Aegon Life Term Insurance

Term insurance is one of the most versatile ways to protect your family against any unfortunate future financial adversity in your absence. Aegon Life Insurance, incorporated in the year 2008.

Aegon Life insurance (formerly known as Aegon Religare Life Insurance) was started in July 2008. Aegon Term Insurance was the first company in India to offer Online Term Insurance Plans. It offers various plans to cover yourself and secure your family's financial future with fixed premiums and rider benefits. In FY 2019-20, the company reported the Claims Settlement Ratio of 98.01%. Moreover, Aegon Term Insurance has a dedicated customer support team that is committed to providing the best possible service to its customers.

Features of Aegon Term Life Plans

Aegon Term Insurance has been recognized on various occasions for its achievements. Some of its recent achievements are as follows:

Benefits of Aegon Life Term Insurance

Claim Settlement Ratio of Aegon Life Insurance

Claim Settlement Ratio (CSR) of Aegon term insurance shows us the number of claims settled against the number of claims filed. Aegon Life settled over 99.25% of the claims filed in the year 2020-2021.

For your better understanding, we have shown you the claim settlement ratio of Aegon Life Term Insurance Company from FY 2018-2019 to FY 2020-21. Take a look:

CSR Trend of Aegon Life Term Insurance Company from 2018-2021

*Data has been sourced from IRDAI Annual Report

Aegon Life Term Plans in India

Aegon Life Term Plans - An Overview

1. Aegon Life iTerm Insurance Plan

   Aegon Life's iTerm Insurance Plan is a non-linked, non-participating term policy that ensures protection against numerous critical illnesses, in addition to covering death claims resulting from COVID-19.

   The Aegon Life iTerm Plan comes in three different variants that users can select as per their requirements.

   Life Protect	Policyholders receive life cover, 100% payout on being diagnosed with a terminal illness, and option to increase life cover at important life stages.
   Protect Plus	Policyholders receive life cover that increases by 5% every year at no extra premium, on top of 100% payout guaranteed on being diagnosed with a terminal illness.
   Dual Protect	Policyholders enjoy life cover, and guaranteed 100% payout on being diagnosed with a terminal illness, and regular monthly income from 60 years of age till plan maturity.

   * Please note that the plan option once chosen at inception cannot be changed later

   Key Features

   • The plan offers the opportunity to customize and choose from three options, viz. Life Protect, Protect Plus and Dual Protect.
   • Policyholders can enjoy Insurance Coverage till the age of 100.
   • Aegon life is liable to pay 100% of the sum assured as a lump sum amount in the event that the policyholder gets diagnosed with a terminal illness.
   • Death Benefit can be earned in lump sum or as monthly income.
   • The plan comes with the ‘It pays to quit smoking' benefit which offers buyers a chance to reduce their premiums in the event that they quit smoking.

   Eligibility Criteria

   Plan Options	Life Protect	Protect Plus	Dual Protect
   Entry Age	Minimum: 18 years, Maximum: 65 years	Minimum: 18 years, Maximum: 50 years	Minimum: 18 years, Maximum: 50 years
   Age at Maturity	Minimum: 23 years, Maximum: 100 years	Minimum: 65 years, Maximum: 100 years	Minimum: 70 years, Maximum: 100 years
   Policy Term*	Minimum: 5 years, Maximum: 82 years	Minimum: 15 years, Maximum: 82 years	Minimum: 20 years, Maximum: 82 years
   Premium Payment Option	Single Pay, Regular Pay, Limited Pay (5 years/10 years/Pay till 60)
   Minimum Sum Assured	Rs. 25,00,000

   * Subject to maturity age

2. Aegon Life Saral Jeevan Bima

   Aegon Life Saral Jeevan Bima is an individual, pure risk, non-participating, non-linked Term Insurance plan that serves as a financial support for the dependents in case of the policyholder's death. This Term Plan was introduced following the IRDAI's mandate on introducing a standard Term Plan by Life Insurers in India.

   Key Features

   • Dependents receive Death Benefits as lump sum payouts.
   • Policyholders can choose to pay Regular premiums, Single premium or Limited premiums.
   • The plan comes with the Aegon Life AD Rider, wherein if the policyholder succumbs to death as a result of an accident, the rider sum assured will be paid to nominees on top of the assured death benefit.
   • A free look period of 15-30 days is applicable, during which policyholders can choose to terminate the policy.

   Eligibility Criteria

   Entry Age	Minimum: 18 years, Maximum: 65 years
   Maximum Age at Maturity	70 years
   Policy Term	Minimum: 5 years, Maximum: 40 years
   Premium Payment Option	Single Pay, Regular Pay, Limited Pay (5 years/10 years)
   Premium Payment Mode	Yearly, Half-yearly, Monthly
   Sum Assured	Minimum: Rs. 5,00,000, Maximum: Rs. 25,00,000

3. Aegon Life Rural Term Insurance Plan

   This individual Term Plan requires the policyholder to pay a single premium amount to avail Life Cover for a period of five years.

   Key Features

   • A single premium payment guarantees Life Cover for 5 years.
   • The plan requires minimal documentation and doesn't involve pre-issuance medicals.
   • The sum assured is calculated as the basic Sum Assured or 125% of the single premium amount, whichever is higher.
   • The policy acquires Surrender Value on payment of the premium.

   Eligibility Criteria

   Entry Age	Minimum: 18 years, Maximum: 45 years
   Maximum Age at Maturity	50 years
   Policy Term	5 years
   Premium Payment Option	Single Pay
   Premium Amount	Minimum: Rs. 300, Maximum: Rs. 1000

4. Aegon Life Group Term Plus Insurance Plan

   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 provides the required financial assistance to the family of the Insured.

   Key Features

   • The plan offers four options to choose from- Silver, Gold option -1, Gold option- 2, and Platinum.
   • The plan offers the rider sum assured in a lump sum payout (on the first diagnosis of a Critical Illness).
   • Members can be added or removed from the coverage on a monthly basis.
   • The plan offers the flexibility to opt for monthly payouts.
   • The plan allows you to add and exclude any member.

   Eligibility Criteria

   Entry Age	14 years to 85 years
   Maturity age	15 years to 86 years
   Policy Term	1 years
   Premium payment term	Equal to the policy term
   Premium Payment Frequency	Annual / Half-Yearly / Quarterly / Monthly premium payment mode options

How to Buy an Aegon Life Term Insurance Plan?

Aegon Term Plans allows the policyholder to secure their family by offering a simple & hassle-free buying process. Take a look below to explore your options to invest in an Aegon term insurance plans.

Buy via Aegon Life Insurance Company

Claim Process at Aegon Life Insurance

What Are The Documents Required To Register a Term Insurance Claim?

In FY 2019-20, Aegon term insurance has a claim settlement ratio of 98.01. Listed below are the documents required to register a term insurance claim.