Aegon Religare Level term Plans

Term insurance is the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium rupies basis. life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and/or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term life insurance is the original form of life insurance and can be contrasted to permanent life insurance such as whole life, universal life, and variable universal life. Unlike permanent life insurance policies guarantee coverage at fixed premiums for the lifetime of the covered individual. Additionally many permanent life insurance products build a predetermined cash value over the life of the contract available for later withdrawal by the client under specific conditions. However on most cash value policies like Whole Life insurance the only way to receive the "savings" is to cash out the policy. The beneficiaries receive the face value of the insurance but NEVER the cash value with Whole Life policies. That is one reason that most experts advise families to buy term insurance

Features and Benefits



Enhanced Sum Assured



There are some special occasions in life such as your marriage or the birth of your child that need your support. On such occasions this policy gives you the option to increase your Sum Assured. This increase in the sum assured is subject to a maximum of 50% of the sum assured or Rs 10 lakh (whichever is lower), without the hassle of going through a medical examination or any other underwriting requirements.



Grace period



You are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.



Lapsed Policy Reinstatement



You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums.



Free Look Cancellation



In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Death: Incase of unfortunate demise, the benefit payable to nominee is sum assured and it does not change during the term of the contract.





Tax Benefits



Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for AEGON Religare CI Rider may qualify for a deduction under Section 80D of the Income Tax Act, 1961. Consult your tax advisor for confirmation.