iIncome Insurance Plan

If you want your income to continue even in your absence, this plan is for you.

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Why Buy This Plan

If you want your income to continue even in your absence, this plan is for you. The Aegon LIfe iIncome Insurance Plan not only provides your family with a lump sum but also yields a regular income in case something wrong were to happen to you. Plus, you can avoid the hassles of going through the tedious paper work and do it online.

You should purchase this plan if you:

  • Are the sole or major earning member in your family
  • Want regular payouts with consideration for increased cost of living
  • Have financial liabilities

 

Let's understand the plan with an example

Let's understand the plan with an example: 

Let’s say Ramesh (age 30 years) is a company secretary at a legal firm. His wife is a homemaker and they have a son who is 4 years old. Ramesh wants to safeguard his family’s future in case of a sudden mishap. To ensure that they continue to live the same lifestyle even after him, he opts for the AEGON Life iIncome Insurance Plan. 

His plan details are as follows:

Monthly Income Covered for: Rs.75,000, Policy Term: 30 years,

Annual Premium: Rs.22,635/- (exclusive of service tax).

A lump sum of Rs.10.94 lakhs is paid immediately to Ramesh's family. Also, increasing monthly payouts upto the age of 60 years, sum up to Rs.5.6 crores. So the total benefit to Ramesh's family is Rs. 5.7 crores.

Rs.45,582/- which is 50% of monthly income is paid to Ramesh every month upto the age of 60 years. This monthly payout will increase by 5% every year, upto a maximum of Rs.50,000/-.

Benefits

Eligibility

Riders

Riders: 

You can make your plan more comprehensive by opting for the below mentioned rider.

Aegon Life WoP on CI Rider (UIN: 138B007V02) - This rider covers the following 4 critical illness conditions:

1. Cancer

2. Coronary Artery Bypass Surgery

3. Heart Attack

4. Stroke. 

In case the Life Assured is diagnosed with any of these four critical illnesses, all future premiums are waived while the life cover and other rider cover (if any) continues.

How can you buy this plan?

How can you buy this plan?: 

Step 1: Choose the monthly income you want to provide for your family

Step 2: Period is selected automatically

Step 3: Pay online using either your debit/credit card or your internet banking account

Step 4: Expect a verification call from the Aegon Life call centre once you apply for the policy

Once the payment is made your Policy shall be issued within 10-14 working days

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FAQ

What is an Income Replacement Plan?

An income replacement plan is primarily a term insurance plan under which, in case of death of the life assured, your income for which you have applied for insurance will be paid to the nominee for the specified amount of years.

Why should I consider buying an Income Replacement Plan?

An income replacement plan is a unique plan which takes care of dynamic life insurance coverage requirements in your life. The plan provides you lump-sum benefit + increasing income benefit.

What if I am already insured? Should I buy an Income Replacement Plan?

The correct insurance amount for any individual is his/her Human Life Value, which varies basis the age and current income levels. Hence, your current insurance coverage may be inadequate or might be fixed in nature. Income replacement takes care of this dynamic insurance coverage need.

If I already have a Personal accident plan with a disability cover can I still claim under this plan?

Yes, in case of disability you can still claim under this plan.

Can the Proposer and the Life Assured be different in the policy?

No, the proposer and life assured are same under this policy.

Will the benefits be calculated on the basis of my Income at the time of buying the policy?

All the monthly payouts will be on the basis of benefit schedule, which will depend on the monthly income applied for at the time of purchasing the policy.

Can a businessman take this policy?

Yes, the policy can be taken by a businessman.

Do I have an option to keep multiple nominees in this policy?

Yes, you can nominate multiple nominees to your policy.

Can I take more than one iIncome policy?

Yes, you can take more than one iIncome policy but it will be subject to underwriting limits.

In case the policy is discontinued will I get back the premiums paid?

The policy does not offer any benefit of return of premium under any scenario.

What will I receive on maturity of my policy?

No maturity benefit is payable under this plan.

Is there any option where I can restrict my premium payment for a lesser number of years than the duration of the policy?

The premium payment term is fixed under this plan and is equal to policy term.

What is the basis on which the monthly payouts are made?

All the monthly payouts will be as per the Benefit Schedule, which will depend on the monthly income applied for at the time of purchasing the policy.

Are the payouts taxable?

The payout are not taxable, please consult your tax advisor for any update in tax laws.

What is the period for which the monthly payouts will be made?

The monthly Income Benefit will commence from the next monthly policy anniversary up to the end of the Policy Term or for a period of 60 months, whichever is later.

