AEGON Life Easy Protect Insurance Plan is a life insurance plan under the type term. Being a traditional term plan, it offers pure protection and financial security to the family members even after the death of the bread winner. This term plan by Aegon Life is suitable if you are the sole earner of your family and all the finances depend on you. Let us understand how this plan functions.
Eligibility Criteria
| Particulars | Details |
| Entry Age | 20 – 50 years |
| Maximum Maturity Age | 60 years (Last Birthday) |
| Sum Assured | Rs. 12,00,000 |
| Minimum Premium Payment | Rs. 2021 |
| Policy Term | 10 years |
| Premium Payment Term | Same as the policy term |
| Premium Payment Mode | Annual |
Features of AEGON Life Easy Protect Insurance Plan
Zero Risk: This is a pure protection plan which means market risks doesn’t affect your cover. So once you are enrolled with AEGON Life Easy Protect Insurance Plan, you can sit back and relax.
Monthly Income Provider: In case of the demise of the only earner of the family, this plan will be of great help. The plan has a provision of monthly income. If the policyholder dies during the policy term, the family members shall get death benefits in the form of monthly income. This monthly payout would amount to Rs.10,000 for a period of 10 years.
No-Medicals Needed: It is a non-medical term insurance plan where no pre-medical tests are conducted before purchase. This features makes this plan all the more accessible.
Free Look Period: The policyholder is given a time period of 15 days (or 30 days if bought from Distance Marketing) from the date of purchase as the Free Look Period.
- If the policyholder is not satisfied with any terms, and wants to opt out, the policy document can be returned to the insurer and the policy can be terminated
- Upon cancellation, the premium amount would be refunded after some deductions based on factors like cover provided, stamp duty etc.
Grace Period: The policyholder has been provided an additional time period of 30 days from the due date to make the payment.
Policy Loan: No individual is permitted to take any policy loan under this plan.
Claim Process
In case you have to make claims under AEGON Life Easy Protect Insurance Plan, you first need to inform the insurance company and then submit the required documents along with the claim forms. After the scrutiny of the documents, the company will either reject or process the application. If approved, the fund value is directly credited to the bank account of the beneficiary.
Documents required for Claim Process
For death claims, you need a claimant statement, a statement from the attendant physician, a statement about the treatment from the hospital. In case of terminal illness, you need a duly filled in application form, a specialist certificate and a certificate of the employer.
Case where You Can’t Claim AEGON Life Easy Protect Insurance Plan (Exclusions)
Suicide: In the event of death by suicide of the policyholder, the company would check the time period of 12 months from the policy inception date or the reinstatement date. If the death by suicide has happened within the 12 months of the above parameters, then the nominee would get 80% of the premium paid by the policyholder. The policy is immediately terminated once this benefit to the nominee has been paid-off.
Also Check: Aegon Life iGuarantee Insurance Plan
Advantages of AEGON Life Easy Protect Insurance Plan
Death Benefits: In the case of death event of the policyholder, the nominee of the policyholder would be paid an amount of Rs. 10,000 per month from the next month onwards for a total period of 10 years. The nominee also has the option of taking the present value for all the payouts to be made in future by the company.
Maturity or Surrender Benefit: Under this plan, the policy terminates upon the survival of the policyholder till the maturity term of 10 years or if the customer chooses to surrender the policy. There would be no benefit paid to the customer in such a case.
Tax Benefits: The other benefit that the customers can also avail from choosing this policy is the tax benefit under current Income Tax laws prevalent in India. The applicable benefits under this are:
- Premium amount paid against the purchase of this policy is eligible for tax benefits under Section 80C
- Benefit payouts to the nominee are also eligible for income tax exemptions under Section 10 (10D) of the Income Tax Act of India, 1961
FAQs
Q1. Can the policy term for this plan be extended?
No, the policy-term is maximum 10 years under this plan.
Q2. Can the premium amount be increased to avail more than Rs. 10,000 per month by the nominee while receiving death benefits of the policyholder?
No, the premium amount under this policy cannot be increased. However, one must check with the company for policies that suits an individual requirement.
Q3. What happens when the premium amount is not paid until the expiration of the Grace Period?
In the event of discontinuation of the premium payment by the policyholder, the policy lapses with immediate effect with all its benefits.
Q4. Can this policy be reinstated in any circumstances if the policyholder misses the premium payment?
The policyholder can apply for the reinstatement of this policy within 2 years from the due date of the 1st premium paid to the company.