1 2
End of % of Sum Assured Paid
Policy Year Policy Term of 14 years & Premium Policy Term of 16 years & Premium Policy Term of 20 years & Premium
payment term of 10 years payment term of 12 years payment term of 16 years
11 40% - -
12 20% - -
13 20% 40% -
14 20% + Bonus (Maturity) 20% -
15 - 20% -
16 - 20% + Bonus (Maturity) -
17 - - 40%
18 - - 20%
19 - - 20%
20 - - 20% + Bonus (Maturity)
Standard Policy Provisions
AEGON Religare Educare Advantage Insurance Plan - UIN: 138N041V02
Product Description
‘AEGON Religare EduCare Advantage Insurance Plan’ is a non-linked participating plan. The Policy will participate in the profits of the participating fund.
FREE LOOK PERIOD
You Are Advised To Review The Terms And Conditions Of The Policy.
IN CASE YOU ARE NOT SATISFIED WITH ANY OF THE TERMS AND CONDITIONS OF THE POLICY, YOU MAY RETURN THE POLICY DOCUMENT ALONG WITH A
LETTER STATING THE REASONS FOR DISAGREEMENT WITHIN FIFTEEN DAYS OR THIRTY DAYS(IF PURCHASED THROUGH DISTANCE MARKETING MODE*)
OF RECEIPT OF THE POLICY DOCUMENT. THE POLICY WILL BE CANCELLED AND WE WILL REFUND THE PREMIUM PAID BY YOU AFTER DEDUCTING A
PROPORTIONATE RISK PREMIUM, THE STAMP DUTY PAID ON THE POLICY AND EXPENSES INCURRED ON MEDICAL EXAMINATION, IF ANY.
*Distance marketing: Distance marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the
following modes: (i) Voice mode, which includes telephone-calling (ii) Short Messaging service (SMS) (iii) Electronic mode which includes e-mail, internet and
interactive television (DTH) (iv) Physical mode which includes direct postal mail and newspaper & magazine inserts and (v) Solicitation through any means of
communication other than in person.
1. Definitions
Age means age of the Life Assured as on last birthday unless specifically otherwise provided.
Annualized Premium means the yearly Premium less modal factor, applicable taxes and extra premium.
Base Premium means the Policy Premium less applicable taxes and extra premium.
Company, We, Us, Our means AEGON Religare Life Insurance Company Limited or its successors.
Date of Maturity means the date on which the Policy matures for the Benefits and is mentioned in the Policy Schedule.
Due Date means the date on which the Policy Premium is due and payable by the Policyholder.
Lapsed Policy is a policy for which the Premium remains unpaid at the expiry of the Grace Period during the first policy year.
Life Assured is the person for whom the insurance cover is granted by Us under this Policy.
Paid Up Policy is a policy for which the Premium remains unpaid at the expiry of the Grace Period after first years’ premiums have been paid.
Policy means the contract of insurance entered into between the Policyholder and the Company as evidenced by this document which sets down
the benefits available to the Policyholder and the terms and conditions for availing of such benefit/s.
Policy Anniversary is the annual anniversary of the Policy Date.
Policy Date is the date of commencement of the Policy and is mentioned in the Policy Schedule.
Policy Premium is the Premium payable under this Policy and is mentioned in Policy Schedule.
Policy Term means the period commencing on the Policy Date and ending on the Date of Maturity as mentioned in the Policy Schedule.
Policy Year is measured from the Policy Date and is a period of twelve calendar months
Premium Payment Term means the period during which the Policy Premium is payable and is mentioned in the Policy Schedule.
Proposal Form is the application form submitted to the Company for purchasing this Policy.
Sum Assured means the benefit as specified in the Policy Schedule. This is the amount chosen by You at inception of the policy.
You, Your means the Policyholder named in the Policy Schedule.
2. Benefits
All the payments under the Policy will be made in Indian rupees and will be subject to prevailing tax laws.
