift their investments from one fund to another. Customers are allowed to make four switches for free in a single policy year. Additional switches can be made for a nominal fee.|
|Top-Up Premium||An extra amount of premium in excess of the contractual basic premiums is called a top-up premium. Top-up premiums help in enhancing your fund value. Customers who purchase the iMaximize Insurance Plan can top-up their premium at any time except the last five policy years. The minimum top-up premium amount is Rs.5000.|
The benefits received through the iMaximize 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 iMaximize Insurance plan from Aegon Life.
A. You can check the status of your iMaximize Insurance plan by either call the company on the toll free number, or via email.
A. Yes, the charge levied from the Policy Fund will be Rs.100 per month at the beginning of each policy month by cancelling units.
A. Fund management charges are levied as a percentage of the value of assets and is appropriated by adjusting the Net Asset Value on a daily basis, when the unit linked funds are priced. Secure funds are charged at 1% per annum, which Debt Funds are charged at 1.10%. Blue Chip Equity Funds are charged at 1.35% per annum, and the Discontinuance Policy Fund is charged at 0.50% per annum.
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.
A. In order to increase or decrease the sum assured of your iMaximize Insurance Plan, you will have to submit a duly signed request to the company.
A. Customers who are not happy with the terms and conditions of their iMaximize Insurance Plan can return the policy within a period of 30 days from the date on which the policy was purchased in case of annual premium payment mode, and 15 days in case of monthly premium payment mode.
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.
A. Customers are allowed four switches in a year. Any additional switches will be charged at 0.1% of the amount switched per switch subject to a cap of Rs.200.
A. Two premium re-directions are allowed for free per policy year, and additional re-directions will be charged at Rs.100.
A. While four partial withdrawals are allowed for free in each policy year, additional withdrawals will be charged at Rs.200 per withdrawal.
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