Summary: Ageas Federal Life Insurance iSecure Plan, UIN 135N088V02, is a current non-linked, non-participating individual life policy that combines a base death cover with an optional return-of-premium structure and optional cover enhancements. The insurer’s current product page identifies the legal product classification and UIN, while the official brochure explains entry ages, policy and premium-payment choices, benefit formulas, surrender and loan features, exclusions and servicing rules. A buyer must distinguish the core life cover from the Life Cover with Return of Premium option: the former is principally protection, while the latter can pay total base premiums paid on survival to maturity, subject to the policy remaining in force and the policy wording. The policy does not promise investment participation or bonuses. This article explains how the death benefit is calculated, when premium discontinuance can cause lapse or paid-up treatment, which documents support a death claim, how grievances can be escalated, and how the Income-tax Act, 2025 and the current GST exemption for individual life insurance interact with the policy. It is a factual product guide, not a suitability conclusion or recommendation.
- Current Product Identity and Regulatory Position
- iSecure Cover Choices and Benefit Mechanics
- Life Cover and Return of Premium Are Different Options
- Optional Accidental and Life Stage Features
- Eligibility Premium Schedules and Policy Continuity
- Grace Lapse Paid Up and Revival
- Disclosure Suicide Exclusion and Claim Evidence
- Proposal Disclosure Is Central to Claim Assessment
- Documents and Decision Timelines
- Complaint Escalation and Policyholder Records
- Income Tax and GST Treatment in 2026
- Premium Deduction Depends on Tax Regime and Conditions
- Death and Maturity Receipts Must Be Separated
- Current GST Position
- Frequently Asked Questions
- 1. Is iSecure UIN 135N088V02 currently shown for sale?
- 2. Does every iSecure policy return premiums at maturity?
- 3. What is excluded from the return-of-premium amount?
- 4. Can an iSecure policyholder borrow against the policy?
- 5. Which documents usually support a death claim?
- 6. Is the premium deductible under the new tax regime?
- 7. Is GST charged at 18% on current individual iSecure premiums?
- Key Takeaways
Current Product Identity and Regulatory Position
The contracting insurer is Ageas Federal Life Insurance Company Limited, an Indian life insurer with IRDAI registration number 135. The current insurer page identifies iSecure as UIN 135N088V02 and describes it as a non-linked, non-participating, individual, pure risk premium and savings life insurance plan. The UIN matters because version 135N088V01 appears in the insurer’s withdrawn-products archive; readers should therefore match proposal, benefit illustration, customer information sheet and policy schedule to V02 rather than relying on an older brochure or an intermediary summary.
Non-linked means policy benefits are not tied to market-linked units. Non-participating means the contract does not share in the insurer’s profits through discretionary bonuses. The term ‘savings’ in the product classification does not convert the contract into a deposit or mutual fund. The amount payable depends on the option selected, the policy remaining in force, the benefit definitions and the terms printed in the issued policy schedule.
| Verification item | Current official position | Reader check |
|---|---|---|
| Insurer | Ageas Federal Life Insurance Company Limited | Match proposal and receipt to the legal insurer |
| IRDAI registration | 135 | Registration identifies the insurer, not a recommendation |
| Product | Ageas Federal Life Insurance iSecure Plan | Confirm the precise option and payment term |
| UIN | 135N088V02 | Reject reliance on withdrawn V01 documents |
| Classification | Non-linked, non-participating, individual life plan | No market-linked fund or participating bonus |
iSecure Cover Choices and Benefit Mechanics
Life Cover and Return of Premium Are Different Options
Under the base Life Cover option, the core insured event is death of the life assured during the policy term while the policy is in force. The insurer states that the death benefit is paid as a lump sum equal to the Death Sum Assured. For regular or limited premium payment, the brochure defines that amount as the higher of ten times annualised premium, 105% of total premiums paid as on the date of death, or the chosen Sum Assured. For single premium business, it is the higher of 125% of single premium or the Sum Assured. Definitions in the issued policy govern, and premiums for optional benefits do not automatically become part of every base-plan formula.
The Life Cover with Return of Premium option adds a maturity benefit. On survival to maturity, while the contract is in force, the maturity amount is stated as total premiums paid for the base plan option. Total premiums paid generally excludes taxes, rider or optional-benefit premiums and extra premiums unless the policy expressly includes them. The return is therefore not the same as refunding every rupee debited from the policyholder‘s account, and it is not an assured investment yield.
