Aegon Life Term Insurance Vs IndiaFirst Life Term Insurance
The popularity of term insurance plans is enhancing rapidly. These days, term insurance has become a mandatory requirement for the breadwinners of the family. Term insurance safeguards the financial interests of the family when the breadwinner of the family is no more. Term insurance policy comes with an array of riders that will make the coverage sturdier and effective. But don’t invest in any term insurance plan hastily. Rather, by comparing all term insurance plans from various reputed insurers, choose the best one that will give you the utmost coverage and benefits. Below are the details about the term plans offered by Aegon Life term insurance vs IndiaFirst Life Term Insurance that you can evaluate and choose the best plan according to your financial requirements.
Aegon Life term insurance Vs IndiaFirst Life term insurance plans overview
|Parameters||Aegon Life insurance||IndiaFirst Life Term insurance|
|Number of Term insurance plans||2||2|
|E-services||Online consultation, purchasing and renewing the policy, premium payment, and claim settlement||Online consultation, purchasing and renewing the policy, premium payment, and claim settlement|
|Claim settlement ratio||98.01%||96.65%|
Term insurance policies: Aegon Life insurance Vs IndiaFirst Life Insurance
Aegon Life Insurance is a joint venture between Aegon (a preeminent international insurer) and Bennett Coleman & Company (India’s largest media conglomerate). Based in Mumbai, Aegon Life insurance has started its journey in the field of the insurance sector in July 2008. This leading insurance company is working diligently and offering innovative insurance solutions to customers. Aegon Life insurance possesses an array of products, including term plans, protection plans, child plans, retirement plans, savings, and investment plans.
As the youngest entrant in the field of the insurance sector, India First Life Insurance Co.Ltd was established in 2010. Headquartered in Mumbai, this company is a collaboration between Union Bank of India, Bank of Baroda, and Carmel Point India Investments Private Limited. The company has wisely designed its insurance products, including term plans, retirement and savings plans, child plans, etc., to captivate the interests of its customers. The company is incessantly serving its customers with the best products and services.
By comparing Aegon Life Insurance term plans and India First Life insurance term plans on various factors, you can lock the best term plan for a healthy and secure future.
Term insurance plans by Aegon Life insurance Vs IndiaFirst Life insurance
Aegon Life Term Insurance Plans
- Aegon Life greets customers with one term insurance plan (iTerm plan) that offers many exciting benefits.
- The term insurance plan has 3 different variants (Life protect, Protect Plus, and Dual protect)
- The term plan offers coverage for 36 critical illnesses (cancer, heart attack, kidney failure, etc.) up to the age of 80 years.
- Policyholders are free to choose death benefit payouts as a lump sum or monthly income or both
- To improve your protection coverage, you can opt for various riders
- The term insurance also covers COVID-19 death claims
- Lower premiums for female and non-smokers
- The minimum entry age for the iTerm Plan is 18 years and the maximum maturity age is 100 years.
Why choose Aegon Life term insurance?
- Apart from life cover, the term insurance plan also includes illness, terminal illness, and accidental death benefit cover
- Aegon Life term insurance plans offer tax benefits under Section 80C and 10(10D) of the Income Tax Act for premiums paid.
- After quitting smoking, smokers can lessen their premium amount from 2 nd year onwards.
- Aegon Life term insurance has a healthy claim settlement ratio. This means it is a trustworthy insurer and offers a hassle-free claim settlement process to policyholders.
IndiaFirst Life Term insurance plans
- IndiaFirst Life insurance embraces its policyholders with two different types of term plans (India First Life Plan and India First Life Guaranteed Protection plan).
- For term plans, the minimum entry age is 18 years and the maximum age is 60 years
- The term plans offer a sum assured between Rs. 1 lakh (minimum) to Rs. 50 Cr. (Maximum)
- IndiaFirst Life term insurance plans offer you term cover for a period of 5 to 40 years
- Lower premium facility for non-smokers as compared to smokers
- By adding riders like critical illness, accidental total permanent disability (ATPD), accidental death, etc., you can enhance your coverage.
- IndiaFirst Life offers you a free look period of 15 days, so you can return the plan if you disagree with the terms and conditions.
Why choose IndiaFirst Life Term insurance plans?
- India First welcomes policyholders with a fuss-free term insurance plan that offers comprehensive financial protection for your family.
- Section 80C and 10(10D) under the Income Tax Act, offer tax benefits for term insurance premiums paid regularly.
- The insurer offers the benefit of the return of all the premiums (if you survived till the policy tenure period).
- Flexible premium payment options (monthly, quarterly, half-yearly and yearly) are available for policyholders.
Can I take a loan under the IndiaFirst Life term insurance plan?
India First Life insurance term plan offers protection to your family in case of your sudden demise. You are not eligible for a lean benefit under this term policy.
Is death due to suicide included IndiaFirst Life term plan?
If the policyholder dies within 12 months from policy initiation/revival, the nominee will get at least 80% of the total premiums paid till the date of death or the surrender value (whichever is higher).
At what age can I purchase IndiaFirst Life term insurance plans?
The minimum entry age is 18 years, but at any cost, your age should not cross 60 years while purchasing a term plan from India First Life insurance.
What medical tests are done for Aegon Life term insurance?
You need to do the basic physical tests like blood, height, weight, pulse, and pressure. Sometimes, urine samples and blood samples are collected and may need ECGs or treadmill tests.
Is online premium payment safe for Aegon Life term insurance?
Online transactions are safe and secure for Aegon Life term insurance. The company uses encryption technology to protect all imperative information of customers. So, you can pay your premiums online without worrying.
What if I stopped paying the premiums for Aegon Life term insurance?
Your policy will lapse and you won’t enjoy any benefit after the grace period. By paying all due premiums, you can revive your policy within 2 years of lapsation.