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Aegon Life iReturn Insurance Plan

The iReturn Insurance Plan from Aegon Life is an online term insurance policy that offers the dual benefit of pure protection as well as return of premiums. Not only does the plan offer life cover similar to other term plans, but it also guarantees a return of all premium payments made over the course of the policy term in case the policyholder survives till the date on which the policy matures. The presence of a Terminal Illness Benefit only increases the coverage available to you. There are also riders that can be added to the base plan to enhance protection, and the promise of tax benefits as well means that the iReturn Insurance Plan from Aegon Life is a worthy investment instrument.

Aegon Life iReturn Insurance Plan offers a lump sum amount to the nominee of the policyholder in case of the death of the life assured. A number of policy terms are available to choose from so that you can match your protection requirements with ease. Customers who purchase this plan will also have the flexibility to choose the premium payment term as well as the premium payment frequency to match their convenience.

Eligibility – Who is the Aegon Life iReturn Insurance Plan for?

To be eligible to purchase the iReturn Insurance Plan, individuals must be of a certain age when purchasing the policy as well as at the time of maturity. Following are the criteria you must meet if you wish to purchase an iReturn Insurance Plan:

Plan Type Individual
Minimum Entry Age 18 years completed
Maximum Entry Age 65 years completed
Maximum Maturity Age 75 years completed

Sum Assured and Premium Range – What you Get and what it Costs?

The premium payments made towards your iReturn Insurance Plan will determine the benefits you will receive on maturity of the policy. Customers can make their premium payments on a monthly basis, semi-annual basis, annual basis, or a single basis depending upon their preference. Following are some of the features of the iReturn Insurance Plan:

Sum Assured Minimum: Rs.30 lakhs Maximum: Rs.4 crores, subject to underwriting requirements
Premium Payment Frequency Single, Monthly, Semi-Annual, and Annual
Premium Payment Term Single / 5 years / Equal to policy term
Policy Term 5 years / 10 years / 15 years / 20 years

*Premiums may vary based on age, location, plan term and other factors.

Plan Coverage – What the Aegon Life iReturn Insurance Plan Covers?

Maturity Benefit Customers who survive the policy term will be eligible to receive all the premium payments they had made until the end of the policy. Please note that extra premiums charged, service tax or rider premium will not be included in the payout.
Death Benefit In case of the death of the life assured during the policy term, the beneficiary will be eligible for a lump sum payment.
Terminal Illness Benefit In case the life assured is diagnosed by any of the illnesses covered under the plan, he/she will receive an amount equal to 25% of the sum assured of the base plan. The maximum amount of money you can receive under the Terminal Illness Benefit is Rs.100 lakhs, and once a payment has been made through this clause, the Death Benefit will be subtracted by the same amount.

Add-On Plans – Additional Coverage under the Aegon Life iReturn Insurance Plan:

In addition to basic life cover, the Aegon Life iReturn Insurance Plan also offers additional cover via different rider options. These riders can be added to the base plan to increase the coverage available to you. Following are the riders that you can add to your iReturn Insurance Plan:

  • Aegon Life Accidental Death Rider: In case of the demise of the life assured due to an accident, the Accidental Death rider offers financial support to the family of the life assured so that they can deal with the loss of your income. The sum assured under the rider will be paid to the nominee along with the sum assured under the base plan.
  • Aegon Life iCritical Illness Rider: The iCritical Illness rider from Aegon Life covers four critical illnesses including stroke, first heart attack, CABG, and cancer. In case the life assured is diagnosed with any one of the aforementioned conditions, the company will pay the sum assured under this rider immediately and the rider will terminate. However, the life cover as well as other riders will continue. Please note that the iCritical Illness rider can only be attached to policies whose premium payment frequency has been chosen as annual.
  • Aegon Life Waiver of Premium Rider: The Waiver of Premium rider from Aegon Life covers the same four critical illnesses that are covered under the iCritical Illness rider, and in case the life assured is diagnosed with any of the conditions, the future premiums payable under the base plan as well as other riders (if any), will be waived. The life cover and cover under other riders, however, will continue.
  • Aegon Life Women Critical Illness Rider: The Women Critical Illness rider from Aegon Life is designed especially for women. There are two groups of illnesses related to women that are covered under this rider, and in case the life assured is diagnosed with any of the conditions covered by the rider, a predetermined percentage of the sum assured of the base plan will be paid. The conditions covered under the Women Critical Illness rider include Malignant cancer of the female organs, which pays out 5% of the sum assured of the base plan, subject to a minimum of Rs.50,000 and a maximum of Rs.10 lakhs. The second group covers birth of child with congenital disorders / surgeries and pregnancy complications, which pays out 2.5% of the sum assured of the base plan, subject to a minimum of Rs.25,000 and a maximum of Rs.5 lakhs.

Please note that customers will not be allowed to purchase any of the above riders if they choose their premium payment mode as single. The cover provided by the rider will last until the end of the premium payment term. Customers also have the option to add or remove riders to their base plan at any time.

Exclusions of Aegon Life iReturn Insurance Plan:

The iReturn Insurance plan has certain exceptions which are as follow:

  • Suicide: In case of the death of the policyholder due to suicide within a year from the date on which the policy commenced, the beneficiary or nominee will receive a minimum of 80% of the premiums paid, provided the policy is still active.

