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.
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:
|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|
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.
|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.|
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:
The Term Insurance plan has certain exceptions which are as follow:
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.|
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.
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.
A. You can check the status of your policy by either calling the company on the toll free number or emailing them.
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.
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.
A. Customers who fail to make their premium payments on time receive a 30-day grace period to do the same.
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.
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.
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.
A. Yes, you will have to submit a duly signed request to the company to make changes to your sum assured.
A. Yes, service tax will be levied as per prevailing tax laws.
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.