Bandhan Life Flexi Money Back Advantage Insurance Plan
AEGON Life Flexi Money Back Advantage Insurance Plan is a limited payment money back insurance plan with bonus facility. In this plan, there is Money Back given as per schedule in a pre-defined format. The remaining 40% of Sum Assured along with accrued simple Reversionary Bonus + Terminal Bonus would be paid as Maturity Benefit on survival till the end of the Policy Tenure.
Key Features
Cash back at regular intervals
Life cover continues even after the end of Premium Payment Term
Increase in benefit amount every year by bonus accrual from 1st year onwards
Choice of 3 policy terms
Parent / Grand Parent can propose the plan for the child
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets (10 X Annualized Premium) or (Sum Assured + accrued bonus, if any), subject to a minimum of 105% of total premiums paid. The above payout will be irrespective of the periodic survival benefits already paid.
The policyholder will receive a guaranteed percentage of Sum Assured as periodic survival benefit during the Policy Term. The periodic survival benefit will depend upon the Policy Term opted for as per the table below:
On survival till the end of the policy tenure, the policyholder gets the remaining 40% of the Sum Assured + accrued simple Reversionary Bonus+ Terminal Bonus as Maturity Benefit and the policy terminates.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
How it works
Sample illustration of premiums :
The below illustration is for a Sum Assured of Rs 5,00,000 of a healthy male of 30, 35 and 40 years of age respectively
Policy Tenure 21 yearsand 17 years
Premium Paying Term 15 years and 12 years
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 1,00,000 | No Limit |
| Policy Term (in years) | 14, 17 | 21 |
| Premium Payment Term (in years) | 10 (PT=14), 12 (PT=17) and 15 (PT=21) | |
| Entry Age of Life Insured (in years) | 7 | 60 (PT=14),
58 (PT=17), 54 (PT=21) |
| Age at Maturity(in years) | - | 75 |
| Premium (in Rs.) | 13,033 p.a. | No Limit |
| Payment modes | Annually, Half Yearly & Monthly | |
FAQs
What happens if you stop paying the premium?If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least 2 years’ premiums have been paid, then the policy gets converted to Paid up Policy and continues with reduced benefit. The policy can however be revived within a period of 2 years from the due date of the first unpaid premium.
What happens if you want to surrender the policy?There are Surrender Benefits in this plan after payment of first full year’s premium
The Guaranteed Surrender Value (GSV) will be calculated as:
GSV of Sum Assured = (Applicable GSV Factor) X (Total Amount of Premiums Paid) less Guaranteed Payouts already paid plus,
GSV of Bonus = (Applicable GSV Factor) X (Accrued Bonus)
What happens if you want a loan against your policy?Loan facility is available from the 4th policy year onwards upto 60% of the Surrender Value and a minimum of Rs 5,000.
