Aegon Term Life Insurance
  • Flexibility to choose Death Benefit
  • 99.03% claims settled in 2021-22
  • Special premiums for females
Aegon Life Term Insurance
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About Aegon Life Term Insurance Plans

Aegon Life insurance (formerly known as Aegon Religare Life Insurance) commenced operations in July 2008. Aegon Life Insurance was the first company in India to offer Online Term Insurance Plans.

Aegon Life is one of the leading insurance companies providing financial services like life insurance, pension, and wealth management services. Moreover, Aegon Term Insurance has a dedicated customer support team that is committed to providing the best possible service to its customers.

Aegon Life is a company that is dedicated to helping our customers secure their long-term financial future.

Aegon Life Term Insurance Plans

Aegon Life offers easy-to-purchase life insurance solutions to cater to your life insurance requirements.

Standard Plan

Aegon Life Saral Jeevan Bima

A standard pure protection plan with simple terms and conditions providing death benefit to the family of the policyholder.

Unique Features

  • Simple & easy to understand
  • Cost-effective plan
  • Flexibility to select policy term

Saral Jeevan Bima (Pros)

  • Aegon Life AD Rider
  • Choose To pay Premium Once
  • Max Sum Assured 25 L

Saral Jeevan Bima (Cons)

  • No Maturity Benefit
  • No Surrender Benefit
  • No Survival Benefit

Saral Jeevan Bima (Other Benefits)

  • Spouse Cover
  • Suicide Cover After 12 Months
  • Policy Revival Within 5 Years

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP(5&10 Years)

Critical Illness Cover

Aegon iTerm Comfort

A plan enriched with add-on riders for Accidental Death and Critical Illness, coupled with an assured life insurance cover that offers a lump-sum payout

Unique Features

  • Max Sum Assure 1.25 Cr
  • 105% Death Benefit
  • Special Exist Value At Age Of 55

iTerm Comfort (Pros)

  • Aegon Life CI Care Rider
  • Aegon Life AD Rider
  • Suicide Cover After 12 Months

iTerm Comfort (Cons)

  • No Maturity Benefit
  • No Surrender Benefit
  • No Loan Allowed

iTerm Comfort (Other Benefits)

  • Tax Benefit
  • Option to Attach or Detach Riders
  • Policy Revival Within 5 Years

iTerm Comfort (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - 40 Years

Comprehensive Plan

Aegon iTerm Prime

This comprehensive policy offers the flexibility to enhance life coverage and attach or detach riders, with a choice of 4 riders and coverage for 36 critical illnesses.

Unique Features

  • Aegon Life AD Rider
  • Aegon Life Disability Rider
  • Non-Smoker and Female Discounts

iTerm Prime (Pros)

  • Aegon Life Women CI Rider
  • Aegon Life CI Care Rider
  • Aegon Life WoP Rider on CI

iTerm Prime (Cons)

  • No Maturity Benefit
  • No Loan Allowed
  • Policy Terminates Post Payment of Death

iTerm Prime (Other Benefits)

  • Surrender Benefit
  • Inbuilt Terminal Illness Benefit
  • Life Coverage Till the Age of 100 Years

iTerm Prime (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 100 Yrs
  • Premium Payment Term - SP

Comprehensive Plan

Aegon Life iTerm Plus Plan

This plan offers benefits for critical illness while offering a lump-sum payment in the event of demise, and comes with flexible premium payment.

Unique Features

  • 4 Plan Options
  • 50 Lakhs for Accidental Death
  • Non-smokers & Female Discounts

iTerm Plus Plan (Pros)

  • Terminal Illness
  • Suicide Cover After 12 Months
  • Permanent Disability Cover

iTerm Plus Plan (Cons)

  • No HIV Cover
  • No Surrender Benefit
  • No Maturity Benefit

iTerm Plus Plan (Other Benefits)

  • Waiver of Future Premiums
  • 1 Cr Natural Death Cover
  • Coverage Option till the Age of 80 years

iTerm Plus Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 80 Yrs
  • Premium Payment Term - 50 Yrs

Key Features of Aegon Life Insurance Company

Aegon Life Term Insurance offers an economical way of securing your family after you. Let's have a look at some of the brilliant features of the policy making it one of the best available term insurance plans in the domain.

