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Term Insurance 588 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
Key Reasons to Choose Aegon Life Rural Term Insurance Plan
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.
- One of the amazing features of this plan is that it is a single premium term insurance plan. With this feature, individuals can get protection for 5 years by making a single premium payment and remain free from any stress.
- This policy from Aegon Life will provide death benefits to the nominee if the policyholder dies during the policy term. The death benefit will be the sum assured amount.
- Policyholders also don’t need to go through a pre-issuance medical screening when choosing this rural term insurance plan from Aegon Life.
- Individuals can enjoy simple documentation
- You will also get a free look period of 15 days or 30 days (if purchased through distance marketing) from the inception date of the policy. They can return the policy within this period if they are not satisfied with the terms and conditions of the policy.
- Individuals cannot opt for a loan against this rural term insurance plan.
What is the Sum Assured Amount for Aegon Life Rural Term Insurance Plan?
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 |
Aegon Life Rural Term Insurance Plan Benefits
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!
Death Benefit
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.
- The Sum Assured
- 125% of the Single Premium
Maturity Benefit
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.
Surrender Benefit
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.
What is the Policy Term and Premium Payment Term?
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.
What is the Minimum and Maximum Single Premium Amount that an Individual Needs to Pay?
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.
Aegon Life Rural Term Insurance Plan Eligibility Criteria
There are a few important conditions related to this rural term insurance from Aegon Life that you can check below.
- The entry age for an individual can be as low as 18 years, while it can go as high as 45 years.
- Coming to the maturity age, an individual can be a maximum of 50 years.