Aegon Life Term Insurance Plans

4.3 / 5 based on 41 User Reviews
*Please note that the quotes shown will be from our partners

Aegon Life Insurance Company Limited (formerly Aegon Religare Life Insurance Company Limited) launched its operations in India in July, 2008 and since then has emerged as a strong player in the insurance industry. Aegon life is one of the leading providers of financial services, life insurance, pension and asset management services. Currently, the company enjoys a good market share and has launched different types of life insurance products for meeting all the varied needs of individuals at attractive rates of premiums.

What are Term Insurance Plans?

Term plans are a contract between the company providing insurance cover called the insurer and the person availing the cover called the policyholder. Under the terms of the contract, the company promises to pay the policyholder an amount which the policyholder has chosen when he bought the plan if he faces early death during the course of the period for which the plan was bought. The policyholder is bound to pay a premium decided by the company to avail the promise made by the insurer.

Aegon Life Term Plans

The company offers a complete range of term insurance plans to customers and every plan has a different set of features which distinguishes it from other available plans. The plans are discussed in details below:

Aegon Life iTerm Insurance Plan

The plan is available online through the website of the company. Other aspects of the plan include:

  • The plan is available for purchase online through the company’s website
  • The plan provides 25% of Sum Assured as advance if the insured gets diagnosed with a terminal illness during the policy term
  • You can avail tax benefits on the premiums you pay and also on the claim you receive
  • Premium can be paid in one lump sum under the Single Pay option or for the complete duration of the policy under Regular Pay option
  • Additional Riders are available under the plan to provide a complete coverage. The riders available include Aegon Life AD Rider which provides the payment of additional Sum Assured in case of accidental death, WOP Rider on CI where future premiums are waived if the insured is diagnosed with a Critical Illness while the coverage continues, iCI Rider covering four Critical Illnesses where the Sum Assured is paid in case the insured is diagnosed with any Critical Illness covered by the rider, Women CI Rider which covers women specific Critical Illnesses and provides part payment of the Sum Assured if the insured is diagnosed with any one of the covered illness.
  • Riders can be attached to the base plan by paying a fraction of the premium for the rider. Any number of riders can be attached provided the aggregate premium does not exceed 30% of the base premium.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

-

75 years

Policy Term

5 years

40 years or up to age 75 years

Sum Assured

10 lakhs

No limit

Premium

Regular Premium – Rs.1675

Single Premium - 7075

Depends on the cover chosen, age, term, etc.

Premium Payment Term

Single Pay or equal to the policy term

Premium Payment Frequency

Single Pay or Yearly

 

 

Aegon Life Easy Protect Insurance Plan

A plan which can be bought without any requirement of medical tests. The features are as follows:

  • If the insured dies, the nominee will receive Rs.10, 000 per month for 10 years.
  • Tax benefit is available on the amount of premiums paid and any amount of claim received
  • The plan can be opted on the phone by paying through the credit card or cheque.

Eligibility Details

 

Minimum

Maximum

Entry Age

20 years

50 years

Maturity Age

-

60 years

Policy Term

10 years

Sum Assured

12 lakhs

Premium

Rs.2021

Depends on the age

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly

 

 Aegon Life Term Insurance Plan

A dual benefit insurance plan with the following features:

  • There are two death benefit options in the plan.
  • Under the first option the Sum Assured is paid.
  • Under the second option, 50% of the Sum Assured is paid immediately on death while the remaining Sum Assured is paid at 3% every month for the next 5 years.
  • There is an inbuilt Accidental Death Benefit Rider where the Sum Assured is paid additionally in case of accidental death of the insured
  • Any claim received and the premiums paid are both tax-free
  • Additional Riders are available under the plan to provide a comprehensive coverage. The riders available include Aegon Life CI Rider covering specific Critical Illnesses where the Sum Assured is paid in case the insured is diagnosed with any Critical Illness covered by the rider, Women Care Rider which covers women specific Critical Illnesses and provides part payment of the Sum Assured if the insured is diagnosed with any one of the covered illness and TPD Rider where the Sum Assured is paid if the insured is diagnosed with Total and Permanent Disability

Eligibility Details

 

Minimum

Maximum

Entry Age

20 years or 30 years

65 years

Maturity Age

-

75 years

Policy Term

10 years

40 years or 75 years – entry age

Sum Assured

Rs.10 lakhs

No limit

Premium

Rs.2390

Depends on the age, Sum Assured, Term, etc.

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly, half-yearly and monthly

 

Aegon Life iReturn Insurance Plan

An online Term Plan with a return of premium option of maturity.

