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Aegon Life Rural Term Insurance Plan

What is the Plan all About?

Aegon Life Rural Term Insurance Plan is a non participating, non linked traditional term insurance plan specially designed for the rural segment. It is a single premium term insurance plan which offers the benefits of staying covered for 5 years by making just one payment. The plan offers financial security to the family members of the insured person dependent on him.

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What are the key features?

  • Financial security at nominal premium charge
  • 50 times of the single premium payable as death benefit
  • Single premium term plan
  • Simplified policy issuance
  • N pre issuance medical tests
  • Fixed policy term of 5 years
  • Tax benefit as per prevailing tax laws

What are the Plan Benefits?

Death Benefit

    On the death of any of the members of the policy, the guaranteed sum assured is payable to the family of the deceased.

Maturity Benefit

    It is a pure protection plan and no maturity benefits are payable.

Surrender Benefit

    The policy will acquire a surrender value after completion of one policy year.The surrender value will be calculated as: 70% X Single Premium paid X (Outstanding coverage term in months / Total coverage term in months) The policy will terminate on payment of the surrender value.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 45 Years
Age at Maturity - 50 Years
Policy Tenure 5 Years -
Premium Paying Term Single Premium -
Premium Paying Mode Single Premium -
Sum Assured 50 Times The Single Premium -
Premium Rs 300 Rs 1,000
Maturity Benefit Nil -
Plan Type Offline -

Is any rider available with this plan?

No rider is available under this plan.

Premium Illustration?

Let us understand it with an example.
Ram takes Aegon Life’s Rural Term Insurance Plan with a single premium of Rs 500. The sum assured will be 50 times of the single premium i.e Rs Rs 25,000. The policy term is fixed for 5 years.In case Ram dies during the policy term, Rs 25,000 will be paid to his nominee, and if he survives the policy term, nothing is payable on maturity.The plan terminates thereafter.