Aegon Life Insta Pension Plan

What is the Plan all About?

Aegon Life Insta Pension Plan is a non-linked, non-participating, single premium immediate annuity plan that gives you immediate pension to take care of your basic needs. This pension plan pays a regular income after the retirement for the rest of your life, so you can maintain the same lifestyle without compromise.

What are the Key Features?

Lifetime income
Two annuity payout options
Flexible annuity payout modes
Single premium plan
Tax benefits

What are the Plan Benefits?

Lifetime Income

Based on the annuity payout option chosen, this plan provides you and your spouse an income for life.

Annuity Payout Options

There are two annuity payout options you can choose from:

Life Annuity: With this option, you will receive annuity payment at a constant rate as long as you are alive.

Joint Life Annuity: With this payout option, an annuity is paid at a constant rate throughout your life. In the event of your death, the annuity payment will be paid to your spouse, as long as he/she is alive.

The spouse at the time of commencement of policy is eligible for receiving the annuity payments. In case of your death, annuity payment will cease and no payments will be made to the spouse after separation.

Death Benefit

If the policyholder has opted for ‘Joint Life Annuity’ option, on the death of the policyholder, the annuity payment is made to the spouse.

Bonus

No bonuses are payable, as it is a non-participating pension plan.

Loan Benefit

No loan is available under this policy.

Surrender Value

This policy does not acquire a surrender value.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age for Annuitant/Spouse (as on last birthday)	50 Years	75 Years
Policy Tenure	Till The Policyholder/Annuitant Is Alive	-
Premium Paying Term	Single Premium	-
Premium Paying Mode	Single Pay	-
Premium Amount	Rs 1,00,000	No Limit
Annuity Payout Mode	Annually Or Monthly	-
Freelook Period	15 Days From The Receipt Of The Policy	-
Grace Period	Nil	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

No rider can be opted under this plan.

Is the Plan, eligible for Tax Benefit?

The premiums paid are eligible for tax benefits under Section 80CCC of the Income Tax Act, 1961.

How the Plan Works?

Mr. Raheja aged at 50 years, buys Aegon Life Insta Pension Plan with Joint Life Annuity Option. He pays a single premium of Rs 1,00,000 to buy this immediate annuity plan.

Scenario A: Raheja Survives the Policy Term

An annuity is paid at a constant rate throughout your life, as long as he is alive. This payout helps him lead a comfortable and financially independent life after the retirement.

Scenario B: Raheja dies during the Term of the Policy

In the event of the demise of Raheja during the policy term, his spouse will receive the annuity payment till her survival.