Launch of Premier Endowment Plan

Tuesday, December 16, 2014

AEGON Religare Life Insurance Introduces
Premier Endowment Insurance Plan

A savings plan that offers an additional 5% of the sum assured every year 

Ahmedabad, December 16: AEGON Religare Life Insurance (ARLI) today announced the launch of its AEGON Religare Premier Endowment Insurance Plan. The plan will be available for sale from the third week of December. This plan is aimed at customers who are looking at a guaranteed addition to their savings for achieving their medium to long-term goals. In keeping with AEGON Religare's product philosophy of offering simple products, the AEGON Religare Premier Endowment Insurance Plan offers the customer a guaranteed addition of 5% of the sum assured, every year, during the premium payment term. Apart from offering a life cover for the entire policy term, it also offers an increase in the benefit amount, every year, by accrual of bonus that commences from the first year.

On the launch of AEGON Religare Premier Endowment Insurance Plan, Mr. Yateesh Srivastava, Chief Operating Officer of ARLI said, “In today’s day and age, we often plan for goals that we aim at achieving in 10-20 years. It could be for a child’s further education or marriage or for enjoying the luxuries in life. AEGON Religare realized this need of the customer and offers AEGON Religare Premier Endowment Insurance Plan as a solution. This plan is a part of the endeavour to provide a solution for meeting a customer’s medium to long-term commitment by way of offering limited premium payment term and guaranteed additions along with the life cover."
 

The AEGON Religare Premier Endowment Insurance Plan offers the following benefits:

  1. It offers guaranteed additions, as 5% of the sum assured, starting from the first policy year at the end of each year of the premium payment term. The pay out of the accumulated guaranteed additions happens along with the benefit payout on policy maturity or death of the life assured, whichever is earlier.
  2. At the end of each year starting from the first policy year, it offers a simple revisionary bonus as a percentage of the sum assured. The bonus once attached to the policy forms a part of the guaranteed benefits and is paid in case of maturity or death, whichever is earlier.
  3. In case of death of the life assured during the policy term, the nominee receives the guaranteed death benefit, the accrued guaranteed additions as well as the accrued revisionary bonus.
  4. As maturity benefit, it offers, the entire sum assured, the accrued guaranteed additions, the accrued revisionary bonus and terminal bonus (if any).
  5. It offers an option of policy loan from the fourth policy year.
  6. The premiums paid and benefits received are eligible for tax benefits under Section 80C and 10(10D) of the Income tax Act, 1961 respectively upon fulfillment of conditions laid down for availing such benefits.

The AEGON Religare Premier Endowment Insurance Plan offers an option of choosing the policy term of 10, 15 or 20 years and premium payment term of either paying once or over 5, 10, 15 or 20 years. The minimum age to enter is 18 years, whereas the maximum is 55 years. The minimum annual premium payable under this plan depends on the selection of the policy term and the premium payment term.

Policy Term Option

Premium Payment Term Option

Minimum Annual Premium

10 years

Single

Rs.1,00,000

5 years

Rs.37,000

15 years

10 years

Rs.20,000

20 years

15 years

Rs.15,000

20 years

Rs.13,000

There is no limit to the maximum annual premium payable. However, it is subject to underwriting. The premium can either be paid once, or annually, semi-annually or monthly. For purchasing the plan, one needs to simply decide on the combination of policy term, premium payment term, and decide on the annual premium amount. Basis this, the sum assured is calculated and one can buy the policy by filling the proposal form and paying the premium amount.

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