Aegon Life Investment Plans
Aegon Life Investment Plans
  • Guarantees Financial Protection
  • Withdraw Options
  • Tax Benefits Under 80C
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Aegon Life Investment Plans

Aegon Insurance Company is one of the world’s leading financial service organizations that provides life insurance, pension, and asset management. Presently, Aegon is doing business in America, Europe, and Asia. The company has been successfully providing services to its customers and has made a stable position in the insurance market.

Here we are going to do a detailed study on the investment plans being offered by the Aegon Life Insurance Company. Presently, Aegon Life Insurance Company has three investment plans for the people:

  1. POS-GRIP Plan
  2. Jeevan Riddhi Insurance Plan
  3. Regular Money Back Insurance Plan

Types of Aegon Life Investment Plans

Here is a tabular representation of the three saving & investment plans offered by the Aegon Life Insurance company. The data and facts are updated as per 2019-2020.

Aegon Life Investment PlansEntry AgePolicy TermAnnual PremiumPremium Payment termMaturity Age
MinimumMaximumMinimumMaximum
POS-GRIP1-year last birthday50 years last birthday10 - 20 YearsRs.10,0005/7/9 Years18 years65 years
Jeevan Riddhi Insurance Plan18 Years last birthday55 Years last birthdayFor limited pay policies: 10 Years to 20 Years
For Single Pay Policies: 10 Years
Rs.60,000/- for the policy term 10 to 11 Years
Rs.17,000/- for the policy term 12 to 16 years
Rs.15,000/- for the policy term 17 years to 20 years
Single pay/ (Policy term - 5) YearsNot specified.70 Years last birthday
Regular Money Back Insurance Plan7 Days55 Years last birthday - for 7 pay and 10 pay options.
60 Years last birthday for a single pay option.
20 YearsRs.12,000/- for premium payment term 7 years/ 10 Years
Rs.1,00,000/- for the single pay premium payment term
Single pay/ 7 years/ 10 yearsNot mentioned.75 years for 7 pay & 10 pay options.
80 Years for single pay option

1. Aegon Life POS-GRIP

  • It is a non-linked & non-participating life insurance plan.
  • The plan provides the dual benefits of insurance and investment.
  • The plan provides financial security to the insured’s family. It is in the form of a guaranteed amount which is named as the death benefit.
  • The plan provides a guaranteed maturity payout. It is 225% to 325% of the basic sum assured.
  • All the bonuses accrued by the end of the policy year are provided under guaranteed additions.
  • The plan provides a loyalty booster which is functioned at the end of the policy term.
  • Under the plan, the insured can pay the premium for a limited term and enjoy policy benefits throughout the policy term.
  • The policyholders can choose the premium payment options as per their convenience.
  • Pre-insurance medical screening is not mandatory to buy this plan.
  • The insured can enjoy tax benefits under this plan.

2. Aegon Life Jeevan Riddhi Insurance Plan

  • Jeevan Riddhi Insurance Plan is a non-linked & participating life insurance plan.
  • The insured gets a lump sum amount on maturity which can be used to meet future goals.
  • In case of demise of the insured life, the beneficiary mentioned in the policy is provided a lump-sum amount under the death benefits.
  • The policyholder can avail of a loan facility under this investment policy.
  • In case of accidental death or permanent disability due to accident, the plan provides additional benefits in the form of waiver off on the due premium.
  • The policyholder gets flexibility with respect to premium payment options and policy terms.
  • Tax benefits are provided under the plan.
  • Jeevan Riddhi Insurance Plan provides comprehensive financial solution.

3. Aegon Life Regular Money Back Insurance Plan

  • It is a non-linked & participating life insurance plan.
  • The plan helps its policyholders in generating a regular stream of income so that they can meet up their future financial goals.
  • The plan provides its policyholders with a comprehensive financial solution.
  • Guaranteed payout is provided under this plan for 10 years.
  • There is the availability of tax exemption benefits.
  • An additional benefit is provided in case of disability.
  • The policyholder can take a loan under this plan to meet the unplanned financial requirements.
  • The minimum amount of loan can be Rs.5,000 whereas the maximum loan amount can not be more than 60% of surrender value.
  • The sum assured depends on the age of the life to be assured.

