AEGON Religare Flexi Money Back Plan

AEGON Religare Flexi Money Back Plan is a Money Back Plan with Bonus facility. It is a Traditional Participating Plan with Limited Pay Facility.

How it works— In this plan, the premium needs to be paid according to the Policy Tenure selected.

The Life Cover continues even beyond the Premium Paying Term till the end of the policy tenure.

In this Plan 10% of the Sum Assured is paid as Survival Benefit at the end of the 4^th policy year, 20% of the Sum Assured is paid as Survival Benefit at the end of the 8^th policy year and 30% of the Sum Assured is paid at the end of the 12^th Policy Year while the policy continues till the end of the 16^th policy years.

When the policy matures the remaining 40% of the Sum Assured along with accrued Simple Reversionary Bonus would be paid as Maturity Benefit and the policy terminates.

However, if the Life insured dies within the policy tenure, 100% of the Sum Assured + with accrued Simple Reversionary Bonus would be paid as Death Benefit, irrespective of the amount already paid and the policy would terminate.

This plan has an in built Additional Accidental Death Benefit rider

• This is a Traditional Money Back Plan with Bonus facility
• Bonus accrues from the first policy year but is paid on maturity or earlier death.
• There are 3 variants of this plan- Policy Terms 14, 17 and 21 years
• Premium is paid only for the first few policy years while the policy continues till the end
• Survival Benefit is paid at the end of 4^th, 8^th, 12^th and 17^th policy years depending on the Policy tenure selected
• The remaining 40% of the Sum Assured is paid on policy Maturity.
• 110% of the Sum Assured is paid for PT=21 years
• Death Benefit continues even after the Premium Paying Term is over.
• This policy provides for High Sum Assured discount.
• Life Cover continues after 7 years of the child’s age
• This plan has an in built Additional Accidental Death Benefit rider

Death Benefit – 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 irrespective of the amount already paid and the policy would terminate.

Survival Benefit— This plan provides for Survival Benefit:

Maturity Benefit – If the Life Insured is alive when the Policy Matures, the remaining 40% of the Sum Assured + accrued Reversionary Bonus would be paid as Maturity Benefit and the policy would terminate.

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

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Age = 30 and 35 years

Sum Assured = Rs 5 Lacs

Policy Term = 17 and 21 years

Premium Paying Term = 12 and 15 years respectively

Riders – There are NO additional riders available in this policy but 1 in-built rider:

1. Additional Accidental Death Benefit rider

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 is calculated as (Guaranteed Surrender Value Factor X Paid-up Sum Assured) + (Non-Guaranteed Surrender Value factor X Accrued Bonus).

You want a loan against your policy – Loan facility is available under this policy from 4^th 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.