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.Read more
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Term Insurance 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 that the policyholder has chosen while purchasing the plan if h/shee faces early death during 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.
The company offers a complete range of best term insurance plans to customers and every plan has a different set of features that distinguishes it from other available plans. The plans are discussed in detail below:
The plan is available online through the website of 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 of 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 the Regular Pay option
Additional Riders are available under the plan to provide 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.
|Entry Age||18 years||65 years(last birthday)|
|Maturity Age||-||80 years(last birthday)|
|Policy Term||5 years||62 years|
|Sum Assured||25 lakhs||No limit|
|Premium Payment Term||Single Pay or equal to the policy term|
|Premium Payment Frequency||Monthly, half-yearly, yearly and single|
Modal loadings for the modes except the annual mode will be as under:
Half-yearly Premium=Annualised Premium *0.512
Monthly premium=Annualised premium *0.087
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.
A tax benefit is available on the premiums paid and any amount of claim received
The plan can be opted on the phone by paying through a credit card or cheque.
|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|
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 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 illnesses and TPD Rider where the Sum Assured is paid if the insured is diagnosed with Total and Permanent Disability
|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|
It is an online term plan where the premiums paid by the policyholder during the term of the policy are returned on the 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 a lump sum.
Additional Riders are available under the plan to provide 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.
|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|
When we buy life insurance, we have to pay the premiums at regular intervals. The premiums that we pay get divided into 3 parts:
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.
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.
Nowadays, we do have a number of variations in term life insurance. They include:
Increasing term plan, where the cover increases by 5% each year
Decreasing term plan, where the cover decreases each year, till it reaches the minimum limit
Joint term plan, where along with the primary policyholder, his spouse or business partner’s life is also insured
Level term plans, where the coverage remains constant throughout the policy period
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.
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
Some plans can also be bought through the phone by making payment through the credit card or a cheque
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
*Tax Benefit is subject to changes in tax laws. *Standard T&C Apply
**Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines.
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.
For online log into the website with your Customer ID and password to check the policy status.
For offline mode, you can approach any of the branch office to drop your cheque.
E settlement facility via NEFT mode option is also available with us.
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.
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