It is very important for a working individual to plan the finances early. The management of finances becomes crucial if the earning individual has other family members dependent on him/her. Aegon Life iMaximize Insurance Plan is a ULIP plan by Aegon Life that can help individuals in getting their dependents secure along with growing their corpus for future security. The major benefit is that no fee is involved for the allocation of premiums.
Features of Aegon Life iMaximize Insurance Plan
Aegon Life iMaximize Insurance Plan is a financial tool that offers death benefits along with making future secure by allocating money in the capital market. It is very easy to get access to the plan with the help of direct sales channels by Aegon. Some of the features of the plan are:
- There is no fee charged for the allocation of your funds.
- The term for payment of fee is short as it has only 5-7 installments.
- There are six different options of income funds offered under this plan. These options differ from each other in terms of risk and return factor. You can select the best option as per your risk
- There are two options for a death benefit that can be opted by the policyholders.
- The fund value can be enhanced by investing more with the help of top-ups.
- The charges of this plan are low as it is a completely online plan and no commission charges are levied.
Types of Death Benefits
There are two types of death benefits that the policyholders can choose from to ensure that their dependents are financially secure. These options are:
| Death Benefit | Details of Inclusions |
| Benefit Option 1 | Beneficiaries of the insured are provided with the sum assured or the fund value (whichever is high) in case of unfortunate death of the insured during the policy term.
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| Benefit Option 2 | Nominees of the insured are provided with additional benefits apart from sum assured. The benefits involved are sum assured, income benefit and additional savings benefit.
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Eligibility for Aegon Life iMaximize Insurance Plan
The eligibility details of this plan are:
| Particulars | Benefit Option 1
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Benefit Option 2 |
| Minimum Premium |
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| Maximum Age of Entry | 55 Years | 50 Years
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| Minimum Age of Entry | 7 years | 18 Years
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| Maximum age of Maturity | 70 Years | 65 Years
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| Premium Payment Term | 5, 7, 10, 15 Years | 10/ 15 Years |
| Policy Term | 10/ 20/ 25 Years | |
Options of Investment Funds
Investment funds are the most important aspect of ULIP plans as they form the base of the investment profile and the return on investments. The funds are differentiated on the basis of risk profiles and fund compositions. The fund composition of Aegon Life iMaximize Insurance Plan is:
| 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 |
Benefits of the Plan
- The maturity benefit of this plan involves the total fund value as on the given date.
- If the insured has opted for benefit option one, the death benefit can be 105% of the paid premium, fund value of past 2 years inclusive of the top-up amount or sum assured (Whichever is high).
- In case of benefit 2, immediate payment of 105% of total paid premiums or the sum assured (including top-up sum assured) (whichever is high) is made at the death of the insured. An additional savings benefit is provided by waiving the future premiums. Also, the income benefit is provided by paying an amount equal to the annual premium on a yearly basis till the end of policy term. At the time of maturity, the fund value and top-up fund value is paid to the policyholder.
- There are income tax benefits as per the section 80C and 10 (10D)of the income tax on the premiums and claims respectively.
- The policyholder is allowed up to 4 free partial withdrawals on a yearly basis. The maximum limit for withdrawal is 20% of fund value.
- The switching of funds is also allowed 4 times a year for free.
- There are two free options of premium redirection that involve redirection of future premiums to a new fund.
- You can top up your fund value with a minimum of 5,000
FAQs
Q1. I missed my premium due date. What should I do now?
Ans. No need to worry. You still have 30 days or 15 days of grace period, depending on your policy, within which you can make the payment without any late payment charges.
Q2. I want to switch funds in my policy. Would I be charged for the same?
Ans. Yes, you will be charged. As per the terms of policy, you will be charged 0.1% of amount switched leading to a maximum of Rs. 200 per switch.
Q3. What is the process for applying for Aegon Life iMaximise Insurance Plan?
Ans. You can apply for the plan in the easy steps given below:
Step 1: Select the term of policy and term of premium payment.
Step 2: Select the annual premium.
Step 3: Select the sum assured and investment fund.
Step 4: Invest in the plan and enjoy the benefits.