  • It is an online plan where the premiums paid by the policyholder during the term of the policy are returned on maturity of the plan
  • The Sum Assured is paid in case of death of the policyholder.
  • The premiums can be paid regularly, or for a limited term of 5 years or in lump sum.
  • Additional Riders are available under the plan to provide a comprehensive coverage. The riders available include Aegon Life AD Rider which provides the payment of an additional Sum Assured in case of accidental death, WOP Rider on CI where the future premiums are waived off if the insured is diagnosed with a Critical Illness while the coverage continues, iCI Rider covering four Critical Illnesses where the Sum Assured is paid in case the insured is diagnosed with any Critical Illness covered by the rider, Women CI Rider which covers women specific Critical Illnesses and provides part payment of the Sum Assured if the insured is diagnosed with any one of the covered illness.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

-

75 years

Policy Term

5 years

20 years

Sum Assured

Rs.30 lakhs

Rs.4 crores

Premium Payment Term

Equal to the policy term, Single Pay or 5 years

Premium Payment Frequency

Yearly, half-yearly and monthly or Single Pay

 

 Aegon Life iIncome Insurance Plan

An online plan which promises monthly incomes. The features are as follows:

  • A lump sum amount is paid on death of the insured and thereafter an increasing monthly payout is paid for 5 years or till age 60 years whichever is later.
  • The plan covers both death and disability where the future premiums are waived off in case of disability but the monthly income continues without effect
  • The plan can be purchased online at the click of a button
  • Section 80C exempts premiums paid up to Rs.1.5 lakhs while Section 10(10D) exempts any amount of claim received.
  • The Aegon LifeWoP on Critical Illness Rider is available which promises the waiver of future premiums without affecting the original plan if the insured is diagnosed having any of the four covered critical illnesses.

Eligibility details

 

Minimum

Maximum

Entry Age

25 years

50 years

Maturity Age

-

60 years

Policy Term

60 – entry age

Initial Monthly Income

Rs.30, 000

No limit

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly, half-yearly and monthly

 

Aegon Life iSpouse Insurance Plan

A joint life insurance plan which covers a married couple under the same plan. The features of the plan are as follows:

  • It is an online Term Plan which can be bought online lowering the premium and avoiding the hassles of unnecessary paperwork
  • The plan covers both the husband and wife under one plan with a single coverage amount
  • In case of detah of either of the spouse or both the spouse, a lump sum amount is paid either to the surviving spouse or to the nominee
  • Moreover, a regular monthly income is also paid for 5 years or 60 months after the death of the insured
  • There is an inbuilt Accident Benefit Rider which pays an additional Sum Assured in case of accidental death.
  • There is also an inbuilt Terminal Illness Benefit wherein 25% of the Sum Assured is paid immediately in lump sum if either of the insured is diagnosed with a Terminal Illness
  • The Aegon LifeWoP on Critical Illness Joint Life Rider is available with the plan which promises the waiver of future premiums without affecting the original plan if either of the insured is diagnosed with any of the four covered critical illnesses.

Eligibility details

 

Minimum

Maximum

Entry Age

21 years

60 years

Maturity Age

-

65 years

Policy Term

5 years

65 – entry age of the elder of the spouse

Sum Assured

Rs.25 lakhs

No limit

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly, half-yearly

 

What makes term life insurance so affordable?

When we buy life insurance, we have to pay the premiums at regular intervals. The premiums that we pay get divided into 3 parts:

    • Mortality charges
    • Administrative charges
    • Investment

The mortality charges are paid to the insurance company in return for the risk they take to insurance our lives. The administrative expenses go towards paperwork, office work, etc and the remainder of the money is invested in various financial tools to reap profits. However, in a term plan, since the investment factor is absent, this chunk of money is not required. As a result, the premium is only paid for the mortality and administrative charges, making it considerably low.

Who needs a term plan?

Simply put, everyone needs a term plan! Since term plans are both inexpensive and useful, it makes a lot of sense to buy them. A term plan is well suited for a person who is the lone breadwinner of the family. He can buy the plan and if he dies unexpectedly, the death benefit will provide financial relief to the family. Then, term plans are also good for people who have a high net worth and need a large cover for themselves. Term life insurance is also suited for a young, single person who doesn’t have any dependent family members. So it can clearly be seen that everyone needs and benefits from term life insurance.

Are there any variations of term life insurance?

