Double Sum Assured In Case Of An Unfortunate Death
AEGON Religare Endowment Plan offers 200%
of the sum assured along with accrued bonus in the unfortunate event of
death of the policyholder.
Key Features
Maturity Benefit:
At the end of the policy term, you will be entitled to receive 100% of sum assured or paid up sum assured, as applicable with the accrued simple reversionary bonus.
Death Benefit: In case of unfortunate demise, the nominee receives 200% of the sum assured or 100% paid-up sum assured along with the accrued simple reversionary bonus and the plan cease to exist. The plan also provides life coverage for a period of 5 years from the date of maturity of the policy. In case of death during the extended life cover period, the nominee will get 100% of the sum assured. This benefit is available provided the policy is in force for full sum assured as on the date of maturity of the policy. In case of death before attaining 7 years of age, the death benefit will be return of all premiums paid along with the accrued simple reversionary bonus and the plan cease to exist.
Bonus
The policy will participate in the profits emerging in the participating fund managed by the Company. The Company will declare simple reversionary bonus as percentage of sum assured every year provided the policy is in force for full sum assured. Bonuses once declared form a part of guaranteed benefits of the plan.
The bonus will be paid in case of maturity or on an earlier demise. The reversionary bonus is declared keeping in mind a long term view of investment returns, expenses, mortality and other experiences. Bonus will be declared at the end of every financial year and will be credited on subsequent policy anniversary. Bonus will only accrue if the first three years premiums have been paid. The bonus at the end of third year will include the bonus declared in previous three years. The company may also declare a terminal bonus for maturing in-force policies depending on the experience of the participating fund. The bonus is not available for extended life cover period of 5 years from the date of maturity of the policy.
High Sum Assured Discount
Available on the sum assured of Rs. 250,000 and above
Loan
Loan is available from 4th policy year. Minimum amount of loan available under the policy is Rs. 5,000 and maximum amount not more than 60% of the surrender value. The interest charged on loan will be decided by the company from time to time but will not exceed yield to maturity on 10-year G-Sec plus 4%. If outstanding loan amount together with interest exceeds surrender value at any point in time, the policy will terminate without acquiring any value.
Surrender Benefit
The policy will acquire guaranteed surrender value on payment of 3 full years’ premiums and surrender value will be paid after completion of 3 years. You have the option to surrender the policy anytime after payment of 3 years’ premium. In case of surrender, the policy is first converted to paid-up policy.
The Surrender Value is calculated as Surrender value factor X (paid-up sum assured + accrued bonuses).
The company may declare surrender values that are higher than the guaranteed surrender values. The factors for such surrender values will be decided from time to time with prior approval from IRDA. Surrender value of accrued bonuses will be paid only if at least three years premiums are paid.
Paid-Up Policy
In case the policyholder fails to pay the premiums after 3 years, the policy still continues with the paid-up sum assured. The paid-up sum assured will be calculated as below:
{(Total premiums received / Total premiums expected over the term) x (Sum Assured)}. If the policy continues in paid up sum assured then the policy is not eligible for bonus.
Eligibility Criteria
Key Features
- 200% of the sum assured paid in case of an unfortunate death
- Extended life cover of 5 years from the date of maturity
- High sum assured rebate
- Tax benefits as per prevailing tax laws
Maturity Benefit:
At the end of the policy term, you will be entitled to receive 100% of sum assured or paid up sum assured, as applicable with the accrued simple reversionary bonus.
Death Benefit: In case of unfortunate demise, the nominee receives 200% of the sum assured or 100% paid-up sum assured along with the accrued simple reversionary bonus and the plan cease to exist. The plan also provides life coverage for a period of 5 years from the date of maturity of the policy. In case of death during the extended life cover period, the nominee will get 100% of the sum assured. This benefit is available provided the policy is in force for full sum assured as on the date of maturity of the policy. In case of death before attaining 7 years of age, the death benefit will be return of all premiums paid along with the accrued simple reversionary bonus and the plan cease to exist.
Bonus
The policy will participate in the profits emerging in the participating fund managed by the Company. The Company will declare simple reversionary bonus as percentage of sum assured every year provided the policy is in force for full sum assured. Bonuses once declared form a part of guaranteed benefits of the plan.
The bonus will be paid in case of maturity or on an earlier demise. The reversionary bonus is declared keeping in mind a long term view of investment returns, expenses, mortality and other experiences. Bonus will be declared at the end of every financial year and will be credited on subsequent policy anniversary. Bonus will only accrue if the first three years premiums have been paid. The bonus at the end of third year will include the bonus declared in previous three years. The company may also declare a terminal bonus for maturing in-force policies depending on the experience of the participating fund. The bonus is not available for extended life cover period of 5 years from the date of maturity of the policy.
High Sum Assured Discount
Available on the sum assured of Rs. 250,000 and above
Loan
Loan is available from 4th policy year. Minimum amount of loan available under the policy is Rs. 5,000 and maximum amount not more than 60% of the surrender value. The interest charged on loan will be decided by the company from time to time but will not exceed yield to maturity on 10-year G-Sec plus 4%. If outstanding loan amount together with interest exceeds surrender value at any point in time, the policy will terminate without acquiring any value.
Surrender Benefit
The policy will acquire guaranteed surrender value on payment of 3 full years’ premiums and surrender value will be paid after completion of 3 years. You have the option to surrender the policy anytime after payment of 3 years’ premium. In case of surrender, the policy is first converted to paid-up policy.
The Surrender Value is calculated as Surrender value factor X (paid-up sum assured + accrued bonuses).
The company may declare surrender values that are higher than the guaranteed surrender values. The factors for such surrender values will be decided from time to time with prior approval from IRDA. Surrender value of accrued bonuses will be paid only if at least three years premiums are paid.
Paid-Up Policy
In case the policyholder fails to pay the premiums after 3 years, the policy still continues with the paid-up sum assured. The paid-up sum assured will be calculated as below:
{(Total premiums received / Total premiums expected over the term) x (Sum Assured)}. If the policy continues in paid up sum assured then the policy is not eligible for bonus.
Eligibility Criteria
| Entry Age | Minimum – 90 days complete; Risk cover will commence from 7 years of age as on last birthday. |
| Maximum – 60 years last birthday | |
| Maturity Age | 75 years |
| Minimum Premium | Rs.6,000 p.a. |
| Minimum Sum Assured | Rs.100,000 |
| Policy Term | 15 / 20 / 25 years |
| Premium Payment Term | 5 / 7 / 10 / equal to the policy term |
| Premium Payment Mode* | Yearly, Half Yearly & Monthly |
No comments:
Post a Comment