  • Annual Premium: As per the IRDAI report 2021-22, Aegon Life Term Insurance recorded an annual premium of Rs. 416.46 Crores.
  • Solvency Ratio: The solvency ratio of the company helps an individual ascertain the company's ability to meet its long-term financial obligations. The Solvency Ratio of Aegon Life Term Insurance company for 2021-22 is 2.97. (As per IRDAI, it is mandatory for every life insurer to maintain a solvency ratio of 1.5).
  • Claim Settlement Ratio: The company has a good and reliable claim settling process with a CSR of 99.03%. (CSR as per IRDAI report of the year 2021-22). Aegon Life Term Insurance holds one of the highest claims settlement ratios amongst all the insurance companies.
  • Operating Network: Aegon Life Insurance is a global company and has a presence in over 20 countries. Their head office, however, can still be found in The Hague, the Netherlands. The company is headquartered in Mumbai, India, and serves 3 Lakh+ customers.
Aegon Term Insurance Key Features

Benefits of Aegon Term Insurance Company

  • Cost-effective: Aegon term insurance plans are cost-effective and cover your family for all their financial needs.
  • Flexibility : Aegon Life Term plans offer you the flexibility to select policy terms and premium payment terms as per your need.
  • Additional coverage with riders: Option to get additional benefit in case of death due to accident with Aegon Life AD Ride.
  • Freelook Period : If you are not satisfied with any of the terms and conditions of the policy, you may return the policy document to the Company for cancellation. On cancellation of the policy within the free-look period, the company shall refund premiums paid.
  • Tax Benefits: Tax benefits can be availed for premium payments of Aegon Term Plans under sections 80C and 10 (10D) of the income tax act 1961.

Why should you buy term insurance?

Term insurance is one of the most popular and affordable types of life insurance policies available in the market. In the event of your untimely passing, it offers your loved ones financial security. In this article, we have listed some of the top reasons why you should buy term insurance in points:

  • Financial Security:
    If you pass away suddenly, term insurance gives your family financial stability. The death benefit paid out by the policy can be used to cover outstanding debts, pay for day-to-day expenses, and ensure that your family's lifestyle does not suffer.
  • Affordable Premiums:
    Term insurance premiums are much lower compared to other types of life insurance policies. This means that you can get a higher coverage amount for a lower premium, ensuring that your family is completely protected.
  • High Coverage Amount:
    Term insurance policies offer a high coverage amount, which can range from a few lakhs to several crores of rupees. This means that you can choose a coverage amount that meets your family's financial needs and provides them with adequate protection.
  • Tax Benefits:
    Term insurance policies offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, of 1961. This means that you can save on your tax liabilities while securing your family's financial future.
  • Flexibility:
    Term insurance policies offer flexibility in terms of the policy term, coverage amount, and riders. You can choose a policy term that suits your needs, a coverage amount that provides adequate protection, and riders that enhance the scope of your insurance coverage.
  • Peace of Mind:
    Term insurance policies offer peace of mind, knowing that your family will be taken care of financially in case of your untimely demise. This allows you to focus on other essential aspects of life, without worrying about your family's financial security.
  • So, term insurance is a smart investment for individuals looking for affordable and reliable insurance coverage. With financial security, affordable premiums, high coverage amounts, tax benefits, flexibility, and peace of mind, term insurance provides the necessary protection to ensure that your family is taken care of in case of an unfortunate event.

Aegon Life Term Plan Riders

Aegon Term Insurance plans offer riders or add-ons that enhance the scope of your insurance coverage. Riders are extra benefits that can be added to your base policy at an additional cost, which is generally very minimal. In this section, we will discuss the riders available with Aegon Life Term Insurance plans in points:

  • Accidental Death Benefit Rider:

    This rider provides an additional payout in case of the policyholder's death due to an accident. The payout amount is usually a multiple of the sum assured chosen at the time of policy purchase.

