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Aegon Life Insurance

The future is now! It is beneficial to get life insurance now.

The whole future is an element that is embedded in certainty. We are told to live in the now! Well, that’s great but what about certain guarantees in the future – death? How do we prepare for the most certain event in an uncertain timeline?

By being ahead of the curve and playing your cards right. The starting quote may seem like a very millennial thing to say; however, surprisingly a large chunk of the Indian diaspora does not seem to find life insurance as a legitimate option for the future.

Now while the millennial has woken for the planet, politics and finding the true purpose of work. It is sadly forgotten that to get to those things some sort of backing is required. In an Indian scenario, children tend to be reliant for a longer duration of time as compared to the west. Maybe it is because that millennials are not wary of investments. Rising daily costs and low savings make it harder. However, what many do not realize that insurance is a form of investment. It rewards greatly in the long run if the right choices are made early.

Today’s world is extremely competitive and you have to work extremely hard to be in an advantageous position to ensure that you and your family are insulated against potential misfortune and setbacks whether financial, medical or otherwise. You never know what the future has in store for you and in case you happen to be the sole breadwinner in your family and something happens to you, it would therefore be imperative that you opt for insurance to protect yourself and loved ones from shattering consequences in case of disaster strikes.

Buying insurance is very important for various compelling reasons; firstly, life insurance will take care of your loved ones even after you are gone or are stricken down due to an illness or accident. Secondly, a good insurance policy can go a long way towards salvaging the life of your dependents in the way of their educational needs or financial security.

Thirdly, a life insurance product providing a pension after retirement. The decision to opt for a life insurance policy later in life, maybe after you have health issues may not be the right one. You may not be able to buy one since you might not qualify for a policy due to the underwritten terms and condition. It is always better to opt for an insurance plan at a younger age since the premiums will be cheaper and will ensure greater coverage when you are younger.

Aegon Life is a joint venture between Aegon N. V, an international provider of pensions, life insurance and asset management, and Bennett Coleman and Company – India’s most prominent media conglomerate popular, the Times Group. This union brings global expertise to launch products, catering to various customers’ needs and long-term goals.

Headquartered in Mumbai, Aegon Life Insurance Company Limited aims at fulfilling its vision of creating tension-free lives. It has branches across different cities and serves over 3 lakh customers with their vision – Aegon, toh tension gone.

Aegon dates back to more than 175 years ago and operates in over 20 countries. Their head office is in The Hague, the Netherlands. The company is committed to helping its customers have a health and financially secured future on which they are continually working on.

Aegon Life iTerm insurance is just the insurance you need that ticks all these boxes. Let’s check out the key features:

