• Term Life
  • Investment

Aegon Life Easy Term Insurance Plan

Aegon Life Easy Protect Insurance term is a non-linked and non-participating policy. This insurance plan is formulated to protect and secure your family’s future in your absence. Being the sole earning member of the family, it is important to think about the future source of income for your family when you will not be around anymore. Aegon Life term policy is a life insurance coverage plan, available at a nominal premium rate. The annual premium which needs to be paid against the policy is evaluated on the basis of your present age. The life insurance coverage under the Aegon Life term plan commences from the date of issuance of the policy.

If something unfortunate happens to you suddenly, the Nominee will obtain a monthly sum of INR 10,000 for a period of ten years. The Aegon Life insurance plan is liable for tax benefits as per the laws of Income Tax in India.

Features of Easy Protect Insurance Plan

Given below are some of the exclusive benefits offered by the Aegon Life Easy Protect Insurance Policy.

Death Benefit:

If you pass away suddenly before the maturity of the said policy, then the Nominee is liable to receive a Life Insurance benefit known as the Death Benefit. As per the rules and regulations of the term plan, the Nominee will get INR 10,000 on a monthly basis for a period of 10 years. The monthly benefit pay-out begins from the next month following the date of your death and approval of the claim. However, if a Nominee wishes, he can opt to receive a discounted amount of the future pay-out.

If the nominee wants, he can receive the current value of the future payouts. The rate of interest for evaluating the present value is decided by the Insurance company itself. However, the amount will not go beyond yield to maturity on 10-year g-sec plus 3% per annum, subject to a maximum of 10% p.a. As soon as the monthly benefit is started to be paid, the option of acquiring the present value would no longer be available.

Tax Benefit:

According to the laws of the Income Tax, the paid premiums and the received benefits are liable to tax benefits. But alterations in the tax laws will also bring changes in the tax benefits as well.

Maturity Benefit:

If you survive through the policy tenure till the date of maturity, no maturity benefit will be paid and the term plan will be considered for termination.

Benefits of Easy Protect Insurance Plan

Aegon Life Easy Protect Insurance Plan provides an extensive range of benefits. Some of the benefits are discussed below.

Easy Purchase of the Plan:

You can easily buy Aegon Life Easy Protect Insurance Plan through a phone call. You just need to dial 1800 209 9090, which is a toll-free number, and follow the steps to complete the purchase process. Henceforth, the insurance plan is easily available at your fingertips and the procedure saves much of your time and effort.

Easy-to-understand Term Plan:

The norms associated with this insurance term plan are not complicated, and are comprehensible and easy to understand. Thus, following the simple and easy guidelines of the policy, you can secure and protect your loved ones from facing a pecuniary crisis during your absence.

Safeguards your Family’s Future:

In case of your untimely death, the assured sum associated with the term plan is paid out to the Nominee on a monthly basis for a period of ten years. Thus, the monthly payout would serve as regular income to your family and help them sustain a normal livelihood.

Affordable Payable Premiums:

The payable premiums are evaluated on the basis of your present age. However, the premiums are offered at a nominal affordable rate. You must pay the premiums annually as there is no other mode available for payment of the premiums.

Save on Income Tax:

As per the existing tax laws, the paid premiums as well as the acquired benefits are accountable for income tax benefits. However, the tax benefits may get modified in accordance with the changes in the tax laws.

Eligibility Criteria

To apply for and purchase the Aegon’s Easy Protect Insurance Term Plan, there are certain eligibility criteria which you need to fulfil. In the following table, Aegon Life Insurance Company has provided a brief overview of the eligibility criteria needed for buying the Easy Protect Insurance plan.

Entry Age· 20 years (Minimum) · 50 years (Maximum
Maximum Age for Maturity60 years
Sum AssuredINR 12, 00, 000 as the total assured sum (Sum of all the benefit pay-outs of INR 10,000 per month for a period of 10 years)

Product Details

ParticularDetails
Sum Assured INR 12 lakhs (Sum of the payouts i.e. INR 10,000 per month for 10 years)
Minimum Premium AmountINR 2,021
Tenure of Policy10 years
Tenure of Premium Payment As much as the tenure of the policy
Mode of Premium PaymentYearly

To understand the plan better, let us take the help of this example. Let us suppose Ravi Sharma is a healthy, non-smoker 35-year old man. His wife and his two kids age 8 and 5 years, are dependent on him financially. He has recently invested in Aegon Life’s Easy Protect Insurance Plan to ensure that his family does not have to struggle in case of his untimely death. The plan he opts for has the following parameters:

Tenure of Policy: 10 years Tenure of Premium Payment: 10 years Annualised Premium: INR 2714 (This amount does not include service tax) But just after 2 years of buying the policy Ravi dies in a car accident. A premium amount of INR 2,714 X 2 years = INR 5,428 has been paid by him. Now, his family will receive the death benefit of total INR 12 lakhs as a monthly payout of INR 10,000 for 10 years.

