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Aegon Life iIncome Insurance Plan

The iIncome Insurance Policy from Aegon Life is a non-linked, non-participating term insurance policy that offers financial protection against both death as well as disability. In case of the demise of the life assured, the policy pays a lump sum amount to the nominee. Not only does the plan offer life cover, but it also guarantees an increasing monthly income to the life assured until he/she turns 60 years of age or for a period of five years, whichever comes later.

The Aegon Life iIncome Insurance Policy offers an appropriate cover depending upon the current income and changing lifestyle of the customer, and can be purchased online. Although there are no maturity or surrender benefits under this plan, the death benefit offered is 12 times the monthly income benefit, making it quite a lucrative option for customers.

Eligibility – Who is the Aegon Life iIncome Insurance Plan for?

To be eligible to purchase the iIncome 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 of you wish to purchase an Aegon Life iIncome Insurance Plan:

Plan Type Individual
Minimum Entry Age 25 years completed
Maximum Entry Age 50 years completed
Maximum Maturity Age 60 years completed

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

The premium payments made towards your iIncome Insurance Plan will determine the benefits you will receive through the policy. Customers can make their premium payments on a monthly basis, semi-annual basis, annual basis, or a single basis depending upon their preference. Following are some of the features of the iIncome Insurance Policy:

Initial Monthly Income Minimum: Rs.30,000 Maximum: No limit, subject to underwriting requirements
Premium Payment Frequency Monthly, Semi-Annual, and Annual
Premium Payment Term Equal to policy term
Policy Term 60 years minus age at entry

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

Plan Coverage – What the Aegon Life iIncome Insurance Plan Covers?

Maturity Benefit No maturity benefit is payable under the iIncome Insurance Plan.
Death Benefit In case of the death of the life assured during the policy term, the beneficiary will be eligible for an immediate lump sum payment equal to 12 times the monthly income benefit. Starting from the next monthly policy anniversary, the nominee will also be eligible for a monthly income benefit for a period of 60 months or until the end of the policy, whichever comes later. The monthly income benefit will increase by 5% per annum on each policy anniversary until the life assured turns 59 years of age. After all the monthly income benefits have been paid, policy will terminate. For the nominee to be eligible for the aforementioned benefits, the policy must still be in force and all the due premiums must have been paid.
Partial and Permanent Disability Benefit In case the life assured becomes partially or permanently disabled due to a sickness or an accident, the Partial and Permanent Disability Benefit will ensure that all future premiums are waived, and the monthly income provided to the life assured in such as situation will start from the following monthly policy anniversary and extend for 60 months or until the date on which the policy matures, whichever comes later. The monthly income under this benefit will increase by 5% on each policy anniversary until the life assured turns 59 years of age. In case of the demise of the life assured after the Partial and Permanent Disability Benefit has been claimed, these benefits will extinguish and the nominee will receive the death benefit as per the policy. However, in case of the demise of the life assured post the expiry of the policy term while Partial and Permanent Disability Benefit claims are being paid, the nominee will not be eligible for any death benefit. The Partial and Permanent Disability Benefit will terminate upon the demise of the life assured. The coverage offered in case of partial and permanent disability is as follows: 50% of monthly income, subject to a maximum of Rs.50,000 for loss of sight in both eyes, loss of or loss of use of two limbs, and loss of hearing in both ears. 25% of the monthly income will become payable, subject to a maximum of Rs.25,000 per month, in case of loss of sight in one eye, loss of or loss of use of one limb, loss of hearing in one ear, and loss of speech.

Add-On Plans – Additional Coverage Under the Aegon Life iIncome Insurance Plan:

In addition to basic life cover, the iIncome Insurance Policy also offers additional cover via the Aegon Life Waiver of Premium on Critical Illness Joint Life Rider. This rider can be added to the base plan to increase the coverage available to you. The four critical conditions covered under the rider include stroke, heart attack, coronary artery bypass surgery, and cancer. If the life assured is diagnosed with any of the aforementioned conditions, all future premium payable under the base policy along with riders, if any, will be waived off and the customer will continue to avail life cover along with cover under any other riders.

Please note that customers will not be allowed to purchase any of the above riders if they choose their premium payment mode as single. The cover provided by the rider will last until the end of the premium payment term. Customers also have the option to add or remove riders to their base plan at any time.

