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AEGON Religare Endowment Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

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

 

  • 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.
 
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

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

 

 

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

AEGON Religare Endowment Plan Sample Premiums

 

 

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.

 

 
 

 

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