Get Quotes from Top Insurers with Lowest Premium
Enter Details > Get Quotes > Buy Your privacy is protected.
Why Comparepolicy.com
Unbiased information on plans from varied insurance companies
Easy comparisons to choose the best insurance plan
No hidden costs, pay the same premiumas offered by the insurer
Pre and post sales expert assistance for smooth online buying experience
Reliable, Accurate and Quick policy servicing
THANK YOU!
Our representative will get back to you soon.
You can also directly contact us at
+91-7836966356

Aegon Life IMaximize Single Premium Insurance Plan

What is the Plan all About?

Aegon Life iMaximize Single Premium Insurance Plan is an online non-participating Unit Linked Insurance Plan that helps maximize your investments. This plan provides the best value for your money plus life protection. So, your family’s long term financial goals are fulfilled, even when you are not around.

BUY NOW

What are the Key Features?

  • Single premium
  • Choice of 3 unit linked funds
  • Get fund value as maturity benefit
  • Top-ups to boost the fund value
  • Partial withdrawal facility
  • Enjoy switching between funds
  • Enjoy lower charges, being an online plan
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers 3 investment funds and you have the option to invest in any one or combination of fund options.

  • Blue Chip Equity 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 higher of Sum Assured or Fund Value or 105% of all the premiums paid. In case of Top-Up fund, higher of Top-Up Sum Assured or Top-Up Fund Value is also payable. The Policy then terminates.

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

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 single premium paid. 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.

Switching

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

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 should not be less than Rs 5,000. The fund value required after each withdrawal should be an amount equal to single premium paid.

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) 8 Years 60 Years
Age at Maturity 18 Years 65 Years
Policy Tenure 5 Years (Age At Entry Greater Than 50 Years)/10 Years (Age At Entry Upto 50 Years) -
Premium Paying Term (PPT) Single Pay -
Premium Paying Mode Single -
Premium Amount Rs 1,00,000 -
Sum Assured on Death Age At Entry Less Than 45 Years- 125% Of Single Premium Age At Entry 45 Years & Above- 110% Of Single Premium Age At Entry Up To 35 Years- 10 Times The Single Premium Age At Entry Greater Than 35 Years- The Minimum Sum Assured Mentioned
Freelook Period 30 Days From The Receipt Of The Policy -
Grace Period Nil -
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.

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/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. Mahesh 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 Single Premium Insurance Plan with the policy term of 10 years, single premium of Rs 1,50,000 and base sum assured of Rs 15,00,000. He opts for Investment Strategy: 100% Blue Chip Equity Fund.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, Total Fund value (including the Top-Up Fund Value) is payable on the maturity date. A lump sum amount (Fund Value) at maturity = Rs.234,452 @ 8% or Rs.154,333 @ 4% is payable.

Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of Sum Assured or Fund Value or 105% of all the premiums paid.
 

Aegon Life iMaximize Single Premium Insurance Plan Scenario