Aegon Religare Life Insurance has launched its Assured Returns Insurance Plan.
The plan offers the customer guaranteed payouts that start after the premium paying term is over. The payouts will be given annually for a period equivalent to the premium paying term. The plan comes with two premium paying terms of seven and ten years.
“The plan comes with a simplified proposal form and requires no medical examination and can be issued very quickly. It is an ideal product for those customers who are looking for steady guaranteed returns over a period of time,’’ said Yateesh Srivastava, Chief Marketing Officer & Head – Talent of Aegon Religare.
It offers maturity benefit in the form of a guaranteed percentage of the annual premium. After the end of the policy term of seven or ten years, at the end of each year, it offers 150 per cent or 175 per cent of the annual premium, for the number of years equal to the policy term.
In case of death of the life assured during the policy term, the future premiums are waived-off and the nominee receives the guaranteed payout, as scheduled, during the payout period. It also offers an option to the nominee to take the present value of the future payout at any point in time, during the policy term.
The minimum age to enter is 25 years, whereas the maximum is 50 or 53 years, depending on the tenure of the policy.