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Aegon Life Rural Term Insurance Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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Overview

The Aegon Life Rural Term Insurance Plan is a single premium term plan that runs for a maximum of five years. Upon making the single premium payment at the time of taking out the policy, you will be eligible for benefits when the policy expires. Aegon Life Benefits can also be claimed by nominees in case of the untimely death of the Life Assured.

Features and Eligibility Conditions of Aegon Life Rural Term Insurance Plan

Type

Term Plan

Entry Age

Minimum – 18 years

Maximum – 45 years

Maximum Maturity Age

50 years

Maturity Single Premium

Rs. 300

Maximum Single Premium

Rs. 1000

Policy Term

Five years maximum

Premium Payment Term

Single Premium

Sum Assured

50 x Single Premium

Free Look Period

If there terms and conditions of the policy are deemed unsatisfactory by the client, it can be returned for cancellation within 30 days from the date the policy was received.

Benefits / Advantages of Aegon Life Rural Term Insurance Plan

  • Maturity Benefits: Benefits are not payable on survival of the Life Assured till maturity.
  • Death Benefits: If the Life Assured passes away when the policy term is still in progress, the nominee will receive the sum assured (50 x Single Premium), and the policy will be terminated. You will then be required to furnish all the documents listed in the policy contract so that the death claim can be processed.
  • Surrender Benefits: After one year of the policy has been completed, the policy will obtain surrender value. The calculation of surrender value is as follows: 70% x Single Premium x (Outstanding coverage term in months/Total coverage term in months).
  • Tax Benefits: Under Section 80C, premiums up to Rs. 100,000 can be deducted from taxable income. Under Section 10(10)D, death and maturity benefits are tax free.

How Does This Policy Work?

At the time of taking out the policy, you will have to pay a premium. Since it’s a single premium term insurance plan, this is the only premium payment you will be making. At the end of five years when the policy matures, you will be eligible maturity benefits. In case of the Life Assured’s untimely death, the nominee you have selected will be eligible to receive 50 times the premium amount you have paid and the policy will be terminated with immediate effect.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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