Aegon Life Insurance on Wednesday announced the launch of the iGuarantee Max Savings Plan, which offers a dual benefit of high returns and life cover.
The company said the plan would enable families to meet their medium-to-long-term savings goals “affordably” while protecting them against financial shocks in the wake of the policyholder’s sudden death.
The minimum monthly contribution for the plan is Rs.500, can be done online with no paper works, and subscribers could gain higher tax-free returns on their savings, Aegon said.
Explaining the features, Satishwar B, Aegon Life’s managing director (MD) and chief executive officer (CEO), said, “Say you are 30 years old and have a 3-year-old child. If you put aside even 3,000/- every month for 10 years, you will receive around Rs 6.5 lakh, tax-free, when your child is 18 and starting higher studies.”
He added it also provides an assured tax-free lump sum of at least Rs 5 lakh to the family in case of an untimely death of the policyholder.
Besides, it is flexible and can cater to different goals and life stages.
“If you are 40 years old and thinking about a retirement corpus, you have to save Rs. 10,000/- every month for 10 years. Then, when you are 60, you will receive a tax-free lump sum of about Rs 29.47 lakh to start your retired life,” he said.
In the case of an untimely death of the policyholder, the family would receive an assured lump sum of at least Rs 22.8 lakh, tax-free.
Product Highlights
· Option to choose a policy term of 5-20 years, depending on your savings goal.
· Offers guaranteed returns, with the flexibility to choose the premium amount, payment frequency, and option to receive benefits as per the goal.
· The plan’s minimum entry age is three months, and the maximum is 50 years (for regular pay).
· Besides life cover and guaranteed savings, the plan offers add-on optional coverages for accidental death and critical illnesses to ease financial burdens.
· Besides the assured base sum, it offers guaranteed addition and loyalty additions on the maturity of the policy term.
· It provides a life insurance cover, which is a death benefit in case of the policyholder ’s unfortunate demise during the policy period.
· Premium payment options include regular, limited, and single pay.
· Besides, three options are available for regular and limited pay: monthly, starting at Rs 500; half-yearly, starting at Rs 3,000 and annually, at Rs 6,000.
Earlier this year, Aegon unveiled a “gamified” website, where visitors get to play the “Game of Life” as part of its outreach to educate them on the importance of insurance. In addition, tools such as “Find Your Product” and “Insurance Need Calculator,” etc., were added to the platform, it said in a press brief on July 4, 2022.
