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Aegon Life iSpouse Insurance Plan

The Aegon Life iSpouse Insurance Plan from Aegon Life is a non-linked, non-participating joint life term assurance policy that offers protection to working couples. Not only does the plan provide customers with a lump sum amount, but also offers a regular income in case of the demise of one or both of the spouses. The Aegon Life iSpouse Insurance Plan can be purchased online, and the presence of an Inbuilt Accidental Death Benefit and an Inbuilt Terminal Illness Benefit makes it a highly cost effective plan.

In case of the death of either of the life assured individuals during the policy term, the iSpouse Insurance Plan pays out 205% of the sum assured to the surviving spouse. This plan also offers tax benefits and your coverage can be enhanced with the purchase of add-on riders to avail comprehensive protection.

Eligibility – Who is the Aegon Life iSpouse Insurance Plan for?

To be eligible to purchase the iSpouse Insurance Plan, individuals must be of a certain age when purchasing the policy as well as at the time of maturity. Following are the criteria you must meet of you wish to purchase an iSpouse Insurance Plan:

Plan Type Joint
Minimum Entry Age 21 years completed
Maximum Entry Age 60 years completed
Maximum Maturity Age 65 years completed

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

The premium payments made towards your iSpouse Insurance Plan will determine the benefits you will receive through 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 iSpouse Insurance Plan:

Sum Assured Minimum: Rs.25 lakhs Maximum: No limit, subject to underwriting
Premium Payment Frequency Monthly and Annual
Premium Payment Term Equal to policy term
Policy Term Minimum: 5 years Maximum: 65 years minus higher of the entry age of two lives

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

Plan Coverage – What the Aegon Life iSpouse Insurance Plan Covers?

Maturity Benefit The iSpouse Insurance Plan does not offer any maturity benefits.
Death Benefit In case of the death of either of the life assured individuals, the surviving spouse will be eligible for 100% of the sum assured immediately, and a monthly payment of 1.75% of the sum assured for a period of five years starting from the next monthly policy anniversary. Once all the monthly income payments have been made to the surviving spouse, the policy will terminate. In case of the demise of the surviving spouse during the monthly payout period, the legal heirs will continue to receive the monthly payouts. In case of the demise of both spouses together, the legal heirs will receive the death benefit.
Inbuilt Accidental Death Benefit In case of the demise of the life assured individuals due to an accident, the surviving spouse will be eligible for an additional benefit equal to 50% of the sum assured, subject to a maximum of Rs.100 lakhs.
Inbuilt Terminal Illness Benefit In case any one of the spouses is diagnosed by one of the terminal illnesses covered under the plan, the policyholder will be eligible for 25% of the sum assured. However, the maximum amount under this cover cannot exceed Rs.100 lakhs. Once the payment has been made under the Inbuilt Terminal Illness Benefit, the resulting death benefit on either of the lives shall be subtracted by an equivalent amount.

Add-On Plans – Additional Coverage Under the Aegon Life iSpouse Insurance Plan:

In addition to basic life cover, the Aegon Life iSpouse Insurance Plan also offers additional cover via Aegon Life Waiver of Premium on Critical Illness rider. In case any one or both of the two life assured individuals are diagnosed with any of the four critical illnesses covered by the rider, all future premiums payable under the base plan will be waived and the policy will continue to provide life cover. The four critical illnesses covered under the rider include stroke, heart attack, coronary artery bypass surgery, and cancer. Customers have the option to add or remove the Aegon Life Waiver of Premium on Critical Illness rider upon the commencement of the policy, or at any time during the premium payment term.

Exclusions of Aegon Life iSpouse Insurance Plan:

The iSpouse 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.
  • Terminal Illness Benefit: The policyholder will not be eligible for the Terminal Illness Benefit in case of any of the following situations:
    • Suicide, self-inflicted injuries, immorality, insanity, or a breach of law with criminal intent.
    • Solvent or alcohol abuse, or the intake of drugs apart from those prescribed by a registered doctor or medical practitioner.
    • Unreasonable failure to follow or seek medical advice.
    • Infection with HIV or conditions due to any AIDS.
    • When the individual indulges in aeronautics or aviation apart from as a passenger on a registered commercial aircraft.
    • In case of injuries from war, hunting, invasion, or participation in adventurous hobbies or pursuits, such as parachuting, paragliding, cliff diving, hand gliding, bungee jumping, sky diving, deep sea diving, potholing, mountaineering, rock climbing, etc., or professional sports, or serving in security, para-military, or military duty.
  • Accidental Death Benefit: The policyholder will not be eligible for the Accidental Death Benefit in any for the following situations:
    • Suicide or self-inflicted injury.
    • War, civil war, invasion, terrorism, act of foreign enemy, rebellion, hostilities, revolution, usurped or military power, insurrection, martial law, civil commotion or riot.
    • Committing an illegal activity, a criminal offence, an assault or breach of law with criminal intent.
    • Service in armed forces at war, or service in any force of a foreign body.
    • Absorbing or taking, accidentally or otherwise, any intoxicating medicine, drug, liquor, narcotic, poison or sedative unless it was prescribed by a registered doctor apart from the policyholder or the life assured.
    • Any disease or mental or body infirmity.
    • Inhaling any fumes or gas, accidentally or otherwise, unless accidentally in the course of duty.
    • Participation in aviation apart from flying as a fare-paying passenger in a recognised aircraft.

