Aegon Life Easy Protect Insurance Plan
Aegon Life Easy Protect Insurance Plan is a term life insurance plan designed to enable the policyholder's family to sustain their lifestyle even in his or her absence and protect them against any uncertainties that may arise.
It is an affordable plan that ensures protection and secures the future of the policyholder's family as well as helps them earn a sustained monthly income in the event of the death of the policyholder. The is best suited for individuals who are the sole breadwinner in the family and who are looking to secure his or her family's financial future.
Features of Aegon Life Easy Protect Insurance Plan
- The annual premium is paid and calculated based on the policyholder's age
- The commences immediately after it is issued to the policyholder by the company
- In the unfortunate event of the death of the policyholder, the nominee will received Rs 10,000 per month for a period of ten years.
- The plan allows the policyholder a grace period of 30 days from the premium due date to pay the premium.
- In the event of death of the policyholder during the grace period, the outstanding premium due, if any, will be recovered from the first benefit payout
- If the premiums are not paid till the expiry of the grace period, the policy lapses with all the benefits
- If the policyholder is in any way not satisfied with the terms and conditions of the policy, he or she may return the policy document to the company along with a letter stating the reason for dissatisfaction within 15 days of receipt of the policy document
- The policyholder cannot take out loans against this plan
- Service taxes or any other taxes will be levied as per existing tax laws
Benefits of Aegon Life Easy Protect Insurance Plan
- Maturity or Surrender Benefit - The policy will terminate without any benefit on survival till maturity or on surrender of the policy.
- Death Benefit - In case of death of the policyholder, Rs 10,000 will be paid per month for a period of 10 years starting from the next monthly anniversary following the date of death and acceptance of the claim. The nominee also has the option to take the present value of the future payouts.In case of death due to suicide, within 12 months from the date of inception of the policy or within 12 months from the date of reinstatement, the nominee of the policyholder shall be entitled to 80% of the premium paid.The policy terminates upon payment of such benefit.
- Tax Benefit - Premium paid under this policy are eligible for tax benefits under section 80C and the benefits received are eligible for tax benefits under section 10(10D) of the Income Tax Act, 1961 as per the prevailing tax laws.
Eligibility Criteria to Avail of Aegon Life Easy Protect Insurance Plan
- The minimum entry age of the Life assured is 20 years
- The maximum entry age of the Life assured is 50 years
- The maximum age of maturity is 60 years
- The policy term is ten years
- The premium payment term is equal to the policy term
- The minimum premium amount payable by the policyholder is Rs 2,021
- The Sum Assured will be Rs. 12,00,000, which is the sum of all payouts ie: Rs 10,000 per month for ten years
- The premium payment will have to be made annually
Other Aegon Life Term Plans
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
FAQs on Aegon Life Easy Protect Insurance Plan
- Who should consider buying the Easy Protect Insurance Plan?
This plan is ideal for individuals who are the sole earners of their family and want to ensure their family’s lifestyle and financial stability remains intact after their demise.
- What are the key features of Aegon Life Easy Protect Insurance Plan?
Key features include annual premium based on age, immediate cover from the date of policy issue, Rs 10,000 monthly payout for 10 years, 30-day grace period for premium payment, no loans allowed against policy, and 15-day free-look cancellation option.
- What is the monthly income benefit provided by this plan?
Upon the death of the policyholder, the nominee receives Rs 10,000 per month for a period of 10 years, with the option to take the present value of these future payouts.
- Is there any maturity or surrender benefit with the Easy Protect Plan?
No maturity or surrender benefit is available; the plan pays only in the event of the policyholder’s death during the 10-year term.
- What tax benefits does the Easy Protect Insurance Plan offer?
Premiums paid are eligible for tax benefits under Section 80C and the payouts to the nominee are exempt under Section 10(10D) of the Income Tax Act, 1961.
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