  • Critical Illness Rider:

    This rider provides a lump sum payout to the policyholder in case of the diagnosis of a critical illness, such as cancer, heart attack, or stroke. The payout amount can be used to cover medical expenses or other financial obligations.

Calculate Aegon Term Insurance Premium

To calculate Aegon Term Insurance Premiums, policyholders can turn to Aegon Term Insurance Premium Calculator. It is an online tool that allows the policyholder to calculate their term plan premiums in advance.

Take a look below at some of the sample premiums of the Aegon Term plan:

Aegon Life Saral Jeevan Bima Plan

Sum Assured (in Rs.) 15 Lakhs 20 Lakhs 25 Lakhs
Premium (in Rs.) 685 1,378 3,030

*Premiums calculated for a 30-year old, non-smoker male. The chosen premium paying term and policy cover is of 10 years.

Aegon Life Saral Jeevan Bima Plan (premium paying term and policy cover of 10 years)

Sum Assured (in Rs.) 15 Lakhs 20 Lakhs 25 Lakhs
Premium (in Rs.) 483 518 648

*Premiums calculated for a 30-year old, non-smoker male. The chosen premium paying term and policy cover is of 10 years.

How To Buy Aegon Term Insurance Plans?

Aegon Life allows you to buy a term insurance plan in simple steps online via their website.

Steps to buy from Aegon Life Insurance company

  • Visit the official website of Aegon Life Insurance Company.
  • Click on ‘Plans’ on the navigation bar and select ‘Term Insurance Plans’.
  • Click on the ‘buy now button and fill in the required details.
  • Tap on 'next' and select a plan as per your requirements.
  • Select the cover option you want and make your payment.

Steps to buy from PolicyX.com

  • Fill out the form given at the top of this page with the necessary details.
  • Select your income and city. Click on 'Proceed'.
  • Update your education and occupation details.
  • Choose your preferred plan and click on 'Buy this plan'.
  • Select policy term, premium period, and riders (if required) and then proceed to do the payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

How to File Aegon Term Insurance Claims?

Filing a claim for Aegon Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online in 3 easy steps. To file a claim for Aegon Life Term Plan, you need to follow the below-mentioned steps.

1. Claim Intimation

You can visit their official website Aegon Life and click on “Register Claim” and fill in the necessary details.

  • Name of the policyholder
  • Policy number
  • Date of death/event of the life assured
  • Nominee name
  • Cause of death
  • Contact details

A claim reference number/intimation number will be provided to you upon successful registration of the claim.

2. Document Submission

Submit the necessary documents requested by the company to process the claim. In the case of natural death-

  • Death claim form.
  • Death certificate.
  • Original policy documents.
  • Claimant's identity & residence Proof.
  • Medical records at the time of death & past illnesses.
  • Account details of the nominee.

In the case of unnatural death (Accidental death/Murder/Suicide)-

  • Death claim form.
  • Death certificate.
  • Original policy documents.
  • Claimant's identity & residence proof.
  • FIR, police inquest report.
  • Post mortem report.
  • Account details of the nominee.

3. Claim Settlement

After receiving all the documents and claim forms, the company will verify the details as per their norms. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over call or email.

How to Contact Aegon Life Insurance Company?

No worries. The experts @PolicyX.com are always available to assist you.

Aegon Life Insurance Company, A-201, 2nd Floor, Leela Business Park, Andheri-Kurla Road Andheri-East Mumbai- 400059

customer.care@aegonlife.com

1800-209-9090 (Available from 9:00 am to 7:00 pm IST)

Aegon Term Insurance: FAQs

1. What are the documents required to surrender an Aegon Life Term plan?

If you reside in a city where there are no existing branches of the company, you need 5 documents via courier to the Head Office. These are:

  • Original policy document
  • Self-attested Pan Card Copy
  • Cancelled Cheque
  • NEFT Form
  • Application Letter

2. Can I make changes to my Aegon life term plan after I buy it?

No, once an Aegon term plan is purchased, the terms and premium amount cannot be changed.