Optional Accidental and Life Stage Features
The insurer describes an Accidental Death Benefit option and a Life Stage Cover option. The accidental cover is an additional contractual benefit with its own maximum age, amount, exclusions and evidence requirements. Life Stage Cover allows an eligible policyholder to request increased protection after specified life events, subject to the conditions, proof, time window and caps in the policy. Neither feature should be assumed merely because the base policy has been issued; it must appear in the proposal, policy schedule or later insurer endorsement.
| Feature | Verified broad rule | What can change the payment |
|---|---|---|
| Base death benefit | Lump-sum Death Sum Assured while policy is in force | Premium status, option, policy definitions and claim assessment |
| Return of premium maturity | Available only under the selected return-of-premium option | Survival, in-force status and definition of total premiums paid |
| Accidental death cover | Optional additional protection | Accident definition, exclusions, evidence, age and amount limits |
| Life Stage Cover | Possible increase after specified life events | Eligibility, event proof, request timing and contractual caps |
Eligibility Premium Schedules and Policy Continuity
The current insurer page shows a minimum entry age of 21 years and a base-plan maximum entry age of 65 years. It shows a base maximum maturity age of 85 years and a minimum base Sum Assured of Rs 50 lakh, with the stated maximum subject to underwriting rather than a printed numerical ceiling. These are product boundaries, not an entitlement to a particular cover amount or price. Age, health, occupation, income, lifestyle, medical evidence and underwriting can affect acceptance, exclusions, extra premium or the offered Sum Assured.
Payment structures include single pay, limited pay and regular pay. Limited-pay terms identified in the brochure include 7, 10, 15, 20 and 25 years, while regular pay generally continues through the policy term. Available policy terms depend on the payment structure, age and selected optional cover. For example, the base regular-pay term has a stated minimum of ten years, while the maximum is governed by the lower of the printed duration and the maturity-age formula. The issued benefit illustration and schedule are the reliable transaction-specific records.
Grace Lapse Paid Up and Revival
For yearly and half-yearly premiums, the brochure provides a 30-day grace period; monthly mode has 15 days. Cover during grace and consequences after non-payment depend on the policy wording. A pure protection component can lapse without value, while a return-of-premium option that has acquired the required value may move to reduced paid-up treatment. Revival is not automatic: the policyholder must apply within the allowed period, pay arrears with applicable interest and satisfy evidence or underwriting requirements. The brochure states a revival window of five consecutive complete years from the first unpaid premium, subject also to the policy term.
A policy loan is described only for the Life Cover with Return of Premium option after acquisition of guaranteed surrender value. The stated minimum loan is Rs 5,000 and the maximum is 75% of guaranteed surrender value after deducting outstanding loan and interest. Borrowing reduces available value and can affect benefit settlement. Current interest and operational conditions should be obtained from the insurer when a loan is requested.
Disclosure Suicide Exclusion and Claim Evidence
Proposal Disclosure Is Central to Claim Assessment
The proposer should answer health, medical history, occupation, travel, tobacco, alcohol, income and existing-insurance questions fully and accurately. A declaration signed digitally or through an intermediary remains the proposer’s statement. Claim assessment can examine whether a material fact was misstated or omitted and will also operate within the statutory limits on calling a life policy into question. A claim should not be described as automatically payable merely because premiums were received; equally, a repudiation must follow the policy and law and should state the grounds and evidence.
The suicide clause in the policy wording must be read exactly. The usual contractual structure limits the full death benefit where death by suicide occurs within twelve months from commencement of risk or revival, and instead provides the policy-specific percentage of premiums or surrender value stated in the contract. The applicable trigger, time period and amount can differ according to commencement, revival and policy status, so the issued V02 wording should control any case analysis.
Documents and Decision Timelines
The insurer’s current claims page lists the death claim form, government death certificate, claimant bank proof, identity and address evidence, the original policy document and medical records among the natural-death documents. It may also request a physician statement and employer certificate. For accidental death, murder or suicide, police and medico-legal records such as FIR, inquest or panchanama and post-mortem report can be required. A claimant should submit legible records, keep acknowledgement and answer targeted requirements without altering original evidence.
The insurer states that requirements are to be raised within 15 days of claim receipt; a claim not requiring field verification is to be decided within 15 days after the last necessary document. Where field verification is required, the insurer states that verification should finish within 30 days from claim intimation and the decision should follow within 15 days. These are regulatory service timelines, not a guarantee that an incomplete or disputed claim will be paid.
Complaint Escalation and Policyholder Records
A policyholder should first use the insurer’s servicing or grievance channel and retain the complaint reference. The current insurer contact page identifies a first-level regional grievance route and the grievance email address, followed by escalation to the designated Grievance Redressal Officer. If the outcome remains unsatisfactory, the policyholder may use the Insurance Ombudsman route where jurisdiction and admissibility conditions are met. IRDAI’s Bima Bharosa grievance facility is a regulatory escalation channel, but it does not replace the evidence and policy interpretation needed for the underlying dispute.
Useful records include the proposal form, premium quotation, benefit illustration, medical reports, policy schedule, customer information sheet, endorsements, premium receipts, nomination, assignment or Married Women’s Property Act documentation where relevant, and every servicing communication. Nomination directs whom the insurer can recognise for receipt, but succession or title issues can still arise. Changes in address, bank details, nominee and contact information should be recorded through authenticated insurer channels.
