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Aegon Life Term insurance Plan
  • Coverage Till Age of 75
  • Flexible Policy Terms
  • Easy to Buy Online
  • Affordable Premium
  • In-built Accidental Benefits

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Aegon Life Term insurance Plan

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.

Eligibility Criteria

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 Term Plan Riders

1. Critical Illness Rider- Aegon Life Plan gives safety against threatening 9 critical diseases. Check how many critical illnesses are covered under different benefit options.

Illnesses covered are-

  • Cancer

  • Coronary Artery Bypass Surgery

  • Heart Attack (Myocardial Infarction)

  • Kidney Failure (End-stage Renal Failure)

  • Major Organ Transplant

  • Stroke

  • Paralysis

  • Heart Valve Surgery

  • Surgery for a disease of the Aorta

Features-

  • Sum assured can vary between 25 lakhs - up to the amount of basic sum assured.

  • Term of rider can be chosen from 10 years to 30 years.

  • Premium paying term is equal to the term of policy

2. Premium Shield Rider- 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-

  • Los of both limbs

  • Los of sight for both the eyes

  • Loss of one eye and one limb

  • Loss of two or more limbs above wrists or ankles

On finding the life assured with these symptoms, he/she will get a waiver of premium for future payments.

Features

  • Term of Rider should be 5 years to 75 years less Entry Age

  • Premium paying equal to the policy term

  • Sum assured is equal to the outstanding premiums for base policy.

  • Disability must be confirmed by treating medical practitioner as incurable and permanent.

  • Disability must have sustained for more than 180 days

3. Women Care Rider- 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

  • Pregnancy Complications

Features-

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

4. Total and Permanent Disability Rider- A person will be treated as permanently disabled if he/she acquires any of the below-mentioned conditions-

  • Unable to work
  • Loss of use of limbs and Sight
  • Loss of independent living that consists-
    • Unable to bath/ dress/ getting in or out of bed/ maintaining personal hygiene/ feeding oneself/ moving in between the rooms. The life assured must be unfit to do at least 3 activities mentioned here.

Features-

  • Age of Entry must be 20 years to 60 years.

  • Sum Assured values that can be purchased is Rs 5,00,000 to Rs 50,00,000

  • Term of the rider varies between 10 years to 40 years

  • Premium paying term is equal to the policy term

Aegon Term Plan Benefits

  1. 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

    Exclusions-

    Death occurred due to-

    • Suicides and self-destructive activities
    • War, military revolution, riot, enemy attack, or participating in naval or air force, criminal act, adventure sports.
    • Intake of alcohol/sedatives/ drugs/ poison/ any hallucinogenic substance
  2. 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-
    • Option 1
      The sum assured will be payable in lumpsum on raising a death claim by the nominee or the claimant and the policy will end thereafter.

    • Option 2
      On death, the nominee will be paid 50% of the sum assured along with the 3% of sum assured paid each month for 5 perpetual years to the family to sustain a relaxed living.

    The life assured can choose any of the two options with respect to their future exigencies and liabilities undertaken.

  3. 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.
  4. 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.

Exclusion-

  • No death benefit is payable on the event of suicide. However, if the conditions of suicide arised during the first year of the policy, then 80% of the premium is paid till date to the nominee of the life assured.

Premium Illustration

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.

FAQs

1. Do we get an extra time limit to submit the premium if we fail to deposit on due date?

Aegon Term insurance plan completely cooperate with your problems which is why they provide a grace period of -

  • 15 days - For Monthly Premium Payment

  • 30 days - For Monthly Premium Payment

2. Can we cancel the policy, if it doesn’t match with our requirements?

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.

  1. 15 days will be given to policies not purchased from distance marketing mode.
  2. 30 days will be given to policy if purchased from distance marketing mode like insurance brokers, voice selling, SMS, e-mail, lead generation, physical mode etc.

3. How can Life Term insurance policy can be revived?

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-

  1. Depict the insurability to pay premiums

  2. Payment of whole premium outstanding till the date of revival.

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.

4. Do females get benefit in premiums payment amount?

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.

5. What documents have to be submitted under Woman Critical Illness?

  1. Hospital treating certificate for a specifies illness.
  2. Medical opinion of Physician visiting the life assured
  3. Application Form

6. What documents have to be submitted under Natural/ Accidental Death Claim?

  • Statement of the Claimant in a prescribed form

  • Hospital treating certificate for a specifies illness

  • Medical opinion of Physician for both claim

  • Certificate from the employer, if any medical insurance is provided

7. What is the process to settle a claim?

  • Inform your insurance as soon as possible after the death/critical illness/ disability events have happened.

  • The company will ask for documents and claim form to authorize the claim.

  • After verification of all the documents, confirmation of the claim acceptance is communicated to the claimant or nominee.

  • The claim will be settled in a designated amount of time with complete payment of benefit.

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.

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