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Aegon Life Jeevan Shanti Insurance Plan is a Participating Life Insurance Plan that offers regular savings plus life cover. With savings feature, you can easily fulfill the financial liabilities and with life cover, your family’s financial security is ensured when you are not there.BUY NOW
In case of death of the life insured during the term of the policy, the death benefit payable is Sum Assured on Death plus accrued reversionary bonuses plus terminal bonus, provided all the premiums have been paid. Sum Assured on Death is higher of Sum Assured or 10 times the Annualized Premium.
The death benefit payable is subject to a minimum of 105% of the total premiums paid (as on the date of death).
On survival of the life insured during the policy term, 100% of Sum Assured plus accrued reversionary bonuses plus terminal bonus is payable, provided all the premiums have been paid.
Simple Reversionary Bonuses is declared at the end of each financial year and it is a percentage of the sum assured. The bonus is accrued at policy anniversaries and it is paid on death or maturity, whichever occurs earlier. When declared, it becomes part of the guaranteed benefit under the policy. Terminal Bonus is paid at maturity or death, on the basis of experience with-profits fund.
The loan amount that can be availed under this policy is up to 60% of the surrender value. The minimum loan amount available under this policy is Rs 5,000.
Surrender Value becomes payable on payment of premium for at least three full policy years. Surrender Value is higher of Guaranteed Surrender Value or Special Surrender Value.
You can avail tax benefits under section 80C & 10(10D) the Income Tax Act, subject to change in tax laws.
|Age (as on last birthday)||8 Years||50 Years|
|Age at Maturity||-||70 Years|
|Policy Tenure||10/15 Years||20 Years|
|Premium Paying Term||Equal To Policy Tenure||-|
|Premium Paying Mode||Annually, Semi Annually & Monthly||-|
|Premium Amount||Rs 750 (for 10 Years Policy Term), Rs 600 (for 15 Years Policy Term), Rs 500 (for 20 Years Policy Term)||Rs 3,000|
|Sum Assured||Depend On The Age Of The Life Assured, Policy Term Opted And The Monthly Premium Chosen||-|
|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)||-|
Aegon Life ADDD Rider can be opted on payment of additional premium (as applicable).
Let’s understand the plan with the help of below illustrated example.
Mr. Kumar at 30 years, wants to buy a plan that provides both savings and protection. He opts to buy Aegon Life Jeevan Shanti Insurance Plan with the policy term of 20 years with monthly premium of Rs 500 plus service tax. The policy sum assured is Rs 85,745 and he also opts for Aegon Life ADDD rider by paying an additional monthly premium of Rs 10 plus service tax.
Case 1: Mr. Kumar Survives through the Policy Term
If Mr. Kumar survives till the end of the policy term, Rs.85,745 (Base Sum Assured) plus Rs.93,805 (Bonus @8%) or Rs.41,672 (Bonus @4%). Total lump sum benefit of Rs.1,79,550 @8% or Rs.1,27,417 @4% is payable.
Case 2: Mr. Kumar dies during the Policy Term
In the event of demise of Mr. Kumar during the policy term, Death Benefit of Rs.85,745 (Base Sum Assured) plus Rs.85,745 (AL ADDD Sum Assured) plus Rs.46,500 (Bonus @8%) or Rs.18,675 (Bonus @ 4%). Total lump sum payout of Rs.2,17,990 @8% or Rs.1,90,165 @4% is payable. The death benefit ensures financial security for the family.