Aegon Life Saral Jeevan Bima

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.

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.

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.