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AEGON Religare Educare Plus Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
AEGON Religare Educare Plus Plan
AEGON Religare Educare Plus Plan is a Money Back Plan with Bonus Facility. This plan is a Traditional Participating Plan with the option of Limited Pay. This plan can also be opted for the child’s future benefits.
How it works— In this plan, the premium needs to be paid for 10 for a Policy Term of 14 years, 12 years for a Policy Term of 16 years and 16 years a Policy Term of 20 years.
When the Premium Paying Term is over, 40% of the Sum Assured is paid out as Guaranteed Payout in the next Policy Anniversary and then 20% of the Sum Assured in the subsequent 2 Policy Anniversaries. When the Policy Matures, the remaining 20% of the Sum Assured along with accrued Bonuses are paid as Maturity Benefit and the policy terminates.
In this Plan, 200% of the Sum Assured is called the Capital Sum Assured. Thus, if the Life insured dies within the policy tenure, then the Capital Sum Assured + accrued Bonuses are paid as Immediate Death Benefit and the policy continues to pay the Guaranteed Payouts as per schedule.
There is additional Accidental Death, Disability and Dismemberment Benefit rider available in this plan.
Key Features of AEGON Religare Educare Plus Insurance Plan
This is a Traditional Money Back Plan with Bonus facility
Premium needs to be paid for 4 years less than Policy Tenure
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 + accrued Bonuses is paid to the nominee as Death Benefit if the Life Insured dies within the policy tenure and the policy continues to pay Guaranteed Payouts
This policy offers guaranteed Payouts in the last 4 policy anniversaries:
40% in the 4th last policy anniversary
20% in the 3rd last and 2nd last policy anniversary, and
The remaining 20% of the Sum Assured + accrued Bonus is paid as Maturity Benefit when the Policy Matures
There is additional Accidental Death, Disability and Dismemberment Benefit rider available
This policy offers High Sum Assured Discount
COMPARE THIS PLAN WITH OTHER CHILD PLANS
Benefits you get from AEGON Religare Educare Plus Insurance Policy
Death Benefit – In case of death of the Life Insured within the policy tenure, the nominee gets
Capital Sum Assured(i.e. 200% of the Sum Assured) +
Accrued Bonuses
Guaranteed Payouts as per schedule
Guaranteed Payouts— After the end of the Premium Payment Term, the Guaranteed Payouts start:
End of the Policy Year
% of Sum Assured
PT=14, PPT= 10
PT=16, PPT=12
PT=20, PPT=16
11
40%
-
-
12
20%
-
-
13
20%
40%
-
14
20%+ Accrued Bonus= Maturity Benefit
20%
-
15
-
20%
-
16
-
20%+ Accrued Bonus= Maturity Benefit
-
17
-
-
40%
18
-
-
20%
19
-
-
20%
20
-
-
20%+ Accrued Bonus= Maturity Benefit
Maturity Benefit – At the end of the Policy Tenure, the remaining 20% of the Sum Assured along with accrued Bonus is paid as Maturity Benefit and the policy terminates.
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 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 Educare Plus Policy
Minimum
Maximum
Sum Assured (in Rs.)
1,00,000
No Limit
Policy Term (in years)
14/16
20
Premium Payment Term(PPT) (in years)
10 for PT= 14
12 for PT=16
16 for PT=20
Entry Age of Life Insured (in years)
20
60 for PT= 14
59 for PT=16
55 for PT=20
Age at Maturity (in years)
-
75
Premium (in Rs.)
9800 p.a.
No Limit
Payment modes
Yearly, Half-yearly and Monthly (ECS Only)
Sample illustration of premium of AEGON Religare Educare Plus Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a
Sum Assured = Rs 10 ,00,000
Policy Term = 20 years
PPT = 16 years Premium is without Tax
Additional Features and Benefits of AEGON Religare Educare Plus Plan
Riders – There is 1 additional rider available in this policy
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.
Paid-up Sum Assured= {(Total premiums received / Total premiums expected over the term) x (Sum Assured)- Guaranteed Payouts already paid}.
The paid-up sum assured for Death Benefit={(Total premiums received / Total premiums expected over the term) x (Capital Sum Assured)}.
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 after 3 policy years of a minimum amount of Rs 5000 and upto a maximum amount of 60% of the Surrender Value.
