Aegon Religare Decreasing Term

Name: Aegon Religare Decreasing Term

Type of policy: Term Policy

For buying policy: No

Term insurance is a fantastic product that every single family needs to have, for its earning member(s). It is a pure life insurance policy that gives your family a cover in case of an eventuality to the bread winner. A single term policy of adequate cover will suffice for entire insurance needs.

We typically recommend an insurance cover of 4-8 times your annual income and for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

This plan is designed to cover liabilities like loans and debts. As years progress, your loan payment will reduce with the payment of EMI’s. Similarly, in this term plan, life cover decreases as the year’s progress. It is always advisable for every earning individual to cover life with an adequate pure term insurance policy that will pay sum assured to the beneficiaries at the event of death covering all the liabilities the person has. 

Product features:

Parameter

Value

Minimum age at entry

18 years

Maximum age at entry

55 years

Minimum Term

10 years

Maximum policy term

20 years or 75 years of age whichever is earlier

Minimum sum assured

Rs 5 lakh

Maximum sum assured

No Limit

 

Illustration:

Below table shows indicative premiums for a male.

Your age

Term

Indicative Annual Premium

(For cover of Rs.50 lakh )

25 years

20 years

Rs. 8090

30 years

20 years

Rs. 9214

40 years

20 years

Rs. 17809

50 years

10 years

Rs. 33708

*Exclusive of service tax and educational cess.

Returns: If the insured survives term, no benefits are paid. Insurance should be viewed as an expense rather than investment.  Both function best when handled separately.

Better Alternative:

Online Pure Term Policies.

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