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Aegon Life IMaximize Insurance Plan

What is the Plan all About?

Aegon Life iMaximize Insurance Plan is an online non-participating Unit Linked Insurance Plan that helps you to maximize your investment returns at optimum cost. This plan provides life cover along with Tax free returns on maturity.

2 Death Benefit options to choose from:

Benefit Option 1:
Higher of Sum Assured or Fund Value
Benefit Option 2: Sum Assured + Additional Savings Benefit + Income Benefit

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What are the Key Features?

  • 6 unit linked fund options
  • 5/7 years premium pay options
  • Two death benefit options
  • Top-ups to enhance the fund value
  • Enjoy switching/premium re-direction
  • Partial withdrawal to access cash
  • No premium allocation charge
  • Hassle-free process to buy plan online
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers 6 investment funds and you have the option to invest in any one or combination of fund options.

  • Blue Chip Equity Fund
  • Accelerator Fund
  • Opportunity Fund
  • Stable Fund
  • Secure Fund
  • Debt Fund

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured while the policy is in-force, the Death Benefit payable is

    Benefit Option 1: It is higher of Sum Assured or Fund Value or 105% of all the premiums paid. In case a Top-Up fund, higher of Top-Up Sum Assured or Top-Up Fund Value is also payable. The Policy terminates thereafter.

    Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death.

    Benefit Option 2: You can avail following benefits.

    It is higher of Sum Assured (including Top-Up Sum Assured) or 105% of all premiums paid (including Top-Up premiums).

    All the future premiums will cease. The company will fund into the Policyholder’s Unit fund an amount equivalent to the Premium of the Policy, for the outstanding Premium Payment Term. This benefit is termed as the Additional Savings Benefit.

    An amount equal to the Annualised Premium is paid to the beneficiary at the start of every Policy year from the date of death till the end of the Policy Term. This benefit is termed as Income Benefit.

    Total Fund Value (including Top-Up Fund value) as on the date of intimation of the death is re-allocated to the Secure Fund. All future premiums as per the Additional Savings Benefit is also invested in the Secure Fund. At the end of the Policy Term, the Total Fund Value is payable to the beneficiary.

Maturity Benefit

    On survival of the life insured till the end of the policy term, Total Fund value (including the Top-Up Fund Value) is payable on the maturity date.

Top-up Premium

    A top-up premium is an additional amount of premium over and above the basic premiums. Facility for Top-up Premium is available through the entire policy term, except the last 5 policy years. The minimum amount of top-up premium allowed is Rs 5,000. The total top-up premium should not exceed the total of premiums paid at that point of time. Payment of top-up premium enhances your insurance cover.

    Minimum Increase in Sum Assured on Top-Up is 1.25/1.10 times the Top-Up amount for age at entry up to 44 years/45 years & above, respectively. Maximum Increase in Sum Assured on Top-Up is 10 times the Top-Up amount for age at entry up to 35 years. For age at entry above 35 years, the minimum Top-Up Sum Assured is the only available Sum Assured on Top-Up.

Switching

    Switching can be done among 3 available fund options to suit your changing investment needs.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy year onwards (in case of minor lives, the life assured attains 18 years). The maximum partial withdrawal allowed in a policy year is up to 20% of the fund value at the beginning of that policy year. The minimum amount of any partial withdrawal is not less than Rs 5,000. The fund value required after each withdrawal should be an amount equal to 2 years’ Annualized premium.

Bonus

    This plan is not eligible for the bonuses, as it is a non-participating insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The applicable fund management charge of the Discontinued Policy Fund is levied. The proceeds after addition of minimum guaranteed interest rate of 4% p.a or as stipulated by IRDAI is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 7 Years (benefit Option 1)/18 Years (benefit Option 2) 55 Years (benefit Option 1)/50 Years (benefit Option 2)
Age at Maturity - 70 Years (benefit Option 1)/65 Years (benefit Option 2)
Policy Tenure 15/20 Years 25 Years
Premium Paying Term (PPT) Benefit Option 1- 5 Years, 7 Years, 10 Years, 15 Years Or Equal To The Policy Term Benefit Option 2- 10 Years, 15 Years Or Equal To The Policy Term -
Premium Paying Mode Annually & Monthly -
Annualized Premium Amount Benefit Option 1- Rs 36,000 (5/7 Year Pay), Rs 24,000 (10 Year Pay & Above) Benefit Option 2- Rs 24,000 (less Than 45 Years), Rs 36,000 (equal To 45 Years Or Above) -
Sum Assured on Death Age At Entry Less Than 45 Years- Higher Of (10 * Annualised Premium) Or (0.5 * Policy Term * Annualised Premium) Age At Entry 45 Years & Above- Higher Of (7 * Annualised Premium) Or (0.25 * Policy Term * Annualised Premium) Age At Entry Less Than 45 Years- Higher Of (10 * Annualised Premium) Or (0.5 * Policy Term * Annualised Premium) Age At Entry 45 Years & Above- 10 Times The Annualised Premium
Freelook Period 30 Days From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Online -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charges: No premium allocation charge is levied.

Policy Administration Charge: The Policy administration charge is Rs 100 per month levied at the beginning of every policy monthly anniversary and it is deducted by cancelling appropriate units.

Mortality Charges: Mortality charge depends on age and Sum at Risk and it is applicable for providing you with the risk cover.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for Blue Chip Equity Fund, 1.10% p.a for Debt Fund, 1% p.a for Secure Fund, 0.50% p.a for Discontinued Policy Fund.

Switching Charge: Switching up to 4 times in a policy year is allowed free of charge. The subsequent switches in the same policy year is charged @0.1% of amount switched, subject to a maximum of Rs 200.

Premium Re-direction: You can avail 2 free premium re-directions in a policy year. A charge of Rs 100 is levied per redirection request when opted for more than free premium redirection request available in the same policy year.

Partial Withdrawal Charge: 4 free partial withdrawals are allowed during a policy year. The subsequent withdrawals in the same policy year is charged at Rs 200. The switching/premium redirection/partial withdrawal charges may be revised upon prior approval from IRDAI, but up to a cap of Rs 500.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Raman aged 30 years, is leading a happy life with his wife ananya and a daughter sanya. He wants to build a corpus amount, so his family can achieve their dreams such as sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for Aegon Life iMaximize Insurance Plan (Death Benefit Option 2) with the policy term of 25 years, premium payment term of 25 years, annual premium of Rs 1,00,000 and base sum assured of Rs 12,50,000. He opts for Investment Strategy: 100% Secure Fund investment strategy.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Total Fund value (including the Top-Up Fund Value) is payable on the maturity date.

Scenario B- Death Benefit: In the event of his death during the policy term, the nominee will receive the higher of Sum Assured (including Top-Up Sum Assured) or 105% of all premiums paid (including Top-Up premiums). Under this death benefit option, the nominee can also avail Additional Savings Benefit & Income Benefit.
 

Aegon Life iMaximize Insurance Plan Scenario