Aegon Life Insurance has officially announced the launch of its latest life insurance product – Aegon Life Saral Jeevan Bima which allows flexibility to the customers to adapt the policy on the basis of their needs. In this online policy, the customers will be provided the benefits of hassle-free processing with minimum financial and medical requirements.
Aegon Life Saral Jeevan Bima is a simple insurance policy which will pay the nominee a fixed amount after the policyholder’s death during the policy term. It can be bought by any individual aged between 18 to 65 years with a sum assured of Rs. 5 lakhs to Rs. 25 lakhs and cover period ranging between 5 years to 40 years. One can make premium payment either as a Single Pay or go for Regular Pay Equal to policy term or opt for a Limited Pay of 5 years and 10 years. In case of the death of the Life Assured due to an Accident during the Rider Term, an amount equal to the Rider Sum Assured is payable. This amount will be in addition to the death benefit under the Base Policy.
Aegon Life Saral Jeevan Bima is a standardised simple term insurance plan as per the IRDAI’s mandate to all insurers to launch a standard term insurance plan.
“The introduction of Saral Jeevan is a significant move by the IRDAI with standard coverage with affordable premiums. This will not only help improve insurance penetration, but its availability on digital platforms will help in advocating online insurance buying as simple, transparent, and hassle-free”, said Satishwar Balakrishnan, MD & CEO, Aegon Life Insurance.