Income Tax and GST Treatment in 2026
Premium Deduction Depends on Tax Regime and Conditions
Section 123 of the Income-tax Act, 2025 preserves an aggregate deduction of up to Rs 1.5 lakh for specified payments, including qualifying life-insurance premium listed in Schedule XV. The deduction is not available under the concessional new tax regime in section 202. Even under the regime where section 123 is available, the insured person, relationship, premium-to-sum-assured limit, payment evidence and the overall aggregate ceiling matter. A premium receipt does not by itself prove that the whole amount is deductible.
Death and Maturity Receipts Must Be Separated
Schedule II read with section 11 of the 2025 Act contains the life-policy receipt exemption and its conditions. Amount received on death remains protected from the premium-ceiling conditions described for maturity receipts, subject to specific statutory exclusions such as a Keyman policy. A maturity receipt from a non-ULIP policy issued on or after 1 April 2023 can lose exemption where annual aggregate premium for the relevant policies exceeds Rs 5 lakh, while the statutory premium-to-sum-assured conditions also require review. iSecure is non-linked, but the exact option, issue date and premium record still matter.
Current GST Position
The GST Council’s 56th-meeting decision exempted individual life-insurance policies, including term, ULIP and endowment policies, with effect implemented through the later tax framework. The 57th meeting in October 2026 focused primarily on process and trade-facilitation reforms and did not reverse that individual-policy exemption. Accordingly, current premiums for an individual iSecure policy should be checked against the insurer’s invoice as exempt rather than applying an obsolete 18% statement from older brochures. Separate services or non-policy charges must still be classified on their own facts.
Frequently Asked Questions
1. Is iSecure UIN 135N088V02 currently shown for sale?
Yes. The insurer’s current product page displays iSecure with UIN 135N088V02 and provides a purchase and premium-calculation route. The earlier V01 appears in the withdrawn-products archive, so readers should use V02 documents.
2. Does every iSecure policy return premiums at maturity?
No. Return of premium is a specific option. The base Life Cover option is protection-oriented and does not acquire a maturity refund merely because the policyholder survives.
3. What is excluded from the return-of-premium amount?
The policy definition of total premiums paid controls. Taxes, optional-benefit or rider premiums and underwriting extra premiums are generally not part of the base return unless the contract expressly states otherwise.
4. Can an iSecure policyholder borrow against the policy?
The brochure describes a loan only for the Life Cover with Return of Premium option after guaranteed surrender value is acquired. The limit is linked to surrender value and outstanding interest.
5. Which documents usually support a death claim?
The insurer lists the claim form, death certificate, claimant KYC and bank proof, policy document and medical records. Accidental or unnatural death normally requires police, inquest and post-mortem records as applicable.
6. Is the premium deductible under the new tax regime?
No deduction under section 123 is available under the concessional regime in section 202. Under the other regime, eligibility, relationship, premium limits and the aggregate Rs 1.5 lakh ceiling must be tested.
7. Is GST charged at 18% on current individual iSecure premiums?
The current GST framework exempts individual life-insurance policies. A policyholder should still check the insurer’s invoice and distinguish the insurance premium from any separately classified service or charge.
Key Takeaways
- Use UIN 135N088V02 documents; V01 is a withdrawn version.
- Life Cover and Life Cover with Return of Premium are different contractual options.
- Optional accidental and life-stage benefits apply only when selected and recorded.
- Premium discontinuance can change cover, paid-up value, surrender value and revival requirements.
- Claimants should preserve acknowledgements and submit medical or police evidence according to the cause of death.
- Section 123 deduction, Schedule II receipt exemption and the GST exemption must each be tested separately.
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Disclaimer: This article is a general educational summary of Ageas Federal Life Insurance iSecure Plan UIN 135N088V02 and of publicly available legal and tax material checked for 12 November 2026. It is not the policy contract, a benefit illustration, an insurer quotation, underwriting approval, tax opinion, claims decision, legal advice or a recommendation to buy, retain, surrender, revive, borrow against or replace any insurance policy. Benefits, exclusions, premium, medical requirements, optional covers, surrender value, paid-up treatment, revival terms, loan availability and claim evidence depend on the proposal, age, health, occupation, habits, financial circumstances, selected option, premium-payment structure, policy schedule, endorsements and the full wording issued to the individual policyholder. Older product documents may carry UIN 135N088V01 or superseded tax and GST language and should not be used for a V02 transaction. Income-tax consequences depend on the tax regime, policy issue date, premium-to-sum-assured relationship, aggregate premiums across policies, identity of the insured and recipient, and the character of the payment as death, maturity, surrender or another receipt. GST law, notifications and implementation guidance may also change. Claim outcomes turn on complete disclosure, policy status, cause of death and authentic evidence, and statutory timelines do not guarantee payment. Readers should obtain the current prospectus, customer information sheet, policy document and personalised benefit illustration directly from the insurer, reconcile them with the issued schedule, and consult an IRDAI-authorised insurance professional, chartered accountant, tax adviser or lawyer for their specific facts. TaxGuru accepts no responsibility for any loss, denial, delay, tax demand, interest, penalty, opportunity cost or other consequence arising from reliance on this article or from action taken without current professional and insurer-specific verification.
