Aegon Life Term Insurance Plans

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

 *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

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

 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

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

 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

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

 *Monthly Premium= Annual Premium x 0.087

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.