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Aegon Life POS Guaranteed Return Insurance Plan

As an insured, are you concerned about the financial security of your family in case anything happens to you? If yes, then Aegon Life POS Guaranteed Return Insurance Plan (GRIP) is the perfect plan, which is the ideal perfect combination of Savings+ Protection, guarantees financial freedom to the family in the insured’s absence, provides a guaranteed amount upon Policy Maturity and provides a Short Premium Commitment with flexible Payment Options.
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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 POS Guaranteed Return Insurance Overview

  • Features
  • Eligibility
  • Benefits

Features of Aegon Life POS Guaranteed Return Insurance

The key features of this plan include:
  • Guaranteed benefits on Death or Maturity
  • Secure life goals with guaranteed maturity payout of 225% to 325% of the Basic Sum Assured
  • Guaranteed Additions accrue at the end of every year throughout the Policy Term
  • Loyalty Booster payable at end of the Policy Term
  • Pay premiums for a limited term & enjoy policy benefits throughout the Policy Term
  • Option to choose a Policy Term and premium payment options as per convenience
  • Complete a short proposal form and get insured
  • No Medical Examination required for opting for this plan
  • The insured is eligible for tax benefits on premiums paid and benefits received as per prevailing tax laws

Eligibility of Aegon Life POS Guaranteed Return Insurance

Eligibility Criteria
Entry Age Minimum Minimum - 13 year last birthday
Maximum - 50 years last birthday, Policy Term 10 - 20 years
Maturity Age Minimum - 18 year last birthday
Maximum - 65 years last birthday
Policy Term 10 – 20 years
Premium Payment Term (PPT) 5 / 7 / 9 years
Premium Minimum
  • ₹10,000 for yearly mode
  • ₹7,500 for half-yearly
  • ₹1,500 for monthly mode
Maximum
  • ₹100,000 for yearly mode
  • ₹51,200 for half-yearly mode
  • ₹8,700 for monthly mode
N.B. - The maximum annualised premium per life insured will be capped to ₹100,000 for this product.
Premium Payment Mode Yearly, Half-yearly and Monthly

Benefit Description of Aegon Life POS Guaranteed Return Insurance

Benefits under POS GRIP
Guaranteed Death Benefit In the unfortunate event of death of Life Assured, Sum Assured on Death along with accrued Guaranteed Additions will be payable to the beneficiary. Sum Assured on Death is defined as the Highest of:
  • Basic Sum Assured + Loyalty Booster, or
  • 10 times of Annualized Premium7, or
  • 105% of total premiums paid8 till date of death or
  • An absolute amount assured to be paid on death
The Policy will terminate on payment of the above benefit.
Maturity Benefit The insured will receive the Guaranteed Maturity Benefit at end of the Policy Term, provided all due premiums have been paid and your policy is in force. Guaranteed Maturity Benefit is
  • Basic Sum Assured Plus
  • Accrued Guaranteed Additions Plus
  • Loyalty Booster
Surrender Benefit It is advisable to run the policy for it’s complete tenure, however if in case if the insured still decides to surrender their Policy, the Policy will acquire Guaranteed Surrender Value after premiums have been paid for at least 2 full years.
  • The Guaranteed Surrender Value (GSV) will be calculated as: • GSV of Basic Sum Assured and Loyalty Booster = (Applicable GSV factor of Basic Sum Assured and Loyalty Booster) X (Total Amount of Premiums Paid excluding taxes)PLUS
  • GSV of accrued Guaranteed Additions = (Applicable Guaranteed Additions GSV factor) X (Accrued Guaranteed Additions)
Waiting Period The product has a 90 day waiting period from the date of inception of the policy within which, if death occurs (other than due to accident), the beneficiary will receive 100% of the premiums paid till the date of death (excluding any taxes).

During this waiting period the Guaranteed Death Benefit will not be payable.
Free Look Period 15 days
Grace Period 15 days

Brochure

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Policy wordings

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    InstantCover Insurance Web Aggregator Private limited
    710, 6th B Cross, 16th Main Road, Koramangala 3rd Block, Bangalore - 560 034.

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