2.1 Death Benefit
a. The Company will pay, to the nominee and in case nominee has not been appointed, to the legal heir of the Policyholder,
1. An Amount equal to higher of 10 times of annualized Base Premium or Sum Assured along with accrued bonus, if any. Total death benefit will be
subject to a minimum of 105% of Base Premiums paid till date and
2. Balance Guaranteed Payouts if applicable, will be paid as mentioned in Clause 2.5 below
b. In case of a Paid Up Policy, Paid Up Sum Assured will be paid on the death of the Life Assured before the Date of Maturity. The Paid Up Sum Assured
on death is defined in section 4.
c. If death occurs during the Grace Period death benefit will be reduced by the outstanding Policy Premium.
2.2 To whom Death Benefit is payable
The Death Benefit is payable to the Nominee (where the Policyholder is also the Life Assured)/Appointee (if the Nominee is a minor); the Assignee, if
any; or where there is no assignment or nomination in existence, to the legal heir/s of the Policyholder. (Individually or Collectively they are referred to as
the Claimant.)
2.3 Maturity Benefit
a. Upon survival of the Life Assured up to the Date of Maturity, You will be paid a final installment of 20% of the Sum Assured, under the Guaranteed
Payout Benefit mentioned in Clause 2.5 below along with accrued bonuses, if any.
b. In case of Paid Up Policies, the Paid Up Sum Assured will be paid on the Date of Maturity along with accrued bonuses if any.
2.4 Bonus
The Policy will participate in the profits of the participating fund managed by the Company.
The Company will declare simple reversionary bonus as a percentage of the Sum Assured at the end of every Financial Year. The bonus will accrue to the
Policy at Policy Anniversary falling in the next Financial Year. The bonus will be paid on the Date of Maturity or on the death of the Life Assured, whichever
is earlier.
Bonus once declared will be guaranteed. Paid Up Policy will not participate in the profits of the participating fund.
If the Policy has been surrendered then the accrued bonuses will also be surrendered. The calculation of Guaranteed Surrender Value (GSV) of bonuses
is detailed below in section 2.6
The Company may declare terminal bonus for maturing inforce policies depending on the experience of the participating fund.
2.5 Guaranteed Payout:
You will get a guaranteed percentage of Sum Assured every year during the last 4 policy years provided all due Premiums have been paid. These payouts
are irrespective of whether any death benefit has been paid earlier on the policy. If the Life Assured or the policyholder is not present, the payments will
go to the next legal heir. The Guaranteed Payouts will be as under:
Paid up Policy shall not be eligible for Guaranteed Payouts.
2.6 Surrender Benefit
The policy will acquire guaranteed surrender value after payment of first full year’s Premiums.
The Guaranteed Surrender Value (GSV) will be calculated as:
GSV of Sum Assured = (Applicable GSV Factor) x (Total Base Premiums Paid) less Guaranteed Payouts already paid plus,
GSV of Bonus = (Applicable GSV Factor) x (Accrued Bonus)
We may declare Special Surrender Value factors (SSV) which may undergo change from time to time upon approval from IRDA. SSV factors will be
available on the company’s website. Total Special Surrender Value (SSV) will be calculated as:
(SSV factor for SA x Paid Up Sum Assured) + (SSV factor for bonuses x Accrued Bonus)
In that case the higher of GSV or SSV will be applicable for calculating Surrender Value.
Following formula will be applicable for calculating Surrender Value (SV) between any two Policy Years:
o SV(t+x) = SV(t) + (SV(t+1) - SV(t)) * (x/365.25)
o Where t: Complete Policy year.
o X: no of days till surrender from the last Policy anniversary.
The guaranteed surrender value factors for Sum Assured and bonus are given in Appendix 1
2.7 Loan
Policyholder can avail of a loan against the Policy from the fourth Policy Year subject to the following terms and conditions and on such other terms and
conditions as may be decided by the Company from time to time:
a. The Policy shall be assigned absolutely to and held by the Company as security for the repayment of loan and of the interest thereon;
b. The maximum loan available will be 60% of the Surrender Value at the time of loan application. The minimum loan amount will be Rs. 5,000/-
c. The interest charged on loan will be decided by the Company from time to time but will not exceed yield to maturity on 10 year G-Sec plus 4% per
annum.
d. In the event of death of the Life Assured, the outstanding loan and the interest thereon shall be adjusted from the benefits payable under the Policy.
e. Similarly, in the event the Policy is surrendered or on the Date of Maturity, the outstanding loan amount together with interest outstanding thereon
will be adjusted by the Company from the Surrender Value or maturity value payable, as the case may be.
f. If at any point of time, the outstanding loan amount plus interest exceeds the Surrender Value, the Policy will terminate.
g. In case of Paid-Up Policies, if outstanding loan amount together with interest exceeds Surrender Value at any point in time the Policy will terminate
without acquiring any value.
