Mumbai: Aegon Religare Life Insurance has announced the launch of two term plans — Aegon Religare Increasing Term Plan and Aegon Religare Decreasing Term Plan.
“Our new offerings are based on the premise that as lives and lifestyles change, it is necessary to continuously reassess our insurance cover and needs. The launch of our two term plans are in line with the changing needs of households over time,” Aegon Religare Life Insurance’s CEO, Rajiv Jamkhedkar, said in a press release issued here.
The Aegon Religare Increasing Term Plan increases the life cover every year to grow in line with changing lifestyles and increasing incomes. The plan adds 5% of the base Sum Assured amount to the total Sum Assured every year to take care of these changing needs.
AegThe on Religare Decreasing Term Plan is tailor—made for customers whose immediate liabilities in terms of loans and mortgages are likely to decline over the years.
As their liabilities or principal outstanding on the loan or mortgage reduces with time, the plan reduces the total Sum Assured by 5% of the base Sum Assured amount each year, and therefore the premium amount towards the cover is low.
Aegon Religare, a new entrant in the insurance industry, already has a level term plan taking the total count of term plans to three.