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|
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-
Coronary Artery Bypass Surgery
Heart Attack (Myocardial Infarction)
Kidney Failure (End-stage Renal Failure)
Major Organ Transplant
Heart Valve Surgery
Surgery for a disease of the Aorta
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.
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
|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 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.
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
Death occurred due to-
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.
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.
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.
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.
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-
Depict the insurability to pay premiums
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?
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.