Decreasing Term Plan from AEGON Religare life insurance

Decreasing Term Plan

Loans or mortgages are riddled with worries and tension. You try to repay the amount and at the same time, ensure that your family is not affected and gets the best of everything. However, as time elapses, your liabilities reduce and hence the need for a plan which has a cover that declines and the premium you pay are low.

AEGON Religare Life Insurance offers AEGON Religare Decreasing Term Plan that ensures your liabilities don’t give you stress.


How do you apply for AEGON Religare Decreasing Term Plan?

Step 1: Choose the amount of protection you need

Step 2: Decide on the term of your policy

Step 3: Our Life Agent will calculate the premium you will have to pay


Death – In case of your unfortunate demise, the benefit payable is 100% of the Sum Assured in the 1st year, after which it will reduce by 5% on every policy anniversary.

Tax Benefits

Tax Benefits – Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Please consult your tax advisor for confirmation.



Annualized Premium

Minimum – Rs. 2,000 p.a for regular premium Rs. 10,000 for single premium

Sum Assured  

Minimum – Rs. 5,00,000

Entry Age

Minimum – 18 years

Maximum – 55 years

Maturity Age

Maximum – 75 years

Premium Pay Term

Single / 11 years (except for 10-year plan where premium payment term is equal to the policy term)

Policy Term

Minimum – 10 years;

Maximum – 20 years

Premium Payment Frequency

Single, Yearly, Half-yearly, Quarterly, Monthly (via ECS only)


Other Features

Grace Period – You are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover will be terminated.

Lapsed Policy Reinstatement – You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements if any.

Free Look Cancellation – In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.


Terms and Conditions

Maturity – The policy does not acquire any maturity value, therefore no amount is payable to the Policy Holder on maturity.

Surrender – The policy does not acquire any surrender value throughout the policy term and therefore there is no amount payable to the Policy Holder upon surrender.

Service Tax – Service tax or any other tax shall be levied as per the prevailing tax laws on premiums or benefits payable.

Exclusion – In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.

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