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Aegon Life iReturn Insurance Plan

There is a general consensus among all investors, that irrespective of how smart your investments are, they might not be enough for uncertain situations. Your financial goal might include building wealth over a period of time or build a corpus for children’s education or buying a house. However, if any unforeseen event take place, you might be left wanting for more. At such times, a term insurance plan can save the day.

iReturn Insurance Plan is a pure term insurance plan and aims to offer your loved ones with financial assistance should things go wrong. A term insurance plan is as vanilla as an insurance product can get. You pay a certain premium regularly till a pre-defined number of years or term. Should the policyholder meet with any unforeseen events, the nominees of the policy will receive the sum assured.

Unlike other insurance plans, iReturn does not have any savings or investment components. This helps the plan keep the premium costs to a minimum while offering the maximum possible sum assured. The only caveat being, that if a policyholder outlives the term of the policy, the base premiums are returned.

What makes the iReturn insurance plan stand out from the rest is an inbuilt terminal illness cover. And unlike the usual term insurance plans, iReturn pays all the premiums back to the policyholder, if all goes well and they live through the end of the term. With the help of iReturn, you can secure the future of your family and loved ones. And never have to worry about their finances in your absence.

The insurance plan offers a few key features such as providing you with 25% of the total sum assured on the diagnosis of any terminal illness. And it also waives off any future payments. Being a term plan at its core, you also have numerous opportunities to make the plan work for you. You can add several important benefits such as critical illness or opt for a term that best works for you or choose a payment schedule varying between monthly, quarterly, half-yearly or yearly. And most importantly, the ability to buy the policy online, which is hassle-free and quick.

Features of Aegon Life iReturn Insurance Plan

The following are some of the salient features of the Aegon Life iReturn Insurance plan.

  • The minimum duration that you can select the plan for is 5 years.
  • The maximum duration for which you can opt the plan is 20 years.
  • You can choose between any of the three premium paying term for iReturn plans.

    • A single payment for the entire plan.
    • Pay all the premiums within a maximum of 5 years.
    • Keep paying the premium for the chosen policy term.
  • The frequency to pay the policy premium ranges from monthly, half-yearly and yearly.

  • The minimum sum assured for the plan stands at INR 30,00,000 and a maximum of INR 4 crore. The maximum sum assured is solely at the discretion of the insurer.
  • Depending on your needs, you can choose a different term duration for your plan between 5 years and 20 years, with increments of 5 years.
  • The plan offers a terminal illness cover as an inbuilt feature of the policy.
  • You can buy the policy online to save on premiums as well as cut down the turnaround time.
  • The plan comes with a default premium return feature, where the insurer returns all the premiums paid in the event a policyholder lives through the term of the plan.
  • You can choose any of the riders to further enhance the capabilities of the iReturn plan.

Benefits of Aegon Life iReturn Insurance Plan

While the simple rationale behind buying a Term Plan is to offer your loved ones a financial cover in your absence, it just doesn’t stop there. Over the years, the insurance market has matured a lot and so have the products. This means, that the iReturn plan has quite a few benefits up its sleeves that are yours for the taking.

  • If we consider the best possible scenario, a policyholder has a smooth life and lives through the end of the term of the plan. In such a case, they might start to wonder if it was worth spending the premium amounts that they did on the policy. For such instances, here is an excellent benefit offered by Aegon. The policy repays all the premiums at the end of the term, if you survive the term.
  • Should anything happen to the policyholder, the term insurance policy will pay the sum assured to the nominees mentioned in the policy document. This will help them continue with their lives without having to worry about their finances. Any sort of debts and credits can be easily cleared, and they need not worry about the financial aspects.

  • At the end of the day, iReturn is an insurance product. What this means, is that you can avail tax benefits. In fact, with a term insurance plan, there are double tax benefits. Any premiums that you pay towards a policy are deductible under Section 80C of the Income Tax Act, 1961. This allows taxpayers to plan their taxes as well. And, the proceeds of the policy are non-taxable under Section 10(10D) of the Income Tax Act, 1961. Thus, your loved ones don’t have to worry about taxes on the sum assured.

