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Aegon Religare Level Term Plan
Aegon Religare Level Term Plan has been the company's pioneer product. It is a simple term plan with some amazing additional benefits to suit the lifestyle of individuals. This has been done with the people and their lifestyle being kept in mind.
Key Features of Level Term Plan
- It is a pure Term Insurance Policy with Death Benefit only
- Additional accidental death, dismemberment and disability benefit and critical illness benefit is available
- Possibility to increase sum assured twice during the policy tenure in event of child birth and marriage.
Benefits you get from Level Term plan
Death Benefit – Nominee would receive the Sum Assured in event of death of the life insured during the policy tenure.
Maturity Benefit – Since this is a pure term plan, there is no maturity benefit.
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 and other restrictions in Level Term plan
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
5,00,000 |
No Limit |
|
Policy Term (in years) |
10 |
30 |
|
Premium Payment Term (in years) |
Single |
Equal to policy term |
|
Entry Age of Policyholder |
18 |
55 |
|
Age at Maturity |
- |
75 |
|
Single premium (in Rs.) |
10,000 |
NA |
|
Payment modes |
Single, Yearly, Half-yearly, Quarterly and Monthly |
|
Sample illustration of premium amount in Level Term plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
Additional Features and Benefits of Level Term Plan
Riders – there are 2 riders in this plan- Accidental Death, Dismemberment and Disability (ADDD) Benefit rider and Critical Illness (CI) Rider.
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, then the policy would lapse and all benefits of the policy will cease after the expiry of the grace period from the due date of the first unpaid premium. You can re-instate the policy within 2 years of lapsation by paying up all due premiums with interest.
You want to surrender the policy – There are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is not available under this policy.