  • 3 different plan options – Life Protect, Protect Plus and Dual Protect are available. Each plan has different benefits to suit individual needs.
  • This is a cost-effective, comprehensive Policy which ensures all-round protection.
  • Options for Coverage are available till the age of 100 years and Minimum Sum Assured is 25 lakhs. There is no limit to the Maximum Sum Assured, but this is dependent upon the guidelines of the underwriting policy.
  • Minimum Entry age for this policy is 18 years. However, the Maximum Entry age is dependent on the Plan chosen and the mode of policy premium opted for i.e. regular, single or limited pay.
  • Premium rates are lower for females and non-smokers.
  • You may opt to pay the Policy Premium for a limited number of years and avail the policy benefits for the entire term. Apart from this, you can also choose to pay your premiums monthly, half-yearly or annually or even as a Single Premium.
  • Death Benefit pay-outs are flexible. You can opt to receive pay-outs as a lump sum, as fixed monthly income over 100 months or you may also opt for a combination of both.
  • There is also the option to increase your coverage as per different life stage requirements such as marriage, the birth of a child etc. under the ‘Life Protect’ plan option by paying an additional premium.
  • Tax benefits as per prevailing tax laws are available for the plans under this Policy.
  • Aegon Life iTerm Insurance Plan offers enhanced coverage through additional riders subject to the condition that the premium payment term and Policy term are in sync with the Premium payment term and Policy Term of the base plan. These riders cover several critical illnesses as well as death due to accidents, subject to the underwriting policy of the Company. As per the Aegon Life AD Rider, a Lump-sum benefit equal to the Rider Sum Assured in case of death due to accident of the Life Assured is paid out to the beneficiary
  • Riders are optional. They can be attached to your Policy on commencement or at any time during the premium payment term of the base plan (subject to the eligibility criteria of the riders). Addition of riders will be subject to underwriting requirements. You may also opt to detach the Rider from the next premium due date vide an application before the next due premium date.
  • Grace period – Grace period of 15 days for Monthly premium policies and 30 days for Half-yearly/yearly policies are applicable for payment of premium. If the premium remains unpaid, then the Policy will lapse.
  • Revival of Lapsed Policy – a lapsed Policy may be revived within 5 years from the due date of first unpaid premium. However, the Life Assured’s insurability will be reviewed once again subject to the underwriting policy of the Company and if approved, all outstanding premiums are required to be paid up in full before the resurrection of the policy.
  • Surrender value – In case you wish to surrender your policy, the surrender benefit available will depend on the plan option chosen by you. For the ‘Life Protect’ and ‘Protect Plus’ plan option, no benefit is payable for Regular Pay policies surrendered at any point over the Policy Term For Single Pay Policies, upon surrender of the policy before the date of Maturity, the Unexpired Risk Premium Value (URPV) will be paid as a surrender benefit. For Limited Pay policies – upon surrender of the policy any time before Date of Maturity, Unexpired Risk Premium Value (URPV) will be paid as a surrender benefit. In-depth details are available in the brochure. The Policy will terminate on payment of the above benefit. Under the ‘Dual Protect’ plan option, in the case of Single Pay policies, the policy will acquire a non-zero surrender value immediately after issuance. Consequently, you may surrender the policy anytime during the policy term. Upon surrender, a surrender value equal to the higher of the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV) will be paid and the Policy will terminate on payment of the above benefit. While for Limited Pay policies, the policy will acquire a non-zero surrender value on payment of at least two years’ premium in full.

    Eligibility Criteria

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

65 years

Maturity Age (Last Birthday)

75 years

Policy Term (PT) in years

5

57

Premium Paying Term (PPT) in years

Single Pay or equal to the policy term

Premium Paying Frequency

Single, Annual, Semi-Annually and Monthly

Sum Assured 25 lakhs

No limit

 

Upon surrender, we will pay a surrender value (when available) equal to the higher of the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV). The Policy will terminate on payment of the above benefit.

Details of the Aegon Life iTerm Insurance Plan options.

  • LIFE PROTECT: As per this option, benefits available include Instacover, Death Benefit, Terminal Benefit and Life Stage option. Upon death or diagnosis of Terminal Illness of Life Assured, the Sum Assured will be paid to the designated Nominee, provided all due premiums are paid up. After payment, the policy will terminate. Of course, if the Life Assured is surviving at the time of maturity, then no benefits are payable, and the policy terminates.
  • PROTECT PLUS: Under this plan option, in addition to the Death Benefit, Terminal Illness Benefit and Instacover, you also have the option of Auto increase of cover benefit, which provides coverage for inflation whereby from the 2nd year onwards, a 5% increase will be provided upon the Base Sum Assured at the start of each policy year till the policy holder’s 55th birthday, following which there will no more increments. However, the Life Stage option is not available for this plan. Upon death or diagnosis of the terminal illness of Life Assured, the death benefit will be paid as a lump sum. For this option also, if the holder survives at maturity, no benefits are payable, and the policy will terminate.
  • DUAL PROTECT: Under this plan option, all the benefits of Life Protect Plan will be applicable. Additionally, Survival Benefit will also be payable, which is exclusive to this plan. This will be calculated as 5% of the Base Sum Assured will be payable as lump-sum on the Policy Anniversary following Policy holder’s 60th birthday. Subsequently, the regular income of 0.1% of Base Sum Assured will be paid monthly till the maturity of the Policy or date of death/diagnosis of Terminal Illness, whichever happens first.

