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AEGON Life Insurance iInvest Plan is a Unit Linked Plan which can be easily bought online. Being an online plan there are no premium allocation charges ensuring that the highest amount of premiums are invested. The plan not only provides wealth maximization, it also has various flexible options of managing your investment.
Step 1 – the policyholder chooses the premium amount, plan term and the premium paying term. The minimum and maximum Sum Assured is then calculated using the age of the insured and the plan term. The policyholder can choose any Sum Assured from the minimum and maximum range.
Step 2 – the policyholder also chooses the investment strategy. There are 2 strategies which are as follows:
Step 3 – the policyholder can make partial withdrawals or switch his investments from one fund to another of from one strategy to another.
Step 4 – top-ups can be done to increase the investment in a chosen fund.
Step 5 – in case of death during the plan term, the death benefit is paid.
Step 6 – if the insured survives the plan tenure, the maturity benefit is paid.
Seema, aged 40 years, buys iInvest Plan and invests a premium of Rs.40, 000. She chooses a term of 10 years and the Sum Assured of Rs.4 lakhs. She pays premiums throughout the plan tenure.
Option 1 – She chooses the Self-Managed Portfolio Strategy and allocates 100% of the premiums in Blue Chip Equity Fund. In case of death during the tenure, the death benefit would be paid to the nominee which would be higher of the Sum Assured or Fund Value. On maturity, the Fund Value is paid.
Option 2 – She chooses Lifestyle Portfolio Strategy. The allocated premium is invested in Bluechip Equity Fund and Debt Fund in the ratio 90:10. Every year the allocation rate changes. It moves from equity-oriented funds to debt funds. On death, higher of Sum Assured or Fund Value is paid. On maturity, the Fund Value is paid.
Seema can make partial withdrawals, switch between funds and also pay top-up premiums during the plan tenure. She can also switch the portfolio strategy chosen and redirect future premiums if Self-Managed Strategy is selected.
Provided that the death benefit is at least 105% of the total premiums paid till death
|Age at entry (in completed years)||7 years||55 years|
|Age at maturity (in completed years)||NA||70 years|
|Term of the plan||10,15,20,25 years|
|Premium paying options||Regular pay or limited pay
|Premium Paying term||Regular pay – equal to plan term
Limited pay – 5,7,10 years
|Annual premium amount||Premium payment term 5 years – Rs.48,000
Premium payment term 7 years – Rs.36,000
Premium payment term 10 years or regular pay – Rs.24,000
|Sum Assured||If age is below 45 years – higher of 10 times the annual premium or 0.5*term*annual premium
If age is 45 years and above - higher of 7 times the annual premium or 0.25*term*annual premium
In case of suicide committed within 12 months of inception or revival of the investment plan, the available Fund Value and any top-up premium Fund Value is paid.
Below is a sample illustration showing the benefits under the plan payable on maturity or death. The annual premium chosen by the policyholder is assumed to be Rs.1 lakh.
The paid-up Sum Assured is calculated which is paid in instalments for 12 years either on maturity or death. The Paid-up Sum Assured is calculated as follows:
(Total number of premiums paid/ number of premiums payable) * Death Sum Assured
Yes, the Guaranteed Terminal Benefit also reduces if the policy becomes paid-up. The Guaranteed Terminal Benefit is calculated as -
Guaranteed Terminal Benefit * (number of premiums paid/12)