Documents Required for Easy Protect Insurance Plan

Since you can purchase the term plan over a phone call, you hardly require to provide details of each kind of proofs. Usually, the executives of the company present on the other side of the phone ask for certain personal details related to your identity, address and income proofs.

However, if something unfortunate happens to you during the policy term, then the Nominee or the beneficiary of the insurance policy can apply for your Death Claim. To support your claim, you would be required to provide certain relevant documents to the Aegon Life Insurance Company. The primary documents required for processing the Death claim are as follows:

  • Original Policy Bond

  • Certificate endorsed by a doctor or medical officer stating the exact cause of the death

  • Death Certificate of the policy-holder sanctioned by the local authority

  • Claimant’s Statement Form

  • KYC documents of the beneficiary so as to validate his/her identity and address.

However, the company is free to ask for additional documents needed for quick and responsive processing of the claim.

Other Details of plan of Easy Protect Insurance Plan

Grace Period

A period of 30 days from the due date of premium payment is given to you to make the outstanding payment. No fine or penalty is charged if the payment is made within this grace period. If in case the insured individual dies during this 30-day period, the first benefit is paid, after recovering the due premium.

Free-Look Period

If after buying the policy you feel displeased with the existing terms and condition, you have the option to return the policy. But this has to be done within a period of 15 days in case the policy was bought off-line, and within a period of 30 days if the policy was bought online or through Distance Marketing mode.

To return the policy, along with the policy papers, you need to make a request in the form of an application, mentioning the reason of returning the policy. Once you return the policy, it will be terminated. The premium that has been paid will be refunded after subtracting the proportionate risk premium for the tenure of cover along with the cost of stamp duty that was spent on the policy.

Availability of Loan

There is no provision for asking for a loan under Aegon Life Easy Protect Insurance Plan.

Tax Benefit

Premium paid under this policy are eligible for tax benefits u/s 80C and the benefits received are eligible for tax benefits u/s 10 (10D) of the I.T.Act, 1961 as per the prevailing tax laws. Please consult your tax advisor for details.

Discontinuance of Premium

If you do not pay the due instalment even in the grace period that is allowed, the policy will lapse and you will not be able to enjoy any benefits from it.

Reinstatement of the Policy

In case there was some imbalance in your economic condition because of which you could not pay the premiums on time, and wish to reinstate the policy now, the company gives you an opportunity to do so.

  • The request must be raised with 2 consecutive years of the first unpaid premium and before the expiry of the term of the policy.
  • Satisfactory evidence of your insurability must be submitted.
  • All the outstanding premiums must be paid along with the interest (as decided by the company).
  • In case you are found to be sub-standard or if you have crossed the non-medical age limit at the time of the policy revival, then the policy may not be reinstated.

All these formalities are to be completed as per the ‘underwriting policy’ of the Company which is approved by the Board. The terms of the policy can be entirely different at the time of revival as compared to the terms that were put down when the policy was originally bought.

Assignment

Assignment is permitted as per Section 38 of the Insurance Act, 1938. This may be altered from time to time as per the government policies.

Nomination

Nomination is permitted as per Section 39 of the Insurance Act, 1938. This may be altered from time to time as per the government policies.

Surrender Benefits

There are no surrender benefits available under Aegon Life Easy Protect Insurance Plan.

Exclusions - Aegon Life Easy Protect Insurance Plan

In case the insured individual commits suicide, which results in his death directly or indirectly, during:

  • 12 months of the date of buying the policy. (Date of Issue of the Policy)

  • 12 months of the date of reinstating the policy

The nominee will be paid 80% of the total premiums that have been paid till the death of the insured. However, this is possible on the condition that the policy is active on the date of demise of the insured. When the death benefit is paid, the policy is terminated.

