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Aegon Life Guaranteed Growth Insurance Plan

What is the Plan all About?

Aegon Life Guaranteed Growth Insurance Plan is a life insurance plan that provides guaranteed annual payouts for 8 years. It helps fulfill your financial goals, irrespective of the situation. This plan also provides the life cover that provides the guaranteed payouts to the nominee, so your family is financially secured.

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What are the Key Features?

  • Guaranteed returns as maturity benefit
  • Wealth creation for key milestones
  • Guaranteed death benefit
  • Limited premium payment term
  • Avail tax benefit

What are the Plan Benefits?

Death Benefit

    In case of death of the life insured during the policy term, the guaranteed payouts is paid to the nominee during the payout period, which starts from the end of the 10th year till the end of the 17th year. The due premiums after the death of the life insured are waived.

    The nominee has an option to take the cash value of the death benefit on or after the death of the life insured. The Cash Value of the Death Benefit is higher of 105% of all premiums paid or 10 times of the annualized premium or present value of the guaranteed payouts.

    In case of death of the life insured during the payout period, the guaranteed payouts are paid to the nominee till the end of the 17th year.

Maturity Benefit

    150% of the annualized premium is payable at the end of each year. This payout starts at the end of the 10th year till the end of the 17th year, provided all due premiums are paid.

Loan Benefit

    Loan facility is not available under this plan.

Surrender Value

    The policy acquires the guaranteed surrender value on payment of all premiums for the first policy year.

    When all due premiums are not paid,
    Surrender Value = A Guaranteed Surrender Value factor * Paid-up value

    When all due premiums are paid,
    Surrender Value = A Guaranteed Surrender Value factor * Total annualized premiums paid

Tax Benefit

    This policy provides tax benefits under section 80C & 10(10D) the Income Tax Act, subject to amendment in tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 50 Years
Age at Maturity - 60 Years
Policy Tenure 10 Years -
Premium Paying Term 8 Years -
Premium Paying Mode Annually & Monthly -
Annualized Premium Rs 20,000 (for 8-35 Years Of Age), Rs 30,000 (for 36-45 Years Of Age), Rs 40,000 (for 46-50 Years Of Age) Rs 3 Lacs (for 8-35 Years Of Age), Rs 2 Lacs (for 36-45 Years Of Age), Rs 1 Lac (for 46-50 Years Of Age)
Sum Assured 10 Times Of Annualised Premium -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Offline -

Is any Rider Available with this Plan?

No riders are available with this plan.

How the Plan Works?

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 Guaranteed Growth Insurance Plan with the policy term of 10 years and premium payment term of 8 years with annualized premium of Rs 1 lac plus taxes.

Scenario A: Mr. Kumar Survives through the Policy Term

If Mr. Kumar survives till the end of the policy term, you will receive Rs 1.5 Lacs at the end of every year from 10th to 17th year. This maturity amount helps meet your financial obligations.

Aegon Life Guaranteed Growth Insurance Plan

Scenario B: Mr. Kumar dies during the Policy Term

In the event of demise of Mr. Kumar during the 2nd policy year after paying 2nd annual premium, his nominee will receive the guaranteed payouts of Rs 1.5 Lacs at the end of every year from 10th to 17th year. After death, the future premiums are also waived.

Aegon Life Guaranteed Growth Insurance Plan 1