Aegon Term Insurance
Aegon Term Insurance
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Aegon Term Insurance

Aegon Life Insurance Company is a joint venture between Aegon and Times Group. The company has its presence in more than 20 countries. Aegon Life Insurance understands the needs of its customers and consequently introduces insurance products that are highly affordable, worthwhile, and beneficial for the Indian population to secure their family.

Talking about its term insurance, Aegon fabricated dynamic plans to cater to the growing awareness about financial security from future eventualities. Aegon term plans not only ensure the safety of the family after the death of the life assured but also become a partner during accidents, disability, and critical illness by reducing your premiums and providing coverage accordingly.

Types of Aegon Term Insurance Plans

Aegon Life Insurance Company offers a wide range of effective term insurance plans to cater to the multiple needs of customers. Below is the list of Aegon Term Insurance Plans for your perusal.

1. iTerm Insurance Plan

Aegon Life iTerm Insurance Plan is an affordable comprehensive protection plan that comes out with an option of life coverage till the age of 100 years, The plan offers the add-on flexibility to select from 3 different plan options as per the requirements. The best thing about this plan is that you can get an additional lump sum payout on diagnosis of 36 Critical Illnesses up to 80 years.

Key Features

  • Freedom: The plan offers the freedom to build your own insurance plan & secure your loved ones.
  • Flexibility: The plan provides the flexibility to choose death benefit payout as a lump sum or monthly income or both.
  • Treatment: In case of Terminal Illness, the plan will provide the life cover amount so that your treatment & financial situation is taken care of.
  • Affordable Premium: The plan is available at a low premium for females and non-smokers.
  • Customization: The plan offers the option to increase your life coverage as per your requirements.

Eligibility Criteria

Entry age

18 years to 65 years

Maturity age

23 years to 100 years

Policy term

5 years to 82 years

Premium payment term

Single pay, limited pay and regular pay

Premium Payment Frequency

Single, annual, half-yearly and monthly

Base Sum Assured

Minimum – Rs. 25 Lakhs Maximum – No limit, subject to Board Approved Underwriting Policy

**Last Updated on 02-07-2020

2. Aegon iTerm Plus Plan

Aegon iTerm Plus is a comprehensive online term insurance plan, where you have the flexibility to choose from four plan options that come out with multiple in-built benefits like accidental death and critical illness.

Key Features

  • Life Cover: The plan offers a death benefit plus accidental death benefit cover to the family in case of insured's unfortunate demise during the policy tenure.
  • Life Plus Plan: With this feature, the plan offers a death benefit, terminal illness, waiver of premium on permanent disability due to an accident and accidental death benefit.
  • Life & Health Plan: It offers death benefits along with terminal illness benefit and critical illness benefit (10 critical illnesses).
  • Increase Cover: The plan comes out with the option of increasing the cover as per the increasing life stage needs.
  • Eligibility Criteria

Entry age

18 years to 65 years

Maturity age

80 years (Max)

Policy term

5 years to 62 years

Premium payment term

Equal to the policy term

Premium Payment Frequency

Annual, Semi-Annually and Monthly

**Last Updated on 02-07-2020

3. Group Term Plus Insurance Plan

Group Term Plus Insurance Plan offers the required financial cover in case of unfortunate demise or accidental dismemberment of at least one limb of the insured. It will provide the required financial assistance to the family of the insured.

Key Features

  • Four Options: The plan offers four options to choose from- Silver, Gold option -1, Gold option- 2, and Platinum.
  • Comprehensive Protection With Critical Illness Rider: The plan comes out with the choice of three options with rider sum assured payable in a lump sum (on the first diagnosis).
  • Life Coverage Till 85 Years: Life Coverage up to the age of 85 for non-employer/employee & EDLI schemes.
  • Flexible Payout: The plan offers the flexibility to opt for monthly payouts.
  • Members: The plan allows you to add and exclude any member.

Eligibility Criteria

Entry age

14 years to 85 years

Maturity age

15 years to 86 years

Policy term

1 year

Premium payment term

Equal to the policy term

Premium Payment Frequency

Annual / Half-Yearly / Quarterly / Monthly premium payment mode options

**Last Updated on 02-07-2020

4. Aegon Life Group Credit Shield

It is a non-linked and non-participating group credit life insurance plan. Aegon Life Group Credit Shield Insurance Plan not only assists the members of your group with a life insurance cover but also adequately covers their outstanding loan amount.

Key Features

  • Coverage Against Different Types of Loan: The plan offers coverage against different types of loans such as Home Loan, Education Loan, Car Loan, Commercial Vehicle Loan, Business Loan, Professional Loan, Loan against Property, Two wheeler Loan, Three Wheeler Loan, Small & Medium Enterprise Loan, Micro Loan, Personal Loan, Consumer Durable Loan and Loan against Gold.
  • Life Insurance Cover: The plan offers the required life insurance cover to the borrower and co-borrower.
  • Moratorium Option: The plan provides the option of a moratorium period up to 7 years.
  • Flexibility: The plan offers the flexibility to choose- either Level or Decreasing Sum Assured.

Eligibility Criteria

Minimum entry age

Education Loan under 

Benefit Option 1 – 14 years Others - 18 years

Maximum entry age

Benefit Option 1: 65 years 

Benefit Option 2: 60 years

Maximum maturity age

Benefit Option 1: 75 years 

Benefit Option 2: 65 years

Group size

50 to no limit

Minimum sum assured

Rs.5,00,000 per member for Home Loan and Rs.50,000 per member for other types of loans. 

