Aegon Life iMaximize Insurance Plan

If you are looking to reap investment benefits at optimum costs, this is the plan for you.

Key Features

  • Zero allocation charges which means 100% investment in your choice of funds
  • Tax free returns on maturity under section 10(10 d) of Income Tax Act 1961 upon fulfillment of conditions laid down.
  • Start investing with as little as 2,000 p.m.

Why Buy This Plan

If you are looking to reap investment benefits at optimum costs, this is the plan for you. Aegon Life iMaximize Insurance Plan aims to maximise your investments. It has no premium allocation charges, thus increasing the availability of more fund for investment. All this without the trouble of going through a cumbersome process - just get yourself insured directly, online!

You should purchase this plan if you:

  • Want to maximise investment, as there is no premium allocation charge
  • Are looking for an investment cum insurance plan that will also help you save tax
  • Want to financially secure your family’s future, come what may

Let's understand the plan with an example

Let's understand the plan with an example: 

Dr. Mahesh (age 30 years) works with a reputed hospital. His wife is a homemaker and they have a son, Anuj, who is 3 months old. Although Mahesh’s income provides well for their family, he is concerned about the rapid change in the way of life. He is also aware of the rising inflation and spiralling expenses related to education, marriage etc. Moreover, he is cognizant that life is uncertain and that the future of his family needs to be protected. He relies on Aegon Life’s iMaximize Insurance Plan.

His plan details are as follows:

Death Benefit Option 2, Cover Amount (Base Sum Assured): Rs. 12.5 lakhs, Policy Term: 25 years, Premium Payment Term: 25 years, Premium Payment Mode: Annual, Premium: Rs.1,00, 000/-. Investment Strategy: 100% Secure Fund

Benefits

Eligibility

How can you buy this plan?

How can you buy this plan?: 

Step 1: Calculate your premium on iMaximize insurance plan by entering your age, gender, amount of premium you wish to invest, and period for which you want to stay invested.

Step 2: The cover amount (Sum Assured) and returns will be decided basis the above

Step 3: Enter the details requested for and generate a premium quote

Step 4: Pay online using either your debit/credit card or your internet banking account

Step 5: Expect a verification call from Aegon Life call centre, once you apply for the policy

Once the payment is made your policy shall be issued within 10-14 working days.

Click here to Buy Now !

FAQ

What is a ULIP?

A Unit Linked Insurance Plan (ULIP) is a product offered by insurance companies that unlike a pure insurance policy gives investors the benefits of both insurance and investment under a single integrated plan.

Why should I buy a ULIP?

Most insurers offer a wide range of funds to suit one’s insurance and investment objectives, risk profile and time horizons. Different funds have different risk profiles. The potential for returns also varies from fund to fund. 

How can I plan for different purposes of life with ULIPS?

Depending on the purpose of investment, ULIPS can be divided into ULIPs for Retirement Planning, ULIPs for Child Education, ULIPs for Wealth Creation and ULIPs for Health Solutions.

What is the difference between buying a ULIP Online vs. Offline?

It has been Aegon Life’s constant endeavor to design customer centric offerings. iMaximize is one such online solution which has been designed to maximize the customer benefits. Since this plan comes with zero allocation charge, 100% of your premium is invested in the chosen fund, thus leading to a better value for the Customer.

Is it safe to make payments online?

Aegon Life ensures that every transaction you conduct online is in a safe and secure environment. To achieve this, our site is protected by Secured Socket Layer (SSL) technology by VeriSign, the leaders in encryption technology. The process of encryption takes your credit card information and converts it into bits of code that are securely transmitted over the Internet. This scrambled data cannot be read as the information travels over the Internet. Aegon Life doesn’t store any Credit/Debit card, Internet banking related information provided by the customer.

What is Aegon Life iMaximize Insurance Plan?

Aegon Life iMaximize Insurance Plan is a Unit Linked Insurance Plan. 

What are the Death Benefit options available under this plan?

There are two Death Benefit options available under this plan.
1 Benefit Option1: Higher of Sum Assured or Fund Value paid
2 Benefit Option2: Sum Assured + Additional Savings Benefit + Income Benefit

What is the difference between Death Benefit Option1 & Death Benefit Option2?

