AEGON Life iReturn Insurance Plan - Term Plan with Premium Return Benefits

Age - The ages mentioned are as per the last birthday

• Age at Entry - The minimum age is 18 years and the maximum is 65 years
• Age at Maturity - The maximum allowed age limit is 75 years

Features of AEGON Life iReturn Insurance Plan:

The salient features of this term insurance plan can be mentioned as follows -

• Policy Term -
  • Minimum - 5 years
  • Maximum - 20 years
• Premium Payment Terms - The premium payment terms for this policy can be a single premium payment, limited premium payment of 5 years or regular payment for the entire period of the policy
• Premium Payment Frequency - The premiums for this policy can be in paid annually, semi-annually or monthly modes
• Sum Assured - The minimum sum assured is Rs. 30,00,000 and the maximum limit is Rs. 4 crores, based on the company's discretion

Benefits offered by this policy are as follows -

• Life Insurance Benefit - In case of the death of the life insured, an amount equal to the sum assured will be paid to the nominee
• Return of Premiums - Upon survival of the life insured till the end of the policy maturity period, the total premiums paid till date will be returned to the policyholder. This can be termed as a Maturity Benefit too
• Rider Benefits - This policy can have four riders associated with it. These riders come with their own host of benefits -
  • AEGON Life AD Rider - Covering accidental death, in case this rider is activated, the cover included under this rider will be paid
  • AEGON Life WOP Rider on CI - Offering cover on 4 critical illnesses, Cancer, Open Chest CABG, first Heart Attack and Stroke, this rider can waive off future premiums on the basic policy and other riders
  • AEGON Life iCI Rider - This rider also covers 4 critical illnesses, Cancer, Open Chest CABG, first Heart Attack and Stroke and on diagnosis of any of these, the sum assured under this rider will be paid
  • AEGON Life Women CI Rider - Covering critical illnesses pertaining to women, on diagnosis of any of the specified illnesses, a certain portion of the sum assured on the base plan will be paid
• Surrender Benefit - Available on every payment mode in the following values -
  • Single Premium - From first policy year
  • 5 years - On payment of first 2 policy years' premiums
  • 10 years or more - On payments of first 3 policy years' premiums
• Tax Benefits - As per the Income Tax Act of 1961, the premiums paid and the benefits from this term are acceptable terms for tax benefits

Example Scenario -

Sarmistha, aged 30 years, an advertising executive lives with her son Harman, aged 5 years and her husband, visualiser, Mayank. Knowing the nature of her husband's unstable work, she has to look out for Harman's secure future too. She applied for with a cover of Rs. 1 crore, in addition to AD Rider worth Rs. 25,00,000 and AEGON Life Women CI Rider. She needs to pay an amount of Rs. 12000 annually for the policy to be in force.

After a period of 10 years, Jyothika is diagnosed with uterine cancer, and as per the rider benefit, she gets paid Rs. 5,00,000 that helps in the treatment process. She survives the illness and the family recovers from the trauma. 10 years later, she receives Rs. 2.4 lakhs, her entire premium payment.

If in an unfortunate case Sarmistha had passed away due to an accident within 20 years of the policy initiation, her nominee Mayank would have received an amount of Rs. 1.25 crore as the life benefit and the rider benefit.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017