Term Insurance 191 views January 20, 2021

Looking for a Life Insurance Plan that can protect the finances of your loved ones, in case you are not around, at an affordable premium? Well, Aegon Life Easy Protect Insurance Plan can be the right choice for you as it helps your loved ones deal with the uncertainties of life appropriately. With the death benefit of INR 12 lakh, you can be assured of the fact that your family will be able to sustain the lifestyle even in your absence.

Want to know other features of Aegon Life Easy Protect Insurance Plan? Well, on this page, we will be discussing some of the important aspects such as its key benefits, the sum assured amount, policy term, premium amount, premium payment term, eligibility conditions, etc. Keep reading to know more about this plan from Aegon Life!

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Why Should You Choose Aegon Life Easy Protect Insurance Plan?

The first thing that comes to people’s minds when going for any life insurance plan is – why should they choose a particular insurance plan. What are those key features that one could take advantage of when choosing Aegon Life Easy Protect Insurance Plan? Well, we are showing some of the key benefits of this plan from Aegon Life below. Please check!

  1. The first thing that you should know about the Aegon Life Easy Protect Insurance Plan is its working. When choosing this plan, you will need to pay the annual premium according to your entry age, and your life insurance cover will begin as soon as the policy is issued by the company.
  2. With this policy from Aegon Life, individuals will get a grace period of 30 days from the premium due date to pay the required premium amount. If an individual does not pay the premium till the expiry of the grace period, the policy will lapse with all the benefits.
  3. Aegon Life also provides a free look period of 15 days or 30 days (if purchased through distance marketing mode) within which you can review the terms and conditions of the policy and return it if you are not satisfied with the same.
  4. However, if an insured person dies during the grace period with an outstanding premium due, it will be recovered from the death benefit payout.
  5. Individuals can also get tax benefits on the premium paid towards the policy under Section 80C and on the benefits received under Section 10(10D) of the Income Tax Act, 1961.
  6. Do remember that you cannot opt for a loan against this policy from Aegon Life.

Some of the other benefits of this plan are mentioned below that you should check.

Death Benefit

If an insured person dies during the policy term, the company will pay INR 10,000 per month for 10 years from the next month’s anniversary following the date of death and after the claim is accepted.

One of the best things about the Death Benefit of this plan is that the nominee has the option to receive the present value of future payouts. The interest rates to estimate the present value will be decided by the company from time to time. Do remember that if the nominee is choosing the ‘Monthly Payout Benefit’, the option of taking present value will not be available.

Maturity or Surrender Benefit

The policy will terminate itself without any benefit to the insured person if he or she survives till maturity or surrender of the policy.

What is the Sum Assured on Easy Protect Insurance Plan from Aegon Life?

One of the important things when choosing a life insurance plan is to know about the coverage amount that your policy will provide. In the case of Aegon Life Easy Protect Insurance Plan, the sum assured on death would be INR 12,00,000. This amount is the sum of all payouts, which is INR 10,000 per month. The company will pay this amount to the nominee in case of the insured person’s demise.

What are the Policy Term and Premium Payment Term?

Individuals can choose to protect their life for 10 years with this plan from Aegon Life. This means the policy term stands at 10 years. When we talk about the premium payment term, the period for which you will need to pay the premium amount will be equal to the policy term.

What is the Minimum Premium Amount?

Want to know the premium amount that you will need to pay towards your policy every year? Well, the minimum premium amount stands at INR 2,021. Also, remember that the premium amount will depend on the entry age of an individual.

Eligibility Conditions for Aegon Life Easy Protect Insurance Plan

What are those few conditions that an individual needs to keep in mind while choosing Aegon Life Easy Protect Insurance Plan? Well, you can check them below!

  1. The minimum entry age for an individual stands at 20 years, while it can go as high as 50 years.
  2. An individual can be as old as 60 years at the time of policy maturity.
  3. Aegon Life offers only an annual premium payment mode when it comes to the Easy Protect Insurance Plan.

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