It was in later part of 2009 that Online term Insurance was launched by Aegon Religare by the name of I-Term plan, which at that time had offered us at less than half the rate then prevailing in the market. Later there was a revolution in the market and many other Insurance companies followed the same Route to offer Term Insurance Product Online. This included ICICI Prudential with Launch of I-Protect, Metlife's Metprotect, and Kotak Life Insurance with Kotak Term Plan. Since the launch of these products people are becoming more aware and they have started realizing the importance of Term Plan.
In the same way Aegon Religare has launched an Online ULIP i.e. it can be bought online only without any middle men and charges are amazingly low. Probably, this product will again revolutionize the ULIP or Investment market. We can Expect other insurance companies to follow the same path. Although Aegon religare is not the first company to launch Online ULIP, Earlier Bajaj Allianz had Launched I-Gain, IGain II and now I Gain III. Even ICICI Prudential had Launched ICICI Pru ACE. Of all these Bajaj Allianz I gain and ICICI Pru was also a very low cost product.
Synopsis
Probably the ULIP with lowest charges available as on date. Can be reffered as best ULIP
Key Features of Aegon Religare iMaximize ULIP
No premium allocation charge, thus investing 100% of your premium
Option to choose from two investment portfolio strategies
Special units from 12th policy year till maturity, to boost your fund value
Choice of two death benefits for policies under regular premium
Option to pay your premium through regular mode or single mode
Option to pay additional premium at no extra cost
Tax benefits as per prevailing tax laws
Key Features
Change in Investment Portfolio Strategy: You have the option to change the investment portfolio strategy anytime during the policy term.
Switch: This feature helps you shift your investments from one fund to another. Four switches are free of charge in each policy year
Premium Re-direction: This feature allows you to alter the premium allocation to be applied to your future premiums and Top-ups.
Special Units: The special units are added to your account at the end of 12th policy year and every year thereafter, till maturity. The value of special units would be equal to 0.45% of the average fund value of the last 12 months before the allotment of special units.
Tax Benefits: The premiums paid and the benefits received under the policy will be eligible for tax benefits as applicable from time to time. Please consult your tax advisor for detailsMaturity
Maturity: On maturity, you receive the fund value existing on maturity date.
Partial Withdrawal: You can partly withdraw your money after the first 5 policy years. The maximum amount of partial withdrawal allowed in any policy year is 20% of the fund value at the beginning of that policy year
Discontinuance: You can discontinuance your regular premium policy any time. Discontinuance value is paid after first 5 years. Discontinuance value is fund value minus the discontinuance charges of the year in which the premium was discontinued. The charge will depend upon the period for which you have paid your premium, as given below. There is no discontinuance charge on single premium policies or top-up or if the policy is discontinued after 4 policy years
Death :You have the option to choose death benefit if you have opted for regular premium.
Death Benefit Option 1:In case of an unfortunate demise of the Life Assured, the nominee receives higher of Sum Assured (including sum assured increased on account of payment of topup premium) or Fund Value or 105% of all the premiums paid. The policy terminates thereafter.
Death Benefit Option 2:In case of an unfortunate demise during the term of the policy, the nominee receives the following as death benefit:
a) Maximum of sum assured (including sum assured increased on account of payment of top-up premium) or 105% of all premiums paid (including top-up premiums)
b) All regular premiums due after death of the life assured are waived i.e. all premiums due after death of the life assured, are paid by the company. If any premium due date, after the death of the life assured, has passed before the claim is intimated, the due premium is invested. This benefit is known as the Premium Continuance Benefit (PCB). Further, irrespective of the investment fund option(s) chosen or investment strategy chosen, the fund value is transferred to the Stable Fund on the date the claim is intimated.
c) An amount equal to the annualised premium is paid to the beneficiary at the start of every policy year, following the date of death, till the end of the policy term. This benefit is known as Income Benefit (IB).
In case of death of the nominee after the death of the life assured:
In case of death of the nominee after the death of the life assured before the maturity date, the policy will continue. However, the legal heir can ask for discontinuance of the Policy; on discontinuance, the legal heir will be paid the fund value plus a lump sum amount equivalent to
A) 75% of the outstanding PCB for the rest of the policy term and
B) 75% of the outstanding IB for the rest of the policy term.
In case of death of the nominee while life assured is alive:
• Policy continues, provided all the due premiums have been paid
• The Policy Holder can at any time during the policy term, include another nominee
• Death Benefit for Single Premium is higher of Sum Assured (including sum assured increased on account of payment of top-up premium) or Fund Value.
Eligibility
| Parameter | Regular Premium | Single Premium |
| Annualised Premium | Minimum Rs.24,000 | • Rs.50,000 to Rs.69,000 policy term will be 5 years • Rs.70,000 to Rs.124,000 policy term will be 10 years • Rs. 125,000 & above,policy term will be 25 years |
| Policy Term | 15 / 20 / 25 years | - |
| Premium Payment Term | Equal to the policy term | Single pay |
| Sum Assured Minimum Age < 45 years | Higher of 10 times of Regular AP or (0.5 x Policy Term x AP) | 1.25 x Single Premium |
| Age >= 45 years | Higher of 7 times of Regular AP or (0.25 x Policy Term x AP) | 1.10 x Single Premium |
| Maximum | 30 x AP. However, you have the option to choose the multiple of 15 / 20 / 25 times the annualised premium | 5 x Single Premium |
| Entry Age | Minimum: Regular Premium Option 1 : 7 years Regular Premium Option 2 : 18 years Maximum : 60 years | 7 years |
| Maturity Age | Maximum - 75 years | |
| Premium Payment Frequency | Monthly and Annual | Single |
Charges
Premium Allocation Charge
There is no premium allocation charge for any premium, including top-up.
Fund Management Charge
This is a charge levied as a percentage of the value of assets and is appropriated by adjusting the Net Asset Value everyday, when the unit linked funds are priced.
Secure Fund 1% pa, Stable Fund 1.35% pa, Accelerator Fund 1.35% pa
Policy Administration Charge
This is a monthly charge levied every month from the policy date at the beginning of policy month from the policy fund by cancelling units for the equivalent amount from the opted investment fund/s. The charge is Rs.100 per month.
Mortality Charge for base cover: As per Sum Assured and age(Mortality Table)
The mortality charge is deducted by cancellation of units at the beginning of each month of your policy. The mortality charge will be calculated based on sum at risk which will include the sum at risk for base cover as well as sum at risk on account of payment of top-up premium. Sum at risk for Regular Premium option 1 is defined as higher of Sum Assured (including sum assured increased on account of payment of top-up premium) or 105% of all premiums paid to date including top-ups premiums in excess of fund value (fund value is after deduction of all charges except mortality charge). Sum at risk for Regular Premium option 2 is defined as higher of Sum Assured (including sum assured increased on account of payment of top-up premium) or 105% of all premiums paid to date including top-ups premiums. Sum at risk for policies under single premium is defined as higher of Sum Assured (including sum assured increased on account of payment of top-up premium) in excess of the fund value (fund value is after deduction of all charges except mortality charge).
| Facility | Allowance | Charges (Rs.) |
| Change in Investment Portfolio Strategy | Nil | Rs. 100 per request |
| Switch | Four switches free in a policy year | Minimum 0.1% of the amount switched or Rs. 500 per extra switch, subject to minimum amount of Rs. 100 to be switched |
| Premium Redirection | Two times free in a policy year | Minimum Rs. 200 or maximum of Rs. 500 per extra request |
| Partial Withdrawal | Four times free in a policy year. No charge for systematic partial withdrawal | Rs. 200 per extra withdrawal. |