Features Of Aegon Life Investment Plans

The extraordinary features of the Aegon Life Investment plans have been mentioned here:

Loan Facility:

The insured can avail loan facility under:

  • Jeevan Riddhi Insurance Plan
  • Regular Money Back Insurance Plan

The loan facility can be availed only after the policy has acquired the surrender value.

Policy Revival:

  • POS-GRIP & Jeevan Riddhi Insurance Plan:
    The insured can apply for the revival of the lapsed policy within 5 consecutive years from the due date of the first unpaid premium. All the due premiums shall be paid first to get the policy revived.
  • Regular Money Back Insurance Plan:
    The insured needs to revive the policy within 3 years from the date of the last paid premium. In order to revive the policy, all the due premiums are to be paid before.

Grace Period:

A grace period of 30 days is provided to the insured under the plan. In case the policyholder misses out the premium payment date, s/he can pay the premium within the grace period, failing which the policy is subject to lapse.

Free Look Period:

A free look period of 15 days is provided to the insured. During the free look period, the policy buyer can cancel the policy on valid grounds of dissatisfaction with the policy.

Plan Rider:

There is the availability of rider under the plan which provides extra cover in case of death or disability during an accident.

Loyalty Booster:

The policyholder gets a loyalty booster which is an add-on to the benefits. It is provided during the policy term. Different plans have different terms and conditions related to loyalty booster.

Benefits of Aegon Life Investment Plans

Here is a list of the benefits provided by the plans. These benefits will help you make decisions with respect to purchasing a plan:

  • Accidental Death Benefits:
    The accidental death benefit is provided to the nominee, in case of death of the policyholder due to an accident.
  • Permanent Disability benefits:
    In case the policyholder meets an accident and becomes permanently disabled, s/he gets this benefit.
  • Death Benefits:
    In case of the death of the proposer/policyholder, the death benefit is provided to the beneficiary (mentioned in the policy document). The death benefit is in the form of a lump-sum amount.
  • Maturity Benefits:
    The policy provides maturity benefits on the maturation of the term, for which the policy has been bought. The maturity benefit is inclusive of all the accrued bonuses and loyalty booster.
  • Tax Benefits:
    All the premiums paid under the Aegon Life investment policy is exempted from tax under section 80C of the Income Tax Act, 1961. The death benefits and maturity benefits received by the nominee are also tax-free according to section 10D of the Income Tax Act, 1961.

Aegon Life Insurance Rider

Along with life cover, Aegon Life Investment plans offer the choice to opt for Aegon Life Premium Shield Rider. Riders provide add-on cover to the policyholders and the one and only rider available under the investment plans have been explained here:

  • Loss of both limbs
  • Loss of eyesight (Both the eyes)
  • Loss of speech
  • Loss of hearing (Both the ears)
  • Loss of one limb

Exclusions

  • Any self-inflicted injury.
  • Injury due to participation in the war, terrorist attack, civil war, hostilities, etc.
  • Involvement in any naval, military, or air force operations.
  • Any illegal/ unlawful activity.
  • Alcoholism and drug abuse cases.
  • Suicide

As per the policy documents, in case the death happens within 12 months from the date of inception/revival of the policy, the claimant shall be entitled to 80% of the total premiums paid. The higher amount among the total premium paid till date and surrender value as available on the date of death is considered. According to the terms and conditions, the policy should be in force.

Aegon Life Investment Plans: FAQs

There is a 90 days waiting period under the POS-GRIP Plan.

You do not need to panic in case you have forgotten/missed to pay the premium. It can be paid within 30 days of the grace period.

Yes, the loan facility can’t be availed until and unless the surrender value is acquired.

Yes, the plan provides coverage to accidental and disability cases.

The premium payment modes under the Aegon Life Regular Money-Back plan are annual, half-yearly and monthly.

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Last updated on 23-06-2020