Key Features of Aegon Life Guaranted Income Advantage Insurance
As a participating plan, Aegon Life Guaranteed Income Advantage Insurance takes part in the profits of the company and offers guaranteed bonuses at the end of the policy term.
Once the policy term ends, the policyholder receives guaranteed annual payouts up to the age of 85 years.
Bonuses declared during the premium paying term are to be paid at maturity or on the death of the policyholder.
Product Specification ofAegon Life Guaranted Income Advantage Insurance
Details About Premium
Benefits illustration and Annual premium in Rupees
Policy Details ofAegon Life Guaranted Income Advantage Insurance
Grace Period: In case of the policyholder fails to pay the premium on time, a grace period of 15 days (for monthly mode) and 30 days (for other modes) are allowed by the insurance company. During this grace period, the insured has to pay all due premiums. Failing this, the tenure of the policy will lapse
Policy Termination or Surrender Benefit: The policy acquires a Surrender Value if one full years premium has been paid. The Surrender Value will be higher of the Special Surrender Value or the Guaranteed Surrender Value.
GSV if surrendered during PPT= (GSV% * total premiums paid) + (GSV%* accrued bonuses)
GSV if surrendered post PPT = (GSV% * Sum Assured) + (GSV % * Accrued bonuses)
Free Look Period: If the customer is dissatisfied with the coverage, terms and conditions of the policy, then he/she is entitled with an option of free look period. It allows him/her to cancel the policy within 15 days of policy issuing.
No Loan facility is available under the plan.
Add-on Benefits or Riders
Aegon Life ADD Rider is available which provides additional benefits in case of Accidental death, disability and dismemberment of the policyholder.
If the policyholder commits suicide within 12 months of policy inception, then only 80% of the premium paid is repaid to the beneficiary. If the suicide is committed within 12 months of revival, higher of the acquired surrender value or 80% of premium paid is returned to the nominee.
Documents Required forAegon Life Guaranted Income Advantage Insurance
The documents required while filling up the application form are accurate medical history, address proof, and other KYC Documents. In some cases, a medical examination may also be required based on the age of the person and sum assured.
What if I cancel my Guaranteed Growth plan during the free look up period?
In a case if the plan holder decides to cancel his plan during the look up period then he shall be settled by paying all the premium amounts paid till date after making the deductions of Proportionate Risk Premium, Stamp Duty paid and if any expenses borne by Aegon Life. Hence, after all, the payments are settled the plan will terminate and all benefits, rights, and interests shall be dismissed.