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.

 

 

 

• 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.
• 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
• There is a Large Sum Assured rebate offered in this plan
• The Life Coverage of the child starts at 7 years of age.

 

 

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

 

 

 

	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)

 

 

 

Age = 30, 35 and 40 years

Sum Assured = Rs 5 ,00,000

Policy Term = 20 years

Premium Paying Term = Equal to policy term

 

 

 

Riders – There are NO additional riders available in this policy

 

 

 

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 4^th 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.