AEGON Religare Life Insurance presents you with the AEGON Religare EduCare Plan. This plan provides you with lump sum payouts during the last four policy years so that college fees is never a hassle!
How does the plan work?
Step 1: Choose from two types of benefit payout options in case of your unfortunate demise
Step 2: Choose your policy term and premium payment term
Step 3: Choose the amount of insurance cover you want (sum assured)
Depending on your choices, your annual premium will be calculated.
Features & Benefits
Guaranteed Payout – You will get a certain percentage of sum assured every year starting from the end of premium payment term provided all due premiums have been paid.
Death Benefit- Option 1:
In case of your unfortunate demise, your nominee will receive the following:
Sum Assured
The accrued bonus
Guaranteed payouts as per the schedule above.
Option 2:
In case of your unfortunate demise, your nominee will receive the following:
- Sum Assured
- The accrued bonus
- Guaranteed payouts as per the schedule above
- An amount equal to 10% of the sum assured every year till the end of the premium paying term
Bonus – Your policy will participate in the profits emerging in the participating fund managed by the Company.
High Sum Assured Discount – You pay lesser premium if you choose a sum assured of Rs. 500,000 and above.
Paid Up Policy – Incase you fail to pay your premiums after paying for the first 3 years, the policy continues with the paid-up sum assured and is referred to as Paid-up Policy.
Tax Benefit – Tax benefits are available as per the prevailing tax laws. Please consult your tax advisor for details.
Rider – Besides life cover, AEGON Religare EduCare Plan offers you additional cover through AEGON Religare ADDD rider.
Eligibility
| Entry Age |
Minimum – 20 years last birthday Maximum – 63 years last birthday for 12 years policy term; |
| Maximum Maturity Age | 75 years last birthday |
| Minimum Premium | As per the sum assured, policy term, premium payment term & age |
| Minimum Sum Assured | Rs.100,000 |
| Policy Term | 12 / 16 / 20 years |
| Premium Payment Term |
8 years for 12 year policy term 12 years for 16 years policy term 16 years for 20 years policy term |
| Premium Payment Mode* | Yearly, Half Yearly & Monthly |
* The modal factor for modes other than yearly mode will be: half yearly Premium – yearly Premium x 0.512; Monthly Premium – yearly Premium x 0.087.
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