The Aegon Life Women Critical Illness rider is an add-on plan or rider that is designed exclusively for women, keeping their wellness benefits in mind. The rider can be attached to an existing Aegon Life insurance policy, providing extra coverage in terms of a wider range of illnesses and conditions that would be covered. The rider also has a unique benefit structure, with a portion of the sum assured being paid on the policyholder contracting a particular illness from one of two groups. The rider, while attached to the base policy, can be availed for a minimum of 10 and a maximum of 40 years, providing extensive coverage over a long period of time.
The rider is a single life cover, available only to female policyholders.
The Aegon Life Critical Illness Rider was designed to protect female policyholders by providing them with critical illness coverage specific to their gender. This rider covers illnesses and conditions that are more likely to affect women and is thus a targeted rider that provides comprehensive coverage. The eligibility criteria are as under:
|Parameter||Group I||Group II|
|Entry age||Minimum- 20 years Maximum- 65 years||Minimum- 20 years Maximum- 35 years|
|Maturity age||75 years||40 years|
|Rider term||10-40 years||10-40 years|
|Premium paying term||Subject to rider term|
|Premium paying frequency||Subject to base plan|
The sum assured is the guaranteed amount that the policyholder stands to receive, excluding any bonuses or add-ons. The rider has two groups that have categorised the critical illnesses available under each. Both groups are available to policyholders provided the eligibility criteria for each is met. The table below illustrates the same:
|Group I||Group II|
|5% of base sum assured Minimum- Rs.1 lakh Maximum Rs.5 lakh||2.5% of base sum assured Minimum- Rs.50,000 Maximum- Rs.5 lakh|
The premium is the amount that the policyholder is required to pay as a charge for the insurance services being provided. The premium amount would be subject to the sum assured amount, the age of the policyholder, the rider term etc.
The following is the coverage provided by the Aegon Critical Illness Rider:
The rider covers critical illnesses that are divided into groups. The illnesses in each group are as follows:
|Group I||Malignant cancer of the female organs|
As this is a rider, there are no additional add-ons that are associated with this policy.
The rider covers certain critical illness as mentioned above. There are exclusions under which circumstances the company would not pay any benefit, with the exclusions listed below:
Additional features and benefits are listed below:
|Free look period||If the policyholder is not satisfied with any of the terms of the rider, she may choose to return the rider during the free look period. The free look period is 15 days from the date of receipt of the policy document (30 days for distance marketing policies).|
|Attaching or detaching rider||The rider can be attached to a policy at any time during the policy year. The rider can be detached from the following premium due date after the detachment request has been made.|
|Termination||The rider will be terminated on maturity of the base policy.|
As this is a rider, all tax benefits would be applicable on the base policy.
The Aegon Life Women Critical Illness Rider provides policyholders with coverage if they contract the critical illnesses as mentioned in the policy document. In addition to this, Aegon Life also offers its policyholders a number of benefits and advantages.
Policyholders can choose to pay their rider and base premium amount either online or offline, based on their convenience. Online modes for premium payment include netbanking, credit or debit cards, standing instructions or NEFT.
Filing a claim is also a simplified process and policyholders can avail assistance at every step courtesy the customer care services provided by the company. Tracking a claim can be done online or by contacting the customer care helplines, ensuring policyholders have easy access to their claim status.
Policyholders looking to add the Aegon Life Women Critical Illness Rider to an existing policy can calculate the additional cost they will have to bear by using the premium calculators on the Aegon Life website. At the tap of a few buttons, policyholders will have a detailed break-up of their projected premium amount.
The Aegon Life Insurance Company Limited was established in the year 2008 and has been one of the premier life insurance companies in the country. Formerly known as AEGON Religare Life Insurance Company, it is currently a joint venture between the Bennett, Coleman & Company Ltd and Aegon, one of the foremost names in the financial services sector.
Its ease of claim processing as well as its product range that caters to different segments of the Indian populace distinguish it from its competitors. The company provides a comprehensive range of life insurance services that are customer-centric and operates out of 53 branches across the country.