The iTerm Insurance Plan from Aegon Life is a comprehensive online protection policy that offers life coverage until the life assured turns 80 years of age. It comes with an inbuilt terminal illness benefit and allows customers to increase their life coverage based on their increasing life stage needs.
Aegon Life iTerm Insurance Policy provides financial security to the family of the policyholder in the form of a lump sum amount in case of his/her untimely demise. A guaranteed amount is also offered in case the policyholder suffers from a terminal illness. The plan is quite cost effective and customers have flexible premium payment options so as to match their financial needs, and the promise of tax benefits as well makes the iTerm Insurance Plan a great investment option.
To be eligible to purchase the Aegon Life iTerm 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 of you wish to purchase an iTerm Insurance Plan:
|Minimum Entry Age||18 years completed|
|Maximum Entry Age||65 years completed|
|Maximum Maturity Age||80 years completed|
The premium payments made towards your iTerm Insurance Plan will determine the benefits you will receive. Customers can make their premium payments on a single, monthly basis, semi-annual basis, or an annual basis depending upon their preference. Following are some of the features of the iTerm Insurance Plan:
|Sum Assured||Minimum: Rs.25 lakhs Maximum: No limit, subject to underwriting|
|Premium Payment Frequency||Monthly, Semi-Annual, and Annual|
|Premium Payment Term||Single Pay / Equal to policy term|
|Policy Term||5 years to 62 years, subject to maximum maturity age of 80 years|
*Premiums may vary based on age, location, plan term and other factors.
|Maturity Benefit||There is no maturity benefit under the iTerm Insurance Plan|
|Death Benefit||In case of the death of the life assured during the policy term, the beneficiary will be eligible for the total sum assured (Income Benefit sum assured plus Lump-Sum sum assured), provided all due premium payments have been made. The Lump-Sum sum assured will be paid immediately, while 1.2% of the Income Benefit Sum Assured will be paid on a monthly basis for 100 months. The beneficiary will also have an option to receive the total sum assured in one single lump-sum immediately after the death of the life assured.|
|Terminal Illness Benefit||In case the life assured is diagnosed with any terminal illness that is covered by the policy, he/she will receive an amount equal to 25% of the total sum assured immediately as a lump sum. As a result, the total death benefit shall be subtracted by the amount equal to the benefit received under this clause, and the policyholder will not have to make any more premium payments in the future after the claim under this clause has been accepted by the company.|
|Life Stage Option||Under the Life Stage Option, customers will have an option to enhance the total sum assured of their iTerm Insurance Plan. In case of marriage, the total sum assured can be increased by 50% as a percentage of the original total sum assured. In case of the birth or adoption of the first and second child, the total sum assured can be increased by 25% on each occasion.|
In addition to basic life cover, the Aegon Life iTerm Insurance Plan also offers additional cover in the form of riders. Following are the riders you can avail along with the base plan:
Note: The aforementioned riders can be added to your base plan at the time of commencing the policy or at any time during the policy term. However, the Aegon Life Women Critical Illness Rider and the Aegon Life iCritical Illness Rider cannot be combined in a single plan, and neither can the Aegon Life iDisability Rider and the Aegon Life Waiver of Premium on Critical Illness Rider.
The iTerm Insurance plan has certain exceptions which are as follow:
Following are some of the other key features of the iTerm Insurance Plan:
|Free Look Period||Customers who are not satisfied with the terms and conditions of the iTerm Insurance Plan have the option of returning the policy to the company within 30 days. Once the policy is cancelled during the free look period, the company will return the premiums to the customer after deducting stamp duty charges, proportionate risk premium, 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 15 days to do so if you have chosen your premium payment frequency on a monthly basis. The grace period for other premium payment modes will be 30 days.|
|Discontinuance of Premium||In case the customer fails to pay the premium within the grace period, the policy will lapse and no benefit will be paid in case of the demise of the life assured.|
|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. The unpaid premiums will have to be paid along with an additional interest charge to reinstate the policy. However, the final decision regarding the reinstatement of a policy is at the discretion of Aegon Life based on the provision of satisfactory evidence about the insurability of the life assured.|
|Surrender Value||The iTerm Insurance Plan will not acquire a surrender value in case premiums are paid on a monthly, semi-annual or annual basis. In case the policy is purchased upon the payment of a single premium, the surrender value is calculated as follows: Surrender Value = 70% X Single Premium (not including any service tax and extra premium loading) X (Outstanding Policy Term in Complete Months / Policy Term in Months). Once the policy is surrendered, the plan and all benefits will extinguish immediately.|
The benefits received through the Guaranteed Growth 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.
Aegon Life is one of the most trusted insurance companies in India. Headquartered in Mumbai, the company has 59 branches across 46 cities and employs around 9600 insurance agents across the country with a customer base exceeding 4 lakh policyholders in the country. Aegon life is growing steadily thanks to its provision of quality products and services, and an impressive portfolio along with quality customer service will ensure that the iTerm Insurance plan from Aegon Life is a safe bet.
A. You can check the status of your iTerm Insurance Plan by either calling the company on the toll free number or emailing them.
A. Yes. To change the name of the nominee of your iTerm Insurance Plan, all you have to do is call the toll-free number and provide an endorsement form before informing the company that the name of the nominee needs to be changed.
A. Customers who fail to make their premium payments on time receive a 30-day grace period to do the same.
A. In case of the death of the life assured, the company must be notified immediately and the filed up claims must be submitted 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.
A. Yes. To change your sum assured, you will be required to submit a duly signed request to the company.
A. To avail a duplicate policy document from Aegon Life, you will have to submit an endorsement form or a duly signed requisition letter to the company along with a guaranteed bond on a Rs.200 stamp paper.
A. No, the iTerm Insurance Plan does not have a facility for customers to take a loan against the policy.
A. Your iTerm 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.
A. Aegon Life must receive a notification from the policyholder within 30 days of being diagnosed with any of the conditions covered by the plan.
A. Yes, the nominee can decide whether he/she wants the death benefit as a lump-sum, or partly as a lump-sum amount and partly as monthly payouts.