Aegon Life Term Insurance
The term insurance policy from Aegon Life enables the families of a policyholder to sustain a similar lifestyle in case of the death of a policyholder. The plan offers protection to your family by providing a life cover in addition to monthly payouts that serve as a form of income benefit.
The term insurance policy is perfect for individuals who wish to secure the financial future of their family and for those who wish for their families to receive monthly income in case of their death.
Awards and Recognition
Aegon Life has been awarded the E-Business Leader Award for four years consecutively in 2013, 2014, 2015 and 2016. The E-Business Leader Award is given to insurers who have effectively managed online channels for lead generation, sales and marketing.
Types of Aegon Life Term Insurance Plans:
- Aegon Life iTerm Plan
- Aegon Life Term Plan
- Aegon Life iReturn Plan Term
- Aegon Life iSpouse Insurance Plan
Aegon Life iTerm Plan
Features | Description |
Entry Age | Maximum Age : 65 Years |
Age at the Time of Maturity | 80 Years |
Policy Term | Maximum - 62 years or Up to 80 Years |
Sum Assured | Maximum: No Limit |
Premium Payment Term | Single or Equal to Policy Term |
Premium Payment Freequency | Single, Annual, Semi-Annual, Monthly |
Aegon Life Term Plan
Feature | Description |
Entry age | Minimum: 20 years. (30 years for 10-year policy term) Maximum: 65 years |
Age at the time of maturity | 75 years |
Policy term | Minimum: 10 years Maximum: 75 years (age of maturity) |
Sum assured | Minimum: Rs.10 lacs Maximum: No limit |
Annual premium | Minimum: 2390 Maximum: No limit |
Premium payment term | Equal to policy term |
Premium payment frequency | Monthly, half-yearly and yearly |
Aegon Life iReturn Plan
Feature | Description |
Entry age | Minimum: 18 years completed Maximum: 65 years |
Age at the time of maturity | 75 years |
Policy term | 5 / 10 / 15 / 20 years |
Sum assured | Minimum: Rs.30 lacs Maximum: Rs.4 crore |
Premium payment term | Single / five years / equal to policy term |
Premium payment frequency | Monthly, half-yearly, yearly, single |
Aegon Life iSpouse Insurance Plan
Feature | Description |
Entry age | Minimum: 21 years completed for both Maximum: 60 years (higher age for either spouse cannot exceed 60 years) |
Age at the time of maturity | 65 years completed of either spouse |
Policy term | 5 years minus the higher of the entry age of either spouse |
Sum assured | Minimum: Rs.25 lacs Maximum: No limit |
Premium payment term | Equal to the policy term |
Premium payment frequency | Monthly and annual |
Aegon Life Term Plan Features and Benefits:
- Life cover: customers can avail life cover up the age of 75 years.
- Tax benefits as per prevailing laws.
- Inbuilt accidental death benefit: if there is an accidental death, extra accidental benefit equal to 100% of the sum assured will be offered to the customer, subject to a maximum of Rs.1 crore.
- Death benefit option I: 100% of the sum assured is paid out in case of death of the policyholder.
- Death benefit option II: 50% of the sum assured is paid out immediately and regular income of 3% is paid every month for the following five years.
Example of Aegon Life Term Insurance:
Let's say Mr. Raj who is 30 years old and holds a senior management position in a multinational company needs to travel often due to work. His family consists of a housewife and two children, both below five years of age. Raj owns a car in addition to his plush house. However, the home and the car were both financed through a loan and Raj is aware of the uncertainty of life, so to ensure that his family will have a similar lifestyle in the unfortunate event of his death, he chooses the . The details of his Death Benefit Option II plan are as follow:
- Base sum assured (cover amount) - Rs.40 lacs
- Policy term - 20 years
- Premium payment term - 30 years
- Inbuilt accidental death benefit - Rs.40 lacs
- Annual premium - Rs.10,000
If Mr. Raj dies in an accident three years after the policy was taken out, the total payout will be 330% of the base sum assured = Rs.1.32 crore (Rs.20 lacs as 50% of cover amount + Rs.40 lacs as 100% of accidental death benefit) + Rs.1.2 lacs as 3% of sum assured every month for the following five years. A lump sum figure of Rs.60 lacs will be granted to Raj's family to help in repayment of loans. In addition, a monthly pay out of Rs.1.2 lacs over the following five years will help them in maintaining their current lifestyle.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
Aegon Life Term Insurance FAQs:
- Does the policy have any exclusions?
In case the insured individual commits suicide within a year after the policy commences, the nominee will receive an amount that is 80% of all the premiums that have been paid until the death. Insured benefits will not be provided in this case.
- What happens in case I discontinue payment completely or if I fail to make premium payments on time?
If premium payments are not made on time, your policy is at risk of lapsing or acquiring a paid-up value. If premium has been paid for two to three years then a paid-up value will be added to your policy and the benefits you will receive will be significantly reduced.
- Can I revive the policy?
Customers have the option to revive their policies within two years from the date on which the last premium was paid after the policy lapsed. The successful revival of a policy can be complete only if all outstanding premiums have been paid along with the applicable interest rate. Death benefits will not be paid in case the insured individual dies within the reinstatement period.
- Can I discontinue the plan as and when I please?
Yes, you will be given 30 days of free look period after you have purchased the policy, and if at any time you are not satisfied with any of the terms and conditions of the policy then you can return it within this period.
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