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AEGON Life Insurance’s “iReturn Insurance Plan” is a term insurance plan which returns the premiums paid in case of maturity of the plan. Thus, the policyholder gets the assurance of availing either a death benefit or a maturity benefit under the plan. The plan is an online plan which can be easily bought.
Step 1 – the policyholder chooses the Sum Assured, term of the policy, premium paying term and the premium paying frequency.
Step 2 – if required, the policyholder can add the additional riders available in the plan.
Step 3 – if the life insured suffers a terminal illness during the plan term, 25% of the Sum Assured is paid. On subsequent death, the Sum Assured reduced by the terminal illness benefit already paid is paid to the nominee
Step 4 – if the life insured does not suffer any terminal illness but dies during the term of the plan, the Sum Assured is paid.
Step 5 – if the life insured survives the plan term and all due premiums have been paid under the plan, the paid premiums are returned back on maturity.
Vaibhav, a non-smoker male aged 40 years, buys iReturn plan for a Sum Assured of Rs.35 lakhs. The chosen term is 20 years and he chooses to pay regular premiums for 20 years. The premium he pays is Rs.14, 779 every year.
Option 1 – If Vaibhav is diagnosed with any critical illness, Rs.8.75 lakhs would be paid to him. On subsequent death, Rs.26.25 lakhs is paid to the nominee.
Option 2 – If Vaibhav dies during the plan tenure without suffering from any terminal illness, Rs.35 lakhs would be paid to the nominee in lump sum.
Option 3 – if the plan matures and Vaibhav is alive after 20 years, the premiums paid (Rs.14779*20) = Rs.295, 580 is returned to Vaibhav.
|Age at entry (in completed years)||18 years||65 years|
|Age at maturity (in completed years)||NA||75 years|
|Term of the plan||5,10,15,20 years|
|Premium paying options||Regular pay, Limited Pay or Single Pay|
|Premium Paying term||Regular pay - Equal to the plan tenure
Limited pay – 5 years
Single pay - once
|Sum Assured||Rs.30 lakhs||Rs.4 crores|
If the life insured dies due to suicide within one year of plan commencement, 80% of the premiums paid are refunded.
If the life insured dies due to suicide within one year of reviving a lapsed policy, higher of 80% of the premiums paid or the applicable Surrender Value of the plan is paid.
Below are the sample rates of premium payable by a non-smoking male for different ages and terns. The Sum Assured is Rs.35 lakhs and premiums are payable annually throughout the plan tenure.