  • The plan has an inbuilt terminal illness cover. In the unfortunate event that a policyholder is diagnosed with a terminal illness, the policy will hand over 25% of the sum assured. This will help the policyholder pay for the treatment and cope up with the medical expenses.

  • In the event that a policyholder is diagnosed with terminal illness, the insurer waives off any future premium payments. Thus, keeping you away from worries related to the payment of premiums as well.

  • In case you outlive the term that you have opted for the iReturn plan, Aegon Life Insurance will repay all the premiums that you have paid over the years. You can think of this as a maturity benefit from a usual insurance stand point.

  • The following are the riders or add-ons that you can opt along with your iReturn plan.

Aegon Life AD Rider

As the name suggests, this add-on offers additional coverage if a policyholder loses his/her life due to accidents. This is on the top of the sum assured that the native policy offers. People who travel a lot or feel there are additional risks involved with their occupation can opt for this.

Aegon Life Women CI Rider

This add-on offers coverage for critical illness for women policyholders. On the diagnosis of the mentioned critical illness, a certain portion of the sum assured is handed over to the policyholder.

Aegon Life iCI Rider

We have identified 4 Critical illnesses that could change your life so much that you would need financial help. On being diagnosed with any of these 4 critical illnesses, Sum Assured under this Rider is paid out and the Rider terminates while the life cover and other Rider cover (if any) continues. This rider attachment is possible only for term plans with annual premium frequency.

Aegon Life WoP Rider on CI

This Rider covers the same 4 critical illnesses conditions as mentioned above, under Aegon Life iCI Rider. We understand these illnesses might limit your ability to earn. Therefore, on being diagnosed with any of these 4 critical illnesses, future Premiums payable under the Base Plan and other Riders (if any) are waived while the life cover and other Rider cover (if any) continues. This will not only act as a helping hand but also keeps your Insurance cover alive.

Eligibility Criteria

In order to be able to buy iReturn Insurance Plan, you would need to meet the following criteria.

Name of ProductiReturn Insurance Plan
Name of Product18 years
Maximum age65 years
Maximum maturity age75 years

Product Details

Product NameEntry Age for policyAllowed Maturity AgeTenureSum AssuredPremium paying durationPremium paying duration
iReturn Life Insurance Plan18 years to 65 years75 years5 years to 20 yearsINR 30 lakhs to INR 4 CroreSingle/ 5 years/ RegularMonthly/Quarterly/Half yearly/ Yearly

Premium Detail

ScenarioAgePolicy TermPremium Paying TermLife CoverPolicy Premium
12420 Years20 YearsINR 60,00,000INR 11,223
24420 Years20 YearsINR 60,00,000INR 31,287

Riders offered by Aegon Life iReturn Insurance Plan

Aegon Life Insurance offers iReturn as a term insurance plan. You can buy the policy for a certain number of years and the insurer will ensure that your loved ones are not caught in the crossroads of life and finances. With the financial aspect sorted, they can focus on moving ahead in their life in the absence of the policyholder.

Term plans have caught the attention of policyholders due to a myriad of reasons. Flexibility and lower premium prices being the prime ones. Though iReturn as a native plan packs in a lot of punch, you can still enhance its capabilities. The following riders will help you make better usage of the policy and enhance its capabilities by paying a small premium.

Accidental Death benefit

Serious accidents can leave behind a lot of trauma. The usual collateral damage includes the death of an individual, permanent disability or temporary disability. In the unfortunate event of the death of a policyholder due to an accident, the death benefit will offer an additional sum assured to the nominees of the policy. This is on the top of the sum assured of the native plan.

Critical Illness benefit

While iReturn offers terminal illness cover as an in-built feature, you can opt for the critical illness cover. Aegon Life insurance has identified 4 major critical illnesses and if a policyholder is diagnosed with any of them, the insurer will pay out a certain percentage of the sum assured to them. This is to help the policyholder with the treatment of critical illness.

