AEGON Religare Increasing Term Insurance Plan

If you are looking to safeguard against being under-insured as time passes by, this plan is for you. In AEGON Religare’s Increasing Term Insurance Plan, the insurance cover amount increases every year to take care of the rising inflation and responsibility.

You should purchase this plan if you:

Are single, but want to take advantage of low pricing
Currently do not have a lot of financial liabilities

For instance, at inception the cover would be `50 lakhs and the Cover Amount increases by 5% for each year till it is equal to base cover. So, after 10 years the cover would be 75 lakhs. Tenure of this type of insurance is also not as liberal as the level term insurance and normally is 20 years. Further; there would be restricted riders that would be available. The premium would normally be higher than the other types of term insurance.

Let’s understand the plan with an example

Mr. Mahesh (age 30 years) is single and works for an advertising agency. Although currently his responsibilities and liabilities are limited, he wants to ensure that he is not under-insured as life goes on. He wants a plan where his life cover increases to take care of rising inflation and responsibilities and he does not have to buy a new plan every time. He relies on AEGON Religare’s Increasing Term Insurance Plan.

His plan details are as follows:

Cover Amount (Sum Assured) at inception: `25 lakhs (this will increase by 5% each year till it becomes double of the original amount), Policy Term: 20 years, Annual Premium: 5,475 (exclusive of service tax). Mahesh marries in the second policy year and leads a normal family life. He dies at the age of 50, i.e. in the last policy year.

Increasing Term Insurance Image

Benefits

Life Cover
Increasing Cover Amount (Sum Assured)
Premium remains constant
Tax benefits as per prevailing tax laws. Please consult your tax advisor for details.

This plan takes care of your increasing responsibility and liability by increasing the cover amount as a person advances in age.

How can you buy this plan?

Step 1: Choose the amount of protection you require (Sum Assured) and the cover period

Step 2: Our Life Advisor will help you fill in the application form

Step 3: A cheque will have to be drawn in favour of AEGON Religare Life Insurance Co. Ltd.

Step 4: Expect a verification call from AEGON Religare call centre, once you apply for the policy

Eligibility

Increasing term insurance plan

Disclaimers

Product Name: AEGON Religare Increasing Term Insurance

Plan UIN: 138N002V01

For more details on terms and conditions, please read salesbrochure carefully before concluding a sale.

Insurance is the subject matter of the solicitation.