Robinhood Insurance Broker Private Limited

Product Info

UIN

138N043V01

Status

Withdrawn

Launch Date

20/02/2013

Withdrawn Date

15/11/2013

Product Overview

AEGON Religare Assured Returns Plan is an Endowment Plan without Bonus facility. It is a Traditional non-participating Plan which offers guaranteed returns (150% or 175%) for a period equal to the policy term

Product Description

  • Guaranteed payouts start at the end of Policy Term which is equivalent to the number of years of the Policy Term.
  • In the event of death during the policy term, the future premiums will be waived off and the guaranteed payout as scheduled will be paid to your nominee.

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Unique Features

The plan pays guaranteed % of the annual premium (excluding taxes), at the end of each year after the Policy Term(PT) ends. The guaranteed payouts will depend upon the PT & ranges from 150% to 175% of the annual premium.

Eligibility Criteria

Age at Entry (Min)     25 years completed
Age at Entry (Max) Policy Term
53 years last birthday   7 years
50 years last birthday 10 years
Max age of Maturity 60 years(age last birthday)
Min Premium Payable age 25 to less than 45 years: Rs.25,000 p.a
age 45 years and above : Rs. 40,000 p.a
Min Sum Assured Age less than 45 years : Rs.2,62,500
Age 45 years & above : Rs.4,20,000
Max Sum Assured Rs. 43,75,000
Notes : Maximum annual premium * Maximum Policy Term * 175%
Mode Available Annual
Policy Term 7 years or 10 years
Premium Paying Term Equal to the Policy Term

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Product Benefit

  • Maturity Benefit :
    You will recieve a guaranteed percentage of the annual premium (excluding taxes), at the end of each year, post one year, after the end of Policy Term.
  • Death Benefit :
    In the event of death of the Life Insured within the Policy Tenure, the future premiums are waived off and the nominee gets the Maturity Benefit, as per the schedule every year from the end of the Policy Tenure

 

Other Policy Features

Surrender Value:- (A Guaranteed Surrender Value factor X Paid-up Value)

Notes: *The policy will acquire guaranteed surrender value on payment of 2 years’ annualized premium and which can be paid anytime after the policy acquires the surrender value 

Discontinuance of Premium:- 

  • If the first 2 years, if the premiums are not paid within the grace period, the policy will lapse.
  • No benefits are available on a lapsed policy
  • If the policy is not reinstated within the reinstatement period then the policy is terminated without any benefit.

 

Reinstatement:- 

  • For reinstatement, you will need to pay all the unpaid premium + interest as declared by the Company from time to time, which will not exceed yield to maturity on a 5 year G-Sec plus 3%.
  • The reinstatement shall be subject to the following conditions
  • Satisfactory evidence of insurability of the Life Assured.
  • Payment in full, of an amount equal to all the Policy Premiums due, but unpaid till the Effective Date of reinstatement along with interest.

 

Paid-up policy provisions:- 

  • Calculation is determined as: Paid-up value factor X premiums paid
  • Paid-up policy is not reinstated, then it will continue as Paid-up policy till the end of Policy Term
  • A Paid-up policy is not eligible for guaranteed payouts.

Notes : Once the Policy Term is over, only Paid-up value is payable

Add-ons

Not Available

Exclusions

In case of death due to suicide, within 12 months from the date of inception of the policy the nominee of the policyholder
shall be entitled to receive 80% of the premium paid.

Tax Benefits

Tax Benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961.

Claim Process

Know Claim Process of AEGON Life Assured Returns Plan

Claim Pocess

Company Overview

AEGON Life Insurance Company Limited (formerly AEGON Religare Life Insurance Company Limited) launched its pan-India operations in July 2008. AEGON, is an International financial service organization, dealing into Life Insurance, Pensions & Asset Management products, whereas, Bennett, Coleman & Company is India's leading media conglomerate. They have ventured together to launch AEGON Life Insurance Company Ltd.

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