Pension Plan
Today, you are living comfortably. There is a regular flow of income and your bills are paid on time. In fact your necessities are taken care of, without you having to worry about them.However, the future will be different. Rising inflation will affect the price of the smallest of items. Milk that costs Rs. 20/ltr. today could cost around Rs. 95 twenty years later. Which means, on retirement, you may not be able to afford even the basic necessities like food, clothing, etc.
Therefore, you need to plan your retirement today itself. Presenting the AEGON Religare Pension Plan. It provides you with a regular pension that will help you take care of the much needed basic necessities, post-retirement. Invest in AEGON Religare Pension Plan and be assured of a secure tomorrow.
How does the plan work?
The plan works in 2 phases which are:
Benefits:
Vesting Benefit: On attaining the chosen vesting age, you have the following options:
In case of paid up policy, paid up sum assured and accrued bonuses will be used to purchase annuity.At the time of vesting you can buy a pension from any other life insurer of your choice. You have the freedom to take the best offer available in the market. This option is called as Open Market Option.
Death Benefit:
In case of your unfortunate demise, the nominee will receive the higher of the following:
In addition to the above benefits, the nominee will also receive accrued bonus and accumulated guaranteed additions.
If the policy is in paid up status, the nominee will receive 100% of the paid up sum assured along with accrued bonus and accumulated guaranteed additions.
Guaranteed Additions:
AEGON Religare Pension Plan provides regular special additions to boost the retirement kitty even more. The special additions get added into the Sum Assured and are paid on vesting or on an earlier death. The guaranteed additions are paid only if all the due premiums are paid and are as per the table below:
|
Policy
Year
|
Regular
Premium / Limited Premium
|
Single
Premium
|
|
5
|
10%
of AP
|
5%
of SP
|
|
10
|
15%
of AP
|
6%
of SP
|
|
15
|
20%
of AP
|
7%
of SP
|
|
20
|
25%
of AP
|
8%
of SP
|
|
25
|
30%
of AP
|
9%
of SP
|
|
30
|
35%
of AP
|
10%
of SP
|
AP:
Annualised Premium; SP: Single Premium
Thus
for a 30 year policy term then you will get 135% of the annualised
premium under regular premium and 45% of the single premium back as
special additions.
Bonus
Your policy will participate in the profits emerging in the participating fund managed by the Company. The Company will declare simple reversionary bonus as percentage of sum assured every year provided the policy is in force for full sum assured. Bonus will be declared from first policy year but will accrue only if first three premiums have been paid. The bonus at the end of 3rd year will include the bonus declared in the previous three years. Bonuses once declared form a part of guaranteed benefits of the plan. The bonus will be paid in case of maturity or on an earlier demise. The reversionary bonus is declared keeping in mind a long term view of investment returns, expenses, mortality and other experiences.
The company may also declare a terminal bonus for maturing inforce policies depending on the experience of the participating fund.
High Sum Assured Discount:
You pay lesser premium if you choose sum assured of Rs.400,000 and above.
Paid
Up Policy:
Incase
you fail to pay your regular premiums after 3 years, the policy still
continues with the paid-up sum assured.The
paid-up sum assured will be calculated as below:
{(Total
premiums received / Total premiums expected over the term) x (Sum
Assured + Accumulated Guaranteed Additions)}.
If
the policy continues in paid up sum assured then the policy is not
eligible for future bonus or guaranteed additions.
Surrender Benefit:
The policy will acquire guaranteed surrender value on payment of 3 full years’ premiums and surrender value will be paid after completion of 3 years. You have the option to surrender the policy anytime after payment of 3 years’ premium in case of policies under regular premium and limited premium payment mode. Policies under single premium payment mode can be surrendered anytime after three policy years. In case of surrender, the policy is first converted to paid-up policy. The Surrender Value is calculated as Surrender value factor X paid-up sum assured. The company may declare surrender values that are higher than the guaranteed surrender values. The factors for such surrender values will be decided from time to time.
The treatment of surrender value will be as per the prevailing tax laws.
Tax Benefit:
Tax benefits are available as per the prevailing tax laws. Please consult your tax advisor for details.
Eligibility:
|
Entry
Age
|
Minimum
– 20 years last birthday
Maximum
– 75 years last birthday
|
|
Vesting
Age
|
Minimum
– 50 years last birthday
Maximum
– 80 years last birthday
|
|
Minimum
Sum Assured
|
Rs.100,000
|
|
Minimum
Premium
|
Rs.6,000
p.a.
|
|
Policy
Term
|
Minimum:
5 years for regular & limited premium policies; 6 years for
single premium policies.
Maximum:
40 years.
|
|
Premium
Payment Term
|
Single,
7 years, 10 years or equal to policy term.
|
|
Premium
Payment Mode*
|
Single,
Yearly, Half Yearly & Monthly
|
*
The modal factor for modes other than Annual mode will be: Semi
Annual Premium - Annual Premium x 0.512; Monthly Premium - Annual
Premium x 0.087.
For details
Read
the product brochure
Call
1800 209 9090
sms
“PENSION” to 56677