If I wish to change the nominee details on the policy how can I do the same?

Please contact our customer care toll free number- 1800-209-9090 (Mon–Sat, 9:00 am to 7:00 pm) or you can send an e-mail on customer.care@aegonlife.com with respect to the change.

Is there any Waiting Period for Disability?

Any disability must have persisted continuously for a period of at least 180 days

What will be the Surrender Value if I wish to surrender the Policy?

The plan does not offer any surrender benefit.

What benefit will I get under disability ?

All future premiums will be waived and the Monthly Income for Disability Benefit will commence from the next Monthly Policy Anniversary up to the Date of Maturity or for a period of 60 months, whichever is later.

What kind of Disability will be covered?

The plan covers Partial and Permanent Disability due to Accident or Sickness. 

Can a housewife apply for the plan?

No, the plan can be purchased only by an earning person.

What is reinstatement / revival period?

You can apply for reinstatement of the lapsed policy within two years from the due date of the first unpaid premium (“Reinstatement Period”). In case of reinstatement, you will need to pay all unpaid premium plus interest

Can I take a loan on my policy?

Policy loan is not available under this plan

What if I stop paying premiums?

In case the premiums are not paid within the Grace Period, the policy will lapse and no benefits will be payable.

Can I surrender my Policy?

Surrender benefit is not available under this plan.

For how many years do I need to pay premiums for this Policy?

The premium payment term is equal to policy term

Do I have an option to choose the duration of my Policy?

The policy term is fixed under this plan and is equal to 60 minus age at which you purchase the policy.

What do I get in case I do not die during the term of the Policy?

In case if you do not die during the policy term, no benefit is payable.

If I forget to attach rider(s) while applying for the policy, can I attach it / them later after my policy is issued?

The rider can be added anytime during the Policy Term and the rider can be detached from the next premium due date after the request has been made. Addition of riders will be subject to underwriting requirements. Please contact our customer care toll free number- 1800-209-9090 (Mon–Sat, 9:00 am to 7:00 pm) for more details.

Will my premium amount change during the tenure of the policy after I have bought the plan?

Once the policy is issued, Premium will remain the same for the entire tenure of the policy. This is subject to service tax regulations as declared by the Government of India.

What does my nominee receive after my death?

The nominee will receive an immediate lump sum payment plus regular monthly income.

Who is a Nominee?

A nominee is a person who is eligible to receive the coverage amount from insurance policy in the event of death of the applicant.

What is the amount of Insurance Cover that one should opt for?

The correct insurance amount for any individual will be his/her Human Life Value i.e. his earning capacity for his/her working life.

Who performs the medical exam?

A licensed paramedical examiner (such as a nurse, lab technician etc) or a medical examiner (MBBS, MD etc) will typically conduct the exam. These paramedical/ medical examiners work independently and are not direct employees of ALI. However, they are associated with a particular diagnostic center and must always display their identity card (of their association with the lab/ diagnostic center). As a part of the identification process and for security reasons, please insist on seeing the identity card of the person visiting/ performing the medical examination in a home facility. Should the examiner refuse to show the ID card; you reserve the right to refuse the medical examination.

How much does the medical exam cost and who pays for it?

ALI pays for the medical exam to the medical service provider. There is no cost to you.

What is included in the medical exam and how long will it take?

A routine medical exam includes the following:-

a) Basic physical exam (height, weight, blood pressure, pulse) is conducted

b) Urine specimen may be collected on some occasions

c) Blood samples may also be taken

d) Some cases may also require ECGs and/or Treadmill ECGs (stress tests)

The exam is usually completed within 30 minutes.

What kind of medical history will be asked?

The examiner will ask questions regarding medical conditions, surgeries, medications, or other treatments you may have had. The examiner will also ask the names and addresses of physicians and/or hospitals that have treated you (if applicable). You may wish to have this information handy to save time during the exam.

What happens with my medical exam information?

All information obtained during the medical exam is strictly confidential and is sent directly to the Company for the purpose of risk assessment. Assessment is done by trained professionals at Aegon Life office.

Where and when will the life insurance medical exam take place?

One of the life insurance company's authorized representatives will call you to schedule an appointment. The medical will be conducted by an approved paramedical/ medical examiner. You may additionally receive a call from such examiner/ diagnostic center to confirm the appointment and also to brief you on the examination process. To meet your needs, the medical exam may be performed at your home, office, or at the diagnostic center. The authorized representative will inform you of the examination location in advance.

Will I get a copy of the test results?

