Aegon Life Term Insurance Vs Tata AIA Life Term Insurance
Many people believe that term insurance policies are beneficial to those who are financially stable because only they can afford them. This is erroneous thinking and quite discouraging because term insurance policies are affordable and offer your family the highest coverage at minimal premiums. These days, many insurers are offering affordable term insurance policies because of the prevalent competition. The coverage and benefits of each policy will differ, but most term insurance policies are valuable for your loved ones. A little homework and research can make you aware of the market and will help you to choose the best term policy that meets all your financial needs. Below are the details about the term plans offered by Aegon Life term insurance vs Tata AIA Life term insurance that you can compare and select the best one.
Aegon Life term insurance Vs Tata AIA Life term insurance plans overview
|Parameters||Aegon Life insurance||Tata AIA Life Term insurance|
|Number of Term insurance plans||2||6|
|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%||99.06 %|
Term insurance policies: Aegon Life insurance Vs Tata AIA Life 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 life insurance company started its operation in July 2008. With its unparalleled products and services, currently, Aegon Life insurance holds more than 3 lakhs customers. The company works diligently and offers its customers many innovative insurance solutions, like term plans, protection plans, child plans, retirement plans, savings, and investment plans.
On the other hand, Tata AIA Life Insurance Company Limited is a joint venture between Tata Sons Pvt. Ltd. and Tata AIA Life. As a prodigious insurance company in India, Tata AIA began its journey in the year 2001. The company embraces its customers with a spectrum of term insurance plans at affordable rates. All term insurance plans of Tata AIA Life insurance are designed meticulously and offer the utmost financial assistance to the family members of insured policyholders.
For your betterment, you need to choose the right term plan by comparing Aegon Life Insurance term plans, and Tata AIA Life Insurance term plans on various parameters.
Term insurance plans by Aegon Life insurance Vs Tata AIA Life insurance
Aegon Life term insurance plans
- Aegon Life has one term insurance plan (iTerm plan) backed by many exciting features and benefits for its policyholders
- 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 can choose death benefit payouts (either 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
- Aegon Life term insurance plans offer tax benefits under Section 80C and 10(10D) of the Income Tax Act for the premiums paid and death benefit payout.
Why choose Aegon Life term insurance?
- If you stop smoking, your premium amount will be lesser from the 2nd year onwards.
- Aegon life insurance offers special discounts on premiums for non-smokers and women.
- If you are diagnosed with any terminal illness, future premiums will be waived off and 25% of the sum assured will be paid immediately.
Tata AIA term insurance plans
- Tata AIA offers 6 term insurance plans (Tata AIA Life Insurance Sampoorna Raksha, Tata AIA Life Insurance. Sampoorna Raksha+, Tata AIA life insurance iRaksha Trop, Tata AIA Life Insurance Sampoorna Raksha Supreme, Tata AIA Life Insurance MahaRaksha Supreme, and Tata AIA Life Insurance Saral Jeevan Bima).
- To enhance your coverage and protection, you can add riders like waiver of premiums, accidental death, etc.
- Tata AIA term insurance plans offer multiple premium payment options (Limited pay, Single pay, and regular pay).
- The term plan covers the death due to COVID-19.
- Policyholders have the flexibility to choose how they want to receive the sum assured (a lump sum or a monthly/annual income or a combination of both).
Why Choose Tata AIA term insurance plans?
- The claim settlement process is simpler because of its high claim settlement ratio (99.06%).
- Life cover for policy term up to 30-80 years of age.
- You are eligible for discounts if you chose high protection cover.
Can I purchase a term insurance plan for my spouse/child from Tata AIA Life insurance?
You can’t purchase a term insurance policy for your spouse or child from Tata AIA, but you can buy it for yourself. If your spouse is a salaried individual, then he/she can buy it for themselves.
For purchasing a TATA AIA term insurance plan what documents can I submit as identity proof?
You need to submit the below-mentioned documents as your identity proof.
Voter ID card
Valid Employee ID
Bank passbook with photo
Ration card with photo
What is the policy cancellation process for TATA AIA Term Insurance Plans?
TATA AIA Term Insurance offers a free look period of 15 days to policyholders (from the date of purchase of the policy). Policyholders can cancel the policy within the free look period and will get the return of the premium paid to date.
Are there any tax benefits for Tata AIA term life insurance plans?
Tata AIA Life term insurance plan offers tax benefits under Section 80C and 10(10D) of the Income Tax Act for premiums paid.
What is the company’s process to settle the claim for Aegon Term life insurance plans?
The company offers a transparent and hassle-free claim settlement process to policyholders. By submitting their request at the customer care help desk or via an SMS, the policyholders can register claims. After receiving your documents, the claim will be settled within 7 working days.