Other Key Features of Aegon Life iReturn Insurance Plan:

Following are some of the other key features of the iReturn Insurance Plan:

Free Look Period Customers who are not satisfied with the terms and conditions of the iReturn Insurance Plan have the option of returning the policy to the company within 30 days from the date on which they receive the policy. Once the policy is cancelled during the free look period, the company will return the premiums to the customer after deducting stamp duty charges, pro rate adjustment for life cover, and any other expenses incurred by Aegon Life on medical examination, if any.
Grace Period In case you have not made your premium payment on time, you will receive a grace period of 30 days to do the same. If the premium is not paid within the grace period, the policy will lapse and the life cover as well as all the benefits will be extinguished.
Discontinuance of Premium In case the customer discontinues the payment of premiums, the policy may lapse based on how many premium payments have already been made. In case the discontinuance of premiums starts in the first two years of the policy (in case the premium payment term is five years), or within the first three years of the policy (in case of other premium payment terms), the policy will lapse and the policyholder will not be eligible for any benefits under the plan. In case the premium payments cease after the aforementioned period, the policy will not lapse, but will continue as a paid up policy.
Reinstatement In case your policy has lapsed, you can apply for reinstatement within two years from the date on which the first unpaid premium was due. In case the policy is not reinstated within the specified period, the policy will be terminated and the customer will not be eligible for any benefits.
Surrender Value In case of Single Premium policies, the plan will acquire a guaranteed surrender value from the first policy year. In case the premium payment term selected is five years, the plan will acquire a guaranteed surrender value once the premium payments for the first two policy years have been made. In case the premium payment term selected is 10 years or more, the policy will acquire a guaranteed surrender value after the premium payment for the first three policy years have been made. Customers will be eligible for the surrender value any time after their policy has acquired a surrender value. The calculation of the surrender value is done as follows: Higher of Guaranteed Surrender Value or Special Surrender Value, where Guaranteed Surrender Value = Guaranteed Surrender Value Factor X All premiums paid until the date on which the policy was surrendered (not including taxes, rider premium and extra premium), and Special Surrender Value = Special Surrender Value Factor X All premiums paid until the date on which the policy was surrendered (not including taxes, rider premium and extra premium). Details regarding the Guaranteed Surrender Value Factor can be found on the policy document.

Tax Benefits – How you can Save with the IReturn Insurance Plan?

The benefits received through the ireturn Insurance plan are eligible for tax benefits under Section 10(10D) of the Income Tax Act, while the premiums paid towards the policy are also eligible for tax benefits under Section 80C of the Income Tax Act, 1961.

Why you Should Buy the IReturn Insurance Plan from Aegon Life:

Headquartered in Mumbai, Aegon Life insurance company is one of the most popular insurance companies in India. It has 59 branches across 46 cities across the country and employs around 9600 insurance agents. The company takes pride in serving more than 4 lakh customers and continues to grow steadily thanks to its provision of quality products and services. An impressive portfolio coupled with quality customer service will ensure that you are making the right decision by purchasing the iReturn Insurance plan from Aegon Life.

Frequently Asked Questions about Aegon Life IReturn Insurance Plan:

  1. How can I check the status of my iReturn Insurance plan?

    A. The status of your policy can be checked by either calling the company on the toll free number or emailing them.

  2. How do I claim benefits under the iReturn Insurance Plan?

    A. The company must be notified immediately in case of the demise of the life assured. The filed up claims must then be submitted to Aegon Life along with all the required documents as mentioned in the policy document. The claim will be processed by the company after it has verified your documents and confirmed the authenticity of the claim.

  3. Under what circumstances can my policy be terminated?

    A. Your iReturn Insurance plan can be terminated either on the death of the life assured, or on the date of maturity, or on the date of surrender, or if the first 12 monthly premiums are not paid and the policy has not been reinstated within the specified period.

  4. Can I change the nominee of my iReturn Insurance Plan?

    A. Yes. Customers can change the name of their nominees by simply calling the toll-free number and providing an endorsement form before informing them that the name of the nominee needs to be changed.

  5. What is the free look period of the policy?

    A. Customers who purchase the iReturn Insurance Plan from Aegon Life will receive a period of 30 days to return the policy in case they are not satisfied with any of the terms and conditions.

  6. How do I apply for a duplicate policy document?

    A. An endorsement form or a duly signed requisition letter has to be submitted to the company along with a guaranteed bond on a Rs.200 stamp paper and a duplicate policy document will be sent to you.

  7. Can the sum assured in my iReturn Insurance plan be changed at a later date?

    A. Yes, to change the sum assured in the iReturn Insurance Plan, customers will have to submit a duly signed request to the company.

  8. Can I avail a loan against the iReturn Insurance Plan?

    A. No, the Aegon Life iReturn Insurance Plan does not have a facility that allows customers to avail a loan against it.

  9. What is the grace period for this policy?

    A. Customers who fail to make their premium payments on time receive a 30-day grace period to do the same.

  10. Are there any conditions I must meet to reinstate a lapsed policy?

    A. Yes, customers will have to offer the company satisfactory evidence to show their insurability so that the company can reinstate the policy. Customers will also have to ensure that their premium payments