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.
Key Features
- 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.
- The remaining 40% of the Sum Assured is paid on policy Maturity.
- 110% of the Sum Assured is paid for PT=21 years
- Survival Benefit is paid at the end of 4th, 8th, 12th and 17th policy years depending on the Policy tenure selected
- This plan has an in built Additional Accidental Death Benefit rider
- 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
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 irrespective of the amount already paid and the policy would terminate.
This plan provides for Survival Benefit:
| Policy Tenure | Survival Benefit |
| PT= 14 Years | 10% of the Sum Assured at the end of the 4th year, 20% of the Sum Assured at the end of the 8th year and 30% of the Sum Assured at the end of the 12th Policy year |
| PT= 17 Years | 10% of the Sum Assured at the end of the 4th year, 20% of the Sum Assured at the end of the 8th year and 30% of the Sum Assured at the end of the 12th Policy year |
| PT= 21 Years | 10% of the Sum Assured at the end of the 4th year, 15% of the Sum Assured at the end of the 8th year, 20% of the Sum Assured at the end of the 12th Policy year and 25% of the Sum Assured at the end of the 17th Policy Year |
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.
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 but 1 in-built rider:
- Additional Accidental Death Benefit rider
How it works
In this plan, the premium needs to be paid according to the Policy Tenure selected.
| Policy Term | 14 years | 17 years | 21 years |
| Premium Paying Term | 10 years | 12 years | 15 years |
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 4th policy year, 20% of the Sum Assured is paid as Survival Benefit at the end of the 8th policy year and 30% of the Sum Assured is paid at the end of the 12th Policy Year while the policy continues till the end of the 16th 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
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 1,00,000 | No Limit |
| Policy Term (in years) | 14/17 | 21 |
| Premium Payment Term (in years) | 10/12 | 15 |
| Entry Age of Life Insured (in years) | 90 days | 60 years for PT=14
58 years for PT=17 54 years for PT=21 |
| Age at Maturity | - | 75 |
| Payment modes | Yearly, Half-Yearly and Monthly (ECS Only) | |
FAQs
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.
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).
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.
