Term Insurance Plan: Term Plans & Policy By Aegon Life

Term Insurance Plan

If you want your family to maintain the same lifestyle in your absence, this plan is for you.

DOWNLOADS

Why Buy This Plan

If you want your family to sustain the same lifestyle, in case you are not around, this plan is for you. Aegon Life’s Term Insurance Plan protects your family with a life cover and also provides monthly payouts which can act as income benefit.

You should purchase this plan if you:

Want to secure your family’s future
Want monthly Income for your family in case of death

Let's understand the plan with an example

Let's understand the plan with an example:

Mr.Mahesh (age 30 years) is at a senior managerial position with a MNC. His work needs him to travel a lot. He is married and his wife does not work and takes care of their kids - Amog, 4 years and Minal who is just born. Mahesh owns a plush house and a car. However, both of these are availed through a loan. Mahesh knows that life is uncertain. To ensure that in his absence his family continues to live the same lifestyle as they do now, he opts for Aegon Life’s Term Insurance Plan.

His plan details are as follows:

Death Benefit Option 2 (Non Smoker),

Cover Amount (Base Sum Assured) = Rs.50 lakhs,

Inbuilt Accidental Death Benefit = Rs.50 lakhs,

Policy Term = 30 years, Premium Payment Term = 30 years,

Annual Premium = Rs.12, 900 (exclusive of service tax).

Mr.Mahesh dies in an accident after 3 years

Total Payout = 330% of cover amount (Base Sum Assured)= Rs.1.65 crores(Rs.25 lakhs i.e. 50% of cover amount + Rs. 50 lakhs i.e. 100% of accidental death benefit)+ Rs.1.5 lakhs (3% of Sum Assured) every month for the next 5 years.

The lump sum payout of Rs.75 lakhs received by Mahesh’s family will help them repay loans. Additionally, the monthly payout of Rs.1.5 lakhs over the next 5 years will help them maintain their current lifestyle.

Benefits

Death Benefit Option I

In case of death of life assured, 100% of the Sum Assured is paid.

Death Benefit Option II

In case of death of life assured, 50% of the cover is paid immediately + Regular income of 3% of cover amount is paid every month for next 5 years.

Life Cover

Life Cover up to age of 75 years is available.

Tax Benefits

Tax benefits as per prevailing tax laws.

Inbuilt Accidental Death Benefit

In case of Accidental death, Additional accidental benefit equal to 100% of the cover amount will be paid subject to maximum of Rs.1 Crore.

Eligibility

Entry Age

Minimum - 20 years completed, 30 years last birthday for 10 year Policy Term

Maximum - 65 years last birthday

Maturity Age

Maximum Age: 75 yeras last birthday

Sum Assured

Minimum - Rs 10,00,000
Maximum - No Limit (subject to underwriting requirement)

Policy Term

10 / 15 / 20 / 25 / 30 / 35 / 40 years and 75 years minus age at entry.

Premium Payment Term

Equal to Policy Term

Premium Payment Mode

Yearly, Half Yearly & Monthly

Semi Annual Premium - Annual Premium x 0.512;

Monthly Premium - Annual Premium x 0.087.

Riders

Riders:

You can make your plan more comprehensive by choosing any of the following suitable riders:

Aegon Life CI Rider (UIN: 138B001V02):

This rider covers critical illnesses. In case the insured is diagnosed with mentioned critical illnesses, cover amount will be paid.

Aegon Life Women Care Rider (UIN: 138B009V02):

This rider covers illnesses pertaining to women. On being diagnosed with any of the covered illnesses a certain percentage of the cover amount will be paid.

Aegon Life TPD Rider (UIN: 138B010V02):

This rider covers the insured in case of total and permanent disability. On being diagnosed with total and permanent disability, cover amount will be paid.

Please refer to the sales brochure of these riders to understand the terms & conditions before concluding a sale.

Aegon Life Premium Shield Rider (UIN 138B013V01)

This rider waives off the future premiums payable under the base plan upon permanent disability of the Life Assured due to either accident or sickness.