Aegon Religare Decreasing Term Plan

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	Objective		This plan decreases the insurance cover by 5 per cent every year, on renewal.
What does it do?		This policy automatically reduces the sum assured by 5 per cent each year. On death, the policy pays sum assured equivalent to the amount available at the beginning of the year in which death occurs.
Pros		A reducing sum assured is useful for policyholders who have factored in a loan liability while taking insurance. This liability reduces over time. Also, those who see other members of the family replacing the policyholder as breadwinner can consider this policy.
Cons		The premium depends on sum assured and tenure of the policy. There are no riders available with this plan.
Suited for		This plan is suited for those with a declining need for insurance or those who factor in a loan while calculating the sum assured.
Our View		Although this plan aims at borrowers looking to cover the loan liability, the 5 per cent reduction may or may not match the pace of loan repayment. Moreover, the premium rates are not transparent, which goes against the benefits of this policy.

 

 

	Eligibility
Entry Age (years)
Minimum		18
Maximum		55
Maximum Maturity Age (years)		75
Policy Term (years)
Minimum		10
Maximum		20
Sum Assured (Rs)
Minimum		500000
Maximum		No limit
Minimum Premium (Rs)
Yearly		2000
Single		10000
Premium Payment Frequency		Single, Yearly, Half-yearly, Quarterly, Monthly (via ECS only)
Premium Payment Term		Single or 10 years for a 10-year policy term or 11 years
Premium Factor (multiply with annual premium)		Half Yearly: 0.512 times annual premium; Quarterly: 0.259 time annual premium; Monthly (through ECS only): 0.087 time annual premium
Policy Cover		Reduces at 5% every year
Other Features
Free Look Cancellation		Aloowed within 15 days from 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.
Grace Period		30 days from premium due date
Tax Benefits		Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit.
Customer Service
Address		AEGON Religare Life Insurance Company Limited, Nomura B-wing, First Floor, Unit 102 Near D-mart, Hiranandani Business Park, Hiranandani Gardens, Powai, Mumbai 400 076
Mail To		customer.care@aegonreligare.com
Call On		1800 209 9090 between 8:30 am to 8:30 pm

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