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Term Insurance 676 views January 22, 2021
Want financial security for your family in your absence? Well, Aegon Life has just the right plan for you! Aegon Life Rural Term Insurance Plan can protect your family in a hassle-free manner. One of the best things about this plan from Aegon Life is that individuals only need to pay once in five years and they can remain tension-free during their policy term. Also, a single premium amount can be as low as INR 300. Other than this, this term insurance plan provides a death benefit, surrender benefit, free look period, etc. to policyholders.
Want to know more about Aegon Life Rural Term Insurance Plan? Well, we will be telling here its key features, the sum assured amount, premium amount, eligibility conditions, etc. So, read on!
Table of Contents
Aegon Life Rural Term Insurance Plan is a non-linked non-participating individual term insurance plan, which can be a perfect plan for individuals living in rural areas. But what are those key features because of which one should choose this plan? Well, you can look at the same below.
In the case of this plan, the sum assured amount will be equal to the product of a single premium paid and sum assured multiple. Do remember that sum assured multiple will depend on the age of the life insured at the time of entering into the policy. You can look at the same in the below table.
Age of Life Insured at Entry | Sum Assured Multiple | Age of Life Insured at entry | Sum Assured Multiple |
---|---|---|---|
18 | 104 | 32 | 80 |
19 | 103 | 33 | 77 |
20 | 102 | 34 | 73 |
21 | 101 | 35 | 69 |
22 | 100 | 36 | 65 |
23 | 99 | 37 | 60 |
24 | 98 | 38 | 57 |
25 | 97 | 39 | 53 |
26 | 96 | 40 | 49 |
27 | 94 | 41 | 45 |
28 | 92 | 42 | 41 |
29 | 90 | 43 | 38 |
30 | 87 | 44 | 35 |
31 | 84 | 45 | 30 |
You would want to know the different benefits that you can enjoy with this policy from Aegon Life. Well, we are mentioning them below. Please check!
During the policy term, if the policyholder dies, the company will pay a sum assured to the nominee. Do remember that the policy will terminate after getting death benefits. Also, individuals will need to present a few documents to process the death claim such as the Death Certificate issued by the Local Authority, Claimant’s Statement, and a few additional documents (FIR & Post Mortem Report. The sum assured on death will be higher of the following amounts.
In the case of this Plan, policyholders will not receive any maturity benefit if they survive until the end of the policy term. Also, the policy will terminate on the date of maturity.
As soon as an individual pays the single premium, the policy will acquire surrender value and will be calculated as follows.
Surrender Value = 70% x Single Premium Paid x (outstanding coverage term in months x Total Coverage Term in months)
Do remember that the surrender value is the proportion of unexpired premium. Also, the policy will terminate once the company pays the guaranteed surrender benefit.
This plan offers a maximum policy term of 5 years. Coming to its premium payment term, an individual can only make a single premium payment.
In the case of Rural Term Insurance Plan, this amount can go as low as INR 300 while it can be as high as INR 1,000.
There are a few important conditions related to this rural term insurance from Aegon Life that you can check below.