Endowment Plan
Your family looks to you for support and strength. You have given them the best till now and you would want them to get the best even in the future. However, no one has control over uncertainties of life. Will they be able to sustain the same lifestyle even in your absence? To deal with your concern and give your family the best, AEGON Religare Life Insurance offers AEGON Religare Endowment Plan. This plan offers 200% of the sum assured along with accrued bonus in the unfortunate event of your demise.
How does the plan work?
Step 1: Choose the level of protection (Sum Assured).
Step 2: Choose the Policy Term.
Step 3: Choose the Premium Payment Term.
Depending on the above choices, the premium will be calculated.
Benefits:
Maturity Benefit
- At the end of the policy term, you will be entitled to receive 100% of sum assured or paid up sum assured, as applicable with the accrued simple reversionary bonus.
Death Benefit
- In case of your unfortunate demise, the nominee receives 200% of the sum assured or 100% paid-up sum assured along with the accrued simple reversionary bonus and the plan cease to exist.The plan also provides life coverage for a period of 5 years from the date of maturity of the policy. In case of death during the extended life cover period, the nominee will get 100% of the sum assured. This benefit is available provided the policy is in force for full sum assured as on the date of maturity of the policy. In case of death before attaining 7 years of age, the death benefit will be return of all premiums paid along with the accrued simple reversionary bonus and the plan cease to exist.
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. 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. Bonus will be declared at the end of every financial year and will be credited on subsequent policy anniversary. Bonus will only accrue if the first three years premiums have been paid. The bonus at the end of third year will include the bonus declared in previous three years.
The company may also declare a terminal bonus for maturing inforce policies depending on the experience of the participating fund. The bonus is not available for extended life cover period of 5 years from the date of maturity of the policy.
High Sum Assured Discount - You pay lesser premium if you choose sum assured of Rs.250,000 and above.
Paid-Up Policy - Incase you fail to pay your 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)}. If the policy continues in paid up sum assured then the policy is not eligible for bonus
.
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 surrender, the policy is first converted to paid-up policy. The Surrender Value is calculated as Surrender value factor X (paid-up sum assured + accrued bonuses). 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 with prior approval from IRDA. Surrender value of accrued bonuses will be paid only if at least three years premiums are paid.
Tax Benefit
-Tax benefits are available as per the prevailing tax laws. Please consult your tax advisor for details.
Eligibility
|
Entry
Age
|
Minimum
– 90 days complete ; Risk cover will commence from 7 years
of age as on last birthday.
Maximum
– 60 years last birthday
|
|
Maturity
Age
|
75
years
|
|
Minimum
Premium
|
Rs.6,000
p.a.
|
|
Minimum
Sum Assured
|
Rs.100,000
|
|
Policy
Term
|
15
/ 20 / 25 years
|
|
Premium
Payment Term
|
5
/ 7 / 10 / equal to the policy term
|
|
Premium
Payment Mode*
|
Yearly,
Half Yearly & Monthly
|
*
The modal factor for modes other than yearly mode will be: half
yearly Premium - yearly Premium x 0.512; Monthly Premium - yearly
Premium x 0.087.
For details
Read the
product brochure
Call
1800 209 9090
sms
“ENDOWMENT” to 56677