Nowadays, we do have a number of variations of term life insurance. They include:

  1. Increasing term plan, where the cover increases by 5% each year
  2. Decreasing term plan, where the cover decreases each year, till it reaches the minimum limit
  3. Joint term plan, where along with the primary policyholder, his spouse or business partner’s life is also insured
  4. Level term plans, where the coverage remains constant throughout the policy period
  5. Return of premium plans, where the premium paid is returned at the end of the policy if the policyholder survives the policy period. This however is a more expensive term plan.

Applying for a Term Insurance Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Phone

Some plans can also be bought through the phone by making payment through the credit card or a cheque

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process. 

Aegon Life Child Plans - FAQs

1. How to pay premium? What are the modes of payment available?

There are six modes of payment as offered by Aegon Life Insurance:

  • Online
    • Credit Card
    • Internet banking
  • Pay via phone app
  • ECS
  • EBPP
  • Pay at Aegon Life branches

There is also an option of paying via cash or cheque personally in any of the branch offices in your city. IVR method of payment is possible where one needs to keep in handy the credit card information along with date of birth.

2. How can I check policy status for Aegon Life term insurance?

You can check policy status via online and SMS.

For online log into the website with your Customer ID and password to check the policy status.

 

3. What is the policy renewal process for Aegon Life term insurance?

You can renew your policy online by login into the e-portal - with valid details- policy number and policyholder’s date of birth.

For offline mode, you can approach any of the branch office to drop your cheque.

4. What is the company’s process to settle claim for Aegon Life term insurance?

We offer elicit three step processes for claim settlement which includes the following:

  • Claim intimation and registration.
  • Payment of fund value
  • Settlement Payout

E settlement facility via NEFT mode option is also available with us.

5. What is the policy cancellation process for Aegon Life term insurance?

In case you are not satisfied with an existing policy, you can fill the surrender form along with the policy documents and submit it in any of the branch office, along with the cancellation charges. The policy cancellation takes 30 days to process and the refund will be submitted in your bank account.

For new policyholders, a grace period of about 15 days is given, wherein you have the option of cancelling the policy and receiving back the premium.

In either case the Unit price is calculated as per the current market value of NAV if the documents are submitted before 3:00 PM, else the next day’s NAV value is applied to calculate the refund.

Aegon Life Term Insurance Plans Reviews

TOTAL REVIEWS (41)
Prabhjot
Hyderabad
September 23, 2016

Aegon Insurance Policy

After long search, finally got the policy of my choice through aegon life insurance company ltd. Premium is less and the coverage is pretty much high as compare to investment. Claiming process is easy as it done without paperwork through online services.

Vikram
Kadipur
August 04, 2016

Term plan

The term insurance policy i buy from aegon life insurance is fantastic and it has very good terms and conditions. The policy plan has less premiums and the claims are easy to get by clicking few buttons using website of the company which is very simple to operate. The online renewals is also possible.

Prashant
Pune
April 25, 2016

Best Plan

I like, This term plan it is much better plan in market

Nikhil
Bengaluru
February 14, 2016

Good plan.

You are providing very good service to the customers regarding anything about the insurance. Even the response is within a day or two for any request made by the customer. I do have the term plan for around 29 lakhs. You collect the cheapest premium amount compared with any other Insurer. Good policy.
Plan Name: iTerm
Agent Code: BPW01901

SUSHMA
Chandigarh
February 14, 2016

Good.

You are good in the service provided regarding the Life Insurance. You aren't prompt in the service. Policy coverage and claims are high and premium is less. I have Term plan with you religare insurance.
Plan Name: iTerm
Agent Code: BBE05845

Amit
Ghaziabad
February 14, 2016

"Average Basic Plan"

Aegon religare insurance is providing me a policy which is an average plan. Low inputs with less outcomes. Claims is ~Rs.17 lakh, Policy coverage low. Service is fine but not much like it can be. Improve your policy services and terms. Thank you.
Plan Name: iTerm
Agent Code: BPW00130

Abhinav
Faridabad
February 14, 2016

good policy plan

Policy i have is from religare that provide me very good terms i.e., high coverage with low premiums. Claims are around Rs.22.7 lakh. Service is okay with home assistance. Nice work
Plan Name: iTerm
Agent Code: BPW01888

Utpal
Vadodara
February 14, 2016

Less coverage

My life policy has less coverage. Claim is good around 19 lakh and the service is also nice. Aegon religare you really need to improve your policy coverage. Other insurer provides good service, so please do something.
Plan Name: iTerm
Agent Code: BBE05865

Aditya
Gurgaon
February 14, 2016

Nice Policy

I have great policy with really good service. Investment is Rs.2500 and return is Rs.28 lakh. Service is fast without any long waiting in queue. Just improve your website and mail daily updates.
Plan Name: iTerm
Agent Code: BBE05845

Swati
Mumbai
February 14, 2016

Perfect plan...