Premium Payment Frequency

Single/Yearly /Half-yearly/ Quarterly/Monthly

**Last Updated on 02-07-2020

Aegon Term Insurance Riders

Accidental Death Rider

In the case where the insured person passes away because of an accident, the accidental death rider pays a sum above and beyond the basic sum assured to the nominee.

Income Benefit Rider

As the name suggests, this income benefit rider makes sure that your family receives a steady flow of income even in your absence. The income received supplements the sum assured provided to the beneficiaries/nominees.

Waiver of Premium Rider

In the case where the insured is diagnosed with any of the listed 36 critical illnesses, this rider makes sure that all of your future premiums are waived off.

Comprehensive Critical Illness Rider

The rider offers a lump sum benefit and waiver of premium benefit if the policyholder becomes a victim of critical illness during the policy tenure.

How To Buy Aegon Term Insurance Plans?

A person can invest in the Aegon Term insurance plan through the official website of the company or through PolicyX.com. Let's discuss the process in detail.

Buy Through Aegon Life Insurance Company

  • Visit the official website of the Aegon Life Insurance Company.
  • Click on the tab 'Online Plans'.
  • Take your cursor to the tab 'Term Insurance'.
  • Click on the desired plan from the available options - iTerm Plan & iTerm Plus.
  • Tap on the tab 'GET a Free Quote' present at the right corner of the page.
  • Fill in the required details such as your name, gender, DOB, email ID, and mobile number.
  • Click on the tab 'Proceed'.
  • Click on the tab 'Yes' if you smoke/consume tobacco or click on the tab 'NO' if you don't.
  • Submit the figure of your annual income.
  • Tap on the tab 'Submit'
  • Click on the tab 'Build Your Plan'.
  • Check the cover amount, choose your plan, and add top-ups if you wish to.
  • Tap on the tab 'Proceed'
  • Submit the details such as your city, educational qualification, occupation, and nationality.
  • Tap on the tab 'Proceed'.
  • Choose the suitable premium tenure from the available options.
  • Confirm the details and click on the tab 'Pay Now'.
  • Make the payment using available payment modes.
  • The company will share the policy documents on your registered mail Id. It will also send a hard copy on your address.

The rest of the Aegon term insurance plans are not available online. You have to visit the nearest Aegon Life branch to buy them.

Buy Through PolicyX.com

  • Scroll up to the 'Get Aegon Term Insurance Quotes Online' section present at the top-right corner of this page.
  • Submit the required details like phone number, name, and D.O.B. Click on the tab on 'Continue'.
  • Provide your Income, City, and then click on 'Proceed'.
  • Please submit your education details and occupation type.
  • Verify quotes and choose the Aegon term insurance plan.
  • Click on 'Buy this plan' under the chosen term insurance plan.
  • Check the details. Add relevant riders if needed.
  • Click on the tab 'Save & Continue'.
  • Your proposal is ready now. Click on the tab 'Pay Now'. You will land at the Aegon's Life website.
  • Submit the details and make the payment using available payment options.
  • The company will share the policy documents over the registered email ID.

What Is The Claim Process of Aegon Term Insurance?

  • Visit the official website of the Aegon Life Insurance Company.
  • Click on the tab 'Services'.
  • Click on the tab 'Insurance Claims'.
  • Scroll down to the page and click on the tab 'Online Claims Intimation'.
  • Provide the 'Policy Number', DOB, and submit the captcha code.
  • Click on the tab 'Save'.
  • Submit the required documents.
  • The company's representative will verify the details and analyze your application.
  • The representative can ask you for additional documents in case of need.
  • If everything goes well, the company will accept the claim and convey the same through call, SMS, e-mail, or letter.
  • It will transfer the money directly to the registered account.
  • In case of rejection, the company will convey the message along with the reason.

Note- You can also file a claim by visiting the nearest branch of the company.

Documents Required To Register Aegon Term Insurance Claim

  • Claimant statement in the claim form.
  • Policy documents as given at the time of purchase.
  • Death certificates issued by the local municipal body must be self-attested.
  • Proof of identity and residence (keep original as well as copies).
  • Photocopy of bank passbook and cancelled cheque.

FAQs

1. I am 30 years old and my annual salary is around Rs. 5 lakh, how much of term insurance cover should I buy?

If you are around 30, you can work 30 years more. Your current annual salary is around Rs. 5 lakh, but you will get an increment every two years or so. Hence, you could look at a term insurance amount of Rs. 1 crore. Just keep the growing inflation rate in mind.

2. Is the Gender of the Insured Important while buying Term Insurance?

Yes. The average Indian woman lives longer than the average Indian man, therefore, the term life insurance premium for women is lower as compared to men of the same age.

3. What if the premium of my term insurance is not paid?

If the premium remains unpaid for more than a month after the due date (that is the 'grace period'), the plan will lapse. In such a situation, your beneficiary will not receive anything from the term life insurance policy and will be considered as 'lapsed'.

4. What happens to the due premium if the insured dies before paying it?

If the insured dies during the plan tenure (before he/she can pay the premium), the due premium will be deducted from the death benefit.

5. Are there no monetary benefits of investing in term insurance?

Apart from insuring your family, term insurance plans offer various tax benefits. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the amount that your loved ones get in your absence will be tax-free.

6. Can I buy 2 term insurance policies?

You can buy as many term insurance plans as you want to fulfil your insurance needs. You can even nominate different beneficiaries for both the insurance plans.

7. Can life insurance claims be rejected?

Yes, the insurer can reject a life insurance claim on grounds of-

  • Misrepresentation of actual information
  • Non-disclosure of correct information
  • Fraud

Last updated on 02-07-2020