Aegon Life Term Insurance Plan is a pure traditional term insurance plan which provides high coverage for affordable premium rates thereby taking care of the protection needs of the insured.
Aegon Life Term Insurance –
Regular Pay Premium Paying Options.
Coverage upto 75 years of age.
Inbuilt Accidental Death Benefits
Additional Rider Covers
Terminal Illness: On being diagnosed with any Terminal Illness, 25% of the Sum Assured is paid immediately to a maximum of 100 lakhs and all the future premiums are waived off.
On death of the insured, the Sum Assured is paid to the nominee under this death benefit option 1.
On death,50% of the Sum Assured is paid immediately
3% of the Sum Assured is paid every month from the next month following death for the next 5 years regularly.
Availability of discounted value of the monthly installments.
Accidental death: In the case of accidental death, 100% of the Sum Assured is paid additionally under both the options subject to a maximum of 1 crore. Benefits on death shall be paid as below:
Death Benefit Option 1: 200% of the Sum Assured
Death Benefit Option 2: 150% of the Sum Assured
Tax Benefits: All the taxes paid and premiums received are eligible for tax deductions under section 80C and 10(10D) of the Income Tax Act.
Premium in Rupees and benefit illustration for Death Benefit Option 2
Grace period: If the insured fails to pay his monthly premium amount on the due date then he is allowed a 15 days grace period for payment of his premiums.
And, in the case of other premium paying modes, if the insured fails to pay his premiums by his premium due date then a 30 days grace period is allowed for his premiums.
Policy termination or Surrender Benefit: The policy does not acquire any surrender value on canceling or making any surrender.
Free look period: In a case, where the insured is not satisfied with his insurance plan or the benefits provided by it, then he is free to cancel it within 15 days of plan inception, give no claims have been done yet.
Suicide: In a case, where the insured dies by committing suicide within the first year of plan renewal the settlements are done by paying 80% of the premiums paid till date.
Accidental Death: Accidental death due to, alcohol abuse, self-inflicted injuries, service in armed forces, acts of criminal nature, participation in any hazardous sports or activities, war, etc. are excluded
Discounted premiums for higher coverage
Below are the rider covers available under the plan:
Aegon Life Critical Illness Rider: The assured sum amount under this rider is paid to the insured if he is diagnosed with any of the below listed riders:
Coronary Artery Bypass Surgery
Major Organ Transplant
Heart Valve Surgery
Aegon Life Total and Permanent Disability Rider: The assured sum amount is paid to the insured if he becomes totally or permanently disabled.
Aegon Life Women Care Rider: The women care rider provides coverage to the women insured on being diagnosed with any of the illness covered by both the groups under this plan:
Group I: Female organ cancer
Group II: Birth of child with congenital disorder/ surgery
Or, Pregnancy complications
Below are the documents which are required to be insured under Aegon Life Life Term Insurance Plan:
Duly filled Application form/Proposal form
Other KYC documents; PAN Card, Adhaar Card, Tax Details etc
**Documents required are a subject to the plan options and the sum assured chosen.