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  • Aegon Life Rural Term Insurance Plan

    Aegon Life Insurance

    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.

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