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AEGON Religare Insta Pension Plan
AEGON Religare Insta Pension Plan is an Immediate Annuity Plan without Bonus Facility. This plan is a Instant Annuity Plan which can be purchased with a Single Premium. This plan is a non-linked, non-participating single premium Immediate Annuity Plan.
How it works— On retirement, one can choose to purchase an Annuity Plan where a regular flow of income in the form of annuity starts as soon as the plan is purchased.
Thus, in this plan, premium needs to be paid in a lump sum at the policy inception. There are 2 options for annuity in this plan- Single Life Annuity, for self and Joint Life Annuity, for self and spouse.
The actual amount of annuity received as annuity will depend upon the Annuity Rates applicable at the time of purchasing the Annuity Plan which cannot be ascertained from before. For example, the current Annuity Rate for a person aged 60 years on an annual mode is 57.88 and 55.98 on monthly mode per thousand rupees of premium paid. Thus, if the Policyholder has paid Rs 1,00,000 as single premium for the Instant Annuity Plan, then he would receive Rs 5788 per annum as Annual Pension as long as he is alive.
For Joint Life Annuity option selected, annuity will be received by the policyholder as long as he is alive and then after his death, the annuity will continue as long as his spouse is alive.
Key Features of AEGON Religare Insta Pension Plan
COMPARE THIS PLAN WITH OTHER PENSION PLANS
Benefits you get from AEGON Religare Insta Pension Policy
Death Benefit – Being a pure Annuity Plan, there is no Death Benefit
Maturity Benefit – Being a pure Annuity Plan, there is no Maturity Benefit because the plan continues as long as the policyholder is alive, for Single Life Annuity Plan and till the last of the 2 spouses are alive, for Joint Life Annuity Plans
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 80CCC for the year of purchase
Eligibility conditions and other restrictions in AEGON Religare Insta Pension Policy
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Minimum |
Maximum |
|
Sum Assured (in Rs.) |
No Sum Assured Requirement |
|
|
Policy Term (in years) |
Life Long |
|
|
Premium Payment Term (in years) |
Single |
|
|
Entry Age of Policyholder (in years) |
50 |
85 |
|
Entry Age of Spouse (in years) |
50 |
85 |
|
Age at Maturity |
- |
Life Long |
|
Single Premium (in Rs.) |
1,00,000 |
No Limit |
|
Payment modes |
Only Single |
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|
Annuity Modes |
Yearly and Monthly |
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Sample illustration of premium * of AEGON Religare Insta Pension Plan
Age = 50, 55 and 60 years
Purchase Price = Rs 1,00,000
Policy Term = Lifelong
Premium Paying Term = Single
Annuity Mode = Annual
*Premium is without Tax
Additional Features and Benefits of AEGON Religare Insta Pension Plan
Riders – There are NO additional riders available in this policy
What happens if?
You stop paying the premium – Being a single premium plan, there is no question of further premium payment
You want to surrender the policy – There is no Guaranteed Surrender Value in this plan
You want a loan against your policy – Loan facility is not available under this policy.