3. Is Aegon life term plan covered terrorist attacks?

Yes, the Aegon term plan covers death caused by the terrorist attacks. The policyholder's nominee or legal heir can claim the death benefit.

4. How can I check the status of my Aegon Life Term Insurance Policy?

You can check the status of your Aegon Life Term Insurance policy by calling the toll-free number or sending an email to the company.

5. What is the grace period for Aegon life iterm insurance plan?

Customers who do not pay their premiums on time are given a 30-day grace period to do the same.

6. What is the ideal coverage for Aegon Life Term Plan?

The ideal coverage for your Aegon Term plan will solely depend on your needs and requirements. Evaluate your responsibilities, liabilities and of course budget, and then choose your ideal plan coverage.

7. My mother is again diagnosed with Covid-19. Will she still be eligible to avail of coverage under her Aegon Life Term Insurance Plan?

No, the policy covers hospitalization due to diagnosis of Covid-19 only for the 1st time.

8. In what time does the beneficiary need to report their Aegon Life Term Insurance plan claim after the date of the event?

All claims including death claims should be intimated as soon as possible. In case of any sort of delay in reporting the claim the reason for the same should be justified in writing by the claimant.

9. What are the plans offered by Aegon Term Insurance Company?

The Plans offered by Aegon Term Insurance Company are:

  • iTerm Comfort
  • iTerm Prime
  • Saral Jeevan Bima

10. Does Aegon Life Term Insurance Company cover critical illnesses?

Yes, Aegon Life Term Insurance Company cover critical illnesses in their plans, and the plans are as follows:

  • iTerm Comfort- Covers 36 Critical Illnesses.
  • iTerm Prime- Covers 36 Critical Illness.

11. What is the waiting period for Aegon Life Term Insurance Plans?

The waiting period for Aegon Life Term Insurance Plans is 45 days.

12. What is Special Exit Value in Aegon Term Insurance Plans?

Special Exit Value under Aegon Term Insurance Plans means that the policyholder may choose to depart the plan at a predetermined point and receive all premiums paid for the base protection benefit.

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Read what our customers have to say about Aegon term insurance company

Customer Review Image

Yash Pratap Singh

Chennai

May 26, 2022

One of the best term insurance companies. I lost my wife to Covid. Glad that we had decided to buy Term Insurance from Aegon Life Insurance. After completing the formalities and documentation, ...

Customer Review Image

prem khanna

Jaipur

February 24, 2022

I am here to write my experience with aegon insurance company. I always got satisfactory support from the company and their customer care people. They are educated and polite.

Customer Review Image

Rashmi Chkrworty

Chennai

September 30, 2021

One of the best term insurance companies. I lost my husband to Covid. Glad that we had decided to buy Term Insurance from Aegon Life Insurance. After completing the formalities and documentatio...

Customer Review Image

Satendar Singh Sodhi

Nagpur

September 30, 2021

Aegon Life Insurance is a name that I would recommend to everyone. With so many plans available, it is definitely one of the best you can buy.

Customer Review Image

Sudhir Kumar Jha

Dehradun

September 20, 2021

Plans of Aegon have very very good features... and the companies customer support team is very polite and helpful,

Customer Review Image

Ramesh

Coimbatore

September 16, 2021

I bought my life insurance plan from Aegon after my uncle suggestion, and I am super satisfied with the plan

Customer Review Image

Sanjeev

Delhi

September 16, 2021

Bahut hi badhiya company hai, gazab ke plans hai, muje bahut ache lage. aage bhi sabko boluga lene ke liye.

Customer Review Image

yogesh malhotra

Pune

September 15, 2021

bahut acha customer support hai...kaafi achi tarah samjhaya plan aur meri har sawaal ka bht ache se jawab diya, I am impressed