Aegon Life iSpouse Insurance Plan is an term insurance plan that lets you protect your life along with your spouse’s life with a single policy. Unlike most of the insurance policies, this policy will not only provide lump sum amount but will also provide regular income. This is an online insurance policy and thus saves you the hassles of paperwork. The plan is best suited for the working couple.
Eligibility Criteria for Aegon Life iSpouse Insurance Plan
Listed below is the eligibility criteria for the insurance plan.
- Minimum age- 21 years
- Maximum age- 60 years
- Maximum age at maturity- 65 years
- Minimum policy term- 5 years
- Maximum policy term- 65 years
- Premium payment term- Equal to the policy term
- Minimum sum assured- Rs.25,00,000
- Maximum sum assured- No limit
Features of Aegon Life iSpouse Insurance Plan
- It is an insurance policy specially designed for the working couple
- It is an online insurance policy
- Provides adequate coverage
- Provides life cover for you and your spouse
- Easy documentation
- Provides additional riders
- Multiple policies can be bought under the plan but the total sum assured can’t exceed Rs.50,000
- Hassle free application process
- Offers tax benefits on the premium paid under sections 80C and 10D of the Income Tax Act, 1961
- Offers a free look period of 30 days
- The plan can be taken under annual or monthly payout mode
- Easy online application
- There is no loan available under the policy
Benefits Offered by Aegon Life iSpouse Insurance Plan
- Death benefit-In case of death of the Life Assured during Policy Term, Sum Assured will be paid to the nominee and the Policy will terminate.
- Maturity benefit- There is no maturity benefit offered for the plan
- Surrender benefit-The policy will acquire surrender value after completion of one policy year.
Example of Aegon Life iSpouse Insurance Plan
Anand opts for Aegon Life iSpouse Insurance Plan with a single premium of Rs.500, the sum assured granted for Anand for the policy is Rs.25,000. In case of unfortunate demise of Anand, his nominee will be paid a death benefit of Rs.25,000.
Frequently Asked Questions
- What is the minimum premium for the policy?
The minimum premium for the policy is Rs.300
- Does the policy offer maturity benefit?
The policy does not offer maturity benefit if the insured survives the policy.
- What are the tax benefits offered by the policy?
The policy offers tax benefits under section 80C and 10D of the Income Tax Act, 1961.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017