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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
This policy offers 3 investment funds and you have the option to invest in any one or combination of fund options.
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.
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.
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 can be done among 3 available fund options to suit your changing investment needs.
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.
This plan is not eligible for the bonuses, as it is a non-participating insurance plan.
No loan benefit can be availed under this plan.
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.
|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||-|
No rider can be opted under this plan.
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.
Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.
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.