Yes. Copy of the test results will be made available to you along with the policy document.

How to prepare for your medical exam?

To obtain the best possible results from your life insurance medical exam, we suggest that you follow these basic steps:

a) Have your photo identification available

b) Please wear a short-sleeved garment or one with sleeves that easily roll up

c) Try to fast for at least eight hours before your exam (12 hours is preferred). You may drink water

d) The best time to do your exam is in the morning.

e) Drink a glass of water an hour or so before the exam to facilitate obtaining a urine specimen

f) Avoid coffee, soda, tea or other products with caffeine for several hours before the exam

g) Avoid smoking or chewing tobacco for at least one hour prior to your scheduled appointment

h) Avoid alcoholic beverages for at least 24 hours prior to the exam

i) Avoid nasal decongestants

j) If you require a large blood pressure cuff, let the examiner know prior to the appointment

k) Get a good night's rest before the medical exam

l) Schedule the appointment for the least stressful time of the day

m) Do not engage in strenuous exercise for 24 hours before the exam

n) Prepare in advance for questions regarding medical conditions, surgeries, medications, or other treatments you may have had.

The examiner will also ask you for the names and addresses of physicians and/or hospitals that have treated you.

What is the protocol that the medical examiner is expected to follow for drawing blood samples?

The medical/ paramedical examiner has to follow the following basic protocol.

a) Use a pair of sterile gloves per procedure or patient

b) Use a single-use device (a needle and syringe is a single unit/ Vacutainer for blood sampling and drawing

c) Discard the needle and syringe immediately into a container. Physical destruction of the needle and syringe will be done at the diagnostic center as per “bio-medical waste” guidelines

d) Disinfect the skin at the venepuncture site

e) Place laboratory sample tubes in a sturdy rack before injecting into the rubber stopper.

Should you notice any deviation to this protocol, you reserve the right to refuse to undergo the medical examination. You are requested to report any such practice observed by writing to customer.care@aegonlife.com

What are the documents required to apply for a claim?

What are the documents required to apply for a claim? The Company would seek the following primary documents in support of a claim to enable processing of the claim intimated by the nominee under the Policy:

I. Original Policy Document

II. Death Certificate issued by the local authority

III. Certificate of the Doctor / Medical Officer certifying the cause of death

IV. Claimant’s Statement

V. The Company is entitled to call for additional documents or information for processing of the claim depending on the cause of claim.

Where does a nominee apply for a claim?

Nominee can intimate directly to the company’s registered address or any branch offices in writing or log onto www.aegonlife.com to make online claim intimation.

How do I ensure a hassle-free claim experience my dependents?

Following are the points that need to be kept in mind to ensure a hassle-free claim experience:

I. Double-check details with regard to your nominee.

II. Ensure that your nominee knows the details of your policy such as sum assured, policy term.

III. Also keep your policy bond in a safe place and ensure that your nominee knows where the original policy bond is stored.

IV. Pay your premiums regularly so that Policy is in force.

What is my Policy Number?

The quote number for which you have made the payment is your Policy number.

Can I submit my past medical reports?

You can submit the past medical reports however post reviewing the same we will confirm whether we can consider the same or not.

If I wish to include critical information about my lifestyle/family history/past medical history which I had missed updating while purchasing the plan. How do I add them on the proposal form?

We request you to be careful while filling the proposal form as this information is very critical for Risk assessment & decision on the policy. However if you miss out any information, please write to customer.care@aegonlife.com with the details.

How do I opt for ECS facility for Renewal premium payments?

You can courier an original copy of the cancelled cheque along with the original ECS MANDATE FORM, which is available on the website to Aegon Life Insurance, Building no.3, Third floor, Unit no.1, Nesco IT Park, Western Express Highway, Goregaon (East), Mumbai 400 063

Once I have uploaded my documents on the website, do I also need to courier the same?

You have the option of either uploading your documents on the website or sending it via courier to us.

Will I get any intimation for my renewal payments?

28 days prior to the Premium due date we will post the renewal letter to you. 7 days prior to the Premium due date, an email notification will also be sent to the registered Email id. Along with this you will also receive a SMS & call from Aegon Life.

I have received my policy document. For further assistance please let me know whom do I contact?

You can contact us on our toll free no 1800-209-9090 or you can write to us at customer.care@aegonlife.com

Disclaimers

Product Name: Aegon Life iIncome Insurance Plan UIN 138N054V01

This is a Non-linked Non-Participating Insurance Plan

For more details on terms and conditions, please read the sales brochure carefully before concluding a sale.

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