According to Aegon Religare, the new plan will offer the customer guaranteed payouts that start after the premium paying term is over. The payouts will be paid out annually for a period equivalent to the premium paying term.
The plan will offer a choice between two policy terms of seven and 10 years, with a premium payment term equal to the policy term, the insurer said.
The AEGON Religare Assured Returns Insurance Plan will offer the following benefits:
- It will offer maturity benefit in the form of a guaranteed percentage of the annual premium. After the end of the policy term of seven years or 10 years, at the end of each year, it will offer 150% or 175% of the annual premium, for the number of years equal to the policy term.
- In case of death of the life assured during the policy term, the future premiums will be waived-off and the nominee will receive the guaranteed payout, as scheduled, during the payout period. It will also offer an option to the nominee to take the present value of the future payout at any point in time, during the policy term.
- The policy will not lapse if the premium is paid for a period of two years as it continues with the paid-up sum assured.
Aegon Religare chief marketing officer and head of talent, Yateesh Srivastava, said: "The AEGON Religare Assured Returns Plan comes with a simplified proposal form and requires no medical examination and can be issued very quickly.
"It is an ideal product for those customers who are looking for steady guaranteed returns over a period of time," Srivastava added.