Aegon Religare Increasing Term

Name: Aegon Religare Increasing 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 policy has an additional benefit of increasing cover with increasing responsibilities.  The Sum Assured keeps increasing by 5% each year which means that your life cover is in tandem with increasing costs. The 2 riders- ADD and CI are very beneficial and can be opted for by paying additional premium to increase financial security. But we recommend a standalone critical illness cover as that gives wider range of cover in terms of number of illnesses, renewability and comes at lower premium. Personal accident cover is really an additional expense to be avoided as it covers your life which is already covered by the term policy.

Product features:

Parameter

Value

Minimum age at entry

18 years

Maximum age at entry

55 years

Minimum Term

10 years

Maximum policy term

30 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

25 years

Rs. 13483

30 years

25 years

Rs. 19101

40 years

20 years

Rs. 34326

50 years

10 years

Rs. 49719

*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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