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I term plan brochure


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I term plan brochure

  1. 1. Complete protection AEGON Religare iTerm Plan A low-cost insurance plan
  2. 2. Time is always running out. There are many things to do, but very little Policy Term Minimum: 5 years; Maximum: 57 yearstime. You do whatever it takes to make sure that your family lives acomfortable life. However, no one has control over uncertainties of Premium Payment Term Single or equal to the Policy Termlife. Will they be able to sustain the same lifestyle even in your (PPT)absence? In order to ease some worries and give your family the best, Premium Payment Single & AnnualAEGON Religare Life Insurance offers AEGON Religare iTerm Plan, Frequencywhich ensures protection for your loved ones - at a fraction of the Minimum Premium Minimum Regular Premium: Rs. 1,675 p.a.cost. And now, you can avoid the hassle of going through the tedious Minimum Single Premium: Rs.7,075paper work and easily get yourself insured using the internet. It is notonly simple but also available at your finger tips. Sum Assured Minimum - Rs. 10,00,000; (in Multiple of Rs.1,000) Maximum - No limit (subject to underwriting requirements)How do you apply forAEGON Religare iTerm Plan? Other FeaturesStep 1 Choose the amount of protection you need Riders: You can make your plan more comprehensive by opting forStep 2 Decide on the term of your policy the below mentioned riders:Step 3 Opt among available riders n AEGON Religare AD Rider: In case of an accidental death of the LifeStep 3 Make Payment Assured, the Sum Assured under the rider will be paid.Step 4 Risk commences (subject to conditions) and policy n AEGON Religare WoP on CI Rider: This Rider covers 4 critical information document is sent to you. illness conditions as specified in this document. On being diagnosed with any of these 4 critical illnesses, future premiums payable under the base plan and riders (if any) are waived while theBenefits life cover and rider cover (if any) continues.Death: In case of your unfortunate demise, the benefit payable to the The illnesses covered under this rider are as below:nominee is Sum Assured and it does not change during the term of n Cancer n Coronary Artery Bypass Surgerythe contract. n Heart Attack n StrokeDiagnosis of terminal illness: On diagnosis of any terminal illness, an n AEGON Religare Women CI Rider: This rider covers illnessesamount equal to 25% of the base Sum Assured will be paid subject to pertaining to women. On being diagnosed with any of the coveredmaximum of Rs.100 lacs and the Death Benefit will be reduced by an illness, a certain percentage of the base plan Sum Assured will beamount equal to the benefit paid under this clause. No premium will paid. The illnesses covered under this rider are classified intobe charged after company accepts the terminal illness claim. 2 groups viz. Group 1 & Group 2. The illness covered and the benefit amount are as below:Tax Benefits: As per applicable tax laws. Please consult your taxadvisor for details. Group Conditions covered Benefit amount Group 1 Malignant Cancer of the 5% of base Sum Assured Female Organs subject to maximum ofEligibility Rs.10 lacsEntry age Minimum: 18 years completed; Group 2 n Birth of child with 2.5% of base Sum Assured Maximum: 65 years last birthday Congenital Disorders / subject to maximum of Surgeries Rs.5 lacsMaximum Maturity age Maximum: 75 years last birthday n Pregnancy Complications
  3. 3. You can claim only once under each benefit group throughout the Premium: If the premium received, is less than the due installmentPolicy Term. Once the claim is made under any group, the subsequent premium, the same will not be accepted. On the other hand, if thepremium will be reduced by an amount equal to the premium for the installment premium is more than the due premium, the excessclaimed group. Riders are not available with single premium payment premium will be refunded to the Policyholder without any interest.mode. Please refer to the sales brochure of these riders to Premium rates applicable differ for male and female lives. Only onlineunderstand the terms & conditions and before concluding the sale. payment is accepted for the first premium.Grace period: You are allowed to pay premiums within 30 days from Sum Assured: The Policyholder cannot change the Sum Assuredthe premium due date. If a due premium is not received within the during the Policy Term.grace period of 30 days, your policy will lapse and the insurance coverwill be ceased. Lapse and Reinstatement: If premiums are not paid before the expiry of the 30 day grace period from the premium due date, the policy willTemporary Insurance