Aegon Life Insurance Company is a joint venture between Aegon and Times Group. The company has its presence in more than 20 countries. Aegon Life Insurance understands the needs of its customers and consequently introduces insurance products that are highly affordable, worthwhile, and beneficial for the Indian population to secure their family.
Talking about its term insurance, Aegon fabricated dynamic plans to cater to the growing awareness about financial security from future eventualities. Aegon term plans not only ensure the safety of the family after the death of the life assured but also become a partner during accidents, disability, and critical illness by reducing your premiums and providing coverage accordingly.
Aegon Life Insurance Company offers a wide range of effective term insurance plans to cater to the multiple needs of customers. Below is the list of Aegon Term Insurance Plans for your perusal.
Aegon Life iTerm Insurance Plan is an affordable comprehensive protection plan that comes out with an option of life coverage till the age of 100 years, The plan offers the add-on flexibility to select from 3 different plan options as per the requirements. The best thing about this plan is that you can get an additional lump sum payout on diagnosis of 36 Critical Illnesses up to 80 years.
Key Features
Eligibility Criteria
Entry age | 18 years to 65 years |
Maturity age | 23 years to 100 years |
Policy term | 5 years to 82 years |
Premium payment term | Single pay, limited pay and regular pay |
Premium Payment Frequency | Single, annual, half-yearly and monthly |
Base Sum Assured | Minimum – Rs. 25 Lakhs Maximum – No limit, subject to Board Approved Underwriting Policy |
**Last Updated on 27-01-2021
Aegon iTerm Plus is a comprehensive online term insurance plan, where you have the flexibility to choose from four plan options that come out with multiple in-built benefits like accidental death and critical illness.
Key Features
Eligibility Criteria
Entry age | 18 years to 65 years |
Maturity age | 80 years (Max) |
Policy term | 5 years to 62 years |
Premium payment term | Equal to the policy term |
Premium Payment Frequency | Annual, Semi-Annually and Monthly |
**Last Updated on 27-01-2021
Group Term Plus Insurance Plan offers the required financial cover in case of unfortunate demise or accidental dismemberment of at least one limb of the insured. It will provide the required financial assistance to the family of the insured.
Key Features
Eligibility Criteria
Entry age | 14 years to 85 years |
Maturity age | 15 years to 86 years |
Policy term | 1 year |
Premium payment term | Equal to the policy term |
Premium Payment Frequency | Annual / Half-Yearly / Quarterly / Monthly premium payment mode options |
**Last Updated on 27-01-2021
It is a non-linked and non-participating group credit life insurance plan. Aegon Life Group Credit Shield Insurance Plan not only assists the members of your group with a life insurance cover but also adequately covers their outstanding loan amount.
Key Features
Eligibility Criteria
Minimum entry age | Education Loan under Benefit Option 1 – 14 years Others - 18 years |
Maximum entry age | Benefit Option 1: 65 years Benefit Option 2: 60 years |
Maximum maturity age | Benefit Option 1: 75 years Benefit Option 2: 65 years |
Group size | 50 to no limit |
Minimum sum assured | Rs.5,00,000 per member for Home Loan and Rs.50,000 per member for other types of loans. |
Premium Payment Frequency | Single/Yearly /Half-yearly/ Quarterly/Monthly |
**Last Updated on 27-01-2021
In the case where the insured person passes away because of an accident, the accidental death rider pays a sum above and beyond the basic sum assured to the nominee.
As the name suggests, this income benefit rider makes sure that your family receives a steady flow of income even in your absence. The income received supplements the sum assured provided to the beneficiaries/nominees.
In the case where the insured is diagnosed with any of the listed 36 critical illnesses, this rider makes sure that all of your future premiums are waived off.
The rider offers a lump sum benefit and waiver of premium benefit if the policyholder becomes a victim of critical illness during the policy tenure.
A person can invest in the Aegon Term insurance plan through the official website of the company or through PolicyX.com. Let's discuss the process in detail.
Buy Through Aegon Life Insurance Company
The rest of the Aegon term insurance plans are not available online. You have to visit the nearest Aegon Life branch to buy them.
Buy Through PolicyX.com
Note- You can also file a claim by visiting the nearest branch of the company.
1. I am 30 years old and my annual salary is around Rs. 5 lakh, how much of term insurance cover should I buy?
If you are around 30, you can work 30 years more. Your current annual salary is around Rs. 5 lakh, but you will get an increment every two years or so. Hence, you could look at a term insurance amount of Rs. 1 crore. Just keep the growing inflation rate in mind.
2. Is the Gender of the Insured Important while buying Term Insurance?
Yes. The average Indian woman lives longer than the average Indian man, therefore, the term life insurance premium for women is lower as compared to men of the same age.
3. What if the premium of my term insurance is not paid?
If the premium remains unpaid for more than a month after the due date (that is the 'grace period'), the plan will lapse. In such a situation, your beneficiary will not receive anything from the term life insurance policy and will be considered as 'lapsed'.
4. What happens to the due premium if the insured dies before paying it?
If the insured dies during the plan tenure (before he/she can pay the premium), the due premium will be deducted from the death benefit.
5. Are there no monetary benefits of investing in term insurance?
Apart from insuring your family, term insurance plans offer various tax benefits. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the amount that your loved ones get in your absence will be tax-free.
6. Can I buy 2 term insurance policies?
You can buy as many term insurance plans as you want to fulfil your insurance needs. You can even nominate different beneficiaries for both the insurance plans.
7. Can life insurance claims be rejected?
Yes, the insurer can reject a life insurance claim on grounds of-
Last updated on 27-01-2021
