Not everyone is lucky enough to enjoy the benefits of pension after retirement. Nevertheless, everyone wants a financial security for their fair-haired years. Wouldn’t it be great if you could spend some money the way you spend today, even after you retire?
That’s exactly how the retirement plans from Aegon Life Insurance Company have been designed.
Aegon Insta Pension Plan
Aegon Insta Pension Plan is basically an Immediate Annuity Plan with no Bonus Facility. This is an Instant Annuity Plan and it can be purchased with a Single Premium. Aegon Insta Pension Plan is a non-participating, non-linked, single premium Immediate Annuity Plan.
Special Features and Benefits of Aegon Insta Pension Plan
- Aegon Insta Pension Plan is simply an Immediate Annuity Plan with no Bonus facility
- Under this plan, policy premium is required to be paid upfront in a lump sum
- As long as the policyholder is alive, there is a assured income for the entire life, under this plan.
- Since it’s an Immediate Annuity Plan, the pension begins the very moment the plan has been taken.
- Under this plan, there are 2 options for annuity:
- Single Life Annuity - for self
- Joint Life Annuity - for self and spouse
- Death Benefit – There is no Death Benefit offered under this plan since it’s a pure Annuity Plan.
- Maturity Benefit – There is no Maturity Benefit offered under this plan given that it’s a pure Annuity Plan and it continues given that the policyholder is still alive for Single Life Annuity Plan and for Joint Life Annuity Plans, it continues as long as the last of the 2 spouses are alive.
- Income Tax Benefit – Premiums paid up to Rs. 1, 00,000/- under life insurance plans are eligible to income tax deduction every year under section 80C of the income tax act
Eligibility Criteria for Aegon Religare Insta Pension Plan:
|Sum Assured||No Sum Assured Requirement|
|Policy Tenure||Life Long|
|Premium Payment Tenure||Single|
|Entry Age of Policyholder||50 Years||85 Years|
|Entry Age of Spouse||50 Years||85 Years|
|Age at Maturity||10, 12 or 16 years|
|Modes of Premium Payment||-||Life Long|
|Single Premium||Rs. 1,00,000/-||No Limit|
|Modes of Premium Payment||Only Single|