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Aegon Life Pension Plans

We all work hard throughout our younger years to not only live a comfortable life, but also wish to have the same or a more comfortable life, in our golden years too. Financial security is one of the top concerns of retirees since a long time now. On one hand, some may argue that the conventional provident fund plans from their employers will be sufficient for living in their retirement age, but they are not considering the fact that inflation will definitely make life expensive after a few years.

Some may prefer investing in equities and mutual funds, while others may wish to have a pre-set investment system in place which will help them supplement their savings with regular income.

Aegon Life Insurance Company is ranked amongst the top insurance and investment providers in India today. The brand has been active in the Indian insurance sector for over 10 years now and is recognized for its impressive, affordable and highly-lucrative investment and insurance plans. Not only in India, Aegon is a renowned insurance provider globally, with operations spread across the 5 major continents.

The expert insurance provider has some of the most cost-effective, easy and safe insurance plans that help retirees ensure a better lifestyle, even when their income from employment ceases. The Aegon Life Pension Plans are aimed at helping senior citizens and retirees to maintain a comfortable life after retirement with extremely lucrative investment policies.

What Are Pension Plans?

Also known as ‘Annuity Plans’, pension plans are aimed to ensure regular income for individuals, especially after they have retired from employment. Normally, when you retire, there is a significant loss of income, as compared to your salary when working. This drop in your regular income level affects all aspects of your life. We all know that the essentials and needs of every individual is different, and regular pension helps cover these expenses to some extent.

However, with a pension plan, you can now continue to live your retired life in the same way that you did when you were employed. Some Pension plans are also designed to not only provide investment returns, but also act as life insurance policies too. With pension plans, you can now rest easy knowing that your investment amount will definitely provide good returns, thanks to compounding. This will help to beat the rate of inflation in the years before your plan matures and enables you to continue living a comfortable life that you are used to living.

Aegon pension plans have been exclusively designed to help retirees maintain their quality of life in the same way and live their golden years in comfort and ease.

Features Of Pension Plans

Pension plans differ from your conventional insurance and investment plans significantly. There are certain aspects of pension plans which make them distinct and a better choice for retirees as an avenue for long-term investment.

These are the factors which distinguish annuity pension plans for other forms of investment products:

  • Pension plans have a pre-determined date of maturity, or termination, which is also known as the ‘Vesting Date’.

  • Investors have a choice between picking a pension plan which needs a lumpsum amount of investment, but provides returns from the beginning, or choose a plan which requires you to first pay regular premiums for a set term period, and from the vesting (plan maturity) date, the accumulated corpus is paid in portions as regular returns to the investor.

  • Normally, the returns are stopped in a pension plan when the policyholder dies, unless it is a joint life annuity plan or return of purchase price and so on. Although, the other type of pension plan ensures regular payment of income to the dependent, even if the policyholder dies. Pension plans are however, not to be mistaken for life cover insurance plans.

  • With a pension plan, the policyholder can also choose to receive 1/3rd of the accumulated corpus as commuted pension in a lumpsum amount, while the remaining 2/3rd of the accumulated corpus is given to the policyholder in regular installments.

Features of Aegon Life Pension Plans

Aegon pension plans are designed for any individual who aims to secure their retirement years financially, by making smart and reliable investments. Under Section 80 (C), you are also eligible to get tax cuts of as much as INR 150,000 (INR 1.5 lacs) on the investment amount.

A smart retirement goal, according to investment and finance experts, is that which takes into account and ensures regular flow of income and also saves significantly on taxes.

Hence, a smart investor who wants to maintain a comfortable quality of living, even when the regular income from employment is no longer available, should consider choosing Aegon Pension Plans.

Benefits Of Aegon Life Pension Plan

Aegon Life Insurance Company offers the Aegon Life Insta Pension Plan. This is a pension plan which is designed to provide immediate pension to take care of retirees basic needs.

These are the distinct benefits and advantages of choosing Aegon Insta Pension Plan:

Lifetime Income - Depending on the annuity payout option that you choose, the Aegon Life Insta Pension Plan provides you and your spouse an income for life.

Life Annuity - If you choose the Life Annuity option, you will receive your annuity payment at a constant rate for as long as you live.

Joint Life Annuity - In this option, an annuity is paid to you at a constant rate for your entire life. In case of your unfortunate demise, the annuity payment will continue to be paid to your spouse, till the spouse is alive.

  • You can choose to receive your annuity either on a monthly or on an annual basis.

Why Pension Plan?

There are similar annuity plans provided by several other insurance providers. However, there are several distinct advantages of choosing to get an Aegon Pension Plan, namely:

Efficient savings for long-term

If you choose to make a lumpsum investment, or choose to make regular premium payments, the pension plan ensures savings for the long run. As opposed to conventional endowment insurance plans, the pension plan will create an annuity which can then be invested to ensure regular income after retirement.

Effective against Inflation

Aegon pension plans are made so that it becomes easy to face the eventual inflation, after you retire. As around 1/3rd of the sum assured is paid as a lumpsum on the maturity (vesting) date of your policy, it helps to take care of immediate expenses, while the remaining 2/3rd of the sum is given out in regular installments, effectively supplementing your provident fund pay-outs.

Insurance and Investment

Aegon pension plans act similar to conventional insurance plans, as you receive a significant portion of the sum assured at the time of maturity of your pension plan, once the period of premium payment is over. This is an excellent combination of investment and insurance which is designed to offer regular income to the policyholder and also provides lumpsum benefits and bonuses to the beneficiaries in case of untimely demise of the policyholder.

Additional Advantages

Aegon pension plans can be easily coupled with riders from the company too. The policyholder is eligible to receive a lumpsum amount as benefit, in case they meet with an accident, or are diagnosed with critical illnesses, or even when they suffer disability due to these events.

Hence, Aegon Life Guaranteed Income Advantage Insurance Plan is an excellent choice for investors who are looking to make smart and reliable investment which ensures that they continue to live their lives comfortably and without financial worries, in their golden years after retirement.