Aegon Term Insurance FAQs
|Claim Settlement Ratio||99.25%|
|Customer Care||9:00 AM to 7:00 PM|
|Death Benefit Paid For||344 Policies|
|Total Death Benefit Paid||Rs. 64.60 Crore|
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Aegon Term Insurance Plan List
|Name of Plan||Sum Assured|
|iTerm Insurance Plan||20 lac - 10 cr||Get Quotes Now|
What happens if the policyholder starts smoking a few later after he/she has insured themselves?
In case, an individual has started drinking or smoking, then it will possibly reduce their life expectancy. However, to save themselves from future hassles and to avoid claim rejection, it is best to reveal all these details to your insurance provider.
Do Aegon Life term plans offer tax benefits?
Yes, premium payable towards Aegon Life term plans is exempted from tax as per the prevalent tax laws.
Can a claim be filed in case of accidental death?
If an insured dies due to an accident, then the Aegon Life insurance company will pay the sum assured amount to the nominee. Moreover, you can add various riders such as critical illness riders, accidental death benefit riders and more to enhance your coverage.
Is buying a term insurance plan advisable?
Yes, it is an extremely wise decision to invest in a term insurance plan in order to secure the future of your family financially even in your absence.
How can I calculate the premium for my Aegon Life term insurance plan?
The calculation for the premium payable towards your Aegon term insurance plan is done on the basis of factors such as gender, age, occupation, coverage, lifestyle habits etc of the policyholder buying it.
Who is entitled to receive the death claim benefit?
The claim money can be received by any of the following:
- The proposer, (in case you are not the policyholder)
- Assignee, in case of policy, has been assigned
- Legal heirs
- Policyholder, in case of living benefit claims such as claims under health, disability, critical illness claims.
What happens when there is no nomination in the policy or when the policyholder and nominee die in the same event?
When a policyholder or the nominee dies in the same event, such a claim is considered an open title claim. In such a case, the Succession Certificate or Probate of will is to be submitted by the claimant. If the insurance company has accepted the claim but is waiting for the issued certificate of proof, then Aegon Life Insurance holds the money till the proof is submitted and pays interest as directed by the IRDAI.
What is the turnaround time for Aegon Life Term insurance plans?
According to the Insurance Regulatory Development of Authority India (IRDAI) regulations, your claim should be decided and settled within 30 working days upon receiving the required documents.
How do I communicate my concerns with respect to the claim decision?
You can call at Aegon Life Insurance customer care toll-free number at - 1800-209-9090.
How do I report my term insurance claim?
You can report your term insurance claim in the following ways:
- Submit completed claim forms and required documents at the nearest Aegon Life Branch Office.
- Submit completed claim forms and other documents at the Aegon Life Insurance Head Office.
- Call the insurance company at toll-free customer care number- 1800-209-9090 for any further information or visit the Aegon Life Insurance website.
What will I get if my Aegon Life Term Insurance policy matures?
Aegon Life Term plan does not have a maturity benefit. The benefits will be paid out to the policyholder family in case of his/her death or to the policyholder in case if he/she is diagnosed with a terminal illness. If the policyholder chooses the critical illness benefit, the benefits would be paid out to the policyholder if he/she is diagnosed with any of the listed 36 critical illnesses.
Can I make changes to my Aegon term policy after I buy it?
No, policy terms and the premium amount cannot be changed once the policy is bought.
Are terrorist attacks covered under the Aegon life term insurance policy?
Yes, death due to terrorist attacks is covered under the Aegon term plan. The death benefit can be claimed by the policyholder nominee or the legal heir.
How much life cover should I select when I buy an Aegon term plan?
Your ideal life cover amount should depend upon your financial situation. Income and Liabilities should be taken into consideration. The basic rule to select your life cover is:
- At age 30 years, life cover should be 20 times your annual income.
- At age 40 years, life cover should be at 15 times your annual income.
- At age 50, your life cover should be 10 times your annual income.
What is Critical Illness Cover?
Critical illness cover is an additional benefit rider available with Aegon term plan which will provide the policyholder with a lump sum payout if diagnosed with listed 36 critical illnesses. There are no restrictions on hospitals or against any expenses incurred.
How many term insurance plans are offered by Aegon Life Insurance?
Aegon life insurance offers various term insurance plans which are Aegon Life iTerm Insurance Plan, Aegon Life Group Term Plus Insurance Plan, Aegon Group Credit Shield Insurance Plan, Aegon Life Saral Jeevan Bima, and Aegon Life Rural Term Insurance Plan.
What is the age limit for policyholders to purchase a term insurance plan?
The policyholders of the age group between 18 years and 65 years can buy a term insurance policy. However, it is recommended to purchase a term plan at an early age, as the policy premium increases with the increase in age.
Can I earn tax benefits with my term insurance plan?
Yes, you can earn tax benefits with the term insurance plans on their premium as per section 80C of the Income Tax Act, 1961. You can claim tax deductions against the premium paid for a maximum of up to Rs 1.5 Lakh.
Can I purchase Aegon term insurance plans online?
Yes, you can buy term insurance plans online directly from the website of Aegon Life Insurance within a few minutes. The online purchase process is fast as well as economical.
Why should I opt for Aegon life term insurance plans?
Aegon Life Term Plans provides you with a sum in the event of the demise of the insured person. Its term plans give life cover along with a diverse range of beneficial options to increase the coverage such as critical illness cover, accidental death cover and so on.
When should I buy the Aegon Life Term Insurance plan?
The earlier you buy Aegon Term Insurance the cheaper and better it is. With increasing age, Aegon Life term insurance plans become expensive.
What is the difference between buying a term plan online and offline?
When you buy the Aegon Life term plan online, it is not only affordable but also saves you time and money. However, all benefits and features remain the same for both online and offline customers.
How much does Aegon Life term insurance cost?
The cost of Aegon Life term insurance depends on the type of policy you choose, your age, the sum assured, health conditions, and the benefits you expect to receive when your term of the policy expires.
How will my age affect my Aegon Life term insurance premium?
Age is an important factor in deciding the premium. As the age increases, so will your term insurance premium.
What is the toll-free customer care number of Aegon Life Insurance?
The 24x7 toll-free customer helpline number of Aegon Life insurance is 1800 209 9090.
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Aegon Term Insurance Contact Details
Insurance Dekho755 1196 989Mon to Sun 10:00 AM to 7:00 PM
Aegon Term Insurance1800-209-9090Mon to Sat 9:00 AM to 7:00 PM
Claim Process at Aegon Term Insurance
Claim IntimationIn the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
Submission of DocumentsClaim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
Claim EvaluationOnce the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
Claim SettlementIf claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.