#Virukipolicy | T&C*
Why trust Aegon Life when there so many term insurance providers playing in the insurance market? Because, Aegon Life understands the needs of its customers and consequently introduce those insurance products that are highly affordable, worthwhile and beneficial for the Indian population to secure their family after their death.
Aegon term insurance plans fabricated dynamic plans to cater to the growing awareness about financial security from future eventualities. Aegon term plans not only ensures safety to the family after death of the life assured but also becomes partner during accidents, disability, and critical illness by reducing your premiums and providing coverage accordingly.
Apart from giving death and terminal illness benefit, iReturn also increases your sum assured to maximum 50% on happening of life stage events like marriage, childbirth.
|Sum insured||Rs 25 lakhs to unlimited (accountable to underwriting)|
|Age of entry||18 to 65 years Pay Till 60 years option- 18 to 55 years|
|Maturity Age||100 years|
|Tenure of the policy||5 years to 67 years / till the age of 100 years|
This is perhaps the best plans as it covers all the benefits like accidental death, critical illness, terminal illness etc through four different variants options.
|Plan options||Life Option||Life Plus Option||Life & health Option||Life & health Plus Option|
|Sum Assured||25 lakhs to unlimited (as per underwriting process)|
|Age of entry||18 years to 65 years|
|Age of Maturity||80 years|
|Tenure of the policy||5 years to 65 years minus Entry Age||5 years to 70 years minus Entry Age||5 years to 75 years minus Entry Age||5 years to 80 years minus Entry Age|
With special feature of surrender benefit, the life assured will get surrender value of the policy on completion of two or more years based on premium payment term selected.
|Sum insured||Rs 10 lakhs to 4 crores|
|Age of entry||18 to 65 years|
|Maturity Age||80 years|
|Tenure of the policy||5 years/ 10 years/ 15 years/ 20 years/ equal to policy term|
If you are anxious about how your family will sustain after your death then this plan is perfect for you due to its cheapest value for premium and fixed premium paying term.
|Sum insured||Rs 12 lakhs|
|Age of entry||20 to 50 years|
|Maturity Age||60 years|
|Tenure of the policy||10 years|
This plan carries a unique feature of planned life stage benefit which raises your sum insured gradually every year without appearing for any underwriting process.
|Sum insured||Rs 25 lakhs to unlimited (in reference to underwriting guidelines)|
|Age of entry||18 years to 65 years
Pay till 60 years of age- 18 years to 55 years
Pay till 60 years of age- 18 years to 60 years
|Maturity Age||Whole of the life|
|Tenure of the policy||Whole of the life|
Under this plan the beneficiaries as stated by assured, will receive claim amount either lumpsum or in regular incomes in harmony to the future demands of the family.
|Sum insured||Rs 10 lakhs to unlimited (accountable to underwriting)|
|Age of entry||20 years to 65 years For 10-year Policy Term- 30 years to 65 years|
|Maturity Age||75 years|
|Tenure of the policy||10 years/ 15 years/ 20 years/ 25 years/ 30 years / 35 years/ 40 years and 75 years minus Entry Age|
|Free-look Period||Monthly premium payment- 15 days
Annual/semi-annual premium payment- 30 days
|Riders Available||Accidental Death Rider, Critical Illness Rider, Waiver of Premium Rider, Disability Rider|
|Renewability||Can renew at any point during the policy tenure|
|Coverage Payout Options||Lumpsum / Monthly Income/ Lumpsum plus Monthly Income|
|Premium Payment Options||Monthly/ Semi-Annual /Annually|
Death Benefit After the death of policyholder, the nominee will receive the entire sum insured in lumpsum or in monthly income or increasing monthly income as selected by the sum insured.
Terminal Illness Benefit- Diseases that result in the ultimate death of the person are terminal illnesses. The policyholder will receive lumpsum payment on diagnosis of same.
Life Stage Benefit- The sum assured can be raised to maximum of 50% when any life stage event occurs which requires huge funding in lumpsum like marriage and childbirth. By giving evidence of the event within a time period, the assured can propose the company to increase the basic coverage to some percentage.
Aegon term plans that carry Life Stage benefit are -
Let us see how much increase is provided on happening of a specific event -
|Event||% Increase in the Sum Assured of the total Sum Assured|
|Marriage (One Marriage Only)||50%|
|Birth/Adoption of 1st Child||25%|
|Birth/Adoption of 2st Child||25%|
Tax Benefits - Every term insurance involves tax exemption for the premium paid under section 80C of Income Tax Act. The exemption will be given to maximum of Rs 1.5 lakhs on the annual tax paid on the total taxable income.
Rider Benefit - Aegon Life Term Plan offers optional coverage or riders for critical illness and accidental death, permanent disability and waiver of premium at a cheaper rate of premium.
Claim Payout Options - At the time of purchasing term plan, you will be asked various questions in which one will be payout options. This becomes applicable when you apply for a claim and your beneficiaries will get coverage either in lumpsum or monthly income or amalgamation of both as opted by the policyholder.
Affordable Prices and Easy Purchase Policy - The policy promises cheap and affordable rate of premiums for a specific duration. Anybody interested in buying term plan by Aegon life has to undergo a simple and minimum time-consuming process as the whole process of buying is online.
