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.
Key Features
This is a Traditional Endowment Plan with Bonus facility.
Bonus will only accrue if the first three years premiums have been paid but the policy participates in the Bonus from first policy year itself.
There is a Large Sum Assured rebate offered in this plan
200% of the Sum Assured is provided as Death Benefit if the Life Insured dies before the policy matures
100% of the Sum Assured would be paid as Maturity Benefit when the policy tenure ends.
- The Life Coverage continues for 5 years beyond Maturity
- The Life Coverage of the child starts at 7 years of age.
Benefits
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.
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.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
There are NO additional riders available in this policy
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.
Eligibility
| 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) | |
FAQs
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.
There is a Guaranteed Surrender Value after 3 policy years
Surrender Value = Surrender value factor X (paid-up sum assured + accrued bonus)
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.
