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Aegon Life Insta Pension Plan

Life after retirement is something every working individual looks forward to Enjoying the sunset years of one’s life with no worries about hectic schedules, working overnight, but only the prospect of a long, relaxing vacation. However, this dream can only come true if individuals ensure that their finances are in order. In case they are not financially secure they will not be able to make the most of their retirement. In order to aid customers in this aspect, a number of pension and insurance plans are made available. Each of these plans are unique and cater to different financial aspects of retirement. One such plan is the Insta Pension Plan by Aegon Life. This Aegon life annuity plan provides pension at the earliest in order to help take care of basic needs.

Aegon Life is a non-linked non-participating single premium immediate annuity plan.

Insta Pension provides an income for individuals and their spouse and allows them to lead a comfortable life after retirement. Customers can opt between two different annuity payout options. Individuals can decide the amount of premium they would wish to pay, choose any of the two annuity payout options and then the payout mode.

Eligibility - Who is the Aegon Life Insta Pension Plan for?

In order to procure the Aegon Life Insta Pension Plan, applicants will have to meet the required eligibility criteria. This includes -

  Minimum Maximum
Age of Entry (in years) 50 years 85 years
Age of Entry of spouse (in years) 50 years 85 years

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

The premium payments made towards the Insta Pension Insurance Plan will determine the benefits that the customer will receive through the policy. Following are some of the features of the Insta Pension Insurance Plan by Aegon Life:

Minimum Single Premium Rs.1,00,000
Maximum Single Premium No Limit
Annuity Payout Mode Monthly/Annually
Premium Payment Term Single Premium
Policy Term 5 years

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

Plan Coverage - What the Aegon Life Insta Pension Plan Covers?

Lifetime Income Based on the annuity payout option that is chosen by the customer, Insta Pension plan by Aegon Life provides individuals and their spouse, income for life.
Annuity Payout Options Life Annuity - Under this option, the individual will receive their annuity payment for as long as they are alive, at a constant rate.
Joint Life Annuity - Under this option, annuity is paid to the policyholder at a constant rate for their entire life. In case of their unfortunate death, the annuity payment will be made to the policyholder’s spouse until he/she is alive. The spouse at the time of policy commencement will be eligible for annuity payments. In case of separation, the annuity amount will not vary but payment will stop on death of annuitant. The spouse will not receive any annuity payment after separation.

Riders/Add-On Plans - Additional Coverage under the Aegon Life Insta Pension Plan:

Customers cannot procure Riders or Add-On plans under the Aegon Life Insta Pension Plan.

Exclusions of Aegon Life Insta Pension Plan:

There are no exclusions under the Aegon Life Insta Pension Plan.

Other Key Features of Aegon Life Insta Pension Plan:

Following are the key features of the Aegon Life Insta Pension Plan -

Free Look Period In case policyholders are not satisfied with the Insta Pension Plan by Aegon Life, they can cancel this plan within 15 days of receiving the policy documents.
Loan Loan is not available against the Aegon Life Insta Pension Plan.
Surrender An annuitant cannot surrender the Aegon Life Insta Pension Plan.

Tax Benefits - How you can save with Aegon Life Insta Pension Plan?

The benefits received through the Aegon Life Insta Pension plan are eligible for tax benefits under Section 10(10D) of the Income Tax Act. The premiums that customers pay towards the policy are also eligible for tax benefits under Section 80C of the Income Tax Act, 1961.

Why you should Buy the Insta Pension Plan from Aegon Life?

Pensions are necessary for individuals to enjoy their life after retirement without worrying about finances. The Insta Pension Plan from Aegon Life works to ensure this. Aegon Life is a leading financial services company not just in India but world over. This organization works under the Transamerica brand and provides insurance policies and pension plans to a number of customers. Aegon Life has its presence in over 20 countries across the world and has over 28,000 employees. This robust portfolio combined with state-of-the-art customer care services cements Aegon Life’s position as a trusted pension provider.

FAQs about Aegon Life Insta Pension Plan:

Q. What does annuity mean?

A. Annuity refers to the regular amount that the company, in this case Aegon Life, pays to the annuitant.

Q. Who does an annuitant refer to?

A. The individual who is the policyholder and receives pension under the Insta Pension Plan in referred to as the annuitant.

Q. How does the Insta Pension Plan by Aegon Life work?

A. Generally on retirement, individuals receive a lump sum amount from their employer or from their previous savings. This can be used to purchase the Insta Pension Plan. Once this plan is purchased, individuals will receive regular income every month in the form of annuity. However, the actual rates will depend on the Annuity Rates applicable at the time of availing the plan.

Q. How can individuals check the status of their Insta Pension Plan?

A. Policyholders can check the status of their Insta Pension Plan by either emailing the toll free customer service number or by emailing them.

Q. What is the free look period of the Insta Pension Plan?

A. In case individuals are not satisfied with their Insta Pension Plan, they can cancel their policy within 15 days of receiving policy documents.

Q. Can customers surrender their Insta Pension Plan?

A. No, customers cannot surrender their Insta Pension Plan.

Q. Can policyholders avail loans against the Insta Pension Plan?

A. Customers cannot avail loans against the Insta Pension Plan.

Q. Will service taxes be charged?

A. Yes, Services taxes will be charged based on the prevailing tax laws at the time of purchase of the policy.

Q. In case individuals have an investment and savings plan in place, will they still have to purchase a pension plan?

A. Pension plans provide customers with a regular income post retirement and work differently as compared to investment and savings schemes. Although pension plans do not provide liquidity, it is always a good idea to have a regular source of income after retirement.

Q. How early should individuals start planning for their retirement?

A. The earlier the better. Plans and provisions for retirement should ideally start when individuals are in their early 30’s. This is because, the earlier individuals start savings up, the higher their funds will be after retirement.