AEGON Religare Save Guard Plan
AEGON Religare Save Guard Insurance Plan is a Term Plan with Return of Premium (TROP) Option. It is an offline Term Plan. Thus, this is a Traditional Plan without Bonus facility.
Key Features
It is an offline Term Plan with regular premium option
There are 3 Policy Tenures to choose from- 10, 15 and 20
There are 2 options to be selected from
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- Option 1- with inbuilt Accidental Death Benefit rider
- Option2- without Accidental Death Benefit rider
There is an additional rider- Critical Illness Benefit Rider
On survival till the end of the Policy Tenure, all Premiums Paid till date is returned as Maturity Benefit
Benefits
- Option 1- In this option, there is an inbuilt Accidental Death Benefit rider. Thus, in case of an accidental death of the Life Insured within the Policy Tenure, an additional benefit amounting to the Sum Assured will be paid to the nominee as Accidental Death Benefit and the policy would be terminated. The maximum Sum Assured under this option is restricted to 1 Crore.
- Option 2- This option is without inbuilt Accidental Death Benefit. In this option, in case of an accidental death, no additional Sum Assured will be paid to the nominee.
The Premiums Paid till date are paid back as Maturity Benefit on survival till the end of the Policy Tenure.
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
- Option 1- In this option, there is an inbuilt Accidental Death Benefit rider. Thus, in case of death of the Life Insured, the Sum Assured will be paid to the nominee. However, in case of an accidental death of the Life Insured within the Policy Tenure, an additional benefit amounting to the Sum Assured will be paid to the nominee as Accidental Death Benefit and the policy would be terminated. The maximum Sum Assured under this option is restricted to 1 Crore.
- Option 2- This option is without inbuilt Accidental Death Benefit. In this option, in case of death, Sum Assured will be paid to the nominee as Death Benefit and the policy terminates.
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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2,00,000
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Option I - 1 Crore
Option II- No Limit
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Policy Term (in years)
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10, 15
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20
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Premium Payment Term (in years)
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Equal to Policy Term
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Entry Age of Life Insured (in years)
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18
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55
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Age at Maturity (in years)
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-
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65 for PPT=10
70 for PPT=15
75 for PPT=20
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Annualized Premium (in Rs.)
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2,860 p.a.
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No Limit
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Payment modes
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Annual, Semi Annual and Monthly
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FAQs
What happens if you stop paying the premium?If the policy holder stops paying the premium, the policy lapses and all benefits cease. If at least 3 years premiums have been paid, then the policy is converted to a Paid Up Value and the benefits continue with a reduced coverage. The policy can however be revived within 2 years from the due date of the first unpaid premium, subject to underwriting approval.
What happens if you want to surrender the policy?There are Surrender Benefits in this plan but after 3 Policy Years. There is a Guaranteed Surrender Value in this plan as well.
What happens if you want a loan against your policy?Loan facility is not available in this plan.
