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Aegon Life Easy Protect Insurance Plan
  • No Medical Test Required
  • Monthly Benefit of Rs. 10K
  • Coverage Till Age of 60
  • Tax Benefit on Premium

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Aegon Life Easy Protect Insurance Plan

Aegon Life Easy Protect insurance plan has been designated to those who want to ensure the financial safety of their families in their absence and wanted to promise them long-life assistance in the form of regular incomes. Easy Protect Insurance is most easy to understand and less complicated ever introduced by Aegon Life. With fixed sum assured and fixed term of 10 years is most suitable for those who wanted term insurance for a lesser duration at a lesser premium.

Easy Protect

Eligibility Criteria

Sum insured Rs 12 lakhs
Age of entry 20 years to 50 years
Maturity Age 60 years
Tenure of the policy 10 years
Premium Payment Term Equal to Policy term
Premium Payment Modes Annually
Minimum Premium paid Rs 2,021

Aegon Easy Protect Plan Benefits

1. Death Benefit - In Easy Protect insurance plan the death benefit is payable in definite amount of income at a regular interval of time for 10 continuous years. The sum assured of Rs 12 lakhs is distributed in section of Rs 10,000 per month. This means that after the death of the life assured, the beneficiaries will receive a monthly income of Rs 10,000.

2. Tax Benefit- As all the term insurance policies of Aegon Life, Easy protect insurance plan also grabs tax benefits against premiums paid under section 80C and 10 (10D) of the Income Tax Act 1961.

3. Free Look Period - The life assured has the facility to cancel the policy under a time constraint of 15 days starting from the activation of the policy. The period is increased to 30 days if the policy is purchased from Distance Marketing mode.

The definition of Distance Marketing mode given in the FAQs section.

4. No medical check-up - The life assured does have to go through medical examination before purchasing the policy.

Suicide Exclusion

Suicide occurs within a period of 12 months from the commencement of risk or revival date of policy, then 80% of the sum assured will be credited to the account of the nominee.

Easy Protect Plan Premium calculation

The value of premiums demonstrated in the table is for various ages taking the same assured for a period of 10 years. The Sum Assured value is Rs 12 lakhs where premium paying term is annual.

Chart

FAQs

1. Does Easy Protect Plan include riders?

No, the policy has no option to avail riders as this plan comes without any single rider.

2. Does this policy offer maturity and surrender benefits?

No, Easy Protect insurance plan does not contain the maturity and surrender benefits. Generally, term insurance does not come with maturity and surrender benefits. There are very rare cases where both features are available in term policies.

3. What happens on discontinuing the payment of premium?

On non-payment of premium, the policy will be stated as lapsed without any payment for the benefit gained.

4. What is Distance marketing?

Distance marketing refers to sale of policies through various channels -

  • Telephonic marketing,

  • lead generation

  • Short Messaging service (SMS)

  • Electronic mode which includes e-mail, internet and interactive television (DTH)

  • Physical mode like direct postal mail

  • Newspaper & magazine inserts

5. Can we reinstate the policy which is lapsed?

A lapsed can be reinstated within a time limit of 2 years beginning from the due date when premium payment was submitted.

The life assured must comply with the following conditions of reinstatement-

  • Display the proof of his/her insurability to satisfy the company
  • Fulfill the pending premium payment up to the date of reinstatement.
  • Policy will not be reinstated, if the life assured is found substandard or if the risk amount at the hour of revival with respect to current age jumps outside of non-medical limit.

If the above conditions are not met by the life assured then the policy will terminate along with expiry of benefits.

6. Do the life assured have the facility of loan in Easy Protect insurance plan?

No, there is no availability of loans to the policyholders when they buy this policy.

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