Do you know a term insurance plan that pays you more than the sum assured? If you still thinking or in doubt, then answer is Aegon Life term insurance Plan that carries this feature.
A huge population thinks all the term plans have same features but this ideology is proven wrong with the introduction of Life Term Insurance plan. This Term Plan by Aegon grants increased sum assured on death claim or accidental death claim without any payment for extra premium.
Let's understand and obtain more clarity on this term plan.
|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|
|Premium Payment Term||Equal to Policy term|
|Premium Payment Modes||Monthly / Semi-Annually /Annually|
|Riders||Critical Illness Rider, Permanent Total Disability Rider, Women Care Rider, Premium Shield Rider|
Aegon Life Plan gives safety against threatening 9 critical diseases. Check how many critical illnesses are covered under different benefit options.
This plan cover disability arises due to accidents and illness. A person is considered as permanently disabled if he/she matches any three to four conditions mentioned below-
On finding the life assured with these symptoms, he/she will get a waiver of premium for future payments.
Aegon Life Aegon Life Term Insurance give preference to women in terms of premium amount as well as coverage for women based critical illness.
|Malignant Cancer of the Female Organs||Birth of child with Congenital Disorders/Surgeries AND Pregnancy Complications|
|Sum Assured||Rs 1,00,000 to Rs 10,00,000 (5% of the basic sum assured)||Rs 50,000 to Rs 5,00,000 (2.5% of the basic sum assured)|
|Entry Age||20 years to 65 years||20 years to 39 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|
A person will be treated as permanently disabled if he/she acquires any of the below-mentioned conditions-
Accidental Death- Accidents are unpredictable and uninviting as they impact life and hard earned wealth. To financially protect the family of life assured after the death of their savior due to accidents, Aegon Life provide full coverage in addition with increased sum assured
Death occurred due to-
Death Benefit- The most worthwhile benefit of this term plan where on arrival of death of the sum assured, a lumpsum payment or increasing income of the raised sum assured is payable to legal heirs or assigned nominee. It is payable in two options-
The life assured can choose any of the two options with respect to their future exigencies and liabilities undertaken.
Higher Sum Assured Lower Premiums- If you choose higher value as sum assured for example Rs 50 lakhs and Rs 50 lakhs for inbuilt accidental death benefit, the annual premium for this sum assured will be Rs 12,900 only for 30 years excluding the taxes. This premium will depend upon the age, health, income of the life assured and the option chosen.
Tax Benefit - Term plans comes with the advantage of tax deduction for the premiums you pay every year/month in favor of the term insurance plan purchased. How premiums will help you? When you pay taxes for the annual income, then you will receive a reduction in the total value of the tax paid under Section 80C and 10(10D) of Income Tax Act. The maximum deduction given is up to Rs 1,50,000.
Shivam (35 years of age) purchased life term insurance plan of Rs 1 crore for 30 years. The annual salary of the Shivam is 10 lakhs and is the only earning member of the family. He has a wife who is a homemaker with the responsibility of two young children.
He selected second option to receive death benefit where his family will get lumpsum payment in combination with monthly income for 5 years.
He will also get lower rate of premium as he is a non-smoker and also opted for a higher sum assured.
Total Sum Assured= Rs 1 crore
Basic Sum Assured = Rs 50 lakhs
Accidental death benefit = Rs 50 lakhs
Premium for a year= Rs.12, 900 (not including tax)
If Shivam died after 13 years due to road accident, his family will get a lumpsum payment of sum insured along with regular five-year income @3% of the basic sum assured.
Lumpsum value payable = Rs 75 lakhs [Rs 50 lakhs as accidental death benefit + 25 lakhs (50% of 50 lakhs (basic sum assured)]
Monthly Income Payable = 3% of basic sum assured = 3% of 50 lakhs = Rs 1,50,000 per month The total payout of income for five years = Rs 90 lakhs
Total Benefit Payout Amount of Policy= Rs 75 lakhs + Rs 90 lakhs = Rs 2,65,00,000
This amount can be used by the family to meet the immediate loans and liabilities. Whereas, the income can be used to live the current lifestyle.
Aegon Term insurance plan completely cooperate with your problems which is why they provide a grace period of -
Aegon Life includes this provision of policy cancellation in every term plan. The company provides a Free Look Period of 15 days and 30 days.
In case you want to revive the lapsed policy, yo have to pay all the due premiums pending from the date you skipped the payment of premium. Two years of time will be given within the due date of the first unsettled premium.
The life assured must-
NOTE: If life assured fails to submit the premiums within the two-year time frame, then the policy will be declared as terminated without any further notice.
Yes, females are on the priority when distributing benefits under term insurance plan. The premiums are reduced and are less than the male counterpart of the same policy under same conditions.
The benefit is paid in electronic mode where the amount is transferred directly to nominee's bank account. For this, the nominee has to furnish all the details of account to the insurance company.
Last updated on 04-06-2020