Aegon Life Rural Term Insurance Plan
Aegon Life Rural Term Insurance Plan is an insurance plan designed specially for the rural sector of the society. It is a single premium Aegon term insurance plan that allows the policyholder enjoy protection for five years for a single payment.
Eligibility criteria for Aegon Life Rural Term Insurance Plan
- Minimum age- 18 years
- Maximum age- 65 years
- Maximum age at maturity- 50 years
- Minimum single premium- Rs.300
- Maximum single premium- Rs.1,000
- Sum assured- 50 times the single premium amount
Features of Aegon Life Rural Term Insurance Plan
- It is a single premium term insurance plan
- Specially designed for the rural sector of the society
- Provides adequate coverage
- Offers the option of staying protected for a term of 5 years
- Offers death benefit which is 50 times of the single premium
- Easy documentation
- No pre issuance medicals
- 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
- There is no loan available under the policy
Benefits Offered by Aegon Life Rural Term Insurance Plan
- Death Benefit - In case of death of the Life Assured during Policy Term, Sum Assured which is 50 times the single premium 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 Rural Term Insurance Plan
Anand opts for Aegon Life Rural Term 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.
FAQs on Aegon Life Rural Term Insurance Plan
- 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.
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