The Regular Money Back Insurance Plan from Aegon Life is the ideal savings solution if you wish to ensure the financial security of your family in case of your untimely demise, or to get a regular income to meet your future financial targets. Premium payments for this plan start at Rs.12,000 per annum*, and the policy guarantees payouts for 10 years. The policy also offers bonuses as well as tax benefits, making it an ideal investment option for anyone with an eye on long-term savings. Add-on covers can also be purchased to enhance coverage.
*Rs.12,000 is the minimum annualised premium for 7 Pay and 10 Pay policies. Please note that premiums may vary based on age, location, plan term and other factors.
To be eligible to purchase the Aegon Life Regular Money Back 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 Regular Money Back Insurance Plan:
|Minimum Entry Age||7 days|
|Maximum Entry Age||55 years completed in case of 7 Pay and 10 Pay policies and 60 years in case of Single Pay policies.|
|Maximum Maturity Age||75 years completed in case of 7 Pay and 10 Pay policies and 80 years in case of Single Pay policies.|
The premium payments made towards your Aegon Life Regular Money Back Insurance Plan will determine the benefits you will receive on maturity of 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 Regular Money Back Insurance Plan:
|Sum Assured||Depends upon the age of the life assured, the premium amount, and policy term.|
|Minimum Annualised Premium||In case of 7 Pay and 10 Pay policies, the minimum premium will be Rs.12,000 per annum; and Rs.1 lakh per annum in case of Single Pay policies.|
|Maximum Annualised Premium||No limit, subject to underwriting|
|Premium Payment Frequency||Monthly, Semi-Annual, and Annual|
|Premium Payment Term||Single Pay / 7 years / 10 years|
|Policy Term||20 years|
*Premiums may vary based on age, location, plan term and other factors.
|Guaranteed Money Back Payouts||Customers who survive the policy term will receive guaranteed money back payouts starting from the 10th policy year to the 19th, provided all premium payments have been made and the policy is still in force. The total payout will equal 150% of the sum assured.|
|Guaranteed Death Benefits||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 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 7 Pay and 10 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.|
|Maturity Benefits||If the life assured survives the policy term, and all premium payments have been made, he/she will be eligible for the accrued reversionary bonus as well as terminal bonus, if any.|
|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 Aegon life savings 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, premiums will be waived through this rider. 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 Regular Money Back Insurance plan has certain exceptions which are as follow:
Following are some of the other key features of the Aegon Life Regular Money Back Insurance Plan:
|Free Look Period||Customers who are not satisfied with the terms and conditions of the Regular Money Back 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 10 Pay policies), or premiums in full for the first two policy years (for 7 Pay policies), 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 10 Pay policies), or the premiums in full for the first two policy years (for 7 Pay policies), 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 life assured providing satisfactory evidence about their insurability.|
|Surrender Value||The Regular Money Back Insurance Plan acquires a guaranteed surrender value after the premiums have been paid in full for the first three policy years (for 10 Pay policies), after the premiums have been paid in full for the first two policy years (for 7 Pay policies), and immediately (for Single Pay policies). The calculation 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) Minus Guaranteed Money Back Payouts already paid, plus 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 Regular Money Back 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.|
The benefits received through the Guaranteed Growth 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 one of the most popular insurance companies in India. Headquartered in Mumbai, the company has 59 branches across 46 cities and also around 9600 insurance agents. The company currently has more than 4 lakh customers in the country. Thanks to an impressive portfolio coupled with quality customer service, you are sure to make the right decision by purchasing the Regular Money Back plan from Aegon Life.
A. Aegon Life must be notified immediately after the death of a policyholder and the filed up claims must 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 the claim.
A. To check the status of your Regular Money Back Insurance Plan, you can either call the company on the toll free number or email them.
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.
A. The process to change the name of the beneficiary is relatively simple and hassle-free. 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. 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 those who purchase it through distance marketing mode.
A. In order to change your sum assured, you will have to submit a duly signed request to the company.
A. Customers who fail to make their premium payments on time receive a 30-day grace period to do the same.
A. Your Regular Money Back Insurance plan can terminate on the death of the life assured, on the date of maturity, 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. Yes, the Regular Money Back Insurance Plan allows customers to take a loan against the policy.
A. The minimum amount of loan you can avail against the Regular Money Back Insurance Plan is Rs.5000, and the maximum cannot exceed 60% of the surrender value.