Launch of iMax & iReturn online products

Tuesday, January 6, 2015

AEGON Religare Life Insurance Expands Online Portfolio

Introduces two new plans – AEGON Religare iMaximize Insurance Plan and AEGON Religare iReturn Insurance Plan 

Mumbai, January 6: AEGON Religare Life Insurance (ARLI) today, announced the launch of two plans for its online platform – AEGON Religare iMaximize Insurance Plan and AEGON Religare iReturn Insurance Plan. AEGON Religare iMaximize Insurance Plan is a unit-linked protection plan that is available as a single premium payment plan as well as a regular premium payment plan, whereas AEGON Religare iReturn Insurance Plan is a return-of-premium term plan. Both the plans are available exclusively online and can be bought online within 10-12 minutes by visiting http://buyonline.aegonreligare.com.

 

Speaking on the occasion of the launch of the two plans, Mr Yateesh Srivastava, Chief Operating Officer of ARLI stated - “The growth of an internet consuming population, eCommerce and the success of our online products offering on the eSales platform, has made it evident that the online space has emerged as a significant channel of distribution in life insurance. Both these new plans are targeted to the ‘New Age’ customer who prefers a convenient, hassle-free and a non-intermediated process while buying any financial product. The AEGON Religare iMaximize Insurance Plan offers protection for life as well as protection for his child’s dreams and goals. This is achieved through a ‘triple-benefit option’ which in case of death pays the sum assured, pays an annual income benefit to the nominee for the remainder of the term and keeps the policy alive for the intended term so the corpus expectations are met at maturity. With its transparent charge structure and substantial returns, it is ideally suited for parents, planning for their children’s future. On the other hand, AEGON Religare iReturn Insurance Plan is a return of premium term plan with an in-built terminal illness benefit and offers the competitive premium rates. It is our intention to be where our customers are and where they are going to be in the future. Introducing the two new online plans is a step in creating a broader set of offerings online.”

 

The AEGON Religare iMaximize Insurance Plan is specially targeted at parents who are looking at safeguarding their child’s future. This comprehensive plan not only offers a life cover but also helps create a corpus for the child’s future along with offering tax benefits. Some key benefits of this plan are:

1)    It offers zero premium allocation charge. It thus invests 100% of the premium. Charges that apply are mortality charges, fund management charges and policy administration charges.

2)    It offers choice of selecting between two options for the death benefit:

a.    Benefit Option 1 (Savings Option) – In case of death of the life assured during the policy term, the plan offers higher of either the sum assured or the fund value or 105% of the premium paid and the policy terminates after the payment. Single premium payment policies offers only this option as the Death Benefit.

b.    Benefit Option 2 (Triple Benefit Option) - This option can be availed only in case of limited or regular premium payment option. It offers the following three benefits:

                             i.    Base Policy Benefit – In case of death of the life assured during the policy term, the plan offers to pay the maximum of the sum assured or 105% of all premium paid.

                            ii.    Additional Savings Benefit - The policy continues as ARLI pays all the future premiums due, into the Secure Fund, till the end of policy term.

                           iii.    Income Benefit - The plan also offers to pay an amount equal to the annual premium, to the nominee, each year till maturity.

3)    On Maturity, it offers the total fund value as on maturity date.

4)    It offers a choice of policy term and premium payment term of single, limited or regular.

5)    It offers the following three investment fund options:

Fund Name

Objective

Risk Profile

Equities

Fixed Interest Securities

 

Money Market Instruments

Blue Chip Equity Fund

The fund objective is to provide long-term capital appreciation by investing in a diversified equity portfolio that consists of predominantly large-cap companies with strong financials, quality management and market leadership.

High

80% – 100%

0%

0% – 20%

Secure Fund

This fund aims to generate income consistent with high levels of liquidity while protecting the capital. It invests in a diversified portfolio of money market instruments and other short-term fixed interest securities.

Low

0%

60% - 100%

0% – 40%

Debt Fund

This fund aims to generate attractive returns by investing in a diversified portfolio of government debt, corporate debt, money market instruments and other fixed income securities of varying maturities.

Medium

0%

60% - 100%

0% – 40%

 

6)    To optimize one’s investment, it offers service of switching between funds and premium redirection wherein the first four switches and two premium redirections, in each year are free.

7)    It offers liquidity by way of partially withdrawing from the fund value after 5 policy years, with the maximum amount being 20% of the fund value at the beginning of that policy year, wherein the first four withdrawals in each year are free.

8)    One can boost their investment by way of top-up with a minimum amount of Rs. 5,000

9)    The premiums paid and benefits received are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

 

To opt for the AEGON Religare iMaximize Insurance Plan, one needs to meet the following requirements:

Minimum Annual Premium

Benefit Option 1:

Premium Payment Term

Minimum Annual Premium (Rs.)

5 years & 7 years

36,000

10 years and above

24,000

 

Benefit Option 2:

Age at Entry

Minimum Annual Premium (Rs.)

