AEGON Religare Life Insurance launches a ULIP with the highest return (IRR) to customer

Wednesday, September 30, 2009

 AEGON Religare Life Insurance today announced the launch of its unit linked insurance plan called AEGON Religare Invest Maximiser Plan, a ULIP with the highest IRR currently available in the industry. In other words, this plan has the lowest charges which help the customer maximise their investments.

Speaking on the occasion of the launch of AEGON Religare Invest Maximiser Mr Rajiv Jamkhedkar, Chief Executive Officer of AEGON Religare stated - “The AEGON Religare Invest Maximiser Plan is aimed at providing the customer with the highest value and is a reiteration of our core strategy of being customer-centric both in terms of products as well as service and overall experience. We are very excited about the product. So confident are we about the product’s appeal to customers that we are even willing to pay a customer who brings in a better benefit illustration in terms of IRR Rs 1,000 as prize.

The AEGON Religare Invest Maximiser Plan offers the following unique benefits.

   1. It offers the lowest premium allocation charge in the industry. The charges are at 5% for the first year and 2% from second to fourth year. There are no premium allocation charges starting fifth year of the policy.

   2. It offers the industry’s highest return (IRR) to customer. An IRR of 8.60% on a 25 year policy term at a standard benefit illustration of 10% for a male aged 30 years

   3. It offers guaranteed special units to the policyholders starting from the end of the 10th policy year, and every 3rd year thereafter.

   4. It offers a life cover of 5 times the annualised premium.

   5. It offers 12 free switches every year and allows free systematic partial withdrawal, in addition to partial withdrawals. Systematic partial withdrawals allow the policyholder to receive payments either monthly, quarterly or annually.

   6. The customer also has the flexibility to pay premiums. The life cover does not lapse even if the policyholder stops paying the premium after three years.

   7. There is no surrender charge if the policy is surrendered after the completion of the 4th policy year.

   8. It offers tax benefits under section 80C and 10(10D). Money paid as premium is eligible for benefit under section 80C, and money received on maturity, death, surrender or withdrawal is exempt from tax under the section 10(10D).

The minimum entry age is 90 days and maximum being 50 years with a minimum annualised premium of Rs 12,000.

AEGON Religare Life Insurance is the coming together of AEGON, one of the world’s largest life insurance and pension groups and Religare, one of India’s leading integrated financial services groups. The company, started operations in July, 2008, has a capital base of Rs 395 crore and plans to increase it by Rs 125 crore in the next six months. AEGON Religare Life Insurance has over 4,200 life advisors, and this number will go up to between 10,000 and 12,000 advisors by the end of this fiscal. The company has received a New Business Annualised Premium (APE) of Rs 83 crore, as at August 31, 2009 and the target for FY10 is a NB APE of Rs 240 crore.

AEGON’s businesses serve over 40 million customers in over 20 markets throughout the Americas, Europe and Asia, with major operations in the United States, the Netherlands and the United Kingdom. With headquarters in The Hague, the Netherlands, AEGON companies employ almost 32,000 people worldwide. The company’s common shares are listed on four stock exchanges: Amsterdam, London, New York and Tokyo. It manages EUR 351 billion in revenue generating investments. AEGON has more than 160 years of experience with its roots going back to 1844. It holds 26% equity in our company.

A diversified financial services group with a pan-India and international presence, Religare Enterprises Limited (REL) offers a range of products and services, including asset management, life insurance, wealth management, equity and commodity broking, investment banking, lending services, private equity and venture capital. REL operates from 7 domestic regional offices, 43 sub-regional offices, and has a presence in 498 cities controlling 1,837 business locations all over India as on June 2009. REL acquired UK-based Hichens, Harrison & Co. in 2008 which was subsequently re-named as Religare Hichens Harrison PLC (RHH). With the addition of RHH the REL group now operates out of multiple global locations (the UK, the USA, Brazil, South Africa, Dubai and Singapore).

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