Aegon Life Term Insurance Vs SBI Life Term Insurance

Many people often overlook the idea of purchasing a term insurance policy as they think it is not a worthy investment. But how do you secure the financial security of your loved ones in case of your sudden demise? If you are of the same opinion, then it’s time to change your perception and get a life insurance policy that provides the utmost coverage to your family against any unforeseen incident. Before purchasing the best term insurance plan, compare and analyze all available term plans in the market from various Indian insurance companies. After going through their terms & conditions, exclusions & inclusions, the sum assured, riders’ availability, and other facilities, choose the most suitable one that complements your financial needs. Below are the details about the term plans offered by Aegon Life term insurance vs SBI Life term insurance that you can compare and handpick the best plan to support your financial needs.

Aegon Life term insurance Vs SBI Life term insurance plans overview

Parameters Aegon Life insurance SBI Life Term insurance
Number of Term insurance plans 2 3
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% 94.53 %
     

 Term insurance policies: Aegon Life insurance Vs SBI Life Insurance

Aegon Life Insurance Company is a joint venture between Aegon (a prodigious international insurer that operates in 20 countries) and Bennett Coleman & Company (India’s largest media conglomerate). Based in Mumbai, Aegon Life insurance came into existence in July 2008. This leading insurance company is working assiduously and at present, it is serving more than 3 lakhs customers with intriguing insurance solutions like term plans, protection plans, child plans, retirement plans, savings, and investment plans.

On the other hand, SBI Life needs no introduction. This is a joint venture between SBI Bank and BNP Paribas. Incorporated in October 2000, today it has an extensive presence all over India through its 947 offices. The company is ardently serving millions of customers with its host of insurance products, including term plans, protection plans, savings plans, pension plans, and so on. All products are cautiously designed to meet individuals as well as group customers’ financial needs and interests.

 To lead a healthy future, you need to choose the right term plan by comparing Aegon Life Insurance term plans, and SBI Life Insurance term plans on various parameters.

Term insurance plans by Aegon Life insurance Vs SBI Life insurance

Aegon Life term insurance plans

  • Aegon Life provides customers with one term insurance plan (iTerm plan) that comes with many exciting features and 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.
  • The minimum entry age is 18 years and the maximum age is 65 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)
  • The term insurance also covers COVID-19 death claims
  • If you are diagnosed with any terminal illness, future premiums will be waived off and 25% of the sum assured will be paid immediately.

 

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.
  • Once you quit smoking, you will get a discount on your premium amount from the 2nd year onwards.
  • Non-smokers and women are eligible for lower premiums against their term plans.

 

SBI Life term insurance plans

  • SBI Life Insurance greets its customers with 3 different term plans (SBI Life Smartshield term plan, SBI Life eshield term plan, and SBI Life Grameen) and, as per their financial needs, customers are free to choose any of the plans.
  • To enhance the coverage of your term plan, you can opt for various riders like accidental death benefits and accidental total & permanent disability benefits.
  • The premium amounts for these term plans are pocket-friendly and affordable. The plans also offer options of premium payment terms in either single or regular pay
  • The minimum entry age for the term plan is 18 years and the maximum age is 60 years (smartshield), 65 years (eshield plan), and 50 years (Grameen).
  • If you choose the higher sum assured, your premium amounts will be lesser.
  • If the policyholder dies during the policy period, the beneficiary will get the sum assured.

 

Why choose SBI Life term insurance plans?

  • All SBI Life Insurance Term Plans are eligible to claim tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • These term plans offer the highest level of security to the family of the deceased policyholder
  • All the term insurance plans from SBI are convenient and simple and come in both online and offline modes.

 

FAQs:

What is the grace period for SBI Life term insurance plans?

Grace period for SBI term insurance plans is 30 days for half-yearly, yearly, and quarterly premium payment and 15 days for monthly premium payment.

What is the free look period of the SBI Life term policy?

The free look period is 15 days for all purchased term plans for SBI Life insurance.

How much time is taken by SBI Life insurance to settle a claim?

The company takes 30 days (after the submission of all documents) to process a claim where no investigation is required. But if an investigation is required, then the insurer takes 90 days to settle a claim.

How do I change the nominee name in SBI Life term plans?

For this, you need to submit the “change in nominee form” at your nearest branch office.

Is Aegon Life term insurance plan safe?

Aegon Life term plan is cost-effective and the best option for securing the lives of your family members in your absence. You can enjoy the highest coverage at a lower premium.

Is Aegon Life a good insurance company?

In 2020, Aegon Life was awarded a Defaqto five-star rating for its critical illness protection and the whole of life products. Aegon Life is one of the most trustworthy and reliable insurance companies in India.

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