Mumbai: AEGON Religare Life Insurance (ARLI) on Tuesday launched a term plan - Save Guard Insurance Plan - that provides life cover and at the end of the policy term, returns the entire premium paid.
"Our research showed that there are customers who are wary of buying a product where there is only a death benefit. Hence, we have launched this plan that gives back 100 percent of the premium paid at the end of the policy term," company's Chief Marketing Officer and Head (Talent) Yateesh Srivastava said.
The plan is just another step in offering a comprehensive suite of protection products, he said in a statement.
The AEGON Religare Save Guard Insurance Plan comes with the option of an in-built accidental death benefit, wherein case of a death in an accident, an additional benefit equivalent to the sum assured is paid to the nominee.
The plan also offers a choice of two death benefit options, gives an option to add critical illness provision that covers nine illnesses and provides tax benefits as per applicable tax laws.
The minimum age of entry is 18 years and the maximum is 55 years, while the maximum age at maturity is 65, 70 or 75 years for a policy term of 10, 15 or 20 years, respectively.
The minimum sum assured is Rs 2 lakh with minimum annual premium of Rs 2,860.
The policy offers terms of 10, 15 or 20 years.
The company is a joint venture among international life insurance, pension and investment company AEGON, global financial services group Religare and country's largest media house Bennett Coleman & Company.