Aegon Life Insurance launches iGuarantee Max Savings. Details here

The policyholder can select a coverage time period between 5 and 20 years, relying on their financial savings objective. They will get assured returns, flexibility to decide on an inexpensive premium, payable at a frequency of their alternative, and the choice to obtain advantages timed as per their life objective. Premium fee choices on provide are common pay (pay all through the coverage time period), restricted pay (pay for a hard and fast period, decrease than the coverage time period) and single pay (pay a lump sum entrance).

In the occasion of dying of the policyholder, if the coverage is in-force and all due premiums have been paid, an quantity equal to the sum assured on dying plus accrued assured additions, if any, shall be paid.

If the coverage survives the coverage time period, the maturity profit, which is the same as addition of base sum assured, loyalty addition and accrued assured additions will probably be paid.

“This is a extremely aggressive and inexpensive product with premiums beginning at simply INR 500/month,” said Satishwar B, MD, and CEO of Aegon Life.

“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 ₹5 lakh is paid to your family. No other savings instrument tops this kind of guaranteed assurance.”

The minimal entry age for this plan is three months, and the utmost is 50 years (for normal pay, 45 years). The plan additionally affords add-on elective coverages by means of the selection of Accidental Death and Critical Illness riders.

“Be it your youngsters’s training or marriage or securing your retirement, you’ll be able to plan for these objectives with a contribution as little as ₹500/month ( ₹17/day),” the insurance company said in its statement.