India's 1st IRDAI Approved Insurance Web Aggregator

Aegon Life Saral Jeevan Bima Plan

  •  views
  •  views

Summary of Aegon Life Saral Jeevan Bima Plan

Aegon Life Saral Jeevan Bima is a simple and affordable term insurance plan. It is easy to understand and is especially useful for first time term insurance buyers of pure protection term insurance plans. You have the option to take the Accidental Death Benefit rider along with this plan. We will understand these benefits in detail with examples. The plan can be purchased online.
 
Plan Name Aegon Life Saral Jeevan Bima
Policy Type Term Insurance
UIN 138N077V01

Want to know your premium? Compare premiums for the best term insurance plan for yourself for free.


Key Features of Aegon Life Saral Jeevan Bima Policy

  • Simple and easy to understand term insurance plan
  • Affordable premiums
  • Best suited for first time buyers of protection plans
  • Premiums can be paid monthly, quarterly, half-yearly or annually
  • Tax Benefits on Premiums paid and Death Benefit
 

Benefits of Aegon Life Saral Jeevan Bima Policy

Since this is a pure protection term insurance plan, it does not offer any maturity benefit. The purpose of this plan is to offer large life insurance protection at affordable premiums so that the nominee will receive a large sum in case something happens to the policyholder.

Death Benefit

In the unfortunate event of the policyholder’s death, the nominee will receive the highest of the following:

For Regular Premiums (monthly, quarterly, half yearly and yearly), it is HIGHER of:
  • Sum Assured or the cover amount
  • 105% of all premiums paid
  • 10 times the Annualised Premium

For Single Premium, it is HIGHER of:
  • Sum Assured or the cover amount
  • 125% of Single Premium
The Death Benefit received by the nominee iis tax free.

Optional Accidental Death Benefit Rider

You can avail this rider benefit by paying extra premiums. In case of death of the policyholder due to an accident, the extra amount selected as the rider sum assured will be paid to the nominee in addition to the base sum assured of the plan.
 

Eligibility Parameters for the Aegon Life Saral Jeevan Bima Policy

Parameter Minimum Maximum
Entry Age 18 years 65 years
Max Age at Maturity 70 years
Sum Assured 5 lakhs 25 lakhs
Policy Term 5 years 40 years
Premium Payment Term Single Pay
Regular Pay - Same as policy term
Limited Pay - 5 & 10 pay
Premium Payment Mode Monthly, Quarterly, Half-yearly, Annually & Single
 

Other Features of Aegon Life Saral Jeevan Bima Policy

Waiting Period - In case of death of the policyholder within 45 days from the commencement of risk, only the premiums paid will be refunded and the sum assured will not be paid out.

Freelook Period - In case you are not satisfied with the policy after receiving the policy documents, you can cancel the policy and get a refund. The can cancel the policy within the freelook period as defined here:
  • Within 15 days in case the policy is not purchased electronically or through distance marketing
  • Within 30 days in case the policy is purchased electronically or through distance marketing

Revival - In case you have missed the premiums and the policy has lapsed, you can revive the policy within 5 years from the last unpaid due date, but before the policy term expiry. You will have to pay all unpaid premiums without any interest.

Suicide Exclusion - In case of death of the polilcyholder due to suicide with 12 months of commencement of risk, the sum assured will not be paid to the nominee. Only a part of the premiums paid will be refunded as follows:
  • For regular premium plans - 80% of the premiums paid will be refunded  
  • For single premium plans - 90% of the premiums paid will be refunded 
This pretty much explains the working of this plan. In case you have any questions on this plan, please drop a comment and we will get back to you.

Looking to protect your family. Get a free consultation from our trained and certified advisors - Compare term insurance plans.
Other Term Insurance Plans from AEGON Life
Compare Term Plans

Leave a Comment

Term Insurance Calculator
Important: Insurance is the subject matter of solicitation | © 2009-2022 MyInsuranceClub.com