Exclusions of Aegon Life iIncome Insurance Plan:

The Aegon Life iIncome Insurance plan has certain exceptions which are as follow:

  • Suicide: In case of the death of the policyholder due to suicide within a year from the date on which the policy commenced, the beneficiary or nominee will receive a minimum of 80% of the premiums paid, provided the policy is still active.
  • Partial and Permanent Disability: The Partial and Permanent Disability benefit will not be paid to the life assured in case of the following:
    • Attempted suicide or intentional self-inflicted injury while sale or insane.
    • Failure to follow treatments or medical advice prescribed by a medical practitioner.
    • If the insured individual is under the influence of alcohol, narcotics, drugs or psychotropic substances unless consumed in accordance with the prescription and lawful directions of a registered medical practitioner.
    • War, hostilities, invasion, acts of foreign enemy, civil war, rebellion, revolution, armed or unarmed truce, mutiny, terrorist act, insurrection, strikes, civil commotion or riots, military or usurped power.
    • Participation in naval, air force or military operation during peace time.
    • Participation in an unlawful or criminal act with criminal intent.
    • Participation in any flying activity, not including bona fide, fare-paying passenger of a registered airline adhering to scheduled timetables and regular routes.
    • Participation in professional sports or adventurous hobbies or pursuits such as motorised racing, rock climbing, hunting, potholing, mountaineering, sea or sky diving, bungee jumping, cliff diving, paragliding, parachuting and hand gliding.
    • Nuclear contamination, the hazardous, explosive or radio-active nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accidents caused as a result of such nature.

Other Key Features of Aegon Life iIncome Insurance Plan:

Following are some of the other key features of the iIncome Insurance Plan:

Free Look Period Customers who are not satisfied with the terms and conditions of the iIncome 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 15 days to do the same if you have chosen your premium payment mode as monthly. The grace period for all other modes will be 30 days. 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. In case of the demise of the policyholder during the grace period, the lump sum death benefit will be subtracted by an amount equal to the outstanding premiums.
Discontinuance of Premium In case the customer discontinues the payment of premiums, the policy will lapse and the policyholder will not be eligible for any benefits.
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 and the customer will not be eligible for any benefits.
Surrender Value The iIncome Insurance Plan will not acquire a surrender value and thus, there will be no surrender benefit.

Tax Benefits – How you can Save with the Aegon Life Iincome Insurance Plan?

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.

Why you Should Buy the IIncome Insurance Plan from Aegon Life?

Aegon Life Insurance is headquartered in Mumbai and is one of the most popular insurance companies in India. It has 59 branches across 46 cities across the country and employs around 9600 insurance agents. With more than 4 lakh customers under its belt, the company continues to grow steadily thanks to its provision of quality products and services. An impressive portfolio in addition to quality customer service will ensure that you are making the right decision by purchasing the iIncome Insurance plan from Aegon Life.

FAQs about Aegon Life Iincome Insurance Plan:

  1. How can I check the status of my iIncome Insurance plan?

    A. You can check the status of your policy by either calling the company on the toll free number or emailing them.

  2. What if I am not satisfied with my policy and want to return it?

    A. Customers who purchase the iIncome Insurance Plan from Aegon Life will receive a period of 30 days to return the policy in case they are not satisfied with any of the terms and conditions.

  3. Under what circumstances can my policy be terminated?

    A. Your iIncome 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.

  4. Can I change the nominee of my iIncome Insurance Plan?

    A. Yes. The name of your nominee can be changed by calling the toll-free number and providing an endorsement form before informing them that the name of the nominee needs to be changed.

  5. How do I claim benefits under the iIncome Insurance Plan?

    A. The company must be notified immediately in case of the demise of the life assured. The filed up claims must then be submitted to Aegon Life 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.

  6. Can the sum assured in my iIncome Insurance plan be changed at a later date?

    A. Yes, to change the sum assured in the iIncome Insurance Plan, customers will have to submit a duly signed request to the company.

  7. Can I avail a loan against the iIncome Insurance Plan?

    A. No, the iIncome Insurance Plan does not have a facility that allows customers to avail a loan against it.

  8. How do I apply for a duplicate policy document?

    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.

  9. What if I fail to make my premium payments on time?

    A. Customers who fail to make their premium payments on time receive a 15-day grace period to do the same in case the premium payment mode selected is monthly. In case of other modes, the grace period will extend to 30 days.

  10. Are there any conditions I must meet to reinstate a lapsed policy?

    A. Yes, you will have to offer the company satisfactory evidence to show their insurability so that the company can reinstate the policy. You will also have to ensure that your due premium payments have been cleared.