AEGON Religare Endowment Advantage Plan
AEGON Religare Endowment Advantage Plan is an Endowment Plan with Bonus Facility. This plan is a Traditional Participating Plan with the option of Limited Pay.
Key Features
- This is a Traditional Endowment Plan with Bonus facility
- 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.
100% of the Sum Assured + accrued Bonus would be paid on Maturity or earlier Death
The Life Coverage of the child starts at 7 years of age.
There is a Survival Benefit of (25% of the Sum Assured) which is paid 3 years before Maturity
There is a Large Sum Assured rebate offered in this plan
Benefits
In case of death of the Life Insured within the policy tenure, the nominee would get 100% of the Sum Assured + accrued simple Reversionary Bonus as Death Benefit and the policy would terminate.
25% of the Sum Assured would be paid 3 years before Maturity
If the Life Insured is alive when the Policy Matures, 100% of the Sum Assured +accrued Bonus would be paid as Maturity Benefit and the policy would terminate.
Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C
There are NO additional riders available in this policy
How it works
In this plan, the premium can to be paid for 7 or 10 years or till the end of the Premium Paying Term.
In this Plan 100% of the Sum Assured + accrued Simple Reversionary Bonus would be paid as Maturity Benefit. However, 25% of the Sum Assured would be paid as Survival Benefit, 3 years before maturity.
If the Life insured dies within the policy tenure, 100% of the Sum Assured + accrued Bonus would be paid and the policy would terminate.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 75,000 | No Limit |
| Policy Term (in years) | 15/20 | 25 |
| Premium Payment Term (in years) | 7/10 | Equal to Policy Term |
| Entry Age of Life Insured (in years) | 90 days | 60 |
| Age at Maturity | - | 75 |
| Premium (in Rs.) | 6,000 p.a. | No Limit |
| Payment modes | Yearly, Half-yearly and Monthly (ECS Only) | |
FAQs
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.
What 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 + accrued bonus)
What 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.