Other Key Features of Aegon Life iSpouse Insurance Plan:

Following are some of the other key features of the iSpouse Insurance Plan:

Free Look Period Customers who are not satisfied with the terms and conditions of the iSpouse Insurance Plan have the option of returning the policy to the company within 30 days by submitting a letter with the reason for disagreement. Once the policy is cancelled during the free look period, the company will return the premiums to the customer after deducting stamp duty charges, proportionate risk premium, and any other expenses incurred by Aegon Life on medical examination, if any. All the interests and benefits under the policy will then be extinguished.
Grace Period In case you have not made your premium payment on time, you will receive a grace period of 15 days to do so if you have chosen your premium payment frequency on a monthly basis. The grace period will be 30 days in case the premium payment frequency is annual. In case a policyholder fails to make the premium payment during the grace period, the policy will lapse and the customer will not be eligible for any benefits.
Discontinuance of Premium In case the customer fails to pay the premium within the grace period, the policy will lapse and the policyholder will not be eligible for any benefits.
Reinstatement In case your policy has lapsed, you can apply for reinstatement within two years from the date on which the first unpaid premium was due. The unpaid premiums will have to be paid along with an additional interest charge to reinstate the policy. However, the final decision regarding the reinstatement of a policy is at the discretion of the insurance company based on the provision of satisfactory evidence about the insurability of the life assured.
Surrender Value The iSpouse Insurance Plan does not offer any surrender benefits.

Tax Benefits – How you can Save with the Aegon Life iSpouse Insurance Plan?

The benefits received through the aegon life ispouse 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 iSpouse Insurance Plan from Aegon Life?

Aegon Life Insurance is one of the most popular insurance companies in India. Headquartered in Mumbai, the company has 59 branches across 46 cities in addition to employing around 9600 insurance agents. With more than 4 lakh customers in the country, the company is growing steadily thanks to its provision of quality products and services. An impressive portfolio coupled with quality customer service will ensure that you are making the right decision by purchasing the iSpouse Insurance plan from Aegon Life.

FAQ's about Aegon Life iSpouse Insurance Plan:

Q. Who can purchase the iSpouse Insurance Plan?

A. The iSpouse Insurance Plan is only available to married couples.

Q. How can I check the status of my iSpouse Insurance plan?

A. You can check the status of your policy by either calling the company on the toll free number or emailing them.

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

A. An endorsement form or a duly signed requisition letter has to be submitted to the company along with a guaranteed bond on a Rs.200 stamp paper and a duplicate policy document will be sent to you.

Q. Is it better to purchase a joint life insurance plan instead of purchasing two different policies?

While purchasing two different policies can offer considerable benefits, a joint life policy will cover both spouses in a single plan and benefits can be claimed on the death of either spouse.

Q. How do I claim benefits under the iSpouse Insurance Plan?

A. Aegon Life must be notified immediately in case of the death of the life assured and the filed up claims must be submitted to the company along with all the required documents as mentioned in the policy document. Aegon Life will then process the payment after it has verified your documents and confirmed the authenticity of the claim.

Q. Under what circumstances can my policy be terminated?

A. Your iSpouse Insurance plan can be terminated either on the death of the life assured, or on the date of maturity, or 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.

Q. Can the sum assured in my iSpouse Insurance plan be changed at a later date?

A. Yes, you will have to submit a duly signed request to the company to make changes to your sum assured.

Q. Can I avail a loan against the iSpouse Insurance Plan?

A. No, the iSpouse Insurance Plan has no facility for customers to take a loan against the policy.

Q. 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.

Q. In case both spouses die in an accident, who can claim the death benefit?

A. In case of the demise of both life assured individuals at the same time, the death benefit can be claimed by the legal heir/s.