AEGON Religare Life Insurance (ARLI) announced the launch of its AEGON Religare Guaranteed Income Insurance Plan. As the name suggests, this plan offers long-term life cover along with regular guaranteed income. After the end of the policy’s premium payment term, this plan offers the policyholder 7.5% of the sum assured, every year, until the age of 85.
On the launch of AEGON Religare Guaranteed Income Insurance Plan, Mr KS Gopalakrishnan, Chief Financial Officer & Appointed Actuary of ARLI said, “Inflation, which impacts the cost of living, hurts the most when one does not have a fixed source of income as happens after retirement. A guaranteed income plan is a good way in which to battle the effects of inflation and get life cover as well. A guaranteed income plan ensures that we are well equipped to meet the needs of tomorrow and maintain our lifestyle even after retirement. To do so, it is important to plan and save in a disciplined manner from the present. Life is quite uncertain and customers these days are looking for financial options that offer some form of guarantee which is why we have designed the AEGON Religare Guaranteed Income Insurance Plan.”
Gopalakrishnan added, “We are constantly researching the market to spot customer-centric product opportunities. With the times being uncertain, we felt a strong customer need for a guaranteed income plan offering a good life cover and regular payouts to meet day-to-day needs. The two unique features of this plan is that guaranteed payouts are offered till the policy holder is 85 years of age. Secondly, the plan comes with two bonuses. One, at the end of the premium payment term and one at maturity or death whichever is earlier.”
The AEGON Religare Guaranteed Income Plan offers the following benefits:
- After the end of the premium payment term, it offers a bonus and guaranteed payouts of 7.5% of the sum assured, every year, till the policy holder is of 85 years.
- On maturity, it offers, accrued bonus along with terminal bonus, if any.
- It offers a life cover till 85 years of age.
- Incase of death:
- During the premium payment term, it offers either the sum assured along with the accrued bonus or the total premium paid, whichever is higher.
- After the premium payment term, it offers the sum assured along with the bonus from the end of premium payment term and the terminal bonus, if any.
- Within the first three policy years, it offers the sum assured along with the accrued bonus.
- It offers bonus which forms a part of the guaranteed benefits and it is paid in case of maturity or death.
- The policy does not lapse if the premium is paid for a period of three years as it continues with the paid-up sum assured.
- It offers an optional additional cover through ADDD Rider (Accident Death, Disability, Dismemberment)
- It offers tax benefits.
AEGON Religare Guaranteed Income Insurance Plan offers a fixed policy term of 85 years less the age at entry with a minimum term of 30 years. One can choose the premium payment term from 10, 15 or 20 years. The minimum entry age is 20 years and the maximum age of entry is 50 years or 55 years, depending on the tenure of the policy. The maximum age at maturity is 85 years and minimum sum assured is ` 1,00,000.
For purchasing the plan, one needs to choose the level of protection (sum assured) and choose the premium payment term. Depending on these factors, the annualised premium is defined which can be paid annually, semi-annually or monthly.