Benefits of iGuarantee Saving Plan
Benefits of iGuarantee Savings Plan and iTerm Plan
Known to be the pioneers in online insurance, AEGON Religare Life Insurance (ARLI) had announced the launch of India’s very first online guaranteed insurance plan – AEGON Religare iGuarantee Insurance Plan last year in December, 2013. A plan which is exclusively available online and which is also targeted specially for individuals seeking guaranteed as well as simple insurance solutions. So, many people may be wondering what is so different about this insurance over all other types. Are there are benefits that are involved?
There are many benefits of iGuarantee Savings Plan. Some of the main benefits include:
1) There are tax benefits which are offered under Section 80C and 10(10D) of the Income Tax Act, 1961.
2) A maturity benefit is offered in the form of a yearly guaranteed payout. This is 135% of the annual premium which is for a period of six years; starting right after the policy term.
3) The policy will not lapse in case the premium is paid for at least a minimum of a year; as it is known to continue with the paid-up sum assured.
4) If there is the death of the life assured, during the policy term then the future premiums are completely waived off. The nominee will then receive the guaranteed payouts; as per the scheduled dates during the duration of the payout period. There is also the flexibility for the nominee to get the cash value of the death benefit at any point of time during the policy term.
These plans are meant for those customers who seek a steady return over the medium-term while minimising the risk that is involved. While the iGuarantee Insurance Plan is a non-participating, non-linked life insurance plan; AEGON Religare also offers an iTerm plan that is mean to protect your loved ones at a fraction of the ordinary cost. The benefits of iTerm Plan ensure that the death benefit is paid to the nominee.
There are also tax benefits under Section 80C of up to INR 100,000 which are deductible from taxable income. Besides this there are Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961 under Section 10 (10)D of the Income Tax Act, 1961.