Mr. Mahesh (age 35 years) has his own business. His wife is a doctor and they have a son Atharva - 8 years old. Notwithstanding his good financial position, Mahesh is attuned to the need for a financial product that will help him multiply his savings and provides guaranteed returns once his son completes 18 years of age. Hence, he relies on AEGON Religare’s Assured Returns Insurance Plan.
His plan details are as follows:
Policy Term: 10 years, Annual Premium: Rs.1, 00,000 (exclusive of service tax).
Premiums paid by Mahesh = 1 lakh X 2 years = 2 lakhs + tax
Total Guaranteed Payout = Rs. 1.75 lakhs p.a. X 10 years = 17.5 lakhs
Total payout received by his son is 9 times the premiums paid by Mahesh
Total payout = Rs.17,50,000 i.e. Rs.1,75,000 each for 10 years.