Aegon Religare Increasing Term Plan
Increasing Term Plan from Ageon Religare is a variant of the regular term insurance plan. The sum assured increases by 5% each year till it reaches double the initial amount in 20 years and is constant thereafter. The sum assured cannot rise beyond double the initial sum assured and the rise cannot be stopped either.
Key Features of Increasing Term Plan
- It is an Increasing Term Insurance Policy with Death Benefit only
- The Sum Assured increases each year by 5% till it becomes double the initial amount.
- Additional accidental death, dismemberment and disability benefit and critical illness benefit is available in Level Term Plan from Aegon Religare
Benefits you get from Increasing Term plan
Death Benefit – In this plan the nominee would receive the Sum Assured in event of death of the life insured during the policy tenure. The sum assured that would be payable is the Sum Assured of that year according to the increasing sum assured chart that had been provided at the onset of the policy.
Maturity Benefit – Since this is a pure term plan, there is no maturity benefit.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in Increasing Term plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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5,00,000
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No Limit
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Policy Term (in years)
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10
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30
|
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Premium Payment Term (in years)
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Single
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Equal to policy term
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Entry Age of Policyholder
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18
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55
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Age at Maturity
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-
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75
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Single premium (in Rs.)
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10,000
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NA
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Payment modes
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Single, Yearly, Half-yearly, Quarterly and Monthly
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Sample illustration of premium amount in Increasing Term plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
Additional Features and Benefits of Increasing Term Plan
Riders – There are 2 riders in this plan- Accidental Death, Dismemberment and Disability (ADDD) Benefit rider and Critical Illness (CI) Rider.
You stop paying the premium –Then the policy would lapse and no further benefits would be payable even if the life insured dies. The policy can be revived within 2 years of lapsation.
You want to surrender the policy – Being a protection plan, there are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate increasing term plans from different insurance companies
1. SBI Life Smart Shield
Other term insurance plans from Aegon Religare
1. Aegon Religare iTerm Plan
2. Aegon Religare Level Term Plan
3. Aegon Religare Decreasing Term Plan
