Aegon ULIP Insurance
Aegon ULIP Insurance
  • 6 Different Fund Options
  • Investment Switch Facility
  • Tax Benefits Under 80C
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Aegon ULIP Plans

In 1971, the concept of ULIP was first introduced by Unit Trust Of India & the Indian government. At that time, no one could have imagined the amount of importance it carried in the minds of the Indian consumers. Now, fast-forwarding to 2020, a long-lasting demand for ULIP plans have emerged in India. To effectively counter this, many companies have opened their doors to provide ULIP plans. But many of them are amateurs and lack the basic skill to make their customers happy. They are only in for the profit. Fortunately, Aegon Life Insurance Company wants to travel on a different road (earn profit by making their customers happy).

The ULIP plans offered by Aegon are well-respected and hold the highest level of satisfaction in the hearts of its customers. They are designed for those who want to avail life cover and earn easy returns on their investments. We can go on and on about this (they are that good). In order to bring you on the same page, let’s discuss the 2 major Aegon ULIP plans that deserve all the credit in this world.

Types of Aegon ULIP Plans

1. iMaximize Insurance Plan

It is a unit-linked plan that is a perfect combination of market-linked returns and protection. If you are a first-time investor, you will be surprised to see the flexibility it offers while directing your investments. In order to make things interesting, it safeguards the financial future of your children via a triple benefit pay-out option.

Features & Benefits

  • In order to safeguard yourself from emergencies, this plan allows you to take out up to 20% of your precious savings after 5 years.
  • 6 funds are there to assist you. Select any one of them to meet your future goals.
  • Thanks to the Income Tax Act, 1961, you will get tax benefits on the premiums paid for this policy.
  • It doesn’t force you to choose an investment. The plan discloses all the risks to you and you have the freedom to structure the investment as per your desire.

Eligibility

FactorsEligibility
Benefit optionsHigher of fund value/sum assuredSum assured + income benefit + additional savings benefit
Minimum entry age7 years18 years
Maximum entry age55 years50 years
Minimum maturity ageNA
Maximum maturity age70 years65 years

2. iInvest Insurance Plan

As expected, it is a unit-linked plan that covers two important parameters- investment & protection. The flexibility factor was kept in mind while designing this plan so that a first-time user will get well-versed with this plan within a few hours. And yes, 100% of the premium paid is allocated to your investment. This will maximize your investment in no time.

Features & Benefits

  • This plan works on a self-managed basis. Meaning, you are handed 6 fund options to select the one to go with your needs. No other party will interfere in your decision making.
  • Loyalty units happily become a part of your policy in the last 5 years to boost your investment.
  • Allocation charges are not deducted. It acts as a bonus to your investment.
  • If you become a target of an unfortunate incident, your family members will get the necessary financial cover.

Eligibility

FactorsEligibility
Minimum entry age7 years
Maximum entry age55 years
Minimum maturity ageNA
Maximum maturity age70 years
Policy term10, 15, 20 & 25 years

How Does Aegon ULIPs Work?

Aegon Life Insurance Company has come out in the market to help the people by boosting their investments. As discussed above, it provides 2 ULIP plans to the crowd that is well-equipped to handle the needs of the people. But how do these plans work? Let’s find out.

Once you buy a ULIP, a cash percentage is invested in shares, bonds, etc. It is sort of similar to investing in mutual funds. The remaining amount is used to purchase life cover that has limited validity. In this way, you get a chance to earn dual benefits- life cover & awesome returns via investment.

Which of The Aegon ULIP Plans Is The One For You?

Whenever we have to compare the impossible, we list out a famous comparison- apples VS oranges. None of them is better than the other. It all depends on the need & taste of the person. The same goes for Aegon ULIP plans as well.

Both plans have a common motive in mind- to boost the investment of an insured. Your choice between the two will only depend on the following factors- risk appetite & need. If you have figured out the answers to the above factors, choosing the one among the two Aegon ULIP plans will be a cakewalk for you.

Aegon ULIP Plans Review

Today, Aegon ULIP has become the need for survival. Benefits ranging from tax deductions to partial withdrawals have made the people hungry for them. You don’t know whether you will have a job/business in the future, but you know for sure that Aegon ULIP will be there with you to have your back. So, invest in an Aegon ULIP plan right away.

Aegon ULIP Plans: FAQ's

Yes, Aegon allows you to switch funds in its ULIP plans.

Online Process: You need to send an email stating the cancellation of the policy along with pan card copy, cancelled cheque & NEFT form.

Offline Process: You need to send a letter of application along with self-attested pan card copy, cancelled cheque & NEFT form.

Yes. If an insured dies because of a terrorist attack, his/her nominee will get the death benefit under Aegon ULIP plans.

No, that won’t be possible. You will have to buy a new policy for the same.

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Last updated on 28-01-2020