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Aegon Life Jeevan Riddhi Insurance Plan

What is the Plan all About?

Aegon Life Jeevan Riddhi Insurance Plan is a non-linked participating endowment Life Insurance Plan that helps you boost savings along with guaranteed additions, so you can achieve long term financial goals. This plan provides financial cover for your family, even in your absence.

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What are the Key Features?

  • Lump sum amount at maturity
  • Annual increase in benefit amount by bonus
  • 5% Guaranteed Additions
  • Life cover
  • In-built accidental death benefit
  • Flexible policy term & premium paying term
  • Option of premium waiver on disability
  • Avail policy loan
  • Get tax benefit

What are the Plan Benefits?

Death Benefit

    In case of death of the life insured during the term of the policy, the death benefit payable is the sum of Sum Assured on Death, accrued reversionary bonuses, accrued guaranteed additions, and terminal bonus. The death benefit payable is subject to a minimum of 105% of the total premiums paid (as on the date of death).

    For single premium, Sum Assured on Death is higher of sum assured or multiple of single premium. Where multiple is 1.25 times when age at entry is less than 45 years and it is 1.10 times when age at entry is 45 years or more. For limited premium, Sum Assured on Death is higher of sum assured or 10 times of annualized premium.

Maturity Benefit

    On survival of the life insured till the end of the policy, Sum Assured plus accrued guaranteed additions plus accrued reversionary bonuses, and terminal bonus is payable.

In-built Accidental Death Benefit

    In case of death of the life insured due to an accident, an additional 50% of the Sum Assured will be payable to the nominee.

Guaranteed Additions

    5% of Sum Assured as Guaranteed Additions is added at the end of each Policy year throughout the entire premium payment term. It is applicable for 5 years for Single premium option. It is paid along with the Sum Assured upon maturity or death, whichever occurs earlier.

Bonus

    Simple Reversionary Bonuses is declared at the end of the financial year and it is a percentage of the sum assured. The accrued bonus is paid on death or maturity, whichever occurs earlier. Terminal Bonus is paid at maturity or death, on the basis of experience with-profits fund.

Loan Benefit

    The loan amount that can be availed under this policy is up to 60% of the surrender value. The minimum loan amount is Rs 5,000.

Surrender Value

    Surrender Value becomes payable on payment of premium for at least two full policy years, for premium payment term of less than 10 years and three full policy years, for premium payment term of 10 years & above. Surrender Value is higher of Special Surrender Value or Guaranteed Surrender Value.

Tax Benefit

    You are eligible to avail tax benefits under section 80C & 10(10D) the Income Tax Act, subject to prevailing tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 55 Years (limited Pay), 60 Years (single Pay)
Age at Maturity - 70 Years
Policy Tenure 10 Years (single Pay), 12 Years (limited Pay) 20 Years (limited Pay)
Premium Paying Term Single Pay/(Policy Term-5) Years -
Premium Paying Mode Annually, Semi Annually, & Monthly -
Premium Amount For Single Pay -Rs 1 Lac For Limited Pay –Rs 15,000 (annually For Policy Term- 12 To 16 Years), Rs 12,000 (annually For Policy Term- 17 To 20 Years) No Limit (subject To Underwriting)
Sum Assured Depend On The Age Of The Life Assured, Premium Payment Term Opted And The Annualised Premium Amount -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Aegon Life Premium Shield Rider can be opted on payment of additional premium (as applicable).

How the Plan Works?

Let’s understand the plan with the help of below illustrated example.
 

Mr. Kumar at 35 years, wants to buy a plan that provides both savings and protection. He opts to buy Aegon Life Jeevan Riddhi Insurance Plan with the policy term of 20 years, premium payment term of 15 years, annual premium of Rs 60,000 and the sum assured of Rs 5,32,407.
 

Scenario A: Mr. Kumar Survives through the Policy Term
 

If Mr. Kumar survives till the end of the policy term, Rs 5,32,407 plus 50% of the Sum Assured plus accrued guaranteed additions plus accrued reversionary bonuses, and terminal bonus is payable. The maturity benefit can be used to build wealth, so you can fulfill your long term financial goals.
 

Aegon Life Jeevan Riddhi Insurance Plan

Scenario B: Mr. Kumar dies during the Policy Term

In the event of demise of Mr. Kumar during the policy term, Rs 5,32,407 plus accrued reversionary bonuses plus accrued guaranteed additions, and terminal bonus is payable. This payout provides financial security for the family.

Aegon Life Jeevan Riddhi Insurance Plan 1
 

Scenario C: Mr. Kumar dies due to an accident
 

In the event of demise of Mr. Kumar during the policy term due to an accident, Rs 5,32,407 plus accrued reversionary bonuses plus accrued guaranteed additions, and terminal bonus is payable. This payout provides financial security for the family.

Aegon Life Jeevan Riddhi Insurance Plan 2