Death benefit Option1: In case of death of the Life Assured, nominee will receive the following:
Higher of Sum Assured or Fund Value or 105% of total premiums paid
Death benefit Option2: Triple Benefit Option
In case of death of the Life Assured during the Policy Term, nominee will receive the following:
Higher of Sum Assured or 105% of total premiums paid + All future premiums due will be paid by the Company (additional savings benefit)+Amount equal to the annual premium will be paid every year to the nominee (Income Benefit).

What are the premium paying frequencies available under this plan?

You can select to pay your premiums annually or monthly.
  You also have the option to pay your premiums in one lump-sum under the single pay option. 

How long do I need to pay premiums under this Policy?

This plan provides you with the choice to decide on the duration for which you would want to pay the Policy premiums.
The Premium Payment Term options available depend on the Plan’s Benefit Option selected by you:
Benefit Option 1: Single Pay / 5 years / 7 years / 10 years / 15 years / Equal to Policy Term
Benefit Option 2: 10 years / 15 years / Equal to Policy Term

What will I get at the end of the Policy Term (Maturity)

You will receive the total Fund Value of your Policy at the end of the Policy Term. 

What happens if I surrender the Policy?

To get the maximum benefit from this Policy, we encourage you to continue your Policy for the complete Policy Term. However, in case you still want to surrender your Policy, you can do so at any time during the Policy Term. However, in case of surrender during the first 5 Policy Years, the Surrender Value will be paid after the completion of first 5 policy years. 
  Surrender value = Fund Value minus (-) the discontinuance charge of the year in which the premium payment is discontinued. 

How many investment funds are available under this plan?

Aegon Life iMaximize Insurance Plan offers 3 fund options:
1. Blue Chip Equity Fund: This Fund aims to provide long-term capital appreciation by investing in a diversified equity portfolio that consists of predominantly large cap companies with strong financials, quality management and market leadership.
2. Debt Fund: This fund will aim to generate attractive investment income by investing in a diversified portfolio of government debt, corporate debt and money market instrument of varying maturities.
3. Secure Fund: This fund will aim to invest in a diversified portfolio of debt and money market instrument of short to medium term maturities. The main objective will be to generate attractive investment income while providing the security of very low volatility risk since asset durations would be reasonably small.

Do I have the option to change my fund choice during the Policy Term?

Yes, you can change your fund selection at any time during the Policy Term using the features of Switch and Premium Re-direction available with this plan.
1. Switch - This feature helps you shift your investments from one fund to another.
2. Premium Re-direction - This feature allows you to alter the premium allocation to be applied to your future premiums and Top-Ups.

How many free switches are allowed during the Policy Year?

This plan offers four free switches every policy year.

Can I pay additional premium into this plan?

Yes, this plan has a Top-Up facility to help you boost your Fund Value by paying additional premiums as per your convenience.  The minimum Top-Up amount is ₹5000 and you can Top-Up anytime except in the last 5 Policy Years.

Can I withdraw money from my Policy?

Yes, the Partial Withdrawal facility available with this plan gives you the option to withdraw money from your Fund Value after first 5 Policy Years. The maximum amount of Partial Withdrawal allowed in any Policy Year is 20% of the Fund Value at the beginning of that Policy Year. You have the flexibility to make up to four Partial Withdrawals in each policy year free of charge.

Can I avail a loan in this Policy?

No, this plan does not offer loan. 

Can I propose the Policy for any one of my family member? Eg : Can I purchase the policy in my Child’s name?

Yes, you can be a proposer and buy this plan in the name of your spouse/children, subject to fulfillment of the eligibility conditions mentioned in the Sales Brochure.

What are the documents required to apply for a claim?

The Company would seek the following primary documents in support of a claim to enable processing of the claim intimated by the nominee under the Policy:
I. Original Policy Document
II. Death Certificate issued by the local authority
III. Certificate of the Doctor / Medical Officer certifying the cause of death
IV. Claimant’s Statement
V. The Company is entitled to call for additional documents or information for processing of the claim depending on the cause of claim.

Where does a nominee apply for a claim?

Claim may be intimated directly to the company’s registered address or any of the branch offices in writing to initiate processing.

How soon does a claim get settled?

