The Jeevan Riddhi Insurance Plan from Aegon Life Insurance is a non-linked participating endowment policy that offers the dual benefit of savings as well as protection. A guaranteed addition of 5% on the sum assured over the course of the premium payment term provides enhanced savings, while the financial protection of your family is also ensured in case of your untimely demise.
Aegon Life Jeevan Riddhi Insurance Plan provides the life assured with a lump-sum payout at maturity, and a loan is also available to meet unplanned expenses. Premium payments start at annual rates as low as Rs.12,000*, and customers have different options when it comes to selecting the policy term and premium payment term so as to match their financial needs, and the promise of tax benefits as well makes the Jeevan Riddhi Insurance Plan ideal for a large part of the Indian population.
*Rs.12,000 is the minimum annualised premium if the policy term is 17 to 20 years for Limited Pay policies. Please note that premiums may vary based on age, location, plan term and other factors.
To be eligible to purchase the Jeevan Riddhi Insurance Plan, individuals must be of a certain age when purchasing the policy as well as at the time of maturity. Following are the criteria you must meet if you wish to purchase a Jeevan Riddhi Insurance Plan:
|Minimum Entry Age||18 years completed|
|Maximum Entry Age||55 years completed in case of Limited Pay policies and 60 years in case of Single Pay policies.|
|Maximum Maturity Age||70 years completed|
The premium payments made towards your Jeevan Riddhi Insurance Plan will determine the benefits you will receive on maturity of the policy. Customers can make their premium payments on a monthly basis, semi-annual basis, or an annual basis depending upon their preference. Following are some of the features of the Jeevan Riddhi Insurance Plan:
|Sum Assured||Depends upon the age of the life assured, the annualised premium amount, and the premium payment term.|
|Minimum Annualised Premium||In case of Limited Pay policies with the policy term ranging from 12 to 16 years, the minimum annualised premium will be Rs.16,000, and Rs.12,000 if the policy term is between 17 and 20 years. In case of Single Pay policies, the premium will be Rs.1 lakh.|
|Maximum Annualised Premium||No limit, subject to underwriting|
|Premium Payment Frequency||Monthly, Semi-Annual, and Annual|
|Premium Payment Term||Single Pay / (Policy term – 5) years|
|Policy Term||12 to 20 years in case of Limited Pay policies, and 10 years for Single Pay policies.|
*Premiums may vary based on age, location, plan term and other factors.
|Maturity Benefit||Customers who survive the policy term will be eligible for the sum assured in addition to accrued guaranteed additions, and accrued reversionary bonus and terminal bonus, if any, provided all due premium payments have been made.|
|Death Benefit||In case of the death of the life assured during the policy term, the beneficiary will be eligible for the sum assured on death in addition to accrued reversionary bonus (if any), accrued guaranteed additions, and terminal bonus, if any. The overall death benefit payable to the nominee will be at least 105% of all the premiums paid until the death of the life assured. For Limited Pay policies, the sum assured on death will be Higher of (10 X Annualised premium or Sum Assured) For Single Pay policies, the sum assured will be Higher of (1.25 X Single Premium or Sum Assured) in case the entry age was under 45 years, and Higher of (1.10 X Single Premium or Sum Assured) in case the entry age was 45 years or above.|
|Inbuilt Accidental Death Benefit||In case of the demise of the life assured due to an accident, the beneficiary will be eligible for an additional benefit equal to 50% of the sum assured, provided all premium payments have been made.|
|Guaranteed Additions||At the end of each policy year until the end of the premium payment term (for five years for Single Pay policies), Guaranteed Additions of 5% of the sum assured will accrue in your policy.|
|Bonus||At the end of each financial year, Aegon Life will declare Simple Reversionary Bonus, which is usually a percentage of the sum assured. The bonus will accumulate on each policy anniversary and the accrued bonus will be paid to the policyholder on the date of maturity, or to the nominee upon the death of the life assured.|
In addition to basic life cover, the Jeevan Riddhi Insurance Plan also offers additional cover via Aegon Life Premium Shield rider. In case of the death or disability of the life assured due to a sickness or accident, the purchase of this rider will ensure that all future premiums will be waived. The conditions under which this rider can be of benefit include loss of one or both limbs, loss of speech, loss of sight in both eyes, and loss of hearing in both ears.
