Aegon Life Insurance

In general, beneficiaries and insured persons can make a life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.

The insurer does, and the amount depends on several factors that can impact the insured’s life expectancy, such as age, gender, smoking habit, personal medical history, and family medical history (such as heart disease or cancer among immediate family members).

Yes. The average Indian woman lives longer than the average Indian man, therefore, the premium for women is lower than that for men of the same age, everything else remaining the same including smoking habit.

Nicotine use becomes a factor in determining the premium because a non-smoker is expected to live longer than a smoker–in any country

If premium remains unpaid one month after the due date (that is the ‘grace period’), the policy will lapse. In that case you, as the insured, will have wasted all the premiums you have paid in previous years. Additionally, your beneficiary will also not receive a pay out as the policy will be deemed ‘lapsed’.

If the insured dies during the plan term, before he or she can pay the premium, the due premium will be deducted from the death benefit.

In case of a term life insurance policy, there are no paybacks. So, if you as the insured buy a standard term insurance, and you outlive the plan, you get nothing. But do not forget that your primary objective is to create a protective financial umbrella for your loved ones. For other plans, except term plan, you get the money after the policy matures.

Besides insuring your family, this type of life insurance offers various tax deductions and exemptions. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the proceeds that your loved ones get in your absence or the amount you get at the maturity of the term is tax-free. Learn all about tax benefits here.

Absolutely! But for that, look for a policy with maturity benefits. Most people are unaware of the additional benefits apart from the death and disability benefits. So, check out the various types of life protection plans: Here are a few to consider

• WHOLE LIFE: Regular premiums until death, after which the corpus is paid to beneficiaries; no expiration;
• ENDOWMENT PLANS: Sum assured is paid under both scenarios – death and maturity;
• ULIP: Risk cover plus investment options, assured pay out;
• MONEY-BACK: Insurance-cum-investment with periodic returns as a percentage of the sum assured.

Whether you are in your 20s, 30s, 40s or more – it is always a good idea to get insured.

A rider is an attachment or amendment that supplements the term plan coverage, helping the insured meet specific needs. There are various types of riders:

• Accidental death and dismemberment
• Critical Illness
• Waiver of premium
• Income benefit
• Partial and permanent disability

Yes, the insurer can reject a life insurance claim on grounds of

• Misrepresentation of actual information
• Non-disclosure of correct information
• Fraud

Claims of death due to drunken driving, accidents while inebriated, self-inflicted wounds, murder, death in a war or known violent area, dangerous hobbies like skydiving, and death due to sexually-transmitted diseases are not entertained.

This depends on the policy. In term plans, the basic costs, coverage limits, and requirements remain the same for the duration of the policy. For whole life plans, it may remain unchanged sometimes, but mostly they will have changing terms over that timeframe–the changes occur when you renew the policy.

Your insurer can reject a life insurance claim on grounds of:

• Misrepresentation of actual information
• Non-disclosure of complete information
• Fraud
• Policy does not cover specific situation : Assuming you are 25 years old and take a whole life plan; you will receive a lumpsum payment at the age of 45. However, if you make a claim at 40 because of an emergency, your claim will not be entertained.
• Disability and critical illness : Life insurance policies do not generally cover disability and critical illnesses, unless you buy disability and critical illness riders as well.
• Minor beneficiary : The money will be paid only to a trustee designated by you (the insured) and not to the spouse or child (the beneficiary) if he or she is under 18 years.
• Insured lives beyond term expiry : Some policies are only valid until the insured turns a certain age or for a certain number of years. The policy becomes invalid if you outlive this tenure.
• Suicide : Although suicide cases qualify for insurance pay outs, there is a catch. The insurance sector regulator, IRDAI, has made certain changes in the suicide clause with effect from January 1, 2014. Policies issued prior to this date will not be entertained under the old clause. As for those policies that have been taken out later, we’ll come to that a little later.
• Death in a war : This is a common exclusion. Many policies do not cover accidental death in a war or during active military service.
• Death in a high-risk activity : Sure, you have only one life to live and you should make the most of it. But partaking in extreme sports like skydiving, is not generally covered by an insurance policy. In fact, an insurer can reject a death claim if you were not wearing a helmet while riding a motorcycle (yup, it is a high-risk activity).
• Unpaid premium : This is the most common ground for pay out refusal. If the premium is not paid within 30 days after the due date, the policy is considered lapsed.

All our term insurance plans cover COVID death claims. Apart from that, we also have a life insurance plan which covers COVID Hospitalization expenses. Know more about this COVID Insurance Policy

If you buy term insurance, you are doing it for the financial security of your family, which relies on you, and to get multiple benefits such as tax exemption and planning for your child’s higher education.

In general, beneficiaries and insured persons can make a term life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.

Yes! In fact, if you have smoked in the last 12 months, then you must declare yourself as a tobacco user. If information is withheld and later revealed to the insurer, it may have severe repercussions such as your policy being considered as null and void or denial of the policy benefits.

Besides insuring your family, this type of life insurance offers various tax deductions and exemptions. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the proceeds that your loved ones get in your absence or the amount you get at the maturity of the term is tax-free. Learn all about tax benefits here.

You can buy as many term insurance plans as you want to fulfill your insurance needs. You can even nominate different beneficiaries for both the insurance plans.

Term insurance is a life insurance policy that provides coverage for a specific amount of time, say 10, 20 or 30 years, whereas whole life insurance is a type of permanent life insurance that provides a death benefit and accumulates a cash value as long as you are alive.

Some of the key reasons as a customer to opt for Aegon Life are as follows:

• At Aegon Life, you can rest assured knowing that you and your family’s unique needs are being heeded and fulfilled. Some of the insurance products that Aegon Life offers that will equip you with what you need to keep your loved ones protected across Term Plans, ULIP Plans, Saving & Investment Plans and Child Plans
• Quick Issuance : Your policy will be issued in 2 days of completion of medicals (if applicable) and submission of documents.
• Hassle-free claim settlement process : While settling the claim, only three steps are followed viz. initiate the claim, submit all the necessary documents, and at last, the company settles the claim amount.
• Widespread Network of Branches : We have 82 branches across the country, and growing rapidly to expand the presence beyond the boundaries.
• Aegon Life Insurance had a claims settlement ratio of 96.90% in 2018-19, they also covered 2.85 lac lives during the year 2019-20
• The company’s solvency ratio of 2.59 is amongst the highest in the industry, showing the company’s financial ability to pay claims promptly