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AEGON Religare Assure Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

AEGON Religare Assure Plan

 

AEGON Religare Assure Plan is a unit linked insurance plan (ULIP). Thus it is a Non-Traditional Plan without Bonus facility.

 

How it works – In this plan, premium needs to be paid till the end of the Policy Term. The premium paid, net of charges, is allocated in the NAV Protector Fund. The NAV of this fund is declared every day. But every Friday is the Reset Day for the NAV Protector Fund.

 

Now, Special NAV is calculated as 80% of the highest of all NAVs on a Reset Day and Special Fund Value calculations are done by Special NAV.

Special Fund Value = Special NAV X Number of Units

 

Thus, when the policy matures, the Special Fund Value is given to the Life Insured as Maturity Benefit. However, if the Life Insured dies within the policy tenure, the nominee would receive the Special Fund Value or the Sum Assured, whichever is higher as Death Benefit and the policy would terminate.

 

This policy also offers additional Accidental Death, Disability and Dismemberment Benefit and Critical Illness Benefit riders.

 

 

Key Features of AEGON Religare Assure Plan

 

  • This is a unit linked insurance plan
  • The investment in this plan is done in NAV Protector Fund
  • Special NAV is calculated as 80% of the highest of all NAVs calculated on each Fridays, known as Reset Days
  • Special Fund Value is calculated according to the Special NAV
  • The Maturity benefit is calculated according to the Special Fund Value of this plan
  • This policy also offers additional Accidental Death, Disability and Dismemberment Benefit and Critical Illness Benefit riders.


COMPARE THIS PLAN WITH OTHER ULIP PLANS
 

 

Benefits you get from AEGON Religare Assure Plan

 

Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or Special Fund Value, whichever is higher.

 

Maturity Benefit – On maturity, the Special Fund Value is paid to the policyholder.

 

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 Assure Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

Higher of 10 X Annualized Premium for age< 45 years

 

Higher of 7 X Annualized Premium for age>= 45 years

15  X Annualized Premium for age<=50 years

 

7  X Annualized Premium for age > 50 years

Policy Term (in years)

10

Premium Payment Term (in years)

5

10

Entry Age of Life Insured (in years)

7

70

Age at Maturity (in years)

17

80

Premium (in Rs.)

25,000 for PPT=5

20,000 for PPT=10

No Limit

Payment modes

Yearly, Half Yearly, Monthly

 

 

Additional Features and Benefits of AEGON Religare Assure Plan

 

Riders – There are 2 riders available in this policy

  1. Accidental Death, Disability and Dismemberment Benefit
  2. Critical Illness Benefit

 

Investment Fund Options - There is only 1 Investment Fund available: NAV Protector Fund

 

Top-up - You can invest additional premiums as top-up premiums anytime except in the last five policy years. The minimum top-up premium is Rs. 5,000.

 

Switching - Switching is not possible since there is only 1 fund available.

 

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs.5, 000 and the maximum amount is 20% of the Fund Value at the beginning of the year.

 

 

Charges in AEGON Religare Assure Plan
 
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
 
Policy Year
Policy Tenure 5 Years
Policy Tenure 10 years
1
4.4%
4.4%
2-5
3%
3%
6 onwards
NIL
NIL
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
 
Annualized Premium
Policy Administration Charge
20,000 to 29,999
0.325%
30,000 to 35,999
0.275%
36,000 and above
0.230%
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
 
Type
Charge
NAV Protector Fund
1.35%
 
Cost of Guarantee— There is an additional charge of 0.10% will be charged against the Cost of Guarantee.
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.
 
Year of Discontinuation
Annual Premium <= Rs 25,000 p.a.
Annual Premium > Rs 25,000 p.a.
1st
Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000
Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000
2nd
Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000
3rd
Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500
Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
4th
Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000
Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
5th onwards
NIL
NIL
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
Service Tax would be applicable on the charges depending on the applicable rates.

  

What happens if?

 

You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary, net of charges. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

 

You want to surrender the policy – No information available

 

You want a loan against your policy – Loan facility is not available under this policy.

 

 
 

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