Company will inform the Policyholder before terminating the Policy.
3. Payment of Premiums
To enjoy uninterrupted benefits under the Policy, You are required to make payment of the Premium on or before the due date or within Grace Period.
Policyholder can pay the Policy Premium in annual mode, semi annual mode or monthly mode. The modal factor applicable to the premium payment modes
other than annual mode will be:
3 4
a. Semi Annual Premium = Base Premium multiplied by 0.512
b. Monthly Premium = Base Premium multiplied by 0.087
If any amount received towards Policy Premium is less than the due Policy Premium, the same will not be accepted and in such cases the Policy Premium will
be treated as unpaid. If the amount received towards Policy Premium is more than the installment due, the excess amount will be refunded to the
Policyholder. No interest or reward is payable on the excess amount received.
Any advance premium will be accepted only for due dates in the same financial year.
3.1 Grace Period
Grace Period is a period of 15 days for Policies under monthly premium payment mode and 30 days for all other modes from the due date for payment of
Premium.
If the Grace Period as applicable falls on a holiday, then the Grace Period will end at the close of the business hours of the next working day.
The Policy will be in force during the Grace Period.
3.2 Change in Sum Assured
Option to increase or decrease the Sum Assured is not available in this Policy.
4 Discontinuance of Policy
On non-payment of premium within grace period, before payment of first policy year’s premium in full, the policy will lapse and all the benefits including life
insurance cover will terminate.
On non-payment of premium any time after payment of first policy year’s premium in full, the policy will not lapse but will continue as a Paid Up policy. A Paid
Up policy is not entitled for any future bonus or Guaranteed Payouts. Paid Up Sum Assured along with accrued bonuses will be paid on death or maturity
whichever occurs earlier and the policy will terminate upon such payment.
Paid Up Sum Assured on death = (Total premiums paid / Total premiums payable over the policy term) x (Higher of 10 times of annualized Base Premium or
Sum Assured).
Paid Up Sum Assured on maturity = (Total premiums paid / Total premiums payable over the policy term) x Sum Assured - Sum of Guaranteed Payouts already
paid.
Please note that a Paid Up policy can be surrendered within the policy term also, as per the calculations mentioned above.
4.1 Reinstatement of the Paid Up / lapsed Policy
A Paid up Policy or a lapsed Policy can be reinstated within a period of 2 years from the date of first unpaid premium and before the Date of Maturity.
Along with reinstatement request, You will have to
• Submit proof of continued insurability to the satisfaction of the Company; and
• Pay all the arrears of Policy Premium together with interest at such rate as may be fixed by the Company from time to time. The interest rate shall not
exceed yield to maturity on a 5 year G-sec plus 3%)
The Company reserves the right to accept or decline the reinstatement request. The reinstatement of a Policy shall take effect only after the same is
approved by the Company and is communicated in writing to the Policyholder.
It will be ensured that the evidences and any medical requirements called for are in line with the prevailing underwriting rules/practices and the health
declaration by the Life Assured. Any evidence of insurability requested at the time of reinstatement/ revival will be based on the prevailing underwriting
guidelines duly approved by the Board.
Upon reinstatement of a paid up policy, any Guaranteed Payouts already fallen due but not paid will be paid to the policyholder without any interest.
Bonus declared but not accrued will accrue on the date of reinstatement.
If a lapsed policy is not reinstated within the two years period from the date of first unpaid Policy Premium, the Policy will automatically stand
terminated.
5 General Conditions
5.1 Assignment & Nomination
(i) Assignment:
In case You are also the Life Assured, You may assign the benefits under the Policy in favor of any person named by You. The first assignment can be
made only by You. You are required to give a written notice to Us together with the endorsement or instrument duly attested or a copy thereof duly
certified to be correct by You and the assignee.
