AEGON Religare Life launches Save Guard Insurance Plan

MUMBAI: AEGON Religare Life Insurance on Tuesday announced the launch of a new term plan - Save Guard Insurance Plan. This is not a pure protection term policy, but a return of premium plan. That is, apart from providing a life cover, it offers to pay back all premiums paid during the tenure. Pure term policies, on the other hand, come into play only in case of the insured's death - the sum assured is handed over to the nominees.

Save Guard allows policyholders to choose from two death benefit options. Under the first one, the sum assured is handed over to the nominees of the policyholder in the event of his/her death. The second one comes with an in-built accidental death cover equivalent to the sum assured. This amount will be paid out in addition to the sum assured if the policyholder dies in an accident. On maturity, all the premiums paid till then are 'returned' to the policyholder. Do note, however, that such policies are costlier than simple term insurance plans. Return-of-premium plans will appeal to those who treat life insurance premium as an expense and shy away from term plans due to lack of maturity benefit.

You have also have the option to buy the insurer's critical illness rider. The minimum annual premium under the policy amounts to Rs 2860, for a base cover of Rs 2 lakh. The minimum age of entry is 18 years, with the upper-age limit being 55 years. The maximum age at maturity is 65, 70 or 75 years for policy terms of 10, 15 and 20 years respectively.