Aegon Life Saral Jeevan Bima

Aegon Life Saral Jeevan Bima Policy is a pure risk coverage standard term insurance plan, which is specifically designed to provide financial protection to the family. This is a non-participating, non-linked individual term life insurance plan. The Aegon Life Saral Jeevan Plan not only ensure the financial security of the family but also offers flexibility. The life assured can customize the plan by selecting the desired coverage, convenient tenure for premium payment, and mode of payment.

Why you Should Have a Term Insurance Plan?

With the increase in age, the responsibility of an individual also increases, thus it is important to have financial protection for your family against any type of uncertainties. A term insurance policy safeguards the financial future of the family in the event of the uncertain death of the breadwinner of the family and also act as an income replacement for the family so that they can maintain a good lifestyle.

Further here we will read in detail about Aegon Life Saral Jeevan Bima Plan.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Important Reasons to Choose Aegon Life Saral Jeevan Bima Policy

  • The buyers have the option to choose the policy tenure as per their requirement ranging from a minimum of 5 years to a maximum of 40 years.
  • The maximum maturity age offered by the policy is 70 years.
  • The insurance holder has the flexibility to choose the premium payment mode.
  • The insurance holder can choose to pay the premium either through regular pay, single pay, or limited pay of 5-10 years.
  • The Aegon Life Saral Jeevan Bima policy can be bought online through an easy and hassle-free process.

Aegon Life Saral Jeevan Bima Eligibility Criteria

The following are the eligibility criteria of the policy.

Eligibility Minimum Maximum
Sum Assured Rs.5,00,000 (sum assured would be allowed only in multiple of Rs.50,000) Rs. 25,00,000 (Subject to board approval underwriting policy)
Policy Term 5 Yrs 40 yrs
Payment Term Single Pay
Regular pay – Equal to the policy term
Limited Pay – 5/10 yrs40 years
-
Life Assured Entry Age 18 years 65 years
Min Premium Annual - Rs. 1,206
Half-yearly - Rs. 617
Monthly - Rs. 106
No limit, subject to board approval underwriting policy
Maturity Age - 70 years
Premium Paying Frequency For Regular & limited pay:
Annual, half-yearly & monthly ( only under ECH/NACH)
For Single Pay:
Lumpsum

Sum Assured Band

The policyholder can choose the sum assured amount as per their won requirement and suitability. Let’s take a look at the sum assured band offered by the policy.

Sum Assured Band Sum Assured Range
Band 1 5,00,000-9,50,000
Band 2 10,00,000-19,50,000
Band 3 20,00,000-25,00,000

Life Saral Jeevan Bima Benefits

  • Death Benefit

    In case of uncertain death of the life assured during the tenure of the policy, the beneficiary of the policy receives the death benefit as the total sum assured amount. Let’s take a look at the death benefit paid in a different scenario.

    If the life assured dies during the waiting period, provided the plan is in force tenure of the policy. The death benefit paid to the beneficiary of the policy will be (in case of regular/limited premium payment):

    • 10 times the annualized premium, or
    • 105% of the total premium paid as on date of death, or
    • The absolute sum assured amount to be paid on death.

    In the case of single premium payment:

    • 125% of the single premium paid, or
    • The absolute sum assured amount to be paid on death.

    *Annualized premium is the total premium amount payable in a year excluding the taxes, rider premium, loading for modal premiums, and underwriting extra premiums if any.

    The death benefit will also be payable to the beneficiary of the policy in case of demise of the life assured due to any pandemic like COVID-19.

  • Maturity Benefit

    As the Aegon Life Saral Jeevan Bima plan is a pure term plan, there is no maturity benefit offered by the policy.

Other Features of Aegon Life Saral Jeevan Bima Plan

  • Tax Benefit

    Based on the applicable tax law, the life assured can avail the benefit of tax exemption for the premium paid towards the policy under Section 80C of the Income Tax Act. The tax benefits are subject to changes in the tax law. Hence, to get detailed information on benefits/ tax implications it is advised to consult the tax advisor.

  • Waiting Period

    The waiting period of the Aegon Life Saral Jeevan Bima policy is 45 days from the date of commencement of risk. In the case of revival of the policy, the waiting period will not be applicable. The plan will offer death coverage due to accidents only during the waiting period of 45 days from the date of commencement of risk. In the case of demise of the life assured as a result of an accident during the waiting period then an amount equal to 100% of the premium paid excluding the taxes will be paid to the nominee and no sum assured amount will be paid.

  • Surrender Value

    No surrender value is applicable under this policy.

  • Free Look Period

    A 15 days of free-look period is offered from the date of policy initiation during which the policyholder can cancel the policy if he/she is dissatisfied with the terms and conditions of the Aegon Life Saral Jeevan Bima plan. On cancellation, the policyholder is eligible to receive the refund of the premium paid. However, the insurance company will deduct the charges like stamp duty charges, the medical test of the proposer, etc.

  • Grace Period

    30 days of the grace period is offered by the life insurance company in case of half-yearly and yearly premium and 15 days of the grace period is offered in case of monthly premium payment. During the grace period, the policyholder can clear the due premium. In case the policyholder fails to pay the premium within the grace period, the plan will lapse.

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Exclusions

  • Suicide Exclusion

    Under Limited/ Regular Pay: If the life assured commits suicide within 1 year (12 months) from the date of policy initiation or within 1 year (12 months) from the date of policy revival, the policy will be terminated in case. The life insurance company will not entertain any claim filed, except 80% of the premium amount till the date of death or policy cancellation whichever is higher will be paid to the beneficiary of the policy. The amount payable to the nominee will exclude any extra amount charged under the policy due to underwriting decisions, rider premiums, and taxes, if any. In case of lapsed policy this clause is not applicable.

  • Maturity Benefit

    Under Single Premium Policy: In case the life assured commots suicide within 1 years (12 months) from the date of policy initation, the policy will be terminated.  The insurance company will ot entertain any claim, except the 90% of the single premium paid till the date of death or the policy cancellation value whichever is higher will be paid to the beneficiary of the policy. The amount payable to the nominee will exclude exclude any extra amount charged under the policy due to underwriting decisions, rider premiums, and taxes, if any.

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