Aegon Life iSpouse Insurance Plan

If you want to protect your spouse’s and your life in one policy, this plan is for you.

Why Buy This Plan

If you want to protect your spouse’s and your life in one policy, this plan is for you. Aegon Life’s iSpouse Insurance Plan protects the working couple. It not only provides you with a lump sum, but also provides regular income, in case something were to happen to you, your spouse or both of you. Plus, you can avoid the hassle of going through tedious paper work and do it online.

You should purchase this plan if you:

  • Are a working couple
  • Want regular payouts with an immediate lump sum
  • Have financial liabilities
  • Have other dependents

Let's understand the plan with an example

Let's understand the plan with an example: 

Ramesh, aged 30 years is a Software Engineer and his wife is a Business Analyst and they have a son Amol who is 3 years old. They have bought various assets together including a house. Ramesh is attuned to the fact that his wife’s income is an equal contributor to the household income. And he wants to ensure that both their futures are secure. To ensure that in his or his wife’s absence they continue to live the same lifestyle as they do now, he opts for Aegon Life’s iSpouse Insurance Plan.

His plan details are as follows:

Cover Amount: Rs. 1 crore (Sum Assured), Policy Term 30 years, Annual Premium: Rs.26,600/- (exclusive of service tax).

Total benefit paid = Rs. 2.05 crores ( Rs. 1 crore paid immediately + Rs. 1.75 lakhs for 60 months)

In case of an accidental death of Ramesh, Sheetal will get an additional payout of Rs. 50 Lakhs as lump sum.

Thus, the total payout = Rs. 2.05 crores ( Rs. 1 crore paid immediately + Rs. 1.75 lakhs for 60 months)

In case of an accidental death of Sheetal, Ramesh will get an additional payout of Rs. 50 lakhs as lump sum.

Benefits

Eligibility

Riders

Riders: 

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

Aegon Life WoP on CI Joint Life Rider: UIN 138B012V01

This rider covers the following 4 critical illness conditions:

1. Cancer

2. Coronary Artery Bypass Surgery

3. Heart Attack

4. Stroke

How can you buy this plan?

How can you buy this plan?: 

Step 1: Choose the cover amount and period of cover.

Step 2: Based on that, the premium amount will be decided.

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

Step 4: Expect a verification call from Aegon Life’s 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 do you mean by joint life cover?

Joint life cover means a single coverage plan for Husband and wife.

Why should I consider buying a joint life cover?

A joint life policy covers Husband and wife in a single plan and the benefit is paid on death of either of the lives.

What if I am already insured? Should I buy a joint life Plan?

Yes, it’s not only about yourself. Your spouse's life is equally important. iSpouse even fills the gap of under insurance, if any on either of the lives.

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 the remaining working life.

Why should I buy iSpouse Plan?

iSpouse plan ensure the future of your family is secured, if either of you or both of you are not there.

a) Take care of the fact, that your spouse’s life is equally important

b) single plan for you and your spouse

c) Provide regular income to your family

d) Provide additional protection in case of accidental death

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 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 does my nominee receive after my death?

In the event of death of the either of the lives, the surviving life or nominee will receive an immediate lump sum payment of amount equal to 100% of Sum Assured plus regular monthly income of 1.75% of SA for next 5 Years.

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.

Do you need to be married to buy this plan?

Yes, iSpouse Insurance Plan can be taken only by married lives.

Do both partners need to be earning members?

Yes, both the partners should be earning.

What happens in case of divorce?

In case of divorce, the plan benefits will continue, subject to payment of premium.

What happens if both the lives die together? Who gets the benefit?

Under such case, the benefits will be paid to the legal heirs.

What are the riders available with this policy? Will both partners be covered?

The plan offers Aegon Life WoP on CI Joint Life Rider and both the lives are covered under this rider.

Who can be the proposer of this policy?

The premium payer will be the proposer under this plan.

If I reside abroad and I am working there for a couple of years after I purchase the plan will I be covered?

In case you are a frequent traveler to foreign locations, you need to just disclose the same in the form with respect to the ‘travel question'. You do not need to inform the company of your travel abroad unless you have already got an offer or work permit and are in the process of migrating while applying for the policy.

If I take the citizenship of another country after I purchase the plan will I be covered?

Post applying for the plan if one is travelling abroad or attains an NRI status, the cover from the term plan will still be applicable.

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.

Can we make any changes to the Policy Term or Sum Assured after the policy is issued?

Once the policy is issued changes related to the Policy Term or Sum Assured cannot be processed. You can re-apply for a fresh policy with the desired term or Sum Assured.

If we 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.

What do we get in case neither of us die during the term of the Policy?

In case, if neither of you die during the policy term, no benefit is payable.

What is the benefit payable under this plan in case of a Terminal Illness?

On diagnosis of terminal illness on any of the lives, an amount equal to 25% of the Sum Assured will be paid to the policyholder subject to maximum of Rs.1Crore

Do I need to pay extra premium for the Terminal Illness benefit?

No extra premium is required for Terminal Illness Benefit.

What happens in case I get the Terminal Illness benefit, and do not die during the Policy Term?

You are not liable to payback any benefits or premium to the insurer. You plan benefits remain continue till the end of policy term.

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

Yes, the minimum policy term is 5 Years and Maximum policy term allowed id 65 minus higher of the entry age of the two lives.

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

The premium payment term is equal to policy term.

Can I surrender my Policy?

The plan does not offer any surrender benefit.

What if I stop paying premiums?

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

If my Policy is Paid Up, what is my death benefit?

The policy does not offer any paid-up benefit

Can I take a loan on my policy?

Policy loan is not available under this plan

Can I increase my insurance cover (Sum Assured) during the Policy Term?

Change in Sum Assured is not allowed in the plan, however you can buy a fresh insurance policy to fulfill your coverage needs.

The policyholder 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, the policyholder will need to pay all unpaid premium plus interest.

What is reinstatement / revival ?

The policyholder 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, the policyholder will need to pay all unpaid premium plus interest.

Can a housewife apply for the plan?

No, the plan can only be taken by earning partners.

Is the mode of payout annual or monthly?

The plan can be taken under Annual or Monthly mode.

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

No, the premium payment term is equal to policy term in this plan.

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

Yes, you can nominate multiple nominees to your policy.

Can a businessman take this policy?

Yes, a businessman can take this policy.

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?

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.

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 iSpouse Insurance Plan, UIN 138N052V01

This is a Non-linked Non-Participating Insurance Plan

Insurance is the subject matter of the solicitation.

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

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