On the launch, Mr. K.S. Gopalakrishnan, Executive Director at AEGON Religare Life said, “We pioneered the online space in life insurance and we would like to maintain our leadership position by offering an expanded suite of products. iGuarantee offers guaranteed returns for a period of six years, after the policy term."
“It is an ideal plan for a medium-term investor who needs the security of growth, without undue risk. It is a short premium paying term plan that allows customers to enhance savings," he added.
“Online space has emerged as a significant channel of distribution in life insurance," said Mr. Yateesh Srivastava, COO, ARLI adding, “The iGuarantee Insurance Plan is targeted to the 'New Age' customer who prefers a convenient, hassle-free and a non-intermediated process while buying any financial product."
iGuarantee is exclusively an online product which offers maturity benefit in the form of a yearly guaranteed payout. The payout will be 135% of the annual premium, for a period of six years starting after the policy term.
Under the plan, the nominee receives the guaranteed payouts, as scheduled, during the payout period, if the life insured dies during the policy period. Also, the future premiums are waived off, and the nominee can opt to take the cash value of the death benefit at any point during the policy term.
The policy does not lapse if the premium is paid for at least one year. In this case, the policy is continued with the paid-up sum assured.
To enter into the plan, the minimum age should not be less than 12 years, while the maximum age is 50 years. iGurantee offers its customers an option to pay premium either monthly or annually.
Premiums paid under the plan are eligible for tax deduction under section 80C and 10(10D).
Source: www.insuringindia.com
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