AEGON Religare Life Insurance has launched a new insurance plan – “Guaranteed Growth Insurance Plan”. The total PPT term (premium paying term) is 8 years while total policy term is 10 years. The unique feature of this plan is that here the customer gets an annual return equivalent to 150% of the premium, paid for a period of 8 years.
Let us try to understand this plan in more details:
Mr. Mahesh (age 45 years) has his own business. His wife is a doctor and
they have a son Atharva, who is 11 years old. Notwithstanding his good
financial position, Mahesh is attuned to the need for a financial
instrument that will help him multiply his savings and provide guaranteed
annual payouts once his son completes 21 years of age. Hence, he relies
on AEGON Religare’s Guaranteed Growth Insurance Plan.
His plan details are as follows:
Policy Term: 10 years, Premium Payment Term: 8 years,
Premium: Rs. 1, 00, 000(exclusive of service tax).
Case I:Mr. Mahesh dies after 2 years:
Premiums paid by Mahesh = Rs.1 lakh X 2 years = Rs.2 lakhs + tax
Total Guaranteed Payout = Rs.1.5 lakhs p.a. X 8 years = Rs.12 lakhs
Thus, total payout received by his son is 6 times the premiums paid by Mahesh
Case II:Mr. Mahesh survives the Policy period:
Total payout = Rs.12,00,000 i.e. Rs.1,50,000 each for 8 years
In a nutshell AEGON Religare Guaranteed Growth Insurance Plan provides the following benefits:
- Guaranteed annual payouts at maturity
- In case of death of Life Assured during Policy Term, future premiums are waived off and guaranteed annual payouts are payable to the nominee
- Limited Premium Payment Term
- Tax benefits as per prevailing tax laws. Please consult your tax advisor for details
This plan provides 150% guaranteed payout on your premium amount.
You may download the official brochure of this plan from here.