Ageas Federal Life Income Protect Plan

Therefore, the interested individuals can choose Income Protect Plan terms according to their budget and other obligations. The premiums can be paid in monthly and yearly mode only.

Let’s read further to know in details about different aspects of the policy.

Eligibility Criteria of Ageas Federal Life Income Protect Plan

The following are the eligibility criteria of Ageas Federal Life Income Protect Plan.

Benefits Offered by Ageas Federal Life Income Protect plan

Death Benefit

On an insured's death, while the policy is in force, the nominee will get death benefits, as illustrated below.

• Lump Sum money: Income Protect Plan will offer 12 times the monthly income as on the date of death
• Increasing Monthly Income Benefit: Monthly premiums equal to the monthly income at the date of death will be paid for a minimum of five outstanding policy years. The rate of monthly income benefit will increase at 5% every year till the outstanding policy year. After the policy term ends, the monthly income benefit will increase at the same rate if applicable.

The death benefits such as lump sum money and increasing monthly income benefit will not be less than the highest amount of 105% of total premiums paid till the date of death, 10 times of annualized premium, minimum Guaranteed Sum Assured on maturity, and assured amount payable on the date of death.

Tax Benefits:

The tax benefits offered by the Income Protect Plan depend on the amount and number of premiums paid. The tax benefits are as per the provisions of Sec 80C and Sec10 (10D) of the Income Tax Act 1961. The goods and service tax or any cess applicable under this policy is 18% of the total premiums paid.

“Tax benefit is subject to changes in tax laws. Standard T&C apply.”

Surrender Benefits:

Ageas Federal Life Income Protect Plan does not offer any surrender value. However, suppose the policyholders want to exit from the policy after paying premiums for at least three consecutive years. In that case, 70% of the premiums paid till the date of surrender will be paid, and the policy will be terminated.

Premium Illustration

This term insurance policy by Ageas Federal Life Insurance allows policyholders to pay in regular and limited instalments. It has a 10 to 30 years policy term. Therefore, if a male policyholder is 35 years old and wants to get a monthly income of INR 25,000 in his absence for a few years afterward, he would be required to pay a premium amount of INR 9,888 for 20 policy years.

As he dies in the 10^th year, his family will receive a lump sum amount of 12 times the monthly income, i.e., INR 4,35,000. His family will also receive a monthly income of INR 36,250 for outstanding policy terms subject to a minimum of 5 years by increasing at 5% every year. In this case, the monthly income increased at 5% p.a. for 9 years until the person's date of death.

Documents Required to Buy Ageas Federal Life Income Protect Plan

The individuals are required to read all the related documents and information before making a final policy purchase decision. To purchase an Income Protect Plan, they are required to provide the following documents.

• Address proof
• Identity proof
• Date of birth proof
• Income details and bank details
• Passport-size photographs
• Proposal form

Exclusions

Ageas Federal Life Income Protect Plan does not offer the regular death benefits if the insured person dies due to suicidal attempts. However, suppose the incident takes place within twelve months from the policy revival date or risk initiation date. In that case, the nominee can claim at least 80% of premiums paid till the death date or the Policy Surrender Value as on the death date.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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