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AEGON Religare Money Back Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

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.

 

How it works— 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.

 

Key Features of AEGON Religare Money Back Plan

 

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

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS

 

Benefits you get from AEGON Religare Money Back Policy

 

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

 

 

Eligibility conditions & other restrictions in AEGON Religare Money Back Plan

 

 

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)

 

 

Sample illustration of premium of AEGON Religare Money Back Insurance Plan

 

Age = 30, 35, 40 and 45 years

Sum Assured = Rs 1 Lac

Policy Term = 10 years, Premium Paying Term=5 years

AEGON Religae Money Back Insurance Plan Sample Premium Values

 

 

Additional Features and Benefits of AEGON Religare Money Back Insurance Policy

 

Riders – There is 1 additional rider available in this policy:

  1. Accidental Death, Disability and Dismemberment Benefit rider

 

 

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)  

 

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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