Aegon Life Term Insurance Vs LIC Term Insurance

In this competitive era, you are working and earning money diligently not only for yourself but also for your family members. Thus, you always need to consider a form of protection for them in case of your sudden demise. Here comes term insurance that offers your loved one’s ultimate protection against unanticipated situations. If the insured policyholders die during the term policy period, the insurer offers the sum assured to the beneficiary. These days, the market will embrace you with a plethora of term plans, but you choose the best one that suits all your financial needs. Below are the details about the term plans offered by Aegon Life term insurance vs LIC term insurance that you can analyse, compare and select the most suitable one.

Aegon Life Term Insurance Vs LIC Term Insurance Plans Overview

Parameters Aegon Life insurance LIC 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% 96.69%

 Term insurance policies: Aegon Life insurance Vs LIC Insurance

Aegon Life Insurance is a joint venture between Aegon (a prodigious international insurer that operates in 20 countries) and Bennett Coleman & Company (India’s largest media conglomerate). Located in Mumbai, this famous insurance company has stepped into the field of the insurance industry since July 2008. The company has designed a spectrum of insurance solutions, term plans, protection plans, child plans, retirement plans, savings, and investment plans to gratify the needs of its customers. Aegon Life insurance holds an unparalleled customer base (3 lakhs satisfied customers).

It would be an uphill task for you to find a customer who is not aware of the Life Insurance Corporation (LIC) of India. With its unprecedented reputation, LIC offers a host of insurance products to customers. All insurance products of the company are customer-oriented and support the growing needs of the customers. Today, LIC is synonymous with trustworthiness, loyalty, and reliability. To make a wholesome future, you should choose the right term plan by comparing Aegon Life Insurance term plans and LIC  term plans on various aspects.

Term insurance plans by Aegon Life insurance Vs LIC of India

Aegon Life Term Insurance Plans 

  • Aegon Life offers its customers one term insurance plan (iTerm plan) that comes with astonishing features and benefits
  • The term insurance plan has 3 different variants (Life protect, Protect Plus, and Dual protect)
  • Aegon Life term insurance plans offer 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
  • This term plan offers 4 additional riders (critical illness rider, disability rider, women CI rider, waiver of premium on CI rider)
  • Quit smoking and will get discounts on premiums from the 2nd year onwards.
  • If you are diagnosed with any terminal illness, future premiums will be waived off and 25% of the sum assured will be paid immediately.
  • This term plan offers accidental death cover means your family will get an additional payout in case of your demise due to an accident.


Why choose Aegon Life term insurance?

 Aegon Life term insurance plan offers tax benefits under Section 80C and 10(10D) of the Income Tax Act for premiums paid.

  • According to your growing needs, you can enhance your life coverage.
  • Get life coverage till the age of 70 years with affecting the premiums throughout the policy term.


LIC Term Insurance Plans

  • LIC welcomes its customers with two different term plans and they are LIC Tech Term Plan and LIC Jeevan Amar.
  • LIC term plans offer higher coverage at an affordable premium.
  • For term plans, the minimum age is 18 years and the maximum age is 75 years
  • To increase your coverage, you can choose additional riders like critical illness cover, permanent disability, accidental death cover, etc.
  • Policyholders are eligible for various premium payment modes for LIC term plans. One can pay the premiums yearly, half-yearly, monthly, or quarterly, according to his/her budget.
  • Some plans can be converted to other plans as per the terms & conditions of the LIC.


Why choose LIC Term Insurance Plans?

  • LIC term premiums are eligible for tax exemption according to Section 80C and 10(10D) of the Income Tax Act, 1961.
  • Customers can buy selected plans online in the comfort of their homes.



I am already registered under the Group Insurance Scheme. Can I still purchase Aegon Life Term Insurance?

Yes, it is essential to purchasing an individual term plan from Aegon Life insurance despite having registered under the Group Insurance Scheme. Because the sum assured would be too little under the Group Insurance scheme.

How safe is it to make the payments online if I wish to purchase the term insurance plan from Aegon?

For Aegon Life insurance, every online transaction is safe and secured. The company is using a Secured Socket Layer (SSL) technology (encryption technology) to protect all imperative data of its customers.

Why should I opt for the Return of premium term plan from Aegon Life insurance?

This plan is ideal for working professionals who have many dependents. This plan not only offers you a good sum assured at a lower cost but also protects your family in case of your untimely death. If you die within the policy period, the nominee will get the sum assured.

Are terrorist attacks covered under the Aegon life term insurance policy?

Yes, death due to a terrorist attack is covered under the Aegon term plan. The nominee can claim the death benefit.

What should I do if I lose the original term policy documents of LIC insurance?

You need to visit the nearest LIC branch and apply for a new one.