Thursday, 30 August 2012

AEGON Religare iMaximize Insurance Plan Summary

AEGON Religare iMaximize PlanAEGON Religare iMaximize Plan is a life insurance plan from AEGON Religare Life Insurance with an objective of maximizing the investment of the policy holders with zero premium allocation charge. It gives options to choose a suitable protection (death benefit) to the customers. Their online procedure makes it more easy with a few mouse clicks and input.

The plan is easy as 1, 2, 3 & 4.

1. First you choose your premium payment mode. It can be regular or single one time premium.

2. Second step is Choose your required sum assured. Yes it is a tailor made plan.

3. Third one is choose the Number of years you need protection. (Term of the policy)

4. And the fourth and last one is pay your premium as per your option.

Investment Strategy: In AEGON Religare iMaximize Plan you can choose your investment portfolio strategy form (1) Trigger portfolio strategy or (2) Self Managed Portfolio Strategy.

Maturity Benefit: The maturity benefit of the Aegon Religare iMaximize Plan is the existing fund value on the date of maturity.

Partial Withdrawal of fund: The policy holder can withdraw 20% of the fund value at the beginning of every policy year after 5 policy years.

Full withdrawal or discontinuation of policy: You can discontinue the policy anytime. But the money will be paid out only after 5 policy years. There is a discontinuance charge also. The policy holder will get fund value after deducting discontinuance charge. No discontinuance charge for single premium policy or policy which has completed 4 policy years.

The discontinuation charge differs as per the No. of policy years completed and the amount of Annual premium as follows:-

Discontinuation Charge for policy with an annual premium up to Rs. 25000.

  • 20% of Annual Premium or Fund Value or Rs. 3000 whichever is less for a policy discontinuation during the first year of the policy.

  • 15% of Annual Premium or Fund Value or Rs. 2000 whichever is less for a policy discontinuation during the second year of the policy.

  • 10% of Annual Premium or Fund Value or Rs. 2000 whichever is less for a policy discontinuation during the third year of the policy.

  • 5% of Annual Premium or Fund Value or Rs. 2000 whichever is less for a policy discontinuation during the fourth year of the policy.


Discontinuation Charge for policy with an annual premium above Rs. 25000.

  • 6% of Annual Premium or Fund Value or Rs. 6000 whichever is less for a policy discontinuation during the first year of the policy.

  • 4% of Annual Premium or Fund Value or Rs. 5000 whichever is less for a policy discontinuation during the second year of the policy.

  • 3% of Annual Premium or Fund Value or Rs. 4000 whichever is less for a policy discontinuation during the third year of the policy.

  • 2% of Annual Premium or Fund Value or Rs. 2000 whichever is less for a policy discontinuation during the fourth year of the policy.


There is no Discontinuation charge from 5th policy year onwards

Death Benefit: There are two options for the untimely death of the insured which can choose when you join the policy.

The nominee will get higher of Sum assured (Including sum assured for top up premium) or the Actual Fund Value or 105% of the paid up 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 top up 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 death benefit

Policy Term and Premium payment term: For both Regular Premium policy and Single Premium policy the policy terms are 15 years, 20 Years and 25 years. But the minimum annual premium for Regular premium plan is Rs. 24000 and for Single premium policy the premium range is Rs. 50000 to Rs. 69000 for 5 years policy, Rs. 70000 to Rs. 124000 for 10 years policy and Rs. 125000 and above for 25 years policy. The premium payment term is equal to policy term for regular premium policy.

Sum Assured: The minimum sum assured for the policy holders less than 45 years of age is 10 times of the regular annual premium or 0.5 x 10 times of Annual Premium x Policy Term. Sum Assured for Single premium policy is 1.25 x Annual Premium.

For those who has an age above 45 years 7 times of the regular annual premium or 0.25 x 10 times of Annual Premium x Policy Term. Sum Assured for Single premium policy is 1.25 x Annual Premium.

Maximum Sum Assured: Maximum sum assured is 30 times of Annualized Premium, but you have an option to choose 15 times, 20 times or 25 times of the annualized premium as sum assured. In Single premium policy maximum sum assured is 5 times of the onetime premium.

Entry Age: Minimum Entry age of Annual Premium Option 1 is 7 years and Annual premium option 2 is 18 years. For Onetime premium option the minimum age is 7 years.

The Maximum maturity age is 75 years in all options.

Premium payment frequency is monthly or annual for regular premium option.

It seems that the AEGON Religare iMaximize Plan is a good insurance plan. But the maximum benefit is as per the performance of Insurance Company and the performance of units.

Read more about

 AEGON Religare iMaximize Plan


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