AEGON Life Term Insurance Plan

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Aegon Life Term Insurance Plan is a pure traditional term insurance plan which provides high coverage for affordable premium rates thereby taking care of the protection needs of the insured.

Aegon Life Term Insurance - Key Features

  • Regular Pay Premium Paying Options.
  • Coverage upto 75 years of age.
  • Inbuilt Accidental Death Benefits
  • Additional Rider Covers
  • Tax Benefits

Aegon Life Term Insurance - Benefits

  • Terminal Illness: On being diagnosed with any Terminal Illness, 25% of the Sum Assured is paid immediately to a maximum of 100 lakhs and all the future premiums are waived off.
  • Death Benefit:

Option 1:

  • On death of the insured, the Sum Assured is paid to the nominee under this death benefit option 1.

Option 2:

  • On death,50% of the Sum Assured is paid immediately 
  • 3% of the Sum Assured is paid every month from the next month following death for the next 5 years regularly.
  • Availability of discounted value of the monthly installments.
  • Accidental death: In the case of accidental death, 100% of the Sum Assured is paid additionally under both the options subject to a maximum of 1 crore. Benefits on death shall be paid as below:

Death Benefit Option 1: 200% of the Sum Assured

Death Benefit Option 2: 150% of the Sum Assured

  • Tax Benefits: All the taxes paid and premiums received are eligible for tax deductions under section 80C and 10(10D) of the Income Tax Act. 

Aegon Life Term Insurance - Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

20 years

65 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

10

40 or 75 – Entry Age

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, half-yearly, monthly

Yearly Premium

2390

No limit

Sum Assured

10 lakhs

No limit

 

Details about Premium

Premium in Rupees and benefit illustration for Death Benefit Option 2

Age

30 years

Sum Assured

50 lakhs

Premium

12,900

Policy Term and PPT

30 years

Benefit payable on death

25 lakhs

Monthly benefit payable

75,000

 

Aegon Life Term Insurance - Policy Details

Grace period: If the insured fails to pay his monthly premium amount on the due date then he is allowed a 15 days grace period for payment of his premiums.

And, in the case of other premium paying modes, if the insured fails to pay his premiums by his premium due date then a 30 days grace period is allowed for his premiums.

Policy termination or Surrender Benefit: The policy does not acquire any surrender value on canceling or making any surrender.

Free look period: In a case, where the insured is not satisfied with his insurance plan or the benefits provided by it, then he is free to cancel it within 15 days of plan inception, give no claims have been done yet.

Exclusions

Suicide: In a case, where the insured dies by committing suicide within the first year of plan renewal the settlements are done by paying 80% of the premiums paid till date.

Accidental Death: Accidental death due to, alcohol abuse, self-inflicted injuries, service in armed forces, acts of criminal nature, participation in any hazardous sports or activities, war, etc. are excluded

Additional Features or Riders

  • Discounted premiums for higher coverage
  • Below are the rider covers available under the plan:

Aegon Life Critical Illness Rider: The assured sum amount under this rider is paid to the insured if he is diagnosed with any of the below listed riders:

  • Cancer
  • Coronary Artery Bypass Surgery
  • Heart Attack
  • Kidney Failure
  • Major Organ Transplant
  • Stroke
  • Paralysis
  • Heart Valve Surgery
  • Aorta Surgery

Aegon Life Total and Permanent Disability Rider: The assured sum amount is paid to the insured if he becomes totally or permanently disabled.

Aegon Life Women Care Rider: The women care rider provides coverage to the women insured on being diagnosed with any of the illness covered by both the groups under this plan:

Group I: Female organ cancer

Group II: Birth of child with congenital disorder/ surgery

Or, Pregnancy complications 

Documents Required

Below are the documents which are required to be insured under Aegon Life Life Term Insurance Plan:

  • Duly filled Application form/Proposal form
  • Address Proof
  • Age Proof
  • Other KYC documents; PAN Card, Adhaar Card, Tax Details etc
  • Medical History 

**Documents required are a subject to the plan options and the sum assured chosen.

 You may also compare: Aegon Life Term Insurance Plans

Frequently Asked Questions: 

1. Am I eligible for loan benefits under this plan?

No, this insurance plan provides no loan advantages under it. 

2. What is the service taxes levied under the plan?

All taxes and service taxes levied under this plan are as per the tax law amendments by the regulatory body or the current ruling authority.

3. What are the conditions for renewal of the plan?

The insured can apply for renewal of his plan within 2 years from the due date of the first unpaid premium. In order to renew your term insurance, you shall be required to:

  • Pay all the premiums due
  • Agreeable proof of the life to be insured, and
  • Payment in full amount equal to all the policy premiums due but unpaid till the effective date of renewal.

4. What is the benefit amount under Group I of Women Care Rider?

Under the women care rider group I, a female insured is benefitted if she is diagnosed with any female organ malignant cancer. The benefit amount paid is 5% of the base sum assured which is subject to a minimum of Rs 1, 00, 000 and a maximum of Rs 10, 00, 000.

Under the women care rider group II, a female is benefitted is she gives birth to a child with congenital disorders or surgeries, or, has some pregnancy complications.

5. Under what conditions shall are my premiums eligible to be waived off?

All the future premiums of the insured are eligible to be waived off if he suffers from any permanent disability. The insured shall be considered as permanently disabled due to one or more impairments as stated below:

  • Loss of Speech
  • Loss of hearing ability in both ears
  • Loss of or loss of use of any one limb
  • Loss of eyesight of both eyes
  • Loss of or loss of use of both limbs 

6. How is the policy settled on cancellation during the free look up period?

On cancellation of the policy during the free look up period, all the premiums paid under the plan are returned to the insured after making the required deductions of policy administrations charges, stamp duty, medical expenses, if any, etc.