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AEGON Religare Assured Returns Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.
AEGON Religare Assured Returns Plan
 
AEGON Religare Assured Returns Plan is an Endowment Plan without Bonus facility. It is a Traditional non-participating Plan.
 
How it works – In this plan, premium needs to be paid till the end of the Policy Tenure of 7 years or 10 years as selected. However, once the Policy Tenure is over, there is a Guaranteed Return of 150% of the Annualized Premium from the end of the next policy year onwards for a Policy Tenure of 7 years and 175% of the Annualized Premium for a Policy Tenure of 10 years for equal number of years as the Policy Tenure.
 
Thus, if we understand it with an example of Annual Premium of Rs. 1,00,000 (plus taxes).
Policy Tenure of 7 years:
Annual Premium Payable for 7 Years= Rs 1,00,000
Assured Payout would be Rs 1,50,000 from the end of the 8th year onwards for another 7 years, i.e. from the end of the 8th year from Policy Inception to end of 14th year
Policy Tenure of 10 years:
Annual Premium Payable for 10 Years= Rs 1,00,000

Assured Payout would be Rs 1,75,000 from the end of the 11th year onwards for another 10 years, i.e. from the end of the 11th year from Policy Inception to end of 20th year.

 

The Payouts received is the Maturity Benefit in this plan which is staggered over 7 or 10 years after the end of the Policy Tenure.
 
However, if the Life Insured dies within the Policy tenure, all future premiums would be waived off and the nominee will receive the Maturity Benefit at the end of each year as per schedule. However, the nominee will also have an option to take the present value of the future payouts on death of the Life Assured or at any point in time during the Policy Term after the death of the Life Assured and terminate the plan. The benefit paid will be higher of total premiums paid by the policyholder before death or the present value of future payouts.
 
 
Key Features of AEGON Religare Assured Returns Insurance Policy
 
  • This is an endowment plan without bonus facility
  • The Policy Tenure that can be chosen is either 7 or 10 years
  • Premium needs to be paid for the entire policy tenure
  • Assured Returns of 150% of the Annualized Premium for Policy Tenure of 7 years or 175% of the Annualized Premium for Policy Tenure of 10 years would be payable every year
  • Assured Returns are paid from the end of the Policy Tenure for an equal number of years as the Policy Tenure
  • If the Life Insured dies within the Policy Tenure, future premiums are waived and the Maturity Benefit is payable as per schedule
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
 
Benefits you get from AEGON Religare Assured Returns Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the future premiums are waived and the nominee gets the Maturity Benefit, as per schedule every year from the end of the Policy Tenure.
 
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets 150% of the Annualized Premium for Policy Tenure of 7 years or 175% of the Annualized Premium for Policy Tenure of 10 years would be payable every year. This would be payable every year for a period equal to the Policy Tenure.
 

 

End of the Policy Year
Policy Tenure of 7 years, % of Annual Premium payable
Policy Tenure of 10 years, % of Annual Premium payable
8th year
150%
-
9th year
150%
-
10th year
150%
-
11th year
150%
175%
12th year
150%
175%
13th year
150%
175%
14th year
150%
175%
15th year
-
175%
16th year
-
175%
17th year
-
175%
18th year
-
175%
19th year
-
175%
20th year
-
175%
 
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
Eligibility conditions & other restrictions in AEGON Religare Assured Returns Insurance Plan
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
Age < 45 years: 2,62,500
i.e. Minimum Annual Premium *
Minimum Policy Term * 150%
Age >=45 years: 4,20,000
i.e. Minimum Annual Premium *
Minimum Policy Term * 150%
43,75,000 i.e. Maximum Annual Premium* Maximum Policy Term * 175%
Policy Term (in years)
7
10
Premium Payment Term (in years)
Equal to Policy Tenure
Payout Term (in years)
7
10
Entry Age of Life Insured (in years)
25
53 for Policy of 7 years
50 for Policy of 10 years
Age at Maturity (in years)
-
60
Premium (in Rs.)
For age 25 - 45 years, Rs 25,000
For age >45 years, Rs 40,000
2,50,000
Payment modes
Only Annual
 
 
Additional Features and Benefits of AEGON Religare Assured Returns Plan
 
Riders – There are no additional riders in this plan.
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least the first two years premiums are paid, then the policy continues as a Paid-Up Policy with reduced benefits. The policy can however be reinstated within 2 policy years from the due date of the unpaid premium.
 
You want to surrender the policy – There are Surrender Benefits after completion of 2 policy years.
The Surrender Value is calculated as (a Guaranteed Surrender Value Factor X Paid-Up Value).
 
You want a loan against your policy – Loan facility is not available in this plan.
 
 


 
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