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AEGON Religare Guaranteed Income Plus Plan

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

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Death Benefit
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Survival Benefit
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Maturity Benefit
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Key Features

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This is a Traditional Insurance Plan with Bonus facility
Life Insured is covered till 85 years of age
Tenure Benefit

Premium needs to be paid only for a period of 15 or 20 years

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.

Maturity Benefit

Accrued Simple Reversionary Bonus is paid out at the end of the Premium Paying Term and again on Maturity

Death Benefit

200% of the Sum Assured + accrued Bonuses is paid to the nominee as Death Benefit if the Life Insured dies within the policy tenure

Survival Benefit

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.

Rider Benefit

There is additional Accidental Death, Disabiliy and Dismemberment Benefit rider available

Benefits

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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 Capital 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 Capital 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 and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

How it works

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In this plan, the premium needs to be paid for 15 or 20 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. 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 the 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.
In this Plan, 200% of the Sum Assured is called the Capital Sum Assured. Thus, if the Life insured dies within the policy tenure, i.e. before attaining 85 years of age, then:
  • During the Premium Paying Term: Higher of Capital Sum Assured + accrued Bonuses or Total Premiums paid till date is paid as Death Benefit and the policy is terminated
  • After the Premium Paying Term: Capital Sum Assured + accrued Bonuses after the Premium Paying Term is paid as Death Benefit and the policy is terminated
There is additional Accidental Death, Disability and Dismemberment Benefit rider available in this plan.
Sample illustration of premium of AEGON Religare Guaranteed Income Plus Plan:
The below illustration is for a healthy Male (non-tobacco user) opting for a
Sum Assured = Rs 10,00,000
Policy Term = 85 years – Age at Entry
PPT = 20 years
Premium is without Tax
AEGON Religare Guaranteed Income Plus Plan Sample Premiums

Eligibility

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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)
15
20
Entry Age of Life Insured (in years)
20
55 for PPT=15
50 for PPT= 20
Age at Maturity (in years)
-
85
Payment modes
Yearly, Half-yearly and Monthly (ECS Only)

FAQs

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angle down iconWhat 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)}.
The paid-up sum assured for Death Benefit={(Total premiums received / Total premiums expected over the term) x (Capital Sum Assured)}.
A Paid-Up Policy can also be revived within 2 years from the date of first unpaid premium.
angle down iconWhat 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

angle down iconWhat happens if you want a loan against your policy?

Loan facility is not available under this policy.