Compare AEGON Life iGuarantee Plan

BAEGON-Life-Insurance-Company

AEGON Life iGuarantee Plan

AEGON Life iGuarantee Plan is a variable insurance plan which promises a guaranteed maturity and death benefit. The policyholder can choose any amount of premium to invest in the plan and the benefit would depend on the premium paid. The plan is available online and has an easy purchase process.

Key features of the plan

  • The maturity benefit is paid in instalments for 6 years after the completion of the plan term.
  • The Sum Assured also depends on the premium paid and is paid in case of death of the life insured.
  • The plan is a short-duration plan where premiums are required to be paid throughout the plan tenure.

How does the plan work?

Step 1 – the policyholder chooses the premium amount. The Sum Assured and the Guaranteed Maturity Benefit is then calculated depending on the premium amount.

Step 2 – if the plan matures, 135% of the annual premium is paid every year for 6 years after the completion of the plan tenure.

Step 3 – in case of death during the plan term the Sum Assured is paid.

Example

Manish, aged 35 years, buys iGuranatee Plan and pays a premium of Rs.50, 000 annually. The Sum Assured is 10 times the premium which is Rs.5 lakhs.

Option 1 – if Manish dies during the plan term, Rs.5 lakhs would be paid to the nominee and the plan would terminate.

Option 2 – If Manish survives the plan tenure, 135% of Rs.50, 000, i.e. Rs.67, 500 would be paid every year for 6 years.

Plan benefits

  • Death benefit – if the life insured dies during the plan term and due premiums have been paid, the Sum Assured is paid as death benefit.
  • Maturity Benefit – when the plan matures, 135% of the annual premium is paid every year for 6 years.

  • Eligibility:

      Minimum Maximum
    Age at entry (in completed years) 12 years 50 years
    Age at maturity (in completed years) NA 56 years
    Term of the plan 6 years  
    Premium paying options Regular pay  
    Premium Paying term 6 years  
    Annual premium amount Ages up to 40 years – Rs.48,000
    Ages 40 years and above – Rs.60,000
    Rs.2.5 lakhs
    Sum Assured 10 times the annual premium  

What is not covered in the policy?

In case of suicide committed within 12 months of inception of the plan, 80% of the premium paid is refunded. However, if suicide happens within 12 months of revival, higher of the Surrender Value or 80% of premiums paid are refunded.

FAQs

In case of suicide committed within 12 months of inception of the plan, 80% of the premium paid is refunded. However, if suicide happens within 12 months of revival, higher of the Surrender Value or 80% of premiums paid are refunded.

What is the maximum Sum Assured under the plan?

The minimum Sum Assured is also the maximum Sum Assured under the plan.

What is the premium paying frequency?

Premiums can be paid either annually or monthly.

Are policy loans available?

No, there is no loan facility available under the plan.

Can the policy be surrendered?

Yes, the policy acquires Surrender Value and can be surrendered after 2 completed years.

What is the Surrender Value under the plan?

The Surrender value is calculated by multiplying the Surrender Value factor with the paid-up value acquired by the plan.


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