(ii) Nomination:
The Life Assured, who is also a Policyholder, may at any time during the Policy Term appoint any person as Nominee for receiving the payment of the
benefits under the Policy.Where the Nominee is a minor, the Policyholder is required to appoint a person who is not a minor (the “Appointee”) to
receive the benefits under the Policy. Nomination can be made by communicating the same in writing to Us. The Nominee can be changed by You in
writing at any time during the term of the Policy and any such change will vacate any earlier nomination. Nomination will be cancelled upon
registration of assignment.
Assignment or nomination will not be permitted where the policy is issued under the Married Women’s Property Act, 1874.
In the absence of a nomination or assignment, the Death Benefit will be paid to the Policyholder’s legal heir subject to production of necessary
documentation evidencing title to the benefits under the Policy.
We do not express any opinion on the validity or legality of the assignment or nomination. The Assignment and Nomination is effective against Us only
upon registration by Us.
5.2 Suicide Exclusion
If death occurs due to suicide within 12 months:
• From the date of inception of the Policy, the Claimant shall be entitled to at least 80% of the premium(s) paid provided the Policy is in-force or,
• From the date of revival of the Policy, the Claimant shall be entitled to an amount which is higher of 80% of the Premiums paid till the date of death or
the Surrender Value as available on the date of death.
The policy terminates upon payment of such benefit.
5.3 Policy Termination
This Policy will terminate immediately on the earliest of the following:
• On Surrender date.
• If the policy loan amount together with the outstanding interest, if any, exceeds the Surrender Value at any point of time.
• On the Date of Maturity.
• If first 12 monthly Premiums are not paid and the Policy is not reinstated within the reinstatement period.
• On the date of death of the Life Assured.
5.4 Incorrect Information or Non Disclosure
This Policy is issued based on the information /replies furnished to the questions in the Proposal Form and in the documents submitted by You in
support of the proposal for insurance and in the report, if any, of the medical examiner and the declarations which have been made and any other
information provided by You or received on your behalf before the Policy Start Date. In case of any concealment, non-disclosure or fraud or
misrepresentation, We reserve the right to cancel the Policy by paying the Surrender Value, if any, subject to such concealment, non-disclosure, fraud or
misrepresentation being established by Us in accordance with Section 45 of the Insurance Act, 1938.
Section 45 of the Insurance Act, 1938 is reproduced hereunder for ready reference:
“No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this
Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was
effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or
referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such
statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the Policyholder and that
the Policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be
deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the Life Assured was
incorrectly stated in the proposal.”
5.5 Misstatement of Age or gender
Without prejudice to Our rights and remedies including those under the Insurance Act, 1938, if the age or gender of the Life Assured has been misstated
or incorrectly mentioned, then We may at Our sole discretion take the following action subject to the underwriting norms prevailing at the time of
taking such action:
If at the correct age, the Life Assured was not insurable under this Policy according to our requirements, we reserve the right to pay the Surrender Value,
if any and terminate the Policy.
If at the correct age, the Life Assured was insurable, any amount payable shall be increased or decreased to the amount that would have been provided,
as determined by us, given the correct age.
5.6 Payment of Claim
We will require the following primary documents in support for Death Claim to enable processing of the claim intimation under the Policy. All benefits
will be paid to the ‘claimant’ as defined in section 2.2 above.
a. Certificate of the Doctor / Medical Officer certifying the cause of death;
b. In case of unnatural death - Post Mortem Report, First Information Report (FIR), Inquest Report and the Final Investigation Report of the Police;
c. Death Certificate issued by the local authority or the authority authorized to issue the same under the Registration of Births and Deaths Act , 1969;
and
d. Claimant’s statement in prescribed form
We are entitled to ask for additional documents (including Policy document) or information for the processing of the claim. We may also seek
professional/independent assistance for speedy disposal of the claim. You and/or the Nominee/legal heir shall have no objection for Us to obtain any
details/information to form an opinion about the claim.
5.7 Electronic Transactions
You shall adhere to and comply with all such terms and conditions as We may prescribe from time to time. Any transactions carried out by or through
any electronic facilities or means established by or on behalf of Us, in respect of the Policy, shall constitute legally binding and valid transactions on You.
