Ageas Federal Life Insurance on August 25, 2022 announced the launch of its new life insurance policy – named the Assured Income Plan.
The newly-launched savings plan offers survival benefit in the form of regular income for a fixed period of time, along with death benefit
Ageas Federal Life Insurance on August 25, 2022 announced the launch of its new life insurance policy – named the Assured Income Plan.
The new product is both non-linked and non-participating, the insurer announced in a press release.
According to the release, the newly-launched savings plan aims to protect the family’s future while ensuring a comfortable life without any financial worries. The plan is goal-oriented, and thus, offers ‘guaranteed financial pay-outs’ to achieve different life goals at different life stages, such as children’s future, starting or pursuing an aspired business, and retirement.
This is in addition to the death benefit that will be payable to the nominee in a lump sum upon the death of the policyholder during the policy term.
Karthik Raman, chief marketing officer (CMO) and head-products, Ageas Federal Life Insurance, says: “In this current economic scenario, we see that individuals prefer guaranteed products with stable income that is not impacted by market volatilities and fluctuating interest rates. To cater to this demand, we have introduced our Assured Income Plan which offers individuals with an attractive combination of protection and guaranteed pay-outs to help them fulfil their goals and requirements at different stages of life.”
According to the insurer, the new product offers flexibility in the form of three options – short-term income, long-term income, and lifelong income.
Each option also comes with a survival benefit in the form of guaranteed regular income (GRI). That said, this benefit lasts for a specific period based on the option availed at the time of buying the policy.
Thus, a short-term income plan will offer a benefit that will last for a fixed period of 10 years, and for 25 or 30 years in case of long-term income, depending on the premium payment term chosen at the time of buying the policy. Lastly, under the lifelong income option, the GRI benefit will be paid till 100 years of age of the life assured.
Raman adds: “Considering that unfortunate circumstances can hit us at any time in life, our Assured Income Plan provides life cover even during the income pay-out period. This is aimed at giving our customers and their families the confidence to sail through uncertain times fearlessly.”