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  • Aegon Life iTerm Insurance Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

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

    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:

    Plan Type Individual
    Minimum Entry Age 18 years completed
    Maximum Entry Age 65 years completed
    Maximum Maturity Age 80 years completed

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

    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.

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

    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.

     

    Add-On Plans – Additional Coverage under the Aegon Life iTerm Insurance Policy:

    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:

    • Aegon Life Accidental Death Rider: In case of the death of the life assured due to accident, the beneficiary will receive the sum assured (cover amount) under the rider.
    • Aegon Life Waiver of Premium Rider on Critical Illness: Four critical illnesses such as stroke, open chest CABG, cancer and first heart attack are covered under the Waiver of Premium Rider on Critical Illness. In case the life assured is diagnosed with any of the aforementioned conditions, all future premiums (the base plan as well as riders) will be waived, and the life cover and cover under other riders will continue.
    • Aegon Life iCritical Illness Rider: The iCritical Illness rider covers four critical illnesses including stroke, open chest CABG, cancer, and first heart attack. In case the life assured is diagnosed with any of these conditions, he/she will receive the sum assured under this rider.
    • Aegon Life Women Critical Illness Rider: The Women Critical Illness rider is designed to offer special protection against critical illnesses to women. A specified percentage of the base sum assured will be offered to the policyholder in case she is diagnosed with any of the illnesses covered by the iTerm Insurance Plan.
    • Aegon Life iDisability Rider: A lump sum benefit under the iDisability rider is paid to the policyholder and all future premiums are waived off in case he/she is permanently disabled as a result of sickness or accident.

    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.

    Exclusions - What the Aegon Life iTerm Insurance Plan Doesn’t Cover?

    The iTerm 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.
    • Terminal Illness: In case the terminal illness arises directly or indirectly due to infection with HIV or conditions due to any AIDS, or attempted suicide in the first year from the date on which the policy commenced or was revived, the policyholder will not be eligible for any benefits.

    Other Key Features of Aegon Life iTerm Insurance Policy:

    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.

    Tax Benefits – How you can save with the Aegon Life iTerm Insurance Policy?

    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.

    Why you should buy the iTerm Insurance Plan from Aegon Life?

    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.

    Aegon Life iTerm Insurance Plan FAQs :

    1. How do I check the status of my iTerm Insurance plan?

      A. You can check the status of your iTerm Insurance Plan by either calling the company on the toll free number or emailing them.

    2. Can I change the nominee of my iTerm Insurance Plan?

      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.

    3. 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.

    4. How do the claims under the iTerm Insurance Policy work?

      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.

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

      A. Yes. To change your sum assured, you will be required to submit a duly signed request to the company.

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

      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.

    7. Can I avail a loan against the iTerm Insurance Policy?

      A. No, the iTerm Insurance Plan does not have a facility for customers to take a loan against the policy.

    8. Under what circumstances can my policy be terminated?

      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.

    9. Within how much time must the company be notified about diagnosis in case of critical illnesses?

      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.

    10. Can I receive the death benefit as a lump-sum?

      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.