Aegon Life Insurance Company offers one kind of pension plan in the traditional version which offers guaranteed benefits. Let us take a look at the plan in details. Aegon Life Guaranteed Income Advantage Insurance Plan – The plan participates in the profits of the company by way of earning bonuses declared by the company from time to time Premiums are payable for a limited period only under the Limited Pay option of premium payment. Guaranteed payouts @ 7.5% of the Sum Assured is paid every year after the completion of the Premium Paying Term and till the policyholder attains 85 years of age Bonuses accruing during the premium paying term are paid at the end of the Premium Payment Term. Bonuses accruing post the premium paying term are paid either on death or maturity. On maturity when the policyholder attains 85 years of age, the accrued bonuses along with any Terminal Bonus is paid to the policyholder On death of the insured during the Premium Paying Term, higher of 10 times the annual premium or the chosen Sum Assured is paid. If death occurs after the completion of the Premium Paying Term, the accrued bonuses and any Terminal Bonus is paid to the nominee subject to a minimum of 05% of all premiums paid till the date of death Aegon Life ADDD Rider can be availed under the plan wherein additional benefit is paid in case of accidental death, dismemberment or disability Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
Being dependent on others, especially financially is a curse. It is always better to provide for one’s finances even when there is no income. Retirement is a period where the expenses remain the same or maybe increase but income either decreases or diminishes completely. Having an insurance plan is prudent in such a scenario as the plan will provide an individual with the necessary finance required in the old age. Pension plans offered by life insurance companies provide a regular stream of income and come in many variants. They can be taken to cover the life of the policyholder’s spouse as well under the joint annuity plans. So, buying a pension plan is a prudent step towards an individuals retirement planning.
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Pension Plans or annuity plans are plans which are designed to take care of the income flow for the individual after retirement. Post-retirement when the income of the individual dries up, the lifestyle expenses continue and there must be a provision to meet such expenses. Retirement plans help in providing a regular cash flow to individuals so that they can enjoy their retirement peacefully.
Aegon Life Insurance Company Limited (formerly Aegon Religare Life Insurance Company Limited) launched its operations in India in July, 2008 and since then has emerged as a strong player in the insurance industry.AEGON is one of the worlds leading providers of financial services. Currently, the company enjoys a good market share and has launched different types of life insurance products for meeting all the varied needs of individuals at attractive premium rates.
