Aegon iTerm Plus Insurance plans

Aegon Life Jeevan Riddhi Insurance Plan

As an insured, if one is looking for a savings plus protection plan which will give an extra boost to their savings, Jeevan Riddhi, the Non-linked Participating Endowment Life Insurance Plan is the most suitable plan for you. Aegon Life’s Jeevan Riddhi Insurance Plan gives the insured 5% guaranteed additions on Sum Assured during the premium payment term. Moreover the family is covered for any unfortunate event to the primary insured / bread winner and one also gets a share in the performance of the product through the regular bonus.
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Aegon Life insurance review

Aegon iTerm Plus Insurance plans
Distribution - Number of branches pan India (March 2019)
82
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
5/62
Solvency Ratio (FY 2018-19) *
2.59
Number of Policies Sold (Ind+Group) *
37,487
Number of Lives Covered (Ind+Group) **
285,524
Claims Settlement Ratio (Ind+Group) ***
96.90%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Aegon Life Jeevan Riddhi Insurance Overview

  • Features
  • Suitability
  • Eligibility
  • Benefit Description

Features of Aegon Life Jeevan Riddhi Insurance Plan

  • Guaranteed Addition of 5% of the Sum Assured for every year of premium payment.
  • Lump-sum payout at maturity
  • Life cover for your family’s financial security
  • Loan available for meeting unplanned financial requirements
  • Inbuilt Accidental Death benefit equal to 50% of Sum Assured
  • Choice of Policy Term and Premium Payment Term to match your financial needs.
  • Option of premium waiver upon Disability
  • Tax benefits as per prevailing tax laws.
  • Increase in benefit amount every year by bonus accrual, if any.

Suitability of of Aegon Life Jeevan Riddhi Insurance Plan Plan for Insured’s Needs

Insured’s Needs How Jeevan Riddhi Insurance Plan fulfil this need?
Lump-sum amount for future financial goals
  • Guaranteed Additions every year during premium payment
  • Yearly bonus accrual (if any) for the complete Policy Term
  • Lump-sum Payout at maturity
Financial security to family in your absence
  • Life cover for the entire Policy Term
  • Inbuilt accidental death benefit (equal to 50% of the Sum Assured)
  • Increase in death benefit amount every year by Bonus accrual (if any) and guaranteed additions
Liquidity Loan available once the policy has acquired a surrender value
Flexible Policy Term and Premium payment options
  • Choice of Policy Term: 12 years to 20 years
  • Choice of Premium Payment Term: Single Pay / Limited Pay
  • Choice of Premium Payment Frequency: Pay premiums Annually, Half-yearly or Monthly
Tax Benefits The premiums paid and benefits received are eligible for tax benefits under Section 80(C ) and Section 10(10)D, upon fulfilment of the conditions laid down for availing such benefits

Eligibility of Aegon Life Jeevan Riddhi Insurance Plan

Eligibility Criteria
Entry Age Minimum – 18 years last birthday
Maximum
  • 55 years last birthday for Limited pay option
  • 60 years last birthday for Single Pay option
Maturity Age Maximum: 70 years last birthday
Policy Term
  • For Limited Pay Policies: 12years to 20 years
  • For Single Pay Policies: 10 years
Premium Payment Term Single Pay / (Policy Term - 5) years
Minimum Premium Limited Pay:
Policy Term Premium Payment Term Minimum Premium
12 to 16 years Policy Term – 5 years ₹15,000/- p.a.
17 to 20 years ₹12,000/- p.a.

Single Pay : ₹1,00,000
Maximum Premium No limit, subject to underwriting
Premium Payment Mode Annual, Half-yearly and Monthly
Sum Assured Will depend on the age of the Life Assured, Premium Payment Term opted and the Annualised Premium amount.
Premium Payment Mode Annual, Half Yearly and Monthly
Sum Assured Will depend on the age of the Life Assured, Premium Payment Term opted and the Premium amount.

Benefit Description of Aegon Life Jeevan Riddhi Insurance Plan

Death Benefit In case of unfortunate demise of the Life Assured during the Policy Term, provided all due Premiums have been paid, the nominee will receive the following:
  • Sum Assured on Death, plus
  • Accrued Reversionary Bonus, plus
  • • Accrued Reversionary Bonus (if any), plus
  • Terminal Bonus, if any.
The total death benefit payable will be subject to a minimum of 105% of the premiums paid till death.
The Sum Assured on Death will be calculated as:
  • For Limited Pay policies: Higher of (10 times the Annualized Premium or Sum Assured)
  • For Single Pay option:
    • For Age at entry less than 45 years: Higher of (1.25 times the Single Premium or Sum Assured), and
    • For Age at entry of greater than or equal to 45 years: Higher of (1.10 times the Single Premium or Sum Assured).
Maturity Benefit On Survival till the end of the Policy Term and provided all due Premiums have been paid, the following amounts will be paid:
  • Sum Assured, plus
  • Accrued Guaranteed Additions, plus
  • Accrued Reversionary Bonus (if any),
  • Terminal Bonus, if any
Additional Benefits (Rider) Aegon Life Premium Shield Rider : This rider provides waiver of premium on Death or Disability due to either Accident or Sickness.
  • For Policies where Proposer and Life Assured are different individuals, this rider waives off all future premiums under the base plan in case of either Death or Disability of the Proposer.
  • For Policies where Proposer and Life Assured are the same individual, this rider waives off all future premiums under the base plan in case of Disability of the Life Assured.
  • The following disabilities are covered under this rider:
    • Loss of or loss of use of both Limbs
    • Loss of eyesight in both eyes
    • Loss of speech
    • Loss of hearing in both ears
    • Loss of or loss of use one limb
Policy Loan Benefit Loan can be availed under this Policy once the Policy has acquired a surrender value. The minimum amount of loan is Rs.5,000 and maximum amount will not be more than 60% of the Surrender Value.
The policy loan interest rate will always be equal to yield to maturity on 10 years G-Sec + 200bps and will be reset at the beginning of each Financial Year. Any change in this basis will be subject to prior approval from IRDAI. The rate at which Policy Loans are currently offered by the Company is 9.74% per annum (July 2019).
Surrender Benefit In case the insured decides to surrender your Policy, the Policy will acquire guaranteed Surrender Value:
  • After payment of first three year’s Policy Premiums in full, in case the insured has opted for Premium Payment Term of 10 years and above;
  • After payment of first two year’s Policy Premiums in full, in case the insured has opted for Premium Payment Term less than 10 years;
  • Immediately, in case the insured has opted for Single Pay option
Please refer the Policy Contract for the details on Guaranteed Surrender Value factors.
Free Look Period 15 days (30 days in case of Distance Marketing)
Grace Period 15 days

Brochure

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Policy wordings

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025