I have policy plan with aegon religare. Policy have low investments and high returns. Claims are around 22 lakh and the policy coverage is 92%. Service is on time with good behaviour.
Plan Name: iTerm
Agent Code: BPW01888

Pankaj
Ghaziabad
February 14, 2016

Less returns

My plan has good policy coverage, highly mannered services and even low premiums but the claiming part is not good enough. Rs.17 lakh is the amount for return. Please increase the claiming money so i can continue with this otherwise, i have to close the policy.
Plan Name: iTerm
Agent Code: BPW01888

RAJ
Delhi
February 14, 2016

Good Policy Coverage

Aegon insurance gave me life term plan. Plan is good and policy coverage is really high ~92%. Claims easily sanctioned because of great service which don't need any paper work. Around 21 lakh is payback amount.
Plan Name: iTerm
Agent Code: BPW01260

Raja
Hyderabad
February 14, 2016

"nice plan but service is slow"

my life insurance is good but the only thing which i don't like is service. Really need some modifications with calm behaviour. Claim is good, policy coverage is also nice.
Plan Name: iTerm
Agent Code: BPW00250

Anmol
Gurgaon
February 14, 2016

Average...

my life insurance policy is nice with low premiums, good policy coverage, high Claims with easily sanction options, high quality fast service and updates through mails. happy with my plan.
Plan Name: iTerm
Agent Code: BPW00130

Gajendra
Surat
February 14, 2016

"Low coverage"

I have policy through religare and the policy coverage is low around 60% and service provided is slow, no response from other side. The claim is fifteen lakh rupees that not enough for anyone i guess. Policy need some upgradation.
Plan Name: iReturn
Agent Code: BPW01260

Vijay
Gurgaon
February 14, 2016

Best Plan

I have life insurance with aegon which proviode me best policy. High policy coverage, good amount of claim and payback money. The service is quick and whenever needed. Superb policy in all.
Plan Name: iTerm
Agent Code: BPW01888

TAJINDER
Delhi
February 06, 2016

"Good Coverage"

I have nice policy which have high policy coverage and the personal experience with your service is good that's the reason i wrote this. The response is very fast and claim is high according to policy rest will see in future.
Plan Name: iTerm
Agent Code: BPW01312

Sudip
Kolkata
February 06, 2016

"Good Benefits"

I have term plan with good benefits. Aegon provide good services and low premiums. Coverage is 80%, claim procedure is easy and done in few days. Around ten lakh is payback amount.
Plan Name: iTerm
Agent Code: BPW01312

Ravindra
Jaipur
February 06, 2016

"Nice"

I have life insurance from aegon. Policy provide 80% coverage and claims are around seventeen lakh. The service always on time this is the best advantage. Nice policy with low preimums.
Plan Name: iTerm
Agent Code: BPW01312

Rohit
Pune
February 06, 2016

"Superb"

I have health plan through religare. The policy have good benefits like low premiums with high coverage. Claim are easily get with good paybacks. But the services is very good and updates are regularly mailed.
Plan Name: iTerm
Agent Code: BPW01312

Rupali
Mumbai
February 06, 2016

"Superb"

Got life insurance from aegon. The policy is better then other and the claims is around 90%. The policy coverage is high and the premium is low. At the end the total recovery amount is approx. Rs.22.7 lakh.
Plan Name: iTerm
Agent Code: BBE06765

Gopal
Delhi
February 05, 2016

"Damn Good"

I purchase a policy by religare life. The policy has large number of hospital working for it. The policy coverage is high and the claims are 89%. The premium is low and the ambulance provided at free of cost.
Plan Name: iTerm
Agent Code: BBE06765

Ranjeet
Kolkata
February 05, 2016

"Fine Policy"

Finally have life insurance with aegon life. The policy is simple with number of benefits. The policy coverage and claims are high with 80-85% rate. The services are fast and that's working in every department.
Plan Name: iTerm
Agent Code: BPW01312

Himanshu
Delhi
February 05, 2016

"Good For Health"

The policy i have with religare has all benefits with low investment. Servive is speedy by every department and on time. The policy coverage and claims are good with high recovery. The cashless garages are working properly and service provided at any time.
Plan Name: iTerm
Agent Code: BPW01312

Maitri
Hyderabad
February 05, 2016

"Damn Good"

Aegon have great insurances, i buy term plan which is really good and the services is best and on time. The policy coverage and claims are high aprrox. 90%. Overall nice policy with low premiums.
Plan Name: iTerm (Spouse)
Agent Code: BPW01312