Insurance Plans 754 views December 9, 2019

Aegon Life Term Plan

Aegon Life Insurance Company, as it is known today, started off as Aegon Religare Life Insurance Company in 2006. It is one of the prominent names in the financial services and Insurance sectors of India. Aegon offers insurance coverage policies at attractive premiums with varied features to suit the individual needs of the consumers. It offers a range of life insurance products and term plans are one such type of product offered by the company.

Term Insurance

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What is term insurance?

Term Insurance Plans are insurance policies with a fixed term or a specified number of years. The insurer company promises to pay the insured person or the policyholder the amount of insurance in the event of an untimely death of the insured within the period of the insurance. This amount is paid to the nominee as mentioned in the policy as per the mode of payment selected. Term insurances are less expensive than the regular insurance policies in terms of the premiums paid but they assure only death benefits and have no cash benefits involved.

Aegon Life Term Plan

Aegon Life Term Plan has been comprehensively revised to provide maximum benefits to the policyholder and give the best possible options to choose from. Keeping the interests of the consumers in mind, Aegon Life brings a host of Term Plans to suit the needs of all kinds of consumers.

Aegon Life Term Plan Types

1. Aegon Life iTerm Insurance Plan

The Aegon Life iTerm Insurance Plan offers a protection plan which is affordable and flexible to suit the needs of all kinds of investors. It covers the policyholder up till the age of 100 and has three options to choose from.

  1. Protect Plan: This plan provides a 100% payout on terminal illness along with life cover, which is flexible to accommodate any requirements at important life stages.
  2. Protect Plus Plan: The Protect Plus Plan increases your life cover by 5% every year without any alterations in the premium in addition to the 100% payout on terminal illness.
  3. Dual Protect Plan: The Dual Protect Plan is a step forward with a regular monthly income for individuals above the age of 60 in addition to the life cover and 100% payout on terminal illness.

The Aegon Life iTerm Insurance Plan has distinctive features and benefits which sets it apart from the other plans:

  1. As mentioned above it offers 3 different options to suit the various needs of people looking for a viable insurance plan.
  2. As an added incentive the plan offers lower premium rates for non-smokers and female policyholders which encourages more people to invest in the policy and gain the advantages offered.
  3. The death benefits to be released can be opted for as a one-time amount or in monthly instalments as the policyholder may so decide.
  4. The policy provides the flexibility of paying the life cover amount in case of a terminal illness for treatment of the same.
  5. The policyholder also enjoys tax benefits for the premium paid as per the applicable tax rules.
  6. The policy offers a unique program called “It pays to quit Smoking” for smokers by giving them the incentive of reduced premium from the second year if they quit smoking.

Eligibility Criteria for Aegon Life iTerm Insurance Plan

Entry Age18 years to 65 years
Policy Term5 years to 20 years
Sum AssuredMinimum of Rs.25 Lakhs
Premium Payment FrequencySingle/Annual/Half-Yearly/Monthly

2. Aegon Life Easy Protect Insurance Plan

Another Term Insurance Plan offered by the house Aegon, the Easy Protect Plan provides a death benefit of Rs.10000 monthly to the nominee after the death of the person insured for 10 years. Other features of the plan are as follows:

  1. Grace Period Allowance: The plan gives a grace period of 30 days from the due date of payment for the premium. In the unlikely event of the death of the insured within the grace period, the last premium is deducted from the first payment.
  2. Free Look Period: Aegon Life offers a unique feature under this plan where the policyholder is free to return the policy to the company within 15 days or 30 days for policies taken through distance marketing mode, in case he/she is dissatisfied with the same.
  3. Tax Benefits: The policyholder stands to gain through tax exemptions on the premium paid under this plan and also for the benefits received, as per the present day tax exemption rules applicable.

Eligibility Criteria for Aegon Life Easy Protect Insurance Plan

Entry Age20 years to 50 years
Policy Term10 years
Sum AssuredRs.12 Lakhs
Premium Payment FrequencyAnnually
Minimum Premium PayableRs.2021

3. Aegon Life iTerm Plus Insurance Plan

The iTerm Insurance Plan offers 4 different option to choose from depending upon the extent of the cover you are seeking through the policy.

  1. Life Plan
  2. Life Plus Plan
  3. Life and Health Plan
  4. Life and Health Plus Plan

The premium for the policy increases with the additional features being added to the plan for better cover. The basic features of the plan are listed below for easy reference:

  1. It provides a comprehensive insurance cover till the age of 80.
  2. The plan offers a waiver for premiums in the unfortunate event of a permanent disability or critical illness.
  3. The company offers a lower premium under this plan for female policyholders and non-smokers.
  4. The policyholders enjoy tax redemption on the premium paid and the benefits availed as per the applicable tax laws.
  5. It also offers payment options of lump sum amount or periodical instalments as may be feasible to the policyholder.

Eligibility Criteria for Aegon Life iTerm Plus Insurance Plan

Entry Age18 years to 65 years
Policy Term5 years to 62 years depending upon the policy taken.
Sum AssuredDeath Benefit – Rs.25 Lakhs
Accidental Death Benefit – Rs.50,000
Critical Illness Benefit – Rs.5 Lakhs
Premium Payment FrequencyAnnual/Half-yearly/Monthly

Conclusion

Aegon Life is a brand as old as 170 years and so trust and reliability are deeply embedded in the name. Though the Company has taken roots in India since 2008 only, it has established itself and has garnered accolades and appreciations in the form of many awards and recognitions at various renowned programmes. In the year 2018-19 Aegon Life has registered a claim settlement ratio of 96.45% which speaks volumes about the Company.

Investing in a Term Insurance for the financial security of your kith and kin is a wise decision but at the same time involves some mindful thinking and calculations. It is advisable to check on all the details of the policy you are opting for and weigh the pros and cons to the best of your benefit in the long run.

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