Less than 45 years

24,000

Greater than or equal to 45 years

36,000

 

Single Premium : Rs. 1,00,000

Minimum Entry Age

 

Benefit Option 1

7 years last birthday

Benefit Option 2

18 years last birthday

Single Premium

8 years last birthday

 

 

 

Maximum Entry Age

 

Benefit Option 1

55 years last birthday

Benefit Option 2

50 years last birthday

Single Premium

60 years last birthday

 

Minimum Maturity Age

Single Premium : 18 years last birthday

Maximum Maturity Age

 

Benefit Option 1

70 years last birthday

Benefit Option 2

65 years last birthday

Single Premium

65 years last birthday

 

Policy Term

Regular Premium : 15 / 20 / 25 years

Single Premium: For age at entry upto 50 years = 10 years;
For age at entry more than 50 years = 5 years

Premium Payment Term

 

Benefit Option 1

5 years, 7 years, 10 years, 15 years or equal to the Policy Term.

Benefit Option 2

10 years, 15 years or equal to the Policy Term

 

Premium Payment Frequency

Monthly and Annual

Minimum Sum Assured

For entry age below 45 years

For entry age greater than or equal to 45 years

For Regular Premium it is higher of:

·   10 times the Annual Premium or

·   0.5 x (Policy Term) x (Annual Premium)

For Single Premium : 125% of the Single Premium

For Regular Premium it is higher of:

·   7 times the Annual Premium or

·   0.25 x (Policy Term) x (Annualized Premium)

For Single Premium : 110% of the Single Premium

 

Maximum Sum Assured

Regular Premium:

For entry age below 45 years

For Age at entry greater than or equal to 45 years:

The minimum Sum Assured mentioned above is the only available Sum Assured

10 times the Annual Premium

Single Premium: For entry age upto 35 years = 10 times the Single Premium

For age at entry greater than 35 years the minimum Sum Assured mentioned above is the only available Sum Assured

To purchase the Regular Premium AEGON Religare iMaximize Insurance Plan one needs to simply choose the policy term and the premium payment term, decide on the annual premium, choose the insurance cover required and invest the premium in the choicest of three investment funds. For opting the Single Premium AEGON Religare iMaximize Plan, one needs to simply decide on the single premium amount, choose the insurance cover required and invest the premium in the choicest of three investment funds.

The AEGON Religare iReturn Insurance Plan is specially targeted at individuals who are looking for a term plan with a return of premium. In addition to the life cover it also ensures return of all premium paid in case of survival till the end of the policy term. Some of the key features of this plan are:

1)    It offers a life cover that pays a lump sum on death and at the end of the policy term on survival, the premiums paid are returned.

2)    It offers an in-built Terminal Illness Benefit that pays 25% of the base policy sum assured in case the life assured is diagnosed with a terminal illness. Moreover, it also waives off the future premium.

3)    It offers choice of policy term, premium payment term and the frequency of payment.

4)    It offers additional protection by offering multiple riders like AEGON Religare AD (Accidental Death) Rider, AEGON Religare Critical IllnessRider, AEGON Religare Waiver Of Premium Rider and AEGON Religare Woman Critical Illness Rider.

5)    The premiums paid and benefits received are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

 

To opt for the AEGON Religare iReturn Insurance Plan, one needs to meet the following requirements:

Minimum Entry age of 18 years and a maximum of 65 years; Maximum maturity age of 75 years. One has a choice to select the policy term between 5/10/15/20 years whereas the premium payment term can be either single, 5 years or equal to the policy term. The premium payment frequency is either single, annual, semi-annual or monthly. The minimum sum assured that this plan offers is Rs. 30 lakh whereas maximum of Rs. 4 crore.

 

To purchase the AEGON Religare iReturn Plan one needs to simply, choose the amount of protection, decide on the policy term and the premium payment term of the policy, opt for riders if interested, and pay your premium amount to let your policy begin.

 

About AEGON Religare Life Insurance Company

AEGON, an international provider of life insurance, pensions and asset management and Religare, India’s leading diversified financial services groups have come together to launch AEGON Religare Life Insurance Company Limited (ARLI). This venture is dedicated to build a customer-centric business and provide a work environment that fosters excellence and innovation. This joint venture adopts a local approach with the power of global expertise. ARLI launched its pan-India operations in July, 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. The fulfillment of this vision is based upon having a complete product suite, providing customised advice and enhancing the overall customer experience. ARLI has launched a suite of products that are focused on providing the customer with the means to meeting their long-term financial goals. At the same time, product development has been founded on the tenet of providing the customer with great value. In 2014, the Indian Insurance Awards, honoured ARLI as the ‘E-Business Leader’, for the second year in a row, under the category of Overall Insurance Industry Awards.

 

About AEGON

AEGON’s roots go back more than 150 years – to the first half of the nineteenth century. Since then, it has grown into an international company, with businesses in more than 25 countries in the Americas, Europe and Asia. In the US, AEGON’s largest market, it operates under the Transamerica brand. Today, AEGON is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management. AEGON never loses sight of its purpose to help its customers secure their long-term financial future. Its companies employ more than 27,500 people serving millions of customers around the world. In total, the company oversees EUR 503 billion in revenue-generating investments. The company’s shares are listed on two major stock markets: Amsterdam and New York. http://www.aegon.com

About Religare Enterprises Limited

Religare Enterprises Limited (REL) is one of India’s leading diversified financial services groups and offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management. Religare Enterprises is headquartered in New Delhi and is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. Religare is also building an Asia & emerging markets focused Institutional equities and Investment Banking business and a multi-boutique global asset management platform to tap the broader opportunities offered by the most promising emerging markets around the world. http://www.religare.com

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