5.8 Taxation
The tax benefits and Benefits payable under the Policy would be as per the prevailing provisions of the tax laws in India. We reserve the right to recover
statutory levies including Service Tax (along with applicable Education Cess) by way of adjustment to the Policy Premiums payable or make necessary
recoveries from the benefits payable under the Policy.
5.9 Notices
Any notice, direction or instruction given to Us under the Policy shall be in writing and delivered by hand, post, facsimile or from registered electronic
mail to:
Customer Service Department
AEGON Religare Life Insurance Company Limited,
Building No. 3, Third Floor, Unit No. 1, Nesco IT Park, Western Express Highway, Goregaon(E), Mumbai - 400063
Toll free number: 1800 209 9090
E-mail: customer[email protected]
or such other address as may be informed by Us.
65
Policy Year Policy Term 14 Policy Term 16 Policy Term 20
1 10% 10% 10%
2 20% 20% 20%
3 30% 30% 30%
4 50% 50% 50%
5 50% 50% 50%
6 50% 50% 50%
7 50% 50% 50%
8 53% 51% 51%
9 55% 54% 52%
10 58% 56% 54%
11 61% 58% 56%
12 64% 60% 57%
13 67% 62% 58%
14 70% 64% 60%
15 68% 62%
16 70% 64%
17 66%
18 67%
19 68%
20 70%
Any notice, direction or instruction to be given by Us under the Policy shall be in writing and delivered by hand, post, courier, facsimile or registered
electronic mail at the updated address in the records of the Company.
You are requested to communicate any change in address immediately to enable us to serve you promptly.
5.10 Applicable Law
This Policy is subject to the provisions of the laws of India.
5.11 Currency and Payment
All payments to or by the Company will be in Indian rupees and shall be in accordance with the prevailing regulations and other relevant laws of India.
6. Consumer Grievance Cell
You may reach Us for any complaints/ grievances in any of the following manner:
a. By calling the Toll Free Number 1800 209 9090 between 8.30 a.m. to 8.30 p.m. any day (except National Holidays) or
b. By writing an e-mail to customer.care@aegonreligare.com or
c. By registering the grievance on the website of the Company at www.aegonreligare.com or
In case of disagreement with the response of the Company or no- response within 15 days, the grievance can be escalated to Grievance Redressal Officer by
an e-mail to [email protected] or written letter at
Grievance Redressal Officer
AEGON Religare Life Insurance Company Ltd.,
Building No. 3, Third Floor, Unit No. 1, Nesco IT Park, Western Express Highway, Goregaon(E), Mumbai - 400063
7. Insurance Ombudsman
In case You are not satisfied with the decision/resolution or have not received any reply within a period of 14 days, You may approach the Insurance
Ombudsman, if your complaint pertains to:
(i) Any partial or total repudiation of claim;
(ii) Premium paid or payable in terms of the Policy;
(iii) Delay in settlement of claim;
(iv) Non-issue of policy document to customers after receipt of premiums
(v) Any claim related dispute on the legal construction of the policies in so far as such disputes relate to claims.
The addresses of the Insurance Ombudsmen are given on the last page of this document. You are requested to visit the website of the Company for updated
information on contact details of the Company and Insurance Ombudsmen.
Appendix 1: Guaranteed Surrender Value factors
Guaranteed Surrender Value Factors for Sum Assured:
The GSV on SA = (Applicable GSV Factor) X (Total Amount of Premiums Paid) – sum of guaranteed payouts paid till date
Policy Year Policy Term 14 Policy Term 16 Policy Term 20
1 30.63% 23.93% 17.33%
2 33.13% 25.18% 18.58%
3 35.92% 30.35% 21.73%
4 39.01% 32.93% 23.51%
5 42.42% 35.78% 25.50%
6 46.17% 38.92% 27.69%
7 50.27% 42.36% 30.12%
8 54.76% 46.13% 32.78%
9 59.67% 50.25% 35.69%
10 65.02% 54.75% 38.87%
11 70.86% 59.66% 42.34%
12 77.23% 65.02% 46.13%
13 84.17% 70.86% 50.27%
14 91.74% 77.23% 54.77%
15 84.17% 59.68%
16 91.74% 65.03%
17 70.87%
18 77.23%
19 84.17%
20 91.74%
Guaranteed Surrender Value Factors for Accrued Bonus:
