Hyderabad, 03 November 2022: Aegon Life Insurance, Digital India’s life insurance company, has launched iGuarantee Max Savings. The new product offers the dual benefit of High Returns + Life Cover and enables families to meet their medium to long-term savings goals affordably.

Be it your children’s education or marriage or securing your retirement, you can plan for these goals with a contribution as low as Rs.500/month (Rs.17/day).

The product can be purchased at the click of a button – no documents* are required, and no visits to the branch. Higher contributions will gain higher returns, and the returns are exempted from tax*.

On the product launch, Satishwar B, MD, and CEO of Aegon Life, said, “This is a highly competitive and affordable product with premiums starting at just INR 500/month.”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 Rs. 5 lakh is paid to your family. No other savings instrument tops this kind of guaranteed assurance.”

But that’s not all. This product is flexible enough to cater to different goals and stages of your life. If you are 40 years old and have started thinking about a retirement corpus, all you have to save is Rs. 10,000/- every month for ten years. When you are 60, you will receive a tax-free lump sum of approx. Rs. 29.47 lakh to start your retired life. In case of an untimely demise, your loved ones will be assured of a tax-free lump sum of at least Rs. 22.8 lakh. Thus, the retirement corpus is created, irrespective of unfortunate incidents.”

“Our intuitive and paperless journey makes it very simple and easy to buy. iGuarantee Max Savings represents a significant step towards achieving Aegon Life’s vision of making every household financially secure by making life insurance affordable, easy, and accessible to all.”

The product has several customer-friendly features:

• You can choose a policy term between 5 – 20 years, depending on your savings goal.
• Guaranteed returns, flexibility to choose an affordable premium, payable at a frequency of your choice, and the option to receive your benefits timed as per your life goal make this product unique.
• The minimum entry age for this plan is three months, and the maximum is 50 years (for regular pay, 45 years).
• Besides providing life cover and guaranteed savings, Aegon Life iGuarantee Max Savings offers add-on optional coverages through the choice of Accidental Death and Critical Illness riders which secure you against life’s uncertainties and provide an additional corpus to ease financial burdens.
• In addition to the base, sum assured, this plan also offers guaranteed addition and loyalty additions, culminating in a guaranteed maturity benefit at the end of the policy term.
• Throughout its duration, the plan provides a life insurance cover, which pays a death benefit in case of the policyholder’s unfortunate demise.
• The plan offers multiple premium payment options like
  • Regular Pay – pay throughout the policy term
  • Limited Pay – pay for a fixed duration, lower than the policy term, and
  • Single Pay – pay a lumpsum upfront

For Regular and Limited pay, there are three options available for paying the premium in instalments – monthly (starting at INR 500), half-yearly (starting at INR 3,000), and annual (starting at INR 6,000).