AEGON Religare Flexi Money Back Plus Plan

AEGON Religare Flexi Money Back Plus Insurance Plan is a Limited Payment Money Back Insurance Plan with flexible payback at specified time. It is a Traditional Plan with Bonus facility.

How it works – In this plan, premium needs to be paid for a limited period of 10 years for a 14 years policy tenure, 12 years for a 17 years policy tenure and 15 years for a 21 years policy tenure. The policy and the life coverage continue even beyond the Premium Paying Term.

In this plan, there is Money Back given as per schedule in a pre-defined format. The remaining 40% of Sum Assured along with accrued simple Reversionary Bonus + Terminal Bonus would be paid as Maturity Benefit on survival till the end of the Policy Tenure. However, if the Life Insured dies within the policy tenure, 200% of the Sum Assured, i.e. Capital Sum Assured + accrued simple Reversionary Bonus + Terminal Bonus would be paid to the nominee as Death Benefit and the policy terminates irrespective of the Survival Benefit already paid.

There is an additional Accidental Death Benefit rider along with this plan.

·         This is an Endowment Plan with Bonus facility with double Death Benefit facility

·         In this plan, the Bonus accrues first year onwards

·         In this plan, the Life Insurance coverage continues even after the end of Premium Payment Term

·         There is an Additional Benefit of Accidental Death, Disability and Dismemberment Benefit rider

·         There is a choice of three Policy Terms to choose from and the Money Back options vary accordingly

·         There is Money Back given as per schedule in a pre-defined format

·         In case of death during the Policy Term, 200% of Sum Assured along with accrued bonus paid

·         110% of the Sum Assured is paid as Money Back in case of 17 years Policy Tenure and 120% of the Sum Assured is paid as Money Back in case of 21 years Policy Tenure

·         This Plan offers a high Sum Assured Discount for Sum Assured of Rs. 5,00, 000 and above
 

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets 200% of the Sum Assured + accrued simple Reversionary Bonus + Terminal Bonus as Death Benefit and the policy terminates irrespective of the Survival Benefit already paid.

Survival Benefit – In this plan, there is pre-defined Money Back that is provided after specific years as a percentage of the Sum Assured

Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets the remaining 40% of the Sum Assured + accrued simple Reversionary Bonus+ Terminal Bonus 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.

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The below illustration is for a Sum Assured of Rs 5,00,000 of a healthy male of 30, 35 and 40 years of age respectively.

Policy Tenure (PT) 21 years and Premium Paying Term (PPT) of 15 years

Policy Tenure (PT) 17 years and Premium Paying Term (PPT) of 12 years

Riders – There is an additional rider of:

·         Accidental Death, Disability or Dismemberment Benefit rider which is available only during the premium paying term

You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least 2 years’ premiums have been paid, then the policy gets converted to Paid Up Policy and continues with reduced benefit. The policy can however be revived within a period of 2 years from the due date of the first unpaid premium.

You want to surrender the policy – There are Surrender Benefits in this plan after completion of 2 policy years.

The Surrender Value is calculated as (a guaranteed Surrender Value factor X Paid-up Sum Assured) + (a non-guaranteed Surrender Value factor X Accrued Bonus).

You want a loan against your policy – Loan facility is available from the 4th policy year onwards upto 60% of the Surrender Value and a minimum of Rs 5000.