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Aegon Life Term Insurance

The term insurance provided by Aegon Life is a pure traditional term plan with a higher coverage at a very affordable cost. The main motto of this company is to safeguard the insured’s family by offering a life cover along with monthly payout benefit.

Aegon Life offers best emergency assistance services.

Those who wish to safeguard their family post their demise with a good lifestyle and with a monthly income should opt for Aegon life term insurance.

Benefits of Buying an Aegon Life Term Insurance

  • Terminal Illness: Here, 25% of the sum assured is immediately paid to the insured in case diagnosed with terminal illness. The amount, however, is paid maximum up to 1 Crore and therefore, all the premiums to be paid in the future all waived off.

  • Death benefit Option1: Here, 100% of the sum assured is immediately paid-off to the insured’s nominee in case of death of the insured.

  • Death benefit Option2: On death of the insured, the insurance company pays 50% of the total sum assured immediately to the nominee of the insured and the remaining amount is paid monthly as a regular income at 3%.

  • Tax benefits: Section 80C and 10(10D) of the Income Tax Act, provides tax benefits for premiums paid regularly.

Types of Aegon Life Term Insurance Plans

Aegon Life iTerm Insurance Plan

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 65 and the maturity age is 75 years
  • You can buy this plan online through the company’s website.
  • In case the insured gets diagnosed with any terminal illness, then 25% of the sum insured is paid immediately.
  • Tax benefits under Section 80C (Up to Rs. 1.5 Lacs) and 10(10D) of the Income Tax Act is provided if the premiums are paid on time.
  • Under the Single Pay option, the premiums can be paid in lump sum or can be paid for the entire duration under the Regular Pay option.

Riders

  • Aegon Life AD Rider- It covers accidental death of the insured
  • Aegon Life WOP Rider on Critical Illness - Offers coverage for 4 critical illnesses such as Stroke, Cancer, Open Chest CABG and first Heart Attack. In case the insured is diagnosed with these critical illnesses, then the future premiums are also waived off.
  • Aegon Life iCI (Critical Illness) Rider – Offers coverage for 4 critical illnesses such as Stroke, Cancer, Open Chest CABG and first Heart Attack. The sum assured is paid on diagnosis of these illnesses.
  • Aegon Life Women CI Rider – A certain amount of the sum assured is paid if the insured is diagnosed with any critical illnesses pertaining to women.
  • Aegon Life iDisability Rider – A lump sum payment on disability of the insured due to a sickness or accident. Premiums of the base plan are also waived off on occurrence of disability.

Aegon Life Easy Protect Insurance Plan

This is a plan that can be bought without any medical tests. The features of this plan are mentioned below:

  • The minimum entry age is 20 years and maximum age is 50 and the maturity age is 60 years.
  • The nominee receives an amount of Rs.10, 000 per month for 10 years in case of death of the insured
  • Tax Benefit under Section 80C (Up to Rs. 1.5 Lacs) and 10(10D) of the Income Tax Act for premiums paid and for any claim received.
  • Offers an option to pay through phone by credit card or cheque. Riders

This plan doesn’t offer any additional riders.

Aegon Life Term Insurance Plan

This plan offers dual benefit. The features are mentioned below:

  • The minimum entry age is 20 or 30 years and maximum is 65 years and maturity age is 75 years.
  • This is a dual death benefit plan under which a complete sum assured is paid in the first option and in the second option after death of the insured, the insurance company pays 50% of the total sum assured immediately to the nominee of the insured and the remaining amount is paid monthly as a regular income at 3%.
  • Offers an inbuilt rider of Accidental death benefit wherein an additional sum assured is paid only during accidental death of the insured.
  • Tax Benefit under Section 80C (Up to Rs. 1.5 Lacs) and 10(10D) of the Income Tax Act for premiums paid and for any claim received.

Riders

  • Aegon Life CI Rider – In case the insured is diagnosed with any critical illnesses (As listed in the policy document), then the sum assured is paid immediately to the insured only if covered by the rider.
  • Women Care Rider - A part of the sum assured is paid if the insured is diagnosed with any critical illnesses like malignant cancer of female organs. Here, 5% of base sum assured subject to minimum of Rs.1 lakh and maximum of Rs.10 lakh.. The other part also covers birth of child with congenital disorders/ surgeries, pregnancy complications etc. Here, 2.5% of base sum assured subject to minimum of Rs.50, 000 and maximum of Rs.5 lakh.
  • Total and Permanent Disability Rider – Here, the sum assured is paid to the insured if diagnosed with a total and permanent disability.
  • Premium Shield Rider – If the insured suffers permanent disabilities, then the premium shield rider would pay off the future premiums under the base plan. However, the permanent disabilities should be due to accident or sickness only.