Certificate: On completion of the online lapse. If the Policyholder fails to reinstate a policy within this two yearrequisite application process and payment of due premium, you need period from the premium due date, the policy will terminate. Onto take a print out of the Temporary Insurance Certificate, which reinstatement, all outstanding premiums, without interest will beensures inception of your policy. payable.Free Look Cancellation: If you are not satisfied with the terms andconditions of the policy, you have the option to cancel the policy Cancellation of Policy on Non Receipt of Documents: In case of nonwithin 15 days of receiving the policy documents stating the reason for receipt of documents within 15 days from the date of issue ofsuch cancellation. Upon such cancellation, you will be paid back the Temporary Insurance Certificate, the policy will be cancelled and thepremiums after pro rata deduction for the premium for life insurance Policyholder will be paid back the premium without any deduction.cover and AD Rider premium (if applicable), policy issue expenses viz.stamp cost and cost of medical. Maturity: The contract does not acquire any maturity value, therefore no amount is payable to the Policyholder on maturity.Definition of Terminal Illness: Terminal Illness is defined as anadvanced or rapidly progressing incurable & uncorrectable medicalcondition, which in the opinion of the treating physician is highly likely Surrenderto lead to death within the next six months. An independent practicing Regular Premium: The policy does not acquire any Surrender Valuemedical consultant acceptable to the insurance company specializing throughout the Policy Term and therefore there is no amount payablein the relevant field of medicine also needs to certify with reasonable to the Policyholder upon surrender.certainty that the life expectancy of the insured is less than six monthsat the time of notification. The insured must not be receiving any form Single Premium: You may surrender the policy after completion ofof treatment other than palliative medication for symptomatic relief three policy years. On surrender, the company will pay the Surrenderand must not have engaged in any gain full employment for the last 30 Value as per the following formula:days. The insurance company must be notified of the diagnosis within Surrender Value for single premium policy = 0.7 * single premium30 days of the same being made. (excluding any extra premium loading and service tax) * outstanding Policy Term (rounded off to a lower integer) / Policy Term.Terms and ConditionsDeath: Death Benefit, if payable during the grace period, will be Service Taxreduced by the outstanding policy premium. Service tax or any other tax shall be levied as per the prevailing tax laws on premiums or benefits payable.
  4. 4. Exclusions • Nomination: You may at any time during the Policy Term make a nomination for the payment of the benefits under the Policy in theSuicide Exclusion for Base Plan: In case of death by suicide during the event of death of the Life Assured. Where the nominee is a minor,first policy year, or within one year from the date of reinstatement, noDeath Benefit is payable. an Appointee, who is not a minor, will necessarily, be appointed by you to receive the Death Benefits during the minority of the nominee.For Terminal Illness Benefit: No claim will be payable if the condition Nomination can be made by communicating the same in writing toarises directly or indirectly as a result of any of the following: the Company. The Nominee can be changed by the you at any timen Self inflicted injuries, suicide, insanity, immorality, committing any during the term of the Policy and any such change shall vacate breach of law. earlier nomination automatically. Nomination will not be permittedn Unreasonable failure to seek or follow medical advice. if you are not the Life Assured under the Policy.n Alcohol or solvent abuse, or the taking of drugs except under the The Company does not express any opinion on the validity or direction of a registered medical practitioner. legality of the assignment or nomination. An assignment cancels an Infection with Human Immunodeficiency Virus (HIV) or conditions nomination automatically. due to any Acquired Immune Deficiency Syndrome (AIDS). In absence of the nominee, the Death Benefit will be paid to yourn For the purpose of this plan, the definition of AIDS will be the one legal heir.” that is used by the World Health Organization at the date of onset or that used by any other appropriate Government or international organization. Infection by HIV will be deemed to have occurred About AEGON Religare Life Insurance where blood tests indicate the presence of the virus or any AEGON, an