The Aegon Life Jeevan Riddhi Insurance plan has certain exceptions which are as follow:
Following are some of the other key features of the Jeevan Riddhi Insurance Plan:
|Free Look Period||Customers who are not satisfied with the terms and conditions of the Jeevan Riddhi Insurance Plan have the option of returning the policy to the company within 15 days. The free look period for customers who purchase the policy through distance marketing mode is 30 days. Once the policy is cancelled during the free look period, the company will return the premiums to the customer after deducting stamp duty charges, proportionate risk premium, 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 15 days to do so if you have chosen your premium payment frequency on a monthly basis. The grace period for other premium payment modes will be 30 days.|
|Discontinuance of Premium||In case the customer fails to pay the premium within the grace period, prior to paying the premiums in full for the first three policy years (for premium payment term of 10 years and above), or premiums in full for the first two policy years (for premium payment term of less than 10 years), the policy will lapse and the policyholder will not be eligible for any benefits. In case the customer fails to pay the premium after paying the premiums in full for the first three policy years (for premium payment term of 10 years and above), or the premiums in full for the first two policy years (for premium payment term of less than 10 years), the policy won’t lapse, but will continue to be in force with a paid-up sum assured. Paid-up policies will not provide any future bonuses.|
|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. The unpaid premiums will have to be paid along with an additional interest charge to reinstate the policy. However, the final decision regarding the reinstatement of a policy is at the discretion of the insurance company based on the provision of satisfactory evidence about the insurability of the life assured.|
|Surrender Value||The Jeevan Riddhi Insurance Plan acquires a guaranteed surrender value after the premiums have been paid in full for the first three policy years (for premium payment term of 10 years and above), after the premiums have been paid in full for the first two policy years (for premium payment term of less than 10 years), and immediately (for Single Pay policies). The computation of the guaranteed surrender value is as follows: Guaranteed Surrender Value of Sum Assured = Applicable Guaranteed Surrender Value Factor X Total Amount of Premiums Paid Guaranteed Surrender Value of Guaranteed Additions = Applicable Guaranteed Surrender Value Factor X Accrued Guaranteed Additions Guaranteed Surrender Value of Bonus = Applicable Guaranteed Surrender Value Factor X Accrued Bonus Details regarding the Guaranteed Surrender Value Factor can be found on the policy document.|
|Loan||After your Jeevan Riddhi Insurance Plan has acquired a surrender value, you can avail a loan against the policy. The minimum amount you can avail is Rs.5000 and the maximum will be limited to 60% of the surrender value. Policy Loans from Aegon Life are currently offered at 9.47% p.a.|
The benefits received through this Aegon life insurance savings and investment 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 is one of the most popular insurance companies in India. Headquartered in Mumbai, the company has 59 branches across 46 cities in addition to employing around 9600 insurance agents. With more than 4 lakh customers in the country, the company is growing steadily thanks to its provision of quality products and services. An impressive portfolio coupled with quality customer service will ensure that you are making the right decision by purchasing the Jeevan Riddhi Insurance plan from Aegon Life.
A. You can check the status of your policy by either calling the company on the toll free number or emailing them.
A. Yes. To change the name of the beneficiary, all you have to do is call the toll-free number and provide an endorsement form before informing the company that the name of the nominee needs to be changed.
A. You must notify the company immediately in case of the death of the life assured and the claims filed must be submitted to the company along with all the required documents as mentioned in the policy document. The claim will be processed by the company after it has verified your documents and confirmed the authenticity of the claim.
A. Your Jeevan Riddhi Insurance plan can be terminated either on the death of the life assured, or on the date of maturity, or on the date of surrender, or if the first 12 monthly premiums are not paid and the policy has not been reinstated within the specified period.
A. Customers who purchase the policy from the company itself are granted a free look period of 15 days, while a 30-day period is granted to customers who buy it through distance marketing mode.
A. Yes, you will have to submit a duly signed request to the company to make changes to your sum assured.
A. An endorsement form or a duly signed requisition letter has to be submitted to the company along with a guaranteed bond on a Rs.200 stamp paper and a duplicate policy document will be sent to you.
A. Yes, the Jeevan Riddhi Insurance Plan allows customers to take a loan against the policy.
A. Customers who fail to make their premium payments on time receive a 30-day grace period to do the same.
A. The minimum amount of loan you can avail against the Jeevan Riddhi Insurance Plan is Rs.5000, and the maximum cannot exceed 60% of the surrender value.