Aegon Life Insurance has launched a new savings cum insurance product which will allow subscribers to contribute with as low as Rs 500/month (Rs 17/day). Named iGuarantee Max Savings, the new product offers the dual benefit of high returns and life cover.
The scheme will enable subscribers to save for different life goals, be it children’s education or marriage or securing retirement. Higher contributions will gain higher returns and the returns would be exempted from tax.
Commenting on the plan, Satishwar B, MD, and CEO of Aegon Life, said, “This is a highly competitive and affordable product with premiums starting at just Rs 500/month.”
“The plan ensures that your savings goal is met, no matter what. Say you are 30 years old and have a 3-year-old child. If you put aside even 3,000 every month for ten years, you will receive approx. 6.5 lakh, tax-free, when your child is 18 and starting higher studies. In case of your untimely death, you can be assured that a tax-free lump sum of at least Rs 5 lakh is paid to your family. No other savings instrument tops this kind of guaranteed assurance,” he added.
But that’s not all. This product is flexible enough to cater to different goals and stages of a subscriber’s life.
“If you are 40 years old and have started thinking about a retirement corpus, all you have to save is Rs. 10,000 every month for ten years. When you are 60, you will receive a tax-free lump sum of appro. Rs. 29.47 lakh to start your retired life. In case of an untimely demise, your loved ones will be assured of a tax-free lump sum of at least Rs. 22.8 lakh. Thus, the retirement corpus is created, irrespective of unfortunate incidents,” said Satishwar B.
iGuarantee Max Savings Features
- Subscribers can choose a policy term between 5 – 20 years, depending on their savings goal.
- Guaranteed returns, flexibility to choose an affordable premium, payable at a frequency of your choice, and the option to receive your benefits timed as per your life goal make this product unique.
- The minimum entry age for this plan is three months, and the maximum is 50 years (for regular pay, 45 years).
- Aegon Life iGuarantee Max Savings also offers add-on optional coverages through the choice of Accidental Death and Critical Illness riders
- In addition to the base sum assured, this plan offers guaranteed addition and loyalty additions, culminating in a guaranteed maturity benefit at the end of the policy term.
- Throughout its duration, the plan provides a life insurance cover, which pays a death benefit in case of the policyholder’s unfortunate demise.
- The plan offers multiple premium payment options like
- Regular Pay – pay throughout the policy term
- Limited Pay – pay for a fixed duration, lower than the policy term, and
- Single Pay – pay a lumpsum upfront
For Regular and Limited pay, there are three options available for paying the premium in instalments – monthly (starting at Rs 500), half-yearly (starting at Rs 3,000), and annual (starting at Rs 6,000).