Aegon Life iReturn Insurance Plan

This plan offers a return of premium option on maturity of the term plan. The features are mentioned below:

  • The minimum entry age is 18 years, maximum is 65 years and maturity age is 75 years.
  • Here, the premiums paid by the insured are paid back on maturity of the term plan.
  • In case of death of the insured, the sum insured is paid to the nominee.
  • Offers liberty to pay premiums regularly or lump sum or for a limited term of 5 years.

Riders

  • Aegon Life AD Rider- It covers accidental death of the insured
  • Aegon Life WOP Rider on Critical Illness - Offers coverage for 4 critical illnesses such as Stroke, Cancer, Open Chest CABG and first Heart Attack. In case the insured is diagnosed with these critical illnesses, then the future premiums are also waived off.
  • Aegon Life iCI (Critical Illness) Rider – Offers coverage for 4 critical illnesses such as Stroke, Cancer, Open Chest CABG and first Heart Attack. The sum assured is paid on diagnosis of these illnesses.
  • Aegon Life Women CI Rider – A part of the sum assured is paid if the insured is diagnosed with any critical illnesses like malignant cancer of female organs. Here, 5% of base sum assured subject to minimum of Rs.1 lakh and maximum of Rs.10 lakh.. The other part also covers birth of child with congenital disorders/ surgeries, pregnancy complications etc. Here, 2.5% of base sum assured subject to minimum of Rs.50, 000 and maximum of Rs.5 lakh.

Aegon Life iIncome Insurance Plan

This plan promises a monthly income benefit. The features of the plan are mentioned below:

  • The minimum entry age is 25years, maximum is 50 years and maturity age is 60 years.
  • On death of the insured, a lump sum amount is paid to the nominee post that, a monthly amount is paid for 5 years or till 60 years whichever is later.
  • Offers both death and disability benefit. In case of disability, all the future premiums are waived off, but the monthly benefit yet continues.
  • Available online for purchase
  • Tax Benefit under Section 80C (Up to Rs. 1.5 Lacs) and 10(10D) of the Income Tax Act for premiums paid and for any claim received.

Riders

  • Aegon Life WOP on Critical Illness Joint Life Rider- Offers coverage for 4 critical illnesses such as Stroke, Cancer, Open Chest CABG and first Heart Attack. In case the insured is diagnosed with these critical illnesses, then the future premiums are also waived off.

Aegon Life iSpouse Insurance Plan

This plan covers both husband and wife under the same plan. The features are mentioned below:

  • The minimum entry age is 21 years, maximum is 60 years and maturity age is 65 years.
  • Available online for purchase
  • Offers single coverage to both husband and wife under the same plan.
  • A lump sum amount is paid either to the surviving spouse or to the nominee, in case of death of the insured.
  • A regular monthly income is paid for up to 5 years after the demise of the insured.
  • Inbuilt Accident benefit rider that offers an additional sum assured in case of accidental death of the insured.
  • Inbuilt Terminal illness rider that offers 25% of the sum assured in lump sum if diagnosed with any terminal illness

Riders

  • Aegon Life WOP on Critical Illness Joint Life Rider - Offers coverage for 4 critical illnesses such as Stroke, Cancer, Open Chest CABG and first Heart Attack. In case the insured is diagnosed with these critical illnesses, then the future premiums are also waived off.

Exclusions of Aegon Life Insurance

The claims would not be admitted under the below exclusions:

  • Suicide- If the insured commits suicide within the first year of the plan, then 80% of the premium paid till date is given to the nominee
  • Accidental death – Accidental death due to consumption of alcohol, drugs, acts of crime, war, participation in any dangerous sports, service in armed forces, self-inflicted injuries etc.

Claim Process – Aegon Life Insurance

The claim can be filed in a simple and hassle-free process. Let us look at the claim process followed by the Aegon Life Insurance Company. Let us look at the claim process followed by Aegon Life Insurance.Mentioned are the steps for claim process:

1. Claim Intimation:

The nominee of the insured needs to intimate the claim to the insurance company by filling a claim form completely. Necessary documents needs to be attached along with the claim form. They are mentioned below:

  • Terminal illness claim form
  • Critical illness claim form
  • Accidental disability form
  • Natural/Accidental death form

The nominee needs to ensure that the form is filled based on the type of claim and submitted to the AEGON Life office along with the doctor’s certificate, death certificate, physician statement etc.

You can contact on 1800-209-9090 (toll free) to intimate your term insurance claim.

2. Fund value payment:

On receiving the documents, the fund value of the plan is paid to the nominee of the policy. This process happens only during death claim.

3. Settlement payout:

The insurance company would verify the documents once received. In case of any more documentation, the verification process would be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are found right as per the requirement, then the funds would be released in the nominee’s favor.

The payment is done via NEFT (National Electronic Fund Transfer) to the nominee. The insurance company ensures complete transparency to reduce any possible frauds and financial discrepancy.