Term insurance plan is a popular product line of Aegon Life Insurance Company. In these plans, the customers are eligible for death benefits against the premiums paid by them. Aegon term insurance plans include a wide range of policies for all type of customers. There are four plans offered by the company in the life insurance category, with riders being offered as per the base plan. The base plans along with suitable rider plans are explained below.
Table of Contents:
Types of Aegon Term Insurance Plan
- Aegon Life iTerm Plus Insurance Plan
- Aegon Life iTerm Insurance Plan
- Aegon Life iReturn Insurance Plan
- Aegon Life Term Insurance Plan
- Aegon Life iTerm Forever Insurance Plan
- Aegon Life Easy Protect Insurance Plan
Aegon Life iTterm Insurance Plan
Aegon Life iTterm Insurance Plan focuses on providing its customers with easy benefits on an online basis. There is a wide scope for comprehensive coverage in this plan due to the options of various riders.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Sum Assured | Rs.25 lakh | No limit |
| Policy Term | 5 years | 62 years |
| Maturity Age | – | 100 years |
Aegon Life Easy Protect Insurance Plan
Aegon Life Easy Protect plan includes simple terms and conditions. The major utility of the plan is that death benefits are paid out monthly increasing the comprehensiveness for the coverage for the dependents of the insured. The plan can be purchased without undergoing any medical examinations that increases the accessibility of the policy.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 20 years | 50 years |
| Sum Assured | – | 12 lakh |
| Policy Term | – | 10 years |
| Maturity Age | – | 60 years |
Aegon Life Term Insurance Plan
Aegon Life Term insurance policy is a plan with dual death benefits. The plan fulfills the coverage requirements in two ways providing the customer with the flexibility to choose the type of coverage. The plan also has the inbuilt advantage of accidental death which widens the scope of the plan.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 20 years | 65 years |
| Sum Assured | 10 lakh | No limit |
| Policy Term | 10 years | 40 years |
| Maturity Age | – | 75 years |
Aegon Life iReturn Insurance Plan
Aegon Life iReturn Insurance policy is both an insurance policy and a savings tool. The options for riders under the plan increase the scope for coverage further and makes it a smarter option altogether. The plan returns all the premium amount on maturity if the customer survives the policy term.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Sum Assured | Rs.30 lakh | Rs.4 crore |
| Policy Term | 5 years | 20 years |
| Maturity Age | – | 75 years |
Aegon Life iTerm Forever Insurance Plan
This plan is a non-linked non-participating life term insurance offered by Aegon. Under this plan, policyholders will be able to avail protection for entire life. A Lump sum amount is paid to the nominee, if any unfortunate demise happens to the life insured at any age.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Sum Assured | 25 lakh | No limit |
| Policy Term | – | Whole of life |
Also Know: AEGON Life Rising Star Insurance Plan
Aegon Life iTerm Plus Insurance Plan
This plan is a comprehensive online term plan that that provides customers to avail benefits such as – critical illness and accidental death. Under this plan, no money back is guaranteed. Customers can assure their family with high protection and benefits, if any worse happens. Aegon Life iTerm Plus Insurance Plan offers four plans to avail respective benefits. These four plans are:
- Life Plan (Death Benefit + Accidental Death Benefit)
- Life Plus Plan (Death Benefit + Terminal Illness Benefit + Waiver of premium on Permanent Disability due to Accident + Accidental Death Benefit)
- Life & Health Plan (Death Benefit + Terminal Illness Benefit + Coverage for 10 Critical Illnesses)
- Life & Health Plus Plan (Death Benefit + Terminal Illness Benefit + Coverage for 36 Critical Illnesses)
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Sum Assured | Death Benefit- INR 25 lakh
Accidental Death Benefit – INR 50,000 Critical Illness Benefit- INR 5 lakh |
No limit |
| Policy Term | 5 years | 62 years |
| Maturity Age | – | 80 years |
Documents Required
- Address Proof (PAN, Aadhaar, Ration Card, Passport, Electricity Bill and others)
- Income Proof (Salary Slip, Form 16, Employer’s Certificate)
- Photo Identity Proof (Passport, Driving License, Voter ID, PAN and others)
- Passport size photograph
- Bank Proof
Claim Process
Policyholders of Aegon Term Insurance need to submit the duly filled claim form at the nearest Aegon Life branch office along with the other necessary documents required for claim process. Aegon Life’s concerned authority will assess the documents and after the verification is done, company will payout all the claims to the beneficiary subject to all other terms and conditions being fulfilled.
Documents Required for Claim Process
Mentioned below are the list of documents required for claim process for all types of claims:
- Claimant statement form
- Copy of death certificate issued by municipal corporation under section 12/17
- Copy of claimants identity and address proof (PAN & Aadhar copy)
- Copy of self attested cancelled cheque / Passbook copy of the claimant
- One passport size color photo of the claimant
- Relationship proof (wherever applicable)
Claim Settlement
All claims including death claims will be settled within 7 working days by the Aegon Life after all the necessary documents are submitted. Company may delay or reject the claim if any fraudulent activity involved is found.
Cases where you can’t claim Aegon Term Insurance (Exclusions)
- Attempt to suicide
- HIV AIDS
- War, terrorism, or any act of the foreign enemy
- Committing assault, criminal offence, illegal activity
Riders (Add-ons)
With Term Insurance plans, customers can avail riders with respect to their needs. Aegon Term Insurance provides several riders attached with the plan for additional coverage and benefits. Some of the riders are mentioned below:
- Critical Illness Rider
- Disability Rider
- Accidental Death Rider
- Women’s Critical Illness Rider
Tax Benefits
Under Aegon Life Term Insurance, policyholders can avail tax benefits to save tax. Under section 80C of the Income Tax Act, 1961, policyholders can avail tax exemption on the premiums paid and the sum assured for the term insurance.
Also Check: Aegon Life Guaranteed Growth Insurance Plan
Advantages of Aegon Term Insurance
- Affordability
- Easy buying
- Easy claim settlement
- Flexible premium payments
- Additional covers
- Coverage till 75 years of age
- Tax benefits u/s 80C of the Income Tax Act, 1961
Important Aspects
Policyholders should below mentioned important aspects before purchasing the Aegon Term Insurnace Plan:
- Choice of Plan: Before purchasing any plan individual should know the need of the plan. Before picking up a term insurance plan consider all possible factors required.
- Early Buy: Early buying of plan lowers the premium amount to be paid during the policy term. So, it is necessary to purchase plan as early as possible.
- Riders: Choosing riders plays an important role in purchasing term insurance plan. Through riders, policyholders can avail additional benefits with the base plan in terms of extra coverage.
FAQs
Q1. What is the process to renew the policy by Aegon Term Insurance?
The renewal process of Aegon term insurance policy is very simple, and it can be done with the help of the web portal of the company. All you have to do is log in to the portal, fill in the required details and make the online payment of premium. The offline renewal can be done through any of the branch offices.
Q2. What is the process of cancellation of Aegon Term Plan?
Aegon term plan can be cancelled by submitting filled surrender form, required documents, and a cancellation fee in the nearest branch office. The process of policy cancellation and refunding premium amount takes around 30 days.
Q3. What is the process of checking the policy status online?
The policy status can be checked online by simply logging into the e-portal of the company.