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

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:

  1. Aegon Life iTerm Plan
  2. Aegon Life Term Plan
  3. Aegon Life iReturn Plan Term
  4. Aegon Life iSpouse Insurance Plan

Aegon Life iTerm Plan
Features Description
Entry Age Minimum Age : 18 years

Maximum Age : 65 Years

Age at the Time of Maturity 80 Years
Policy Term Minimum - 5 years

Maximum – 62 years or Up to 80 Years

Sum Assured Minimum: Rs 25 lakhs

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.

Aegon Life Term Insurance FAQs:

  1. Q. Does the policy have any exclusions?

    A. 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.

  2. Q. What happens in case I discontinue payment completely or if I fail to make premium payments on time?

    A. 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.

  3. Q. Can I revive the policy?

    A. 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.

  4. Q. Can I discontinue the plan as and when I please?

    A. 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.

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

 4.5 / 5.0   by 168 users
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Plan Benefits

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AEGON Life Term Insurance Reviews

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  • Aegon Life Life Insurance
    "NO PROPER RESPONSE"
    0.5 1.0/5 "Really Bad"
    There is no office to go to the branch, there is a only paying the premium through online, it has good returns. The premium have to pay for 10 yrs and have to wait for 1 year after 12th years i am getting the 150% of what i paid premium getting for yearly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 30, 2019
  • Aegon Life
    Aegon Life Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken term insurance with Aegon life. Through an online clearly know about the policy details, benefits and policy coverage and got a hard copy as well, I have taken for 60 years. I am paying premium in the yearly package for 7 thousands. There is no any lack about an insurance details. Overall is good.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 16, 2019
  • Aegon Life Life Insurance
    "Good protection for nominee"
    0.5 5.0/5 "Blown Away!"
    I have term plan from Aegon Life, I used to make the premium of Rs.17,000 per annum. I need to pay the amount upto 40 years, I have selected sum assured of Rs.1 crore, after demise of policy holder they give to the allocated nominee. Grievance resolved ratio is also good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 30, 2019
  • Aegon Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    AEGON LIFE is the insurance provider where I have taken the life insurance and the premium is of 5K approx and they provide the sum assured as 55Lakh. It is the TERM PLAN taken with this and I am using it from 2006. Overall service and the customer service is good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 06, 2019
  • Aegon Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken my Trem insurance with Aegon life ,the agent had clearly explain me about the plan benefits,and policy coverage, and they have given me hard copy as well, and the premium amount i have pay through on line basis, and i use to pay on yearly basis.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 23, 2019
  • Aegon Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken the TERM PLAN with the AEGON LIFE because the reason is that the premium is lower , and their service was good,and i took this term insurance through on line channel.The premium is paid on a yearly basis,and i use to pay premium through on line mode.
    Was this review helpful? 0
    , vadodara
    Reviewed on Mar 18, 2019
  • Aegon Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the TERM PLAN with the AEGON LIFE because the reason is that the premium is lower also the policy coverage is higher added on that they gives the double of the sum assured added on that they provide the coverage for 10o years so i have taken.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 09, 2019
  • Aegon Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    AEGON LIFE is the insurance provider where i am holding the term plan since from last few years. The reason for taking the insurance is because they provide for the extra riders also added on that they provide 50% of insurance fro the spouse also.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 06, 2019
  • Aegon Life Life Insurance
    "Good investment"
    0.5 5.0/5 "Blown Away!"
    I have chosen Aegon Life because they have good claim settlement ratio when compared to others. The customer service is very good and the response was prompt. My policy was really good and the tenure is 20years. Am paying yearly 70K as a premium through online. I feel they have to improve the online portal most of times it has some error.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 04, 2019
  • Aegon Life Life Insurance
    "Good protection for nominees"
    0.5 4.0/5 "Great!"
    My friend was working with Aegon insurance company he have referred the term policy because of the claim settlement ratio. I make the premium of Rs. 4200 on yearly basis, I need to pay upto 75 years of my age. The nominees will get the sum assured Rs.50 lakhs after certain demise.
    Was this review helpful? 1
    , new delhi
    Reviewed on Feb 26, 2019
  • Aegon Life Life Insurance
    "Cheapest policy in the industry"
    0.5 4.0/5 "Great!"
    Since the policy is very cheap and the premium is lower in this industry. They are providing me a sum assured amount of rs. 50 lakhs and total tenure period of the policy is 40 years. I pay the premium amount of Rs. 7770 and the services has been fine.
    Was this review helpful? 0
    , vadodara
    Reviewed on Feb 25, 2019
  • Aegon Life Life Insurance
    "Cheapest policy in the industry"
    0.5 4.0/5 "Great!"
    Since the policy is very cheap and the premium is lower in this industry. They are providing me a sum assured amount of rs. 50 lakhs and total tenure period of the policy is 40 years. I pay the premium amount of Rs. 7770 and the services has been fine.
    Was this review helpful? 0
    , vadodara
    Reviewed on Feb 25, 2019
  • Aegon Life Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken one life insurance in Aegon Religare. The customer service is good and also the payment gateway is easy to make the premium. The tenure period is 20 years and have started the policy before 5 years. I am paying 2K per month. The sum assured is 2.50L.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Feb 04, 2019
  • Aegon Life Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have been holding the term insurance from the Aegon. Because of the brand, i have selected the Aegon. I have purchased the policy 6 months before. I used to make the payment through online. I'm satisfied with the sum assured amount which they have provided to me.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • Aegon Life Life Insurance
    "Good Guidance in their office"
    0.5 5.0/5 "Blown Away!"
    I went to their regional office and i have purchased my term insurance. I have selected the Aegon company because their claim ratio is really good and they have explained the term and conditions properly. I'm satisfied with the coverage value.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 03, 2019
  • Aegon Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with AEGON Life insurance , and there service is good, there agent had explained me clearly about the policy and coverage ,and there premium amount they have charged me was nominal, and i pay on yearly basis, and it use to get auto debited from my account.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 30, 2018
  • Aegon Life Life Insurance
    "GOOD POLICY"
    0.5 5.0/5 "Blown Away!"
    I am using the life insurance policy with the AEGON LIFE from past one year the process of documentation is very simple and easy. The maturity period is for seventy years of my age. The premium i pay monthly once. The customer service is very good.
    Was this review helpful? 0
    , kakinada
    Reviewed on Nov 03, 2018
  • Aegon Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have a Term insurance policy with AEGON from last 6 months and it is best policy to use. I have to pay my premium on monthly basis for 75 years and i am convenient with the payment options. Customer support was very good and they explained all the terms and conditions.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Oct 22, 2018
  • Aegon Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    The life insurance i am holding since last 4 years. The maturity period is for 30 years it gives the coverage for self. The premium i pay for yearly once. I have purchased it from AEGON LIFE and i had a good experience with this policy. the documentation process is good.
    Was this review helpful? 1
    , chennai
    Reviewed on Oct 11, 2018
  • Aegon Life Life Insurance
    "Excellent "
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy from AEGON via bank bazaar, the response and customer service is very good. Claim settlement ratio was above 90% so it was a confident decision in choosing as my life insurance provider. I definitely recommend AEGON
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 08, 2018
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