AEGON Religare Endowment Plan
AEGON Religare Endowment Plan is an Endowment Plan with Bonus Facility. This plan is a Traditional Participating Plan with the option of Limited Pay.
How it works— In this plan, the premium can to be paid for 5 or 7 or 10 years or till the end of the Premium Paying Term. The Life Coverage of the Policy continues beyond the Maturity.
In this Plan 100% of the Sum Assured + accrued Simple Reversionary Bonus would be paid as Maturity Benefit. However, the Coverage continues for 5 years beyond that.
If the Life insured dies within the policy tenure, 200% of the Sum Assured + accrued Bonus would be paid and the policy would terminate. However, if the Life insured receives the Maturity Benefit and then dies within the Extended Coverage period, then only 100% of the Sum Assured would be paid and the policy would be terminated.
Key Features of AEGON Religare Endowment Plan
Benefits you get from AEGON Religare Endowment Plan
Death Benefit – In case of death of the Life Insured within the policy tenure, the nominee would get 200% of the Sum Assured + accrued simple Reversionary Bonus as Death Benefit and the policy would terminate.
In case of death of the Life Insured during the Extended Life Cover Period of 5 years beyond Maturity, the nominee will get 100% of the sum assured.
Maturity Benefit – If the Life Insured is alive when the Policy Matures, 100% of the Sum Assured + accrued simple Reversionary Bonus is paid as Maturity Benefit. However, the Life Cover of 100% of the Sum Assured continues for another 5 years after the policy maturity. Thus, if the Life Insured dies within the Extended Life Cover Period, the nominee would again receive 100% of the Sum Assured as Death Benefit and the policy would terminate.
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
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Eligibility conditions and other restrictions in AEGON Religare Endowment Plan
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
1,00,000 |
No Limit |
Policy Term (in years) |
15/20 |
25 |
Premium Payment Term (in years) |
5/7/10 |
Equal to Policy Term |
Entry Age of Life Insured (in years) |
90 days |
60 |
Age at Maturity |
- |
75 |
Premium (in Rs.) |
6,000 p.a. |
No Limit |
Payment modes |
Yearly, Half-yearly and Monthly (ECS Only) |
Sample illustration of premium of AEGON Religare Endowment Plan
Age = 30, 35 and 40 years
Sum Assured = Rs 5 ,00,000
Policy Term = 20 years
Premium Paying Term = Equal to policy term
Additional Features and Benefits of AEGON Religare Endowment Plan
Riders – There are NO additional riders available in this policy
What happens if?
You stop paying the premium – If you stop paying the premiums, the policy would lapse and all benefits would cease. If at least 3 years premiums have been paid, the policy continues for a reduced Sum Assured by being converted to a Paid-Up Policy.
A Paid-Up Policy can also be revived within 2 years from the date of first unpaid premium.
You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Surrender Value = Surrender value factor X (paid-up sum assured + accrued bonus)
You want a loan against your policy – Loan facility is available under this policy from 4th Policy Year onwards. Minimum amount of loan available under the policy is Rs 5,000 and maximum amount not more than 60% of the surrender value.