ON Religare Life Insurance today launched its Save Guard Insurance Plan. This plan provides life cover for the term of the policy and at the end of the policy term, pays back 100% of all premiums paid.
It comes with the option of an in-built accidental death benefit where, in case of a death in an accident, an additional benefit equivalent to the sum assured is paid to the nominee.
“In many international markets there are customers who consider such plans as ‘forced savings’ while having the added benefit of life protection. Since we believe that a term plan is a must-have in the financial portfolio of every individual with financial liabilities and responsibilities, we are working towards removing all hurdles to the purchase of term plans”, said Yateesh Srivastava, Chief Marketing Officer & Head – Talent, AEGON Religare Life Insurance.
The minimum age of entry is 18 years and the maximum is 55 years. The maximum age at maturity is 65, 70 or 75 years for a policy term of 10, 15 or 20 years respectively.
The minimum sum assured is Rs 2 lakh with minimum annual premium of Rs 2,860. The policy term options are 10, 15 or 20 years. The premium payment term is equal to the policy term.
The plan offers two death benefit options. One, it has an in-built accidental death cover, equal to the sum assured. Second option offers the sum assured on death of the insured. The plan will repay the total of all premiums paid on maturity. The plan also give the insured the option of adding the riders available in the AEGON Religare Critical Illness plan. It covers nine illnesses.
