Aegon Life Term Insurance Plan

The Term Insurance Plan from Aegon Life is a protection policy that offers a guarantee that your family will be financially secure to sustain the same standard of living in case of your untimely demise. A monthly income will be provided to the family of the policyholder in case of his/her death.

Aegon Life Term Insurance Policy is cost effective and premium payments start at annual rates as low as Rs.2,390*. Customers have different options when it comes to selecting the policy term so as to match their financial needs, and the promise of tax benefits in addition to its affordability makes the Term Insurance Plan from Aegon Life a wise investment option.

*Rs.2,390 is the minimum annualised premium. Please note that premiums may vary based on age, location, plan term and other factors.

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

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

Plan Type	Individual
Minimum Entry Age	20 years completed 30 years completed for 10 year policy term
Maximum Entry Age	65 years completed
Maximum Maturity Age	75 years completed

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

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

Sum Assured	Rs.10 lakhs minimum
Minimum Annualised Premium	Rs.2,390
Maximum Annualised Premium	No limit, subject to underwriting
Premium Payment Frequency	Monthly, Semi-Annual, and Annual
Premium Payment Term	Equal to policy term
Policy Term	10 years / 15 years / 20 years / 25 years / 30 years / 35 years / 40 years / 75 years minus age at entry

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

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

Maturity Benefit	There is no maturity benefit under this policy.
Death Benefit	This policy offers two options: Death Benefit Option One: The sum assured under the Term Insurance Plan will be paid to the beneficiary and the policy will terminate in case of the demise of the life assured. Death Benefit Option Two: If the life assured dies, 50% of the sum assured will be paid out immediately and 3% of the sum assured will be paid every month for the next five years, starting from the following policy month.
Accidental Death Benefit	In case of the demise of the life assured due to an accident, the beneficiary will be eligible for an additional benefit equal to 100% of the sum assured. However, the maximum amount that can be paid out through this clause is Rs.1 crore. The Accidental Death Benefit under Death Benefit Option One will be 200% of the sum assured, and under Death Benefit Option Two, the Accidental Death Benefit payable to the beneficiary will be 150% of the sum assured immediately and 3% of the sum assured paid every month for the following five years.
High Sum Assured Discount	The higher the sum assured under the Term Insurance Plan, the lesser the premium applicable.

 

Add-On Plans – Additional Coverage under the Aegon Life Term Insurance Policy:

In addition to basic life cover, the Term Insurance Plan also offers additional cover in the form of riders. Following are the riders you can avail along with the base plan:

• Aegon Life Critical Illness Rider: In case the life assured is diagnosed with any of the critical conditions covered under the rider, the rider sum assured will be paid out immediately. The illnesses covered under the Aegon Life Critical Illness Rider include cancer, myocardial infarction (heart attack), stroke, coronary artery bypass surgery, end-stage renal failure (kidney failure), heart valve surgery, major organ transplant, surgery for a condition of aorta, and paralysis.
• Aegon Life Total and Permanent Disability Rider: In case the life assured is rendered totally and permanently disabled during the policy term, the sum assured under the Total and Permanent Disability rider will be paid out.
• Aegon Life Women Care Rider: The Aegon Life Women Care rider was designed especially to provide extra protection to women by covering them against certain illnesses. In case you are diagnosed with any of the conditions covered under the rider, a predetermined percentage of the sum assured of the base plan will be paid out upon diagnosis. In case of “Malignant cancer of the female organs”, the amount you will receive is 5% of sum assured of the base plan subject to a minimum of Rs.1 lakh and a maximum of Rs.10 lakhs. In case of “Pregnancy complications and birth of child with congenital disorders / surgeries”, the payout will be 2.5% of sum assured of the base plan subject to a minimum of Rs.50,000 and a maximum of Rs.5 lakhs. Only once claim can be made under each of the aforementioned groups.
• Aegon Life Premium Shield Rider: In case of the death or disability of the life assured due to a sickness or accident, all future premiums under the base plan will be waived when the life assured becomes permanently disabled. A life assured will be considred permanently disabled only in case he/she has been subject to a sickness or accident or has suffered from loss of one or both limbs, loss of speech, loss of sight in both eyes, and loss of hearing in both ears.

Exclusions - What the Aegon Life Term Insurance Policy Doesn’t Cover?

The 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 beneficiary or nominee will receive a minimum of 80% of the premiums paid, provided the policy is still active.
• Accidental Death Benefit: The exclusions to the Accidental Death Benefit clause are:
  • The life assured serves in the armed forces during a time of undeclared or declared war.
  • The life assured is under orders for restoration of public order or warlike operations.
  • The life assured is subject to self-harm or attempted self-harm or self-inflicted injury while sane or insane.
  • The life assured meets with an accident due to the influence of any non-prescribed drug or alcohol.
  • The life assured takes part or engages in professional sports, motorised racing of any type, hazardous activities such as rock climbing, scuba diving, mountaineering, boxing or flying.
  • The life assured commits any breach of law with criminal intent which result in his/her death.
  • The life assured is subject to terrorism, war, invasion, hostilities, rebellion, insurrection, civil war, revolution, act of foreign enemy, usurper or military power, civil commotion, riots, or martial law.
  • The life assured absorbs or takes, accidentally or otherwise, any intoxicating narcotic, sedative, liquor, medicine, poison or drug, unless it is prescribed by a licensed medical practitioner apart from the life assured.

Other Key Features of Aegon Life Term Insurance Plan:

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

Free Look Period	Customers who are not satisfied with the terms and conditions of the Term Insurance Plan have the option of returning the policy to the company within 15 days. The free look period for customers who purchase the policy through distance marketing mode is 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, proportionate risk premium, and any other expenses incurred by Aegon Life on medical examination, if any.
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 the monthly mode for premium payment. The grace period for other premium payment modes will be 30 days.
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	No surrender benefit is payable on surrender of the policy.

Tax Benefits – How you can save with the Aegon Life Term Insurance Policy?

The benefits received through the Guaranteed Growth 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 Term Insurance Plan from Aegon Life?

Aegon Life is one of India’s best insurance providers. With its headquarters in Mumbai, the company has 59 branches across 46 cities and has the back of around 9600 insurance agents across the country. More than 4 lakh customers in the country have chosen the services of Aegon Life, and the company is growing steadily thanks to its provision of quality products and services. A comprehensive portfolio designed to meet the financial requirements of an extensive customer base in addition to quality customer service will ensure that you are making the right decision by purchasing the Term Insurance plan from Aegon Life.

Aegon Life Term Insurance Plan FAQs:

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

   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 claim benefits under the 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.

3. Can I change the beneficiary of my Term Insurance Policy?

   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.

4. 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.

5. What are the circumstances under which my can policy be terminated?

   A. Your 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. What is the free look period of the policy?

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

7. 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.

8. Can I change the sum assured in my policy on a later date?

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

9. Will there be a service tax on my insurance policy?

   A. Yes, service tax will be levied as per prevailing tax laws.

10. What is distance marketing mode?

    A. Purchasing a policy through distance marketing mode means purchasing it through voice mode, such as telephone-calling, SMS, electronic mode such as DTH, internet or email, physical mode such as magazine and newspaper inserts and direct postal mail, or any other means except in person.