It is always advised to invest your money in the right financial tools to make sure that in case of any financial emergencies you have the right back up. Aegon Life Future Protect Plus Insurance Plan, a type of ULIP, is one such plan where you are sure that your money is allocated in the right funds and your dependents are financially secure. The two-way benefits of such plans make them a wise option for investment.
Features of Future Protect Plus Insurance Plan
There are many features of Aegon Life Future Protect Plus Insurance Plan that make it the best buy compared to other plans in the market. These features are listed below:
- The plan involves a dual death benefit. In case the policyholder passes away during the policy term, the beneficiaries are paid the sum assured as well as the fund value as on the given date.
- The plan gives you the flexibility to select the amount of insurance coverage as per your requirements.
- You can also increase the amount of coverage in between of the policy term if you realize that you need more coverage.
- The plan also allows you to allocate your money systematically so that your long-term financial needs are taken care of efficiently.
- Aegon Life Future Protect Plus Insurance Plan gives you the option of “Invest Protect” feature that can help you invest smartly but at the same time safeguarding your investment from the losses.
- The flexibility to choose among the fund options that make sure that your investment needs are satisfied.
- They are suitable liquidity options that you can avail after 5 years with the help of partial withdrawals.
- You can pay an additional premium with the help of investing through top-ups.
- The plan gives an option to keep your money invested in the market for up to 5 years after the maturity.
- There are tax benefits that are involved in this plan.
Options of Investment Funds
The investment funds are the elements that govern the whole return structure of ULIP plans, AEGON Life Future Protect Plus Insurance is no different. The choice of investment fund will decide what returns and fund value you can expect on your investment and in deciding how safe the investment is. The major difference in these funds is the composition of funds that decides the risk and returns involved. The fund composition of the six plans that are available are:
| Fund Name | Equities | Fixed Interest Securities | Money Market Instruments | Risk Factor |
| Blue Chip Equity Fund | 80-100% | 0% | 0-20% | High |
| Accelerator Funds | 80-100% | 0-20% | 0-20% | High |
| Opportunity Fund | 80-100% | 0% | 0-20% | High |
| Stable Fund | 20-80% | 20-80% | 20-80% | Moderate |
| Secure Fund | 0% | 60-100% | 0-40% | Low |
| Debt Funds | 0% | 60-100% | 0-40% | Moderate |
There are further options to help you in optimizing your investments and keeping them safe from the risks in capital markets. These options are of the following features:
- The plan offers the feature of auto re-balancing that ensures that the funds are allocated for maintaining balance in funds by the end of every year. There is an automatic re-balancing of the funds in the proportions chosen by the policyholder on an annual basis.
- The plan offers the feature of Premium Re-allocation that helps you to change the allocation of your top-up premium in other funds. You can avail up to 2 premium allocations for free in a given year.
- You can switch the investments made by you, from one fund to other. You can switch up to 4 times in one year.
Other Details About the Policy
There are many other details apart from the investments that shape the plan. Given below is the explanation of these details:
- Free Look Period
There is a free look period of 15 days to consider the cancellation of the policy, in case it is a monthly premium plan. If the policyholder has selected other modes of premium this term will be of 30 days.
- Policy Surrender
One can surrender the plan after it has been active for a time period of 5 years. If the policy is discontinued before the term of 5-year ends, then the net fund value will be credited to the discontinuation policy fund. This amount will be deposited after the deduction of discontinuation charges. After the amount is submitted to the discontinued policy fund, returns of a minimum 4% can be expected out of the amount. If the policy is surrendered after the time period of 5 years is completed then the complete fund value is paid to the policyholder without any deductions.
- Partial Withdrawal
You can make free partial withdrawal every year with an upper limit of 20% of fund value. There is also an option of systematic partial withdrawals in which redeemed units are transferred to the bank account of the policyholder.
- In Case of Suicide
There is no payment of sum assured if the policyholder commits suicide within 12 months of inception of the policy. In this case, only the fund value is paid to the beneficiaries.
Also Read: Aegon Life Future Protect Insurance Plan
FAQs
Q1. What is the age of entry for Aegon Life Future Protect Plus Insurance Plan?
Ans. In Aegon Life Future Protect Plus Insurance Plan, the age of entry can be between 7-50 years.
Q2. What is the maximum age of maturity in Aegon Life Future Protect Plus Insurance Plan?
Ans. The maximum age of maturity in the Aegon Life Future Protect Plus Insurance Plan is of 65 years.
Q3. How many options are provided for the type of funds in Aegon Life Future Protect Plus Insurance Plan?
Ans. There are six options of funds provided to the policyholders that are differentiated on the basis of their risk profile and fund allocations. These funds are:
- Blue Chip Equity Fund
- Accelerator Funds
- Opportunity Fund
- Stable Fund
- Secure Fund
- Debt Funds
Q4. What is the term of policy premium payment?
Ans. The policy of premium payment is equal to the term of the policy.