Review of Aegon Life Easy Protect Insurance Plan

Life is full of uncertainties. And as the sole earning member of your family, it is your biggest responsibility to secure and protect the future of your family members and make the necessary arrangements for their financial support, even in your absence. Aegon Life Easy Protect Insurance Plan is one such comprehensive and pure term plan that facilitates you to make provisions for sufficing the needs and requirements of your family members long after your death. The affordable premium rates and hassle-free purchasing process allows you to invest in this life insurance policies so as to ensure that your loved ones do not face a monetary catastrophe after your demise.

A life insurance coverage of INR 12,00,000 is offered under this policy term. If within the policy tenure you pass away, the entire assured sum will be given to the beneficiary of the policy part-by-part on a monthly basis for a period of 10 years. Besides, you will also receive a tax benefit on the paid premiums and the received benefits as per the Income Tax Laws. Thus, tax-benefits act as an add-on over the term plan.

To sum up, it can be said that Aegon Life Easy Protect Insurance Plan is a simple, uncomplicated, reasonable and long-term policy which not only provides economic support to your loved ones, but also helps in securing their futures.

FAQs on Aegon Easy Protect Term Plan

Why should I purchase the Life Easy Protect Insurance Term Plan from Aegon Life Insurance Company?

Aegon Life insurance company is one of the most popular and trustworthy insurance firms in India. The firm provides top quality products and services to their clients. The remarkable portfolio of the company together with superior customer service will ensure that Aegon Life Easy Protect Insurance Policy is a valuable investment to secure the future of your loved ones past your demise.

Suppose I have applied for my Life Easy Protect Insurance Policy, how should I check the status of my term?

If you have purchased the Life Easy Protect Insurance Term Plan recently, you can easily call the company on their toll-free number 1800 209 9090 or email them at the given email id: customer.care@aegonlife.com.

Can I avail for a loan against the Aegon Life Easy Protect Insurance Policy Term?

No, Aegon Life doesn’t permit the clients or customers to avail for a loan against this policy.

If due to circumstances, I need to surrender my policy, then would I receive Surrender Benefits?

On surrendering your insurance plan, you will not receive any surrender benefit.

Does the policy provide Maturity Benefit after the maturation of the policy?

If you survive during the policy tenure, you will not be liable for any maturity benefit. Since Aegon Life Easy Protect Insurance Plan is a pure term plan, it does not offer any maturity benefit.

After applying for the term plan can I change the guaranteed sum amount?

No, once you have purchased your policy, you cannot alter the amount of the guaranteed sum during the tenure of the insurance plan.

If I fail to pay my premium within the stipulated time, would my Insurance Plan lapse?

If you fail to pay the premium of your policy within the stipulated time, initially you will be given a certain Grace Period to make your payment without any additional charge. However, failing to pay even within the Grace Period, your term plan will lapse along with all the benefits.

What is the Grace Period of Aegon Life Easy Protect Insurance Term Plan?

Aegon Life offers a Grace Period of 30 days so as to clear the overdue payments of premiums of the Easy Protect Insurance policy. During this Grace Period, if you pass away, the outstanding amount of premium shall be deducted from the payout of your first benefit.

If I need to make a change in the name of the beneficiary, what is the procedure to do so?

If you intend to change the name of the beneficiary of your Easy Protect Insurance policy, you need to submit an endorsement form and then call on the toll-free number of the company. You should inform their executives the same over a call and the firm would update your information as soon as possible.

Under what conditions or circumstances would my Easy Protect insurance policy get terminated?

Aegon Life Easy Protect Insurance Term plan can get terminated on the following grounds: · If you decide to surrender the policy, then from the date of surrender the policy along with its benefits would be terminated. · As soon as the insurance plan gets matured. · The date at which the death of the policy-holder is intimated to the company marks the end of the plan. · The term plan also gets terminated on the expiration of the reinstatement period, if the policy has not yet been reinstated.

Is suicidal death included in the terms of death claim associated with the Easy Protect Insurance Policy?

If the policy-holder of the Easy Protect Insurance Term Plan commits suicide within the first year of the issuance of the policy or from the date of the latest reinstatement of the policy, then the beneficiary will be awarded 80% of the paid premiums. Nevertheless, the said plan will terminate after the payment of the death benefit.

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