AEGON Religare Launches India’s First Online Guaranteed Insurance Plan - iGuarantee

Wednesday, December 11, 2013

Mumbai, December 11: The pioneers in online insurance, AEGON Religare Life Insurance (ARLI) today announced the launch of India’s first online guaranteed insurance plan - AEGON Religare iGuarantee Insurance Plan. The plan is available exclusively online and is specially targeted at individuals looking for simple and guaranteed insurance solutions. This plan is aimed at customers who are looking at a steady return over the medium term while minimising risk.  

In keeping with AEGON Religare's product philosophy of offering simple products with a simple and easy to understand benefit, the AEGON Religare iGuarantee Insurance Plan offers the customer a six-year premium paying term and policy term. At the end of the policy term, the customer gets an annual return equal to 135% of the premium, paid for a period of six years. The product is available exclusively online, at http://buyonline.aegonreligare.com, making it convenient and easy for the customer to buy the policy, transact and receive the policy document instantly, online. 

On the launch of AEGON Religare iGuarantee Insurance Plan, Mr Yateesh Srivastava, Chief Operating Officer of ARLI said, “We pioneered the online space in life insurance and we would like to maintain our leadership position by offering an expanded suite of products. The iGuarantee plan is part of our endeavour to provide simple and uncomplicated products to our customers at their convenience. The AEGON Religare iGuarantee Insurance Plan comes with a simplified 3-question proposal form, requires no medical examination and can be issued very quickly. It carries with it the benefit of providing a guaranteed return to customers for a period of six years, after the policy term. It is an ideal plan for a medium-term investor who needs the security of growth, without undue risk. It is a short premium paying term plan that allows customers to enhance their savings.”

Mr Harshal Shah, Director - Marketing, ARLI added, “The growth of an internet consuming population, eCommerce and the success of our first product offerings on our direct-to-customer platform has proven that online space has emerged as a significant channel of distribution in life insurance. The AEGON Religare iGuarantee Insurance Plan is targeted to the ‘New Age’ customer who prefers a convenient, hassle-free and a non-intermediated process while buying any financial product. The consumer is moving online and so are we. The AEGON Religare iGuarantee Insurance Plan is another step in creating a plethora of online product offerings for our customers.”

The AEGON Religare iGuarantee Insurance Plan offers the following benefits:

1.  It offers the maturity benefit in the form of a yearly guaranteed payout, which is 135% of the annual premium, for a period of six years starting after the policy term. 

2.  In case of death of the life assured during the policy term of six years, the nominee receives higher of ten times of the annual premium or 105% of all the premiums paid. However, if death occurs during the pay-out period the remaining guaranteed pay-outs are paid to the nominee.

3.  The policy does not lapse if the premium is paid for at least a year as it continues with the paid-up sum assured.

4.  It offers tax benefits under section 80C and 10(10D).

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