AEGON Religare Life Insurance today announced the launch of its AEGON Religare Educare Plan. This plan meant for higher education provides customers a secure savings platform with an insurance cover along with a waiver of premium option. The plan gives lump sum payouts during the last four policy years.
On the launch of AEGON Religare Educare Plan, Mr Yateesh Srivastava, Chief Marketing Officer of AEGON Religare said, “On a daily basis we are seeing the cost of higher education increasing. To ensure that the parents of tomorrow are well-equipped to meet the needs and aspirations of their children, it is important to plan to save in a disciplined manner from today. Also higher education costs are not a one-time but a recurring payment, which is why we have designed the AEGON Religare Educare Plan with lump sum payouts over four years.”
Mr Srivastava 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 child plan offering an opportunity for disciplined savings, providing a good life cover and guaranteed benefits on maturity. However, the truly unique part of this plan is the annual lump sum payout geared to meeting the annual expenses of a higher education. Also, the fact that this plan has a waiver of premium option in-built makes it a very attractive package for the customer.”
The AEGON Religare Educare Plan offers the following benefits:
1. It provides guaranteed payouts during the last four years of the policy.
2. Incase of death, it offers two benefits to choose from:
a. First option offers sum assured and accrued bonus on death and guaranteed payouts during the last four policy years.
b. Second option offers sum assured and accrued bonus on the death, guaranteed payouts during the last four years of the policy, and 10% of the sum assured, every year, till the end of the premium payment term.
3. It offers bonus which forms a part of the guaranteed benefits and it is paid in case of maturity or death.
4. On maturity of the policy, it provides 20% of the sum assured, which is the last installment of the guaranteed payout, along with the accrued bonus.
5. It also offers a high discount on sum assured of Rs. 500,000 and above.
6. 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.
7. It offers an optional additional cover through ADDD Rider (Accident Death, Disability, Dismemberment)
8. It also offers a loan against the policy with a minimum amount of Rs.5,000 and a maximum amount of not more than 60% of the surrender value.
9. It offers tax benefits.
AEGON Religare Educare Plan offers a choice between three policy terms of 12, 16 or 20 years with a premium payment term of 8, 12 or 16 years respectively. The minimum entry age is 20 years and the maximum age of entry is 63, 59 or 55 years, depending on the tenure of the policy. The maximum age at maturity is 75 years and minimum sum assured is Rs. 1,00,000.
For purchasing the plan, one needs to choose from two types of benefit payout options in case of death, choose the policy term and premium payment term and finally choose the amount of insurance cover or the sum assured. Depending on these factors, the annual premium is defined which can be paid annually, semi-annually or monthly.