Unique Benefits of Aegon Life iTerm Insurance Plan

Apart from the standard benefits such as the Death Benefit, Terminal Illness Benefit, there are a few benefits which are unique to the Aegon Life iTerm Insurance Plan:

  • The ‘It Pays to Quit Smoking’ benefit option has a unique benefit. Smokers are further encouraged to quit smoking by the incentive that their policy premium will be reduced from 2nd policy year onwards. This benefit is only applicable for Regular and Limited pay options.
  • If you go in for the “Go Healthy” benefit, you can avail life cover even if you are suffering from lifestyle diseases like Diabetes, Hypertension, & High BMI/Obesity This benefit is only available if you opt for Regular or Limited pay option for premium payment.
  • Instacover is a benefit that is provided by this plan where the Base Sum Assured will be paid to the Claimant in case of death provided that the completed policy application has been received by the Company along with the Policy Premium. An Instacover letter will be issued which will mention all relevant terms and conditions. This cover will be considered null and void in case the premium is not realized. This ‘Instacover’ will cover the period between the date of a completed application and the earliest of (a) the day policy is issued, (b) the day the customer withdraws the application (c) the day the application is rejected and (d) 30 days from the date the Instacover letter was issued
  • Auto increase of Cover benefit – as per this benefit, the Sum Assured will be increased by
    5% of the Base Sum Assured (the amount of insurance cover opted by you at the time of purchase of the Policy )every year from the start of the Second Policy Anniversary provided the Policy is still in force. This increase will continue till the age 55 of the Life Assured following which the increment will be stopped but the policy coverage will continue with the latest Sum Assured. In case of death or terminal illness diagnosed of the Life Assured, the Sum Assured will be paid out and then the policy will be terminated. This particular Benefit is, however, exclusive to the ‘Protect Plus’ plan option only.
  • Survival Benefit – If the Life Assured survives till the age of 60 years, 5% of the Base Sum Assured will be paid as a lump sum after the Life Assured attains the age of 60 years. Subsequently, 0.1% of the Base Sum Assured will be paid monthly till the Date of Maturity or date of death/ diagnosis of Terminal Illness whichever is earlier. The Survival payouts will stop upon the death /diagnosis of the terminal illness of the Life Assured. This Benefit is available only with the ‘Dual Protect’ plan option.
  • Life Stage Benefit – Under this Benefit, you will have the option to increase the Base Sum Assured of your policy for life stage events such as Marriage, Birth or adoption of a first and second child and home loan disbursal. These will be determined based upon the terms and conditions related to your policy in terms of age, outstanding premium payment term etc. This Benefit is only available under a Regular or Limited Pay policy and needs to be implemented within 180 days of the concerned event.

Drawbacks of Aegon Life iTerm Insurance Plan

  • There is no Maturity Benefit for this policy.
  • ‘It pays to quit smoking’ benefit will be implemented only after medical tests are conducted. and approved as per the Board Approved Underwriting policy.
  • In case of death by suicide, only 80% of the total premiums paid till the date of death or the Surrender Value is available on the date of death whichever is higher will be paid. This will also be subject to whether the policy is still in force.
  • The benefit under Terminal Illness benefit clause will not be payable if Terminal Illness arises directly or indirectly as a result of attempted suicide in the first year from the Date of Commencement of Risk or Revival of Policy. In case a Terminal Illness claim is not payable due to the above exclusions, the Policy will continue with applicable Death Benefit.

Despite these relatively minor glitches, the features offered by Aegon Life iTerm Insurance Plan are truly beneficial provided they are prudentially availed of at the right juncture in life. To explore features in detail, log in to Bimakaro.in

Related Post:

Aegon Life Insurance - FAQs

  • What are the diverse premium payment modes?

