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  • Aegon Life Rural Term Insurance Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Rural Term Insurance Plan from Aegon Life Insurance is a single premium term insurance policy that offers coverage for five years in exchange for one single payment. In case of the demise of the life assured, the beneficiary will be eligible to receive an amount equal to 50 times the single premium, and customers can purchase multiple policies under this plan but the overall sum assured per life is subject to a maximum of Rs.50,000. Considering the minimum single premium under this plan is just Rs.300, the Rural Term Insurance Plan from Aegon Life is quite cost effective.

    Eligibility – Who is the Rural Term Insurance Plan for?

    To be eligible to purchase the Aegon Life Rural Term 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 if you wish to purchase a Rural Term Insurance Plan:

    Plan Type Individual
    Minimum Entry Age 18 years completed
    Maximum Entry Age 45 years completed in case of Limited Pay policies and 60 years in case of Single Pay policies.
    Maximum Maturity Age 50 years completed

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

    The premium payments made towards your Aegon Life Rural Term Insurance Plan will determine the benefits you will receive through the policy. Following are some of the features of the Rural Term Insurance Plan:

    Sum Assured 50 X Single Premium
    Minimum Single Premium Rs.300
    Maximum Single Premium Rs.1000
    Premium Payment Frequency Single Premium
    Premium Payment Term Single Premium
    Policy Term 5 years

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

    Plan Coverage – What the Rural Term Insurance Plan Covers?

    Maturity Benefit No maturity benefit is payable to the life insured in case he/she survives the tenure of the policy.
    Death Benefit The nominee shall receive an amount equal to 50 times the single premium in case of the demise of the life assured during the policy term.

    Exclusions - What the Aegon Life Rural Term Insurance Plan Doesn’t Cover:

    The Rural Term 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 death benefit for which the nominee will be eligible will be an amount equal to the premiums paid till the death of the policyholder, without any additional interest.

    Other Key Features of Aegon Life Rural Term Insurance Plan:

    Following are some of the other key features of the Rural Term Insurance Plan:

    Free Look Period Customers who are not satisfied with the terms and conditions of the Rural Term Insurance Plan have the option of returning the policy to the company within 30 days. Once the policy is cancelled during the free look period, the company will return the premiums to the customer after deducting stamp duty charges and the proportionate risk premium.
    Surrender Value The Rural Term Insurance Plan acquires a guaranteed surrender value after the conclusion of one policy year. The calculation of the surrender value is as follows: 70% X Single Premium X (Outstanding coverage term in months / Total coverage term in months).

    Tax Benefits – How you Can Save with the Rural Term Insurance Plan?

    The benefits received through this Aegon life term 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 Rural Term Insurance Plan from Aegon Life?

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

    FAQs about Aegon Life Rural Term Insurance Plan:

    1. How can I check the status of my Rural Term Insurance plan?

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

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

      A. You will have to send an endorsement form or a duly signed requisition letter to the company along with a guaranteed bond on a Rs.200 stamp paper, and a duplicate policy document will be sent to you.

    3. How do I claim benefits under the Rural Term Insurance Plan?

      A. You must notify the company immediately in case of the death of the life assured and the filed claims must be submitted to the company along with all the required documents as mentioned in the policy document. The claim will be processed by the company after it has verified your documents and confirmed the authenticity of the claim.

    4. Can I change the nominee of my Rural Term Insurance Plan?

      A. Yes. To change the name of the beneficiary, all you have to do is call the toll-free number and provide an endorsement form before informing the company that the name of the nominee needs to be changed.

    5. Under what circumstances can my policy be terminated?

      A. Your Rural Term 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.

    6. Can the sum assured in my Rural Term 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.

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

      A. Customers who purchase the policy and are not satisfied with the terms and conditions may return the policy within 30 days.

    8. Can I avail a loan against the Rural Term Insurance Plan?

      A. No, the Rural Term Insurance Plan has no facility that allows customers to take a loan against it.

    9. Will service tax be charged for my policy?

      A. Yes, customers will have to pay service tax as per prevailing tax laws.

    10. How do I make a nomination for my Rural Term Insurance Plan?

      A. You can assign a nominee by communicating the same in writing to the company and the nominee can be changed at any time during the policy term.