MyInsuranceClub
menu

AEGON Religare Money Back Plan

AEGON Religare Money Back Plan is a simple Money Back Plan, as the name suggests without Bonus facility. It is a Traditional Non-Participating Plan with Limited Pay Facility.

out-patient-consultations-overview icon
Traditional Money Back Plan
second-opinion-overview icon
Different Benefits Available
tax-benefit-overview icon
Income Tax Benefit
Compare this plan with other Investment Plans
By clicking “Show Returns”, I authorize MyInsuranceClub to Call/Message & agree to Terms of Use

Key Features

key-feature-header-icon
Different Benefits Available
  • There is Accidental Death, Disability and Dismemberment Benefit Rider available with this plan.
  • Death Benefit continues even after the Premium Paying Term is over.
  • Survival Benefit is paid at the end of 6th and 8th policy year
Traditional Money Back Plan
  • This is a Traditional Money Back Plan without Bonus facility.
  • Premium is paid only for the first 5 policy years
100% -110% of Sum Assured for Maturity
  • 100% -110% of the Sum Assured is paid on policy Maturity.

Benefits

policy-benefits-header-icon
Death Benefit

In case of death of the Life Insured within the policy tenure, the nominee would get 100% of the Sum Assured as Death Benefit irrespective of the amount already paid and the policy would terminate.

Survival Benefit

This plan provides for Survival Benefit:

  • 10% of the Sum Assured is paid at the end of the 6th Policy Year and
  • 15% of the Sum Assured is paid at the end of the 8th Policy Year
Maturity Benefit

If the Life Insured is alive when the Policy Matures, 100% to 110% of the Sum Assured would be paid as Maturity Benefit and the policy would terminate.

Sum Assured %of Sum Assured paid on Maturity
Less than Rs 1 lac 100%
Rs 1 Lac to Rs 1 Lacs 102.50%
Rs 2 Lacs to Rs 3 Lacs 105%
Rs 3 Lacs to Rs 4 Lacs 107.50%
More than Rs 4 Lacs 110%
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

Riders

There is 1 additional rider available in this policy:

  1. Accidental Death, Disability and Dismemberment Benefit rider

How it works

tab-how-it-works-header-icon

In this plan, the premium can to be paid for only for 5 years while the cover continues till the end of the policy term of 10 years.
In this Plan 10% of the Sum Assured is paid as Survival Benefit at the end of the 6th policy year and 15% of the Sum Assured is paid at the end of the 8th Policy Year while the policy continues till the end of the 10th policy year.

When the policy matures, 100% t0 110% of the Sum Assured, depending upon level of Sum Assured is paid as Maturity Benefit and the policy terminates.

However, if the Life insured dies within the policy tenure, 100% of the Sum Assured would be paid as Death Benefit, irrespective of the amount already paid and the policy would terminate.

There is additional Accidental Death, Disability and Dismemberment Benefit rider along with this plan.

Eligibility

tab-eligibility-header-icon
  Minimum Maximum
Sum Assured (in Rs.) 60,000 No Limit
Policy Term (in years) 10
Premium Payment Term (in years) 5
Entry Age of Life Insured (in years) 8 60
Age at Maturity - 70
Payment modes Yearly, Half-yearly, Quarterly and Monthly (ECS Only)

FAQs

tab-faqs-header-icon
angle down iconWhat 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.

angle down iconWhat happens if 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)

angle down iconWhat happens if 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.