    • Netbanking
    • ECS-Electronic Clearing System
    • Debit card/Credit card
    • Cheque
    Review Overview
    Benefits of Aegon Life iTerm Insurance Plan
    SUMMARY

    As per this option, benefits available include Instacover, Death Benefit, Terminal Benefit and Life Stage option. Upon death or diagnosis of Terminal Illness of Life Assured, the Sum Assured will be paid to the designated Nominee, provided all due premiums are paid up. After payment, the policy will terminate. Of course, if the Life Assured is surviving at the time of maturity, then no benefits are payable, and the policy terminates.

    5.0

  • What is the procedure to check the status of the policy?

    First, you need to first login to your Aegon Life Insurance Account using your respective User ID and Password, which is straightforwardly connected to your policy. After login, you can check your all details in a detailed manner.

    Review Overview
    Benefits of Aegon Life iTerm Insurance Plan
    SUMMARY

    As per this option, benefits available include Instacover, Death Benefit, Terminal Benefit and Life Stage option. Upon death or diagnosis of Terminal Illness of Life Assured, the Sum Assured will be paid to the designated Nominee, provided all due premiums are paid up. After payment, the policy will terminate. Of course, if the Life Assured is surviving at the time of maturity, then no benefits are payable, and the policy terminates.

    5.0

  • What is the process to renew the policy?

    To renew your policy, you need to login first and make the premium payment using the ideal online payment.

    Besides, you can likewise decide on ECS or auto-debit option for premium payment while signing the policy documents or even contacting the customer care.

    Likewise, you can visit any closest branch, fill the necessary forms, give all the compulsory documents, and get your policy renewed.

    Review Overview
    Benefits of Aegon Life iTerm Insurance Plan
    SUMMARY

    As per this option, benefits available include Instacover, Death Benefit, Terminal Benefit and Life Stage option. Upon death or diagnosis of Terminal Illness of Life Assured, the Sum Assured will be paid to the designated Nominee, provided all due premiums are paid up. After payment, the policy will terminate. Of course, if the Life Assured is surviving at the time of maturity, then no benefits are payable, and the policy terminates.

    5.0

  • What is the claim settlement process at Aegon Life Insurance?

    Aegon Life Insurance has a simple and easy claim settlement process. You just need to inform the insurer about the event within one week of it occurring by means of various alternatives, for example,

    • Online
    • Through couriering the necessary subtleties
    • Moving toward BimaKaro through counsellors.

    After submission of all required documents, the claim gets settled within 15 days’ time span.

    Review Overview
    Benefits of Aegon Life iTerm Insurance Plan
    SUMMARY

    As per this option, benefits available include Instacover, Death Benefit, Terminal Benefit and Life Stage option. Upon death or diagnosis of Terminal Illness of Life Assured, the Sum Assured will be paid to the designated Nominee, provided all due premiums are paid up. After payment, the policy will terminate. Of course, if the Life Assured is surviving at the time of maturity, then no benefits are payable, and the policy terminates.

    5.0

  • What is the process to cancel the policy?

    If you are a current client, you need to fill the necessary form and submit at the closest branch alongside the surrender charges.

    On the off chance that you are a new user, at that point a time of 15 days, presently 30 days is given to you to cancel the policy.

    Review Overview
    Benefits of Aegon Life iTerm Insurance Plan
    SUMMARY

    As per this option, benefits available include Instacover, Death Benefit, Terminal Benefit and Life Stage option. Upon death or diagnosis of Terminal Illness of Life Assured, the Sum Assured will be paid to the designated Nominee, provided all due premiums are paid up. After payment, the policy will terminate. Of course, if the Life Assured is surviving at the time of maturity, then no benefits are payable, and the policy terminates.

    5.0

  • Review Overview
    Benefits of Aegon Life iTerm Insurance Plan
    SUMMARY

    As per this option, benefits available include Instacover, Death Benefit, Terminal Benefit and Life Stage option. Upon death or diagnosis of Terminal Illness of Life Assured, the Sum Assured will be paid to the designated Nominee, provided all due premiums are paid up. After payment, the policy will terminate. Of course, if the Life Assured is surviving at the time of maturity, then no benefits are payable, and the policy terminates.

    5.0
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