Aegon Life Term Insurance

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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, offers various plans to cover yourself and secure your family's financial future with fixed premiums and rider benefits. As of FY 2019-20, the company reported the Claims Settlement Ratio of 98.01%.

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Features of Aegon Term Life Plans

The company has been recognised on various occasions for its achievements. Some of its recent achievements are as follows:

  • Options in Death BenefitPolicyholders can choose for the nominees to receive sum assured on death as a lump sum amount or as monthly income.
  • Choice of Premium PaymentThere is flexibility to choose from Single, Regular, or Limited premium payment options.
  • Customisation AvailableThere is room for customizations according to the financial requirements of the policyholder’s family.
  • Add-on BenefitsProtective riders can be availed for enhanced protection against accidental death and terminal/critical illnesses.

Benefits of Aegon Life Term Insurance

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Low premiums for females and non-smokers

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Long-term Life cover

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100% cover against Terminal Illness

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Easy Claim Process

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Fixed premium for the whole term

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Quick issuance of policy

Claim Settlement Ratio of Aegon Life Insurance

Claim Settlement Ratio (CSR) of an insurer is a number that shows us the number of claims settled against the number of claims filed. Aegon Life settled over 98% of the claims filed in the year 2019-2020.

In the chart below, you will find the Claim Settlement Ratios of Aegon Life Insurance & other Top Insurers (2019- 2020).

Comparison of Aegon Life Insurance with other top Insurance Companies (based on CSR)

Comparison of Aegon Life Insurance with other top Insurance Companies

*Data has been sourced from IRDAI Annual Report

Aegon Life Term Plans in India

S. No.Names of PlansWho should buy it?
1Aegon Life iTerm Insurance Plan The plan offers room for customization, so those looking for flexible options should check out this plan.
Those looking for income replacement avenues could consider it.
Females and non-tobacco users are ideal, for they can avail the plan at low premium rates.
2Aegon Life Saral Jeevan BimaPeople looking for a well rounded cover will find this plan suitable.
3Aegon Life Rural Term Insurance Plan Low-income individuals are ideal for this type of Term plan.
Those looking for short-term cover at economical premiums should have this plan on their shortlist.
4Aegon Life Group Term Plus Insurance PlanOrganizations who wish to ensure financial safety of their employees and their respective families at reasonable costs should consider this plan.

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 ProtectPolicyholders receive life cover, 100% payout on being diagnosed with a terminal illness, and option to increase life cover at important life stages.
    Protect PlusPolicyholders 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 ProtectPolicyholders 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 OptionsLife ProtectProtect PlusDual Protect
    Entry AgeMinimum: 18 years, Maximum: 65 yearsMinimum: 18 years, Maximum: 50 yearsMinimum: 18 years, Maximum: 50 years
    Age at MaturityMinimum: 23 years, Maximum: 100 yearsMinimum: 65 years, Maximum: 100 yearsMinimum: 70 years, Maximum: 100 years
    Policy Term*Minimum: 5 years, Maximum: 82 yearsMinimum: 15 years, Maximum: 82 yearsMinimum: 20 years, Maximum: 82 years
    Premium Payment OptionSingle Pay, Regular Pay, Limited Pay (5 years/10 years/Pay till 60)
    Minimum Sum AssuredRs. 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 AgeMinimum: 18 years, Maximum: 65 years
    Maximum Age at Maturity70 years
    Policy TermMinimum: 5 years, Maximum: 40 years
    Premium Payment OptionSingle Pay, Regular Pay, Limited Pay (5 years/10 years)
    Premium Payment ModeYearly, Half-yearly, Monthly
    Sum AssuredMinimum: 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 AgeMinimum: 18 years, Maximum: 45 years
    Maximum Age at Maturity50 years
    Policy Term5 years
    Premium Payment OptionSingle Pay
    Premium AmountMinimum: 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 Age14 years to 85 years
    Maturity age15 years to 86 years
    Policy Term1 years
    Premium payment termEqual to the policy term
    Premium Payment FrequencyAnnual / Half-Yearly / Quarterly / Monthly premium payment mode options

How to Buy an Aegon Life Term Insurance Plan?

Let's take a look at your options to invest in a Term Insurance plan offered by the company.

Buy via Aegon Life Insurance Company

  • Visit the official website of the Aegon Life Insurance Company.
  • Click on the tab 'Online Plans'. Take your cursor to the tab 'Term Insurance'.
  • Click on the desired plan and tap on the tab 'GET a Free Quote' present at the right corner of the page.
  • Fill in the required details such as your name, gender, DOB, email ID, and mobile number.
  • Click on the tab 'Proceed'. Fill in the information about tobacco consumption and annual income. Tap on 'Submit'
  • Click on the tab 'Build Your Plan'. Check the cover amount, choose your plan, and add top-ups if you wish to.
  • Submit the details such as your city, educational qualification, occupation, and nationality.
  • Tap on the tab 'Proceed'. Choose the suitable premium tenure from the available options.
  • Confirm the details and click on the tab 'Pay Now'.
  • The company will share the policy documents on your registered mail Id. It will also send a hard copy to your address.

Claim Process at Aegon Life Insurance

Claim Intimation

Submit duly completed claim forms and required documents at the nearest Aegon Life Branch or at their Head Office.

Document Verification

Upon receipt of the documents, the company commences the Claim Process and futher validates the information provided.

Benefit Payout

Further, upon verification, the company releases the balance/ complete death/ rider benefit amount to the beneficiary.

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

Listed below are the documents required to register for a term insurance claim.

  • Claimant’s statement form
  • Copy of death certificate issued by municipal corporation
  • PAN Card
  • Aadhaar Card/Passport/Driving License/Voter's Identity Card/Job card issued by NREGA
  • One recent photograph of the claimant
  • Copy of self attested cancelled cheque / Passbook of the claimant
  • Relationship proof (wherever applicable)

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Frequently Asked Questions (FAQs)

1. Can I claim any benefit under the Aegon Life iTerm Insurance Plan, if the Life Assured commits suicide?

Beneficiaries can claim up to 80% of the premiums paid if the Life Assured commits suicide within 12 months of policy inception or renewal.

2. 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

3. What happens if I do not nominate a person to receive the benefits after my death or in case the nominee also dies at the same time?

An Open Title claim can be registered in such cases. The Claimant has to submit a Succession Certificate, which is issued by a competent court. If the company has accepted the claim but is waiting for the issued proof, it has the authority to hold the money till the proof is submitted.

4. 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.

5. 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.

6. 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'.

7. 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.

8. 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.

9. 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.

10. Can life insurance claims be rejected?

Yes, the insurer can reject a life insurance claim on grounds of-

  • Misrepresentation of actual information
  • Non-disclosure of correct information
  • Fraud

Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4.6/5 (25 Total Rating)

September 30, 2021

Rashmi Chkrworty

Chennai

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 documentation, I got my claims settled. Thankyou Aegon.

September 30, 2021

Satendar Singh Sodhi

Nagpur

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.

September 20, 2021

Sudhir Kumar Jha

Dehradun

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

September 16, 2021

Ramesh

Coimbatore

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

September 16, 2021

Sanjeev

Delhi

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

Last updated on October, 2021

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