Our objective is to settle claims as early as possible and you would be glad to know that after receiving the necessary documents we take not more than 6 working days to settle a claim.

How do I ensure a hassle-free claim experience for my dependents?

Following are the points that need to be kept in mind to ensure a hassle-free claim experience:
I. Double-check details with regard to your nominee.
II. Ensure that your nominee knows the details of your policy such as sum assured, policy term.
III. Also keep your policy bond in a safe place and ensure that your nominee knows where the original policy bond is stored.
IV. Pay your premiums regularly so that Policy is in force.

What is my Policy Number?

The quote number for which you have made the payment is your Policy Number.

Do I need to undergo medicals for iMaximize policy?

The medicals are based on the Age, the Sum Assured and the Death Benefit option chosen.

Can I change my premium frequency from monthly/annual to single or vice-versa?

No, change in premium payment frequency from monthly/annual to single pay, or vice versa is not possible. 

Do I require to submit income evidence?

If the cumulative premium is ₹1 lakh and above, the income proof will be required. Also it is important from financial underwriting point of view.

Can I change the Death Benefit option from 1 to 2 or otherwise?

No, Death Benefit option selected by you during Policy purchase will remain same throughout the policy term.

What types of deaths are covered?

This Policy covers all types of deaths except death due to suicide during first Policy year or within one year from the date of revival. In case of death by suicide during first Policy year or within one year from the date of revival, only fund value as on the date of death is payable.

What are the hidden charges in the premium?

There are no hidden charges in this plan. Please refer to the Product Brochure for details of the various charges applicable under this policy. 

Can I or my nominee place requests for change in premium re-direction, fund switch etc.?

Only you (the Policy owner) can request for any of the above changes in your policy.

When can I place a request for free look?

In case you are not satisfied with the Terms and Conditions, you can request for free look cancelation within 30 days from the date you receive the  policy documents. 

Can I change the due date of my Policy?

The due date of the Policy remains unchanged throughout the Policy Term. 

When will I get my policy kit?

You will get your policy kit within 10 days of the policy issuance.

Can I revive the Policy once lapsed?

Yes, you can revive your lapsed Policy within the Revival period of 2 years. Revival will be subject to payment in full of an amount equal to all the Policy Premiums due but unpaid till the Effective Date of Revival.

I have received my policy document. For further assistance please let me know whom do I contact?

You can contact us on our toll free no 1800-209-9090 or you can write to us at customer.care@aegonlife.com.

Disclaimers

Product Name: Aegon Life iMaximize Insurance Plan UIN 138L030V03

This illustration is indicative only and should be read in conjunction with the benefit illustration.

The non-guaranteed projected investment returns of 4% and 8% are not guaranteed and are for illustration purpose only.

Total Charges include policy administration charge, base mortality charge,#Additional Savings Benefit charge, #Income Benefit charge and fund management charge. #Additional Savings Benefit charge and #Income Benefit charge applicable only if Death Benefit Option 2 is opted.

If your policy is discontinued any time during the first five policy years, discontinuance value will only be payable after completion of five policy years.

The past performance of any of the unit linked segregated funds is not necessarily an indicative of the future performance of any of these segregated funds.

The mortality charges are subject to underwriting of the proposal, and may increase before the acceptance of the risk.

Service tax, Education cess and any other taxes announced by the government of any other statutory body in future would be levied as per the applicable tax laws.

Unit linked Life Insurance products are different from the traditional insurance products and as such, are subject to risk factors. The premium paid in unit linked life insurance policies are subject to investment risks associated with capital markets and the NAV's of the units may go up or down based on the performance of fund and factors influencing the capital market and the policy holder is responsible for his/ her decisions.

Aegon Life Insurance is only the name of the Insurance Company and Aegon Life iMaximize Insurance Plan is only the name of the unit linked life insurance contract and it does not in any way indicate the quality of the contract, its future prospects and returns. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. Please know the associated risks and the applicable charges, from policy document of the insurer.

This is a nonparticipating unit linked plan and we do not offer policy loan in this plan.

Segregated Fund Identification Number (SFIN):

Blue Chip Equity Fund ULIF01511/02/14BLUECHIPEQ0138,

Secure Fund ULIF00505/07/08SF0138,

Debt Fund ULIF00405/07/08DB0138.

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