Tuesday, November 19, 2013
Mumbai, November 19: AEGON Religare Life Insurance (ARLI) today announced the launch of its AEGON Religare Guaranteed Growth Insurance Plan. 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 Guaranteed Growth Insurance Plan offers the customer an eight-year premium paying term and a ten-year policy term. At the end of the policy term, the customer gets an annual return equivalent to 150% of the premium, paid for a period of eight years.
On the launch of AEGON Religare Guaranteed Growth Insurance Plan, Mr. Yateesh Srivastava, Chief Operating Officer of ARLI said, “This plan is part of the endeavour to provide simple, easy to understand and uncomplicated products to our customers. The AEGON Religare Guaranteed Growth Insurance Plan comes with a simplified 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 eight years, after the policy term. It is an ideal plan for a medium-term investor who needs the security of growth, without undue risk."
The AEGON Religare Guaranteed Growth Insurance Plan offers the following benefits:
1.It offers the maturity benefit in the form of a yearly guaranteed payout, which is 150% of the annual premium, for a period of eight years starting after the policy term.
2. In case of death of the life assured during the policy term, the future premiums are waived-off and the nominee receives the guaranteed payouts, as scheduled, during the payout period. It also offers an option to the nominee to take the cash value of the death benefit at any point in time during the policy term.
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)
The AEGON Religare Guaranteed Growth Insurance Plan offers a policy term of ten years and a premium payment term of eight years. The minimum age to enter is 8 years, whereas the maximum is 50 years. The maximum age at maturity is 60 years. The minimum annual premium for the age 8 to 35 years is Rs. 20,000; for the age 36 to 45 years is Rs. 30,000 and for the age 46 to 50 years is Rs. 40,000. The maximum annual premium for the age 8 to 35 years is Rs. 3 lakh; for the age 36 to 45 years is Rs. 2 lakh and for age 46 to 50 years is Rs. 1 lakh. The premium can either be paid monthly or annually. For purchasing the plan, one needs to simply decide on the premium amount.