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.
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 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.
The company offers a complete range of best 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:
The plan is available online through the website of the company. Other aspects of the plan include:
Eligibility Details
|
Minimum |
Maximum |
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:
A plan which can be bought without any requirement of medical tests. The features are as follows:
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 |
A dual benefit insurance plan with the following features:
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 |
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 |
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 of term life insurance. They include:
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.
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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