Aegon Life's iMaximize plan was the second online no premium allocation charge Ulip launched, soon after HDFC Life's Click2Invest. This Ulip too is costlier than some of its competitors in the space as it features policy administration charges of ₹100 per month, irrespective of premium paid. It offers two death benefit options.
Under option 1, in case the Ulip holder dies, the nominee will receive the higher of the sum assured, the fund value or 105% of total premiums paid. The second option is aimed at parents whose goal is to protect their child's financial future. Under the second plan – the Triple Benefit option – in case of death of the life assured during the policy tenure, the nominee will receive the following: higher of sum assured or 105% of total premiums paid, which is immediately paid. The life insurer will fund the future premiums due. The nominee will also receive an annual payout equal to the yearly premium from the date of the life assured's death till end of policy tenure. This is meant to act as an annual income for the nominee in the life assured's absence. However, given that the maximum sum assured under the policy is 10 times the annual premium paid, the policyholder might have to look at adding a term policy to ensure adequate life cover. Also, policyholders will have to choose between options one and two right at the outset as the product does not allow modifications later.
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