Low Premiums High Coverage - Almost every term plan comes with the benefit of lower premiums for higher coverage. Also, young age policyholder can avail lower premiums as in comparison to older policyholders.
Accidental Death Rider
Road accidents are common especially in India due to reckless driving and disobeying traffic rules. To secure your family in case you met any accidental death, Aegon life term plan serves extra sum insured with payment of additional premiums along with base premiums.
Single premium paying policies are not eligible to take accidental death rider.
|Sum Assured||Rs 10,00,000 to basic sum assured opted|
|Entry Age||18 years to 65 years
18 years to 55 years (for policies paying premium till 60 years of age)
|Maximum Age of Maturity||85 years|
|Term of Rider||Equal to the policy|
|Minimum Premium Amount||Rs 450 per year|
When you confront accidents, there is a possibility of getting partially or fully disabled where life becomes miserable. This term plan gives you extra coverage of Rs 5 lakhs to Rs 50 lakhs maximum for happening of disability
Critical Illness Rider
This rider will raise your protection from critical illness like heart attack, cancer, kidney failure etc through additional cover for a period equal to the duration of term plan.
Different term insurance plans covers different number of critical illness as specified below
|Sum Assured||Rs 10,00,000 - Rs 50,00,000|
|Entry Age||18 years to 65 years|
|Maximum Age of Maturity||75 years|
|Term of Rider||5 years to Premium Payment Term of the policy|
Income Benefit Rider
To lock the protection of your family after your death, you should buy the rider which will ensure regular supply of income of the sum insured for around 10 years maximum.
Premium Shield Rider
At some point of time you may become inefficient to deposit the premiums due to disability occurred because of accidents or illness that directly degrades the income generating capacity of the policyholder. With due concern to it, all the upcoming premiums are waived off for the remaining period of the policy.
The disabilities considered to get due coverage under this rider are-
Aegon Life Women CI Rider
Aegon Life believes in maintaining not only financial security but also ensured safety of women from pernicious diseases that may arise on childbirth or during pregnancy or complication in an organ. Illnesses covered are-
The Aegon term plans that carry Women CI Rider are -
|Malignant Cancer of the Female Organs||Birth of child with Congenital Disorders/Surgeries AND Pregnancy Complications|
|Sum Assured||Rs 50,000 to Rs 10,00,000 (5% of the basic sum assured)||Rs 25,000 to Rs 5,00,000 (2.5% of the basic sum assured)|
|Entry Age||18 years to 65 years||18 years to 65 years|
|Maximum Age of Maturity||75 years||40 years|
|Term of Rider||Minimum: 10 years Maximum: 40 years|
|Gender||Only applicable to females as the disease is found in woman|
Aegon Life Insurance has in a very short time and in a very fast pace have successfully invaded the insurance sector by delivering unparalleled customer services with claim settlement of 95.67% and 4.4 lakhs of happy customers all over India. Aegon Life runs with perpetual support from Bennett, Coleman & Company which is designated as India’s largest operating media chain.
Moreover, the company has been awarded by various awards agencies for its innovation and precision in insurance and finance sector
What is the claim settlement ratio of Aegon Life Term Insurance?
The claim settlement ratio of Aegon Life insurance is 95.67% as it understands the need for timely payment of the claim when an emergency arises.
What kind of critical illnesses are covered under the plan?
The critical illness such as cancer, open chest CABG, paralysis of limbs, strokes, heart attack, kidney failure, sclerosis, blindness, brain tumor, liver and lung failure etc. are some of the diseases that are given coverage under critical illness rider.
Which plan option covers you for 100 years?
The iTerm plan of Aegon Life covers you till the age of 100 years where you can escalate the value of life cover during the policy term.
Under what conditions a person is considered as disabled?
What are the common documents required for the purchase of Aegon term plan?
How much time does the company take for claim settlement?
The average time taken by Aegon Life insurance is 7 days with proper submission of important claim documents. This time limit can be extended if the claimant fails to submit requisite documents.
What documents are needed for natural death or accidental death claim?
What procedure is followed for claim settlement?
Inform the company about the issue with regard to accurate surrender of documents. Aegon life will verify the documents and then process the claim as soon as possible. The nominee will get all the benefit amount along with the basic sum insured if the claims are accepted.
What documents are needed for accidental disability/dismemberment/ critical illness?
Can we attach and detach riders in Aegon Term Insurance?
Yes, a policyholder can attach and detach rider at any point of time on a condition that policy is active and premium is paid regularly on time. Riders can be attached at inception or during the term of the policy by requesting the company to process. In order to detach, the assured need to wait for the next premium due date of the policy with regards to underwriting process.
Do Aegon Life provides the facility of Free Look Period?
A free look period of 15 days(Monthly policies) / 30 days (yearly and half-yearly policies) is given to the policyholder to review and investigate the pros and cons of the policy by reading all the terms and conditions. If the policyholder is not contented with any mentioned clause in policy wordings, then he/ she can easily convey their decision to the company to cancel the policy. The policy is declared as cancelled with refund of premiums submitted till date with a deduction of Stamp duty paid or medical cost if occurred.