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Aegon Religare Guaranteed Income Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

AEGON Religare Guaranteed Income Plan

 

AEGON Religare Guaranteed Income Plan is an Insurance Plan with Bonus Facility. This plan is a Traditional Participating Plan with the option of Limited Pay.

 

How it works— In this plan, the premium needs to be paid for 10, 15 or 29 years but the policy continues till the Life Insured is 85 years old.

 

When the Premium Paying Term is over, the accrued Simple Reversionary Bonus is paid to the Life Insured but the policy continues. In this Plan, there is a Survival Benefit of 7.5% of the Sum Assured that will be paid every year till the Life Insured attains the age of 85. This benefit will be paid on every policy anniversary starting one year after the end of Premium Payment Term.


On Policy Maturity, the accrued Simple Reversionary Bonus after the Premium Paying Term is over + Terminal Bonus, if any, would be paid to the Life Insured as Maturity Benefit.

 

However, if the Life insured dies within the policy tenure, i.e. before attaining 85 years of age, then Sum Assured + accrued Bonuses are paid and the policy is terminated.

 

There is additional Accidental Death, Disability and Dismemberment Benefit rider available in this plan.

 

Key Features of AEGON Religare Guaranteed Income Plan

 

  • This is a Traditional Insurance Plan with Bonus facility
  • Life Insured is covered till 85 years of age
  • 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.
  • Accrued Simple Reversionary Bonus is paid out at the end of the Premium Paying Term and again on Maturity
  • 7.5% of the Sum Assured is paid as Survival Benefit every year after the Premium Paying Term is over till the Life Insured is 85 years old
  • There is additional Accidental Death, Disability and Dismemberment Benefit rider available

COMPARE THIS PLAN WITH OTHER PENSION PLANS

 

Benefits you get from AEGON Religare Guaranteed Income Policy

 

Death Benefit – In case of death of the Life Insured within the policy tenure,

  • Before the Premium Paying Term is over, the nominee would get the higher of (the Sum Assured + accrued simple Reversionary Bonus) or (the Total Premiums Paid till date) as Death Benefit.
  • After the Premium Paying Term is over, the nominee would get (the Sum Assured + accrued Bonus after the Premium Paying Term and Terminal Bonus, if any) as Death Benefit.

 

Survival Benefit— At the end of the Premium Payment Term, the accrued Simple Reversionary Bonus is paid out and the policy continues. After the Premium Payment Term is over, 7.5% of the Sum Assured will be paid to the Life Insured every year till the Life Assured attains the age of 85. This benefit will be paid on every policy anniversary starting one year after the end of Premium Payment Term.

 

Maturity Benefit – If the Life Insured is alive when the Policy Matures, i.e. when the Life Insured is 85 years old, Accrued Simple Reversionary Bonus after the Premium Payment Term + Terminal Bonus, if any, 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

 

 

Eligibility conditions & other restrictions in AEGON Religare Guaranteed Income Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

1,00,000

No Limit

Policy Term (in years)

85 – Age at Entry subject to a Minimum of 30 years

Premium Payment Term(PPT) (in years)

10/15

20

Entry Age of Life Insured (in years)

20

55 for PPT=10/15

50 for PPT= 20

Age at Maturity (in years)

-

85

Payment modes

Yearly, Half-yearly and Monthly (ECS Only)

 

 

Sample illustration of premium of AEGON Religare Guaranteed Income Plan

 

Age = 30, 35 and 40 years

Sum Assured = Rs 5,00,000

Policy Term = 85 years – Age at Entry

Premium Paying Term = 20 years

AEGON Religare Guaranteed Income Plan Sample Premiums

 

Additional Features and Benefits of AEGON Religare Guaranteed Income 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)}.

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 not available under this policy.

 

 
 

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