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AEGON Life Easy Protect Insurance Plan

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Aegon Life Easy Protect Insurance Plan Review

The Aegon Life Easy Protect Plan is a traditional Term insurance Plan which pays monthly payouts to help the family deal with their lifestyle expenses.

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Highlights of the Aegon Life Easy Protect Insurance Plan

  • This is a traditional Term Assurance plan which pays the death benefit in monthly payouts.
  • The monthly payouts are a fixed amount payable for a fixed tenure and the Sum Assured under the plan is the aggregate amount of all payouts paid for the fixed tenure.


Working of the Aegon Life Easy Protect Insurance Plan

  • Since the plan has a fixed Sum Assured, the annual premiums are calculated based on the policyholder’s age at the time of buying the plan.
  • In case of death, the monthly instalments are paid for a specified tenure.
  • There is no maturity benefit payable under this plan.

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Benefits and Features of Aegon Life Easy Protect Insurance Plan

  • Maturity Benefit – Being a term plan, no maturity benefit is paid if the plan matures.
  • Death Benefit – If the life insured dies during the tenure of the plan, monthly payouts would start from the next monthly anniversary of the policy. The payout would be fixed at Rs.10, 000 payable for over a fixed period of 10 years. The nominee can take the present value of these payouts in lump sum. The present value would be the discounted value of the aggregate payouts payable under the plan.
  • Bonus – This is a non-participating plan and as such, bonuses are not declared. 
  • Loan –Loans are not available under the plan.
  • Tax benefit – Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.
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Eligibility Criteria of Aegon Life Easy Protect Insurance Plan

The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
 
  Minimum Maximum
Entry age (Last Birthday) 20 years 50 years
Maturity Age (Last Birthday) NA 60 years
Plan tenure 10 years
Premium payable Rs.2021 Depends on the age of the policyholder
Premium Paying Term Equal to plan term
Sum Assured Rs.12 lakhs (aggregate monthly payouts)
Premium payment mode Annually


Additional Benefits of Aegon Life Easy Protect Insurance Plan

  • Riders – The plan does not have any additional riders.
  • Grace Period – A grace period of 30 days is allowed for payment of premium after the due date. The life cover under the policy would continue during the grace period.
  • Free Look Period –A cooling off period or a free look period of 15 days (or 30 days in case of distance marketing) is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid.

Plan Details

Let's Understand The Plan With An Example:

Mr.Mahesh (age 35 years) is employed with a private firm. His wife does not work and they have a son Ajay, who is 10 years old. Being the sole bread earner of the family, Mahesh is aware of the need to secure his family financially. He knows his personal saving alone cannot suffice and help his family with a regular income. Hence, he relies on Aegon Life’s Easy Protect Insurance Plan.
His plan details are as follows:
Policy Term: 10 years
Premium Payment Term: 10 years
Annualised Premium: Rs.2714 (exclusive of service tax)

Mr.Mahesh dies after 2 years


Premiums paid by Mahesh = Rs.2,714 X 2 years = Rs.5,428 + tax
Death Benefit = Rs.10,000 each month for 10 years. 
Hence, total payout is Rs.12,00,000.


Exclusions in Aegon Life Easy Protect Insurance Plan

  • If the policyholder commits suicide within a year of policy issuance or revival, 80% of the premiums paid would be returned and no death benefit would be payable


Non-Payment of premium in Aegon Life Easy Protect Insurance Plan

Premiums have to be paid for the specified tenure failing which the policy lapses and no benefits are payable.

Making the policy Paid-up

The option of making the policy paid-up is not available under the plan.


Surrendering the policy

The plan does not acquire any Surrender Value.

Revival 

Revival is allowed within 2 years from the date of the first unpaid premium. The policyholder would be required to pay the outstanding premium and any interest charged by the insurer to revive his policy.



 
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