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Aegon Life Jeevan Shanti Insurance Plan

The Jeevan Shanti Insurance Plan from Aegon Life Insurance is a participating policy that enables customers to save on a regular basis whilst providing them with a life insurance cover. The savings offered by the plan are steady and life cover can be availed at an affordable premium starting from Rs.500* per month. The Jeevan Shanti Insurance Plan offers a lump sum payout when the policy matures, and financial protection is provided to the family of the life assured through the life cover for the whole of the policy term.

Enhanced protection can be availed from the Aegon Life Jeevan Shanti Insurance Plan by purchasing riders, and the premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act, while the benefits received can also help you avail tax benefits under Section 10(10D) of the Act.

*Premium payments vary based on the policy term

Eligibility – Who is the Jeevan Shanti Insurance Plan for?

To be eligible to purchase this Aegon life savings and investment plan, individuals must be of a certain age when purchasing the policy. Following are the criteria you must meet if you wish to purchase a Jeevan Shanti Insurance Plan:

Plan Type Individual
Minimum Entry Age 8 years completed
Maximum Entry Age 50 years completed

Sum Assured and Premium Range – What you Get and What it Costs?

The premium payments made towards your Aegon Life Jeevan Shanti Insurance Plan will determine the benefits you will receive on maturity of the policy. Customers can make their premium payments on a monthly basis, or an annual basis depending upon their preference. Following are some of the features of the Jeevan Shanti Insurance Plan:

Sum Assured Depends upon the age of the life assured, monthly premium, and policy term.
Minimum Monthly Premium In case the policy term is 20 years, the monthly premium will be Rs.500. If the policy term is 15 years, the premium will be Rs.600, and if the policy term is 10 years, the premium will be Rs.750 per month.
Maximum Monthly Premium Rs.3000 per month
Premium Payment Frequency Monthly, Semi-Annual, and Annual
Premium Payment Term Same as policy term
Policy Term 10 years / 15 years / 20 years

*Premiums may vary based on age, location, plan term and other factors.

Plan Coverage – What the Jeevan Shanti Insurance Plan Covers?

Guaranteed Maturity Benefits In case the life assured survives the policy term, maturity benefits will be paid out by the company provided all due premiums have been paid. The maturity benefits offered by this plan are 100% of sum assured along with accrued revisionary bonus, and terminal bonus, if any.
Guaranteed Death Benefits In case of the death of the life assured during the policy term, the beneficiary will be eligible to receive the sum assured along with the accrued revisionary bonus as well as the terminal bonus, if any. The overall death benefit payable to the beneficiary will be at least 105% of the premiums paid by the policyholder until his/her death. The calculation of the sum assured on the death of the life assured will be the higher of (10 X Annualised Premium or Sum Assured).

Add-On Plans – Additional Coverage Under the Jeevan Shanti Insurance Plan:

In addition to basic life cover, the Jeevan Shanti Insurance Plan also offers additional cover via Aegon Life ADDD rider. In case of the death of the life assured due to an accident, the beneficiary will receive the sum assured of this rider. The company will also pay the sum assured of this rider in case of permanent total disability and accidental dismemberment due to an accident.

Exclusions - What the Aegon Life Jeevan Shanti Insurance Plan Doesn’t Cover:

The Jeevan Shanti Insurance plan has certain exceptions which are as follow:

  • Suicide: In case of the death of the policyholder due to suicide within a year from the date on which the policy commenced, the beneficiary or nominee will receive a minimum of 80% of the premiums paid, provided the policy is still active.

Other Key Features of Aegon Life Jeevan Shanti Insurance Plan :

Following are some of the other key features of the Jeevan Shanti Insurance Plan:

Free Look Period In case a customer is not content with any of the terms and conditions of the Jeevan Shanti Insurance Plan, the policy can be returned to the company for cancellation within 15 days from the date on which the customer received the policy. The free look period extends to 30 days in case the policy was purchased via distance marketing mode. Once the policy has been cancelled during the free look period, the customer will receive the premiums he/she has paid after stamp duty charges, proportionate risk premium, and expenses on medical examinations, if any, are deducted. Once the policy is terminated, all benefits will also extinguish after the customer has received the aforementioned amount.
Grace Period In case you fail to make your premium payment on time, you will receive an additional few days to ensure that all due premiums have been paid. If the premium payment mode you have selected is monthly, you will receive a grace period of 15 days. The grace period for the other premium payment modes will be 30 days. In case of the death of the life assured during the grace period, the death benefit payable to the nominee will be subtracted by an amount equal to the outstanding premium.
Surrender Value The Jeevan Shanti Insurance Plan will acquire a guaranteed surrender value after the premiums for the first three years have been paid. The guaranteed surrender value is calculated as Guaranteed surrender value of sum assured = (Applicable guaranteed surrender value factor) X (Total amount of premiums paid). Details regarding the guaranteed surrender value of this plan will be mentioned in your policy document, and are subject to change from time to time depending on approval from IRDAI.
Revival In case your Jeevan Shanti Insurance Plan has lapsed, you can apply for revival within two years from the date on which the first unpaid premium was due. To revive the policy, you will be required to ensure that all unpaid premiums are paid to the company along with the interest penalty. However, the revival of the policy is at the discretion of the insurance company, so the life assured will have to provide satisfactory evidence regarding his/her insurability.
Discontinuance of Premium In case the policyholder fails to make premium payments post the grace period, the policy will lapse and the policyholder shall not be eligible for any benefits.

Tax Benefits – How you can Save with the Jeevan Shanti Insurance Plan?

The benefits received through the Jeevan Shanti Insurance plan are eligible for tax benefits under Section 10(10D) of the Income Tax Act, while the premiums paid towards the policy are also eligible for tax benefits under Section 80C of the Income Tax Act, 1961.

Why you Should Buy the Jeevan Shanti Insurance Plan from Aegon Life?

Aegon Life is among the most popular insurance companies in India. With its headquarters in India, the company has 59 branches across 46 cities. It also boasts around 9600 insurance agents and serves more than 4 lakh customers in the country. An impressive portfolio in addition to quality customer service will ensure that you have made the right decision by purchasing the Guaranteed Growth Insurance plan from Aegon Life.

Frequently Asked Questions (FAQs):

  1. How do I check the status of the Jeevan Shanti Insurance plan?

    A. You can either call the company on the toll free number or email them to check the status of your policy.

  2. How does the claims process work for the Jeevan Shanti Insurance Plan?

    A. In case of the death of the policyholder, the insurance company must be notified and the filed up claims must be submitted to Aegon Life in addition to all the required documents as mentioned in the policy document. The claim will be processed after the company has conducted the necessary verification to ascertain the authenticity of the claim.

  3. What is the free look period of the policy?

    A. A free look period of 15 days applies to customers who purchase the policy from the company itself, while a 30-day period is granted to those who purchase it through distance marketing mode.

  4. Can I change the beneficiary of my Jeevan Shanti Insurance Plan?

    A. Aegon Life has a fairly simple process to change the name of the nominee. The policyholder just has to call the toll-free number and provide an endorsement form before informing the firm that the name of the nominee needs to be changed.

  5. How do I apply for a duplicate policy document?

    A. If you require a duplicate policy document, you will have to submit an endorsement form or a duly signed requisition letter in addition to a guaranteed bond on a Rs.200 stamp paper.

  6. Under what circumstances will my policy terminate?

    A. Your Jeevan Shanti Insurance plan can terminate on the death of the life assured, on the date of maturity, on the date of surrender, or if the first 12 monthly premiums are not paid and the policy has not been reinstated within the specified period.

  7. Can I change the sum assured in my Jeevan Shanti Insurance plan?

    A. Yes, all you have to do to increase or decrease the sum assured is to submit a duly signed request.

  8. What is the grace period for this policy?

    A. Customers who fail to make their premium payments on time receive a 30-day grace period to do the same.

  9. Can I avail a loan through this policy?

    A. Yes, customers can avail a loan through the Jeevan Shanti Insurance Plan starting from the fourth year.

  10. What is the minimum amount of loan I can avail through this policy?

    A. The minimum amount of loan that can be availed against the Jeevan Shanti Insurance Plan is Rs.5,000.