AEGON Life iSpouse Insurance Plan

 

Aegon Life iSpouse Insurance Plan Review

The Aegon Life iSpouse Insurance Plan is a joint life Term Assurance Plan which extends term insurance to both the husband and wife in one plan.

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Highlights of the Aegon Life iSpouse Insurance Plan

• This is a traditional Joint Life Term Assurance plan covering a married couple which can be bought online.
• The plan has dual death benefits where a lump sum is paid immediately on the death of any of the partners and a monthly benefit is also paid for a fixed period of 5 years post death.
• There are two inbuilt riders in the plan which is Accidental Death Benefit and Terminal Illness Benefit. Both of these inbuilt riders increase the scope of coverage provided under the plan.

Working of the Aegon Life iSpouse Insurance Plan

• The policyholder chooses the Sum Assured and the plan tenure based on which the premium is calculated.
• The premium is payable for the specified tenure failing which the plan lapses and no benefits accrue.
• In case of death, the death benefit available under the plan is paid.
• There is no maturity benefit payable under this plan.

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Amount you wish to be covered for? 10 Lakhs 15 Lakhs 20 Lakhs 25 Lakhs 30 Lakhs 35 Lakhs 50 Lakhs 75 Lakhs 1 Crore 1.5 Crore 2 Crore 2.5 Crore 3 Crore 4 Crore 5 Crore 10 Crore 15 Crore 20 Crore 25 Crore

Duration of Policy? 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years 31 Years 32 Years 33 Years 34 Years 35 Years 36 Years 37 Years 38 Years 39 Years 40 Years 41 Years 42 Years 43 Years 44 Years 45 Years 46 Years 47 Years 48 Years 49 Years 50 Years 51 Years 52 Years 53 Years 54 Years 55 Years 56 Years 57 Years 58 Years 59 Years 60 Years

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Benefits and Features of Aegon Life iSpouse Insurance Plan

• Maturity Benefit – Being a term plan, no maturity benefit is paid if the plan matures.
• Death Benefit – If either one of the couple dies during the plan tenure, 100% of the Sum Assured is immediately paid to the surviving partner. 1.75% of the Sum Assured is additionally paid monthly for a fixed period of 5 years after which the plan terminates. If the surviving partner dies during the monthly benefits, the benefits would be paid to the legal heir of the couple for the fixed tenure. 
• Accidental Death Benefit – If any of the insured partners die due to accident, an additional 50% of the Sum Assured limited to a maximum of Rs.1 crore is paid along with the above-mentioned death benefit.
• Terminal Illness Benefit – If either of the partners contracts any terminal illness during the plan tenure, 25% of the Sum Assured would be paid immediately subject to a maximum of Rs.1 crore. All future premiums payable would also be waived. However, when the insured dies after the illness, the death benefit payable would be net of the Terminal Illness Benefit already paid 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 iSpouse 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)	21 years	60 years
Maturity Age (Last Birthday)	NA	65 years
Plan tenure	5 years	(65 – higher of the entry age of both the lives)
Premium payable	Depends on Sum Assured, age and plan tenure
Premium Paying Term	Equal to plan term
Sum Assured	Rs.25 lakhs	No limit
Premium payment mode	Monthly and annually

Plan Details

The Aegon Life iSpouse Insurance Plan offers many benefits that we want you to understand with ease.

Let's Understand The Plan With An Example:
Ramesh aged 30 years and his wife Sheetal took iSpouse Plan for a policy term of 30 years for a sum assured of Rs.1,00,00,000/-

Total benefit paid = Rs.2.05 Crores (Rs.1 Crore +Rs.1.75 lakhs for 60 months)
In case of an accidental death of Ramesh, her wife will get an additional payout of Rs.50 lakhs as lump sum.

Total benefit paid =Rs.2.05 Crores (Rs.1 C rore + Rs.1.75 lakhs for 60 months)
In case of an accidental death of Sheetal, her husband will get an additional payout of Rs.50 lakhs as lump sum.

Additional Benefits of Aegon Life iSpouse Insurance Plan

• Riders – Aegon Life Waiver of Premium on Critical Illness Joint Life Rider is available under the plan for increasing the scope of coverage. This rider covers four major critical illnesses. 
• Grace Period – A grace period of 30 days is allowed for payment of premium after the due date for annual mode of premium payment. For monthly mode, the grace period allowed is 15 days. 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 30 days 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.

Exclusions in Aegon Life iSpouse 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.
• For the accidental death benefit, death due to criminal acts, war, riots, rebellion, alcohol and drug abuse, participation in defense operations, participation in hazardous sports and activities, aviation, self-inflicted injury or as a result of inhalation of poison, gas or fume would be excluded from coverage.
• In case of Terminal Illness Benefit, illnesses due to HIV Infection, criminal acts, influence of alcohol or drugs, self-inflicted injuries, defense operations, hazardous sports, suicide, aviation, war and nuclear contamination would be excluded.

Non-Payment of premium in Aegon Life iSpouse 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.