Thursday, January 19, 2012
AEGON Religare Life Insurance has launched Educare Plan to cover higher education. It provides policyholders a savings platform with an insurance cover along with a waiver of premium option. The plan gives lump sum payouts during the last four policy years. Under this plan, there will be guaranteed payouts during the last four years of the policy. In case of death, either it offers sum assured, accrued bonus and guaranteed payouts during the last four policy years or along with the payouts, 10% of the sum assured, every year, till the end of the premium payment term. On maturity of the policy, it provides 20% of the sum assured, which is the last installment of the guaranteed payout, along with the accrued bonus. It also offers an optional additional cover through ADDD Rider (accidental death, disability and dismemberment). The plan offers a choice between three policy terms of 12, 16 or 20 years with a premium payment term of eight, 12 or 16 years respectively. The minimum entry age is 20 years and the maximum age of entry is 63, 59 or 55 years, depending on the tenure of the policy. The maximum age at maturity is 75 years and minimum sum assured is 1 lakh.