international life insurance, pension and investment antibodies to it. company, Religare, a global financial services group and Bennett,n When the member is engaged in aviation or aeronautics other than Coleman & company, India’s largest media house, have come together as a passenger on a licensed commercial aircraft operating on a to launch AEGON Religare Life Insurance Company Limited (ARLI). scheduled route, and ARLI launched its pan-India operations in July, 2008 following a multi-n Due to injuries from war (whether war is declared or not), invasion, channel distribution strategy with a vision to help people plan their life hunting, mountaineering, motor racing of any kind, other better.In an industry first, we offer policy servicing on the phone via dangerous hobbies or activities, or having been on duty in military, Interactive Voice Response System (IVR). Para-military, security or police organization. As an international life insurance, pension and investment company, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. With headquarters in The Hague, The Netherlands,Assignment and Nomination AEGON companies employ approximately 28,000 people and serven Assignment: An assignment of the Policy can be made by an some 40 million customers across the globe. AEGON has more than endorsement on the Policy itself or by a separate instrument signed 160 years of experience with its roots going back to 1844 and holds in either case by the assignor specifically stating the fact of 26% equity in our Company assignment and duly attested. The first assignment can be made Religare Enterprises Limited (REL) is a global financial services group only by You. Assignment shall be effective, from and upon the with a presence across Asia, Africa, Middle East, Europe and the service of a written notice to the Company together with the Americas. In India, Religare’s largest market, the group offers a wide endorsement or instrument or a copy thereof duly certified to be array of products and services ranging from insurance, asset correct by both the assignor and the assignee. Assignment will not management, broking and lending solutions to investment banking be permitted where the policy is issued under the Married and wealth management. With over 10,000 employees across Women’s Property Act, 1874 and conditions apply to assignments multiple geographies, Religare serves over a million clients, including of policies issued to partnerships or Hindu Undivided Families. corporates and institutions, high net worth families and individuals,
  5. 5. and retail investors. REL holds 44% equity in our Company. tables of the insurer. 2) Any person making default in complying withBennett, Coleman & Company Limited (BCCL), India’s largest media the provision of this section shall be punishable with fine, which mayhouse holds 30% equity in our Company. BCCL owns some of the extend to Five Hundred Rupees.prominent brands such as Times of India, Economic Times, Times Section 45 of Insurance Act, 1938 states: In accordance with SectionNow, Radio Mirchi, Zoom and Femina. 45 of Insurance Act, 1938, no policy of life insurance shall, after the expiry of two years from the date on which it was effected, be called inProhibition of Rebates question by an insurer on the ground that a statement made in theSection 41 of the Insurance Act, 1938 states: 1) No person shall allow proposal of insurance or any report of a medical officer, or a referee,or offer to allow, either directly or indirectly, as an inducement to any or a friend of the insured, or in any other document leading to theperson to take out or renew or continue an insurance in respect of issue of the policy, was inaccurate or false, unless the insurer showsany kind of risk relating to lives or property in India, any rebate of the that such statements was on material factor or suppressed factswhole or part of the commission payable or any rebate of the which it was material to disclose and that it was fraudulently made bypremium shown on the policy, nor shall any person taking out or the Policy Holder and that the Policy Holder knew at the time ofrenewing or continuing a policy accept any rebate, except such rebate making that the statement was false or that it suppressed facts whichas may be allowed in accordance with the published prospectuses or it was material to disclose.Product Name: AEGON Religare iTerm Plan UIN-138N016V02For More DetailsCall 1800 209 9090www. aegonreligare.comInsurance is the subject matter of the solicitation. IRDA CompanyRegistration No. 138. Registered Office : AEGON Religare LifeInsurance Company Limited, 2nd Floor, Paranjpe ‘B’ Scheme, SubhashRoad, Near Garware House, Vile Parle (East), Mumbai 400 057.ADVT. No. IC/August 2011/900