PremiumPolicyholders will get guaranteed returns, flexibility to choose an affordable premium, payable at a frequency of their choice, and the option to receive benefits timed as per their life goal.
Aegon Life Insurance on Wednesday said it has launched traditional insurance policy iGuarantee Max Savings that offers savings and life cover.
The policyholder can choose a policy term between 5 and 20 years, depending on their savings goal. They will get guaranteed returns, flexibility to choose an affordable premium, payable at a frequency of their choice, and the option to receive benefits timed as per their life goal. Premium payment options on offer are regular pay (pay throughout the policy term), limited pay (pay for a fixed duration, lower than the policy term) and single pay (pay a lump sum front).
In the event of death of the policyholder, if the policy is in-force and all due premiums have been paid, an amount equal to the sum assured on death plus accrued guaranteed additions, if any, shall be paid.
If the policy survives the policy term, the maturity benefit, which is equal to addition of base sum assured, loyalty addition and accrued guaranteed additions will be paid.
“This is a highly competitive and affordable product with premiums starting at just INR 500/month," said Satishwar B, MD, and CEO of Aegon Life.
“The plan ensures that your savings goal is met, no matter what. Say you are 30 years old and have a 3-year-old child. If you put aside even 3,000/- every month for ten years, you will receive approx. ₹6.5 lakh, tax-free, when your child is 18 and starting higher studies. In case of your untimely death, you can be assured that a tax-free lump sum of at least ₹5 lakh is paid to your family. No other savings instrument tops this kind of guaranteed assurance."
The minimum entry age for this plan is three months, and the maximum is 50 years (for regular pay, 45 years). The plan also offers add-on optional coverages through the choice of Accidental Death and Critical Illness riders.
“Be it your children’s education or marriage or securing your retirement, you can plan for these goals with a contribution as low as ₹500/month ( ₹17/day)," the insurance company said in its statement.