Critical Illness for Women benefit

Aegon has a list of special illnesses or critical illnesses defined for women. If a women policyholder unfortunately is diagnosed with any of these, the insurer will hand over a portion of the sum assured. This will enable the policyholder to continue with their treatment. Some of the special illnesses recognized by Aegon life include Surgeries, Female organ cancer, any complications in pregnancy or the birth of a child who is suffering from a congenital disorder.

Other Details of plan of Aegon Life iReturn Insurance Plan

When you buy the Aegon Life iReturn insurance plan, there is much more that you get than a term plan. The following are some other details of the plan that you should be aware of before investing your money into it. The policy offers a grace period to all the policyholders. The 30 day grace period means that you can get an additional 30 days post the expiry of the policy to make the policy payment, if you missed doing that due to some reason. The following are the conditions related to the policy’s termination or surrender.

  • If you have opted for the single premium as your payment option, the surrender value is enabled as soon as the first policy year is complete.

  • If you have opted for the limited premium as your payment option, the surrender value is enabled as soon as the second policy year is complete.

  • If you have opted for the regular premium as your payment option, the surrender value is enabled as soon as the third policy year is complete.

Aegon Life insurance offers a free look period of 30 days for their policyholders. As soon as you receive the policy related documents, you have 30 days of time to decide. If you feel that the features and benefits on offer are not up to your satisfactory levels, you can choose to cancel the policy within the 30 day window. The only condition being that you should not have made a claim by then.

Documents required for Aegon Life iReturn Insurance Plan

It should not come as a surprise that policyholders need to submit some documents before they can get their hands on Aegon iReturn insurance plan. The following are the documents that you should have along with you before applying for an iReturn insurance plan.

  • An application form or proposal form that is duly filled.
  • Any proof of address of your residence.
  • Any proof of your age.
  • Your medical history.
  • Bank account proof.
  • A photograph of the applicant.
  • Other documents related to KYC such as PAN Card, Adhaar Card etc.

Aegon Life Insurance might still ask you to submit some additional documents depending on your application.

Exclusions - Aegon Life iReturn Insurance Plan

It is important to know the different conditions where a policy has your back and, on the scenarios, where you can rely on it. It is equally important to be aware of all the situations when the policy might not offer coverage. An exclusion list outlines the conditions or situations where your policy might not stand valid or when the insurer might not honor your request for a claim. There is just one exclusion for iReturn insurance plan and it is suicide. The following two conditions are applicable to a policyholder who has bought iReturn plan and commits suicide.

  • The insurer would return 80% of the premium paid, if the policyholder commits suicide within the first 12 months of buying the policy.

  • However, if the policyholder commits suicide within the first 12 months of policy renewal, the higher of the 80% of the premiums paid by the policyholder will qualify as the surrender value of the policy.

Review of Aegon Life iReturn Insurance Plan

Most of the prospective buyers who have opted for the policy have given a positive review of iReturn Insurance plan. The presence of an online mode makes life easy for almost everyone. You can fill in the details on your own at your leisure and get a quote from Aegon. In the event, that you are happy with the quote and the features on offer, you can choose to pay the premium and buy the policy.

The insurer also allow users to upload their documents online, making the entire process quite seem-less. Should there be a medical test needed before the commencement of the policy, the insurer will schedule an appointment with you and then proceed with the tests. The reviews of users as far as interaction with the customer service department is concerned, has been fairly positive as well. If you are looking for a term plan with fewer hassles and one that is value for money, iReturn Insurance Policy can be the one.

FAQs on Aegon Life ireturn Insurance Plan

What if I do not like the plan?

Aegon Life Insurance offers a 30 day free- look period for iReturn insurance policy. In the event that you do not like the policy or its conditions, you can choose to cancel the policy within the free- look period. Once you cross the free-look period, you can still cancel the policy, but you will not receive the entire premium back.

Are there any exclusions to the policy?

The insurer doesn’t have lot of clauses when it comes to exclusions. However, in the event of a suicide, the exclusion list comes pretty much into the picture. If a policyholder commits suicide within the first 12 months of buying the policy or its renewal, the insurer will pay back 80% of the premium that the policyholder has paid.

Can a policyholder revive the plan?

Revival comes into the picture if you haven’t been able to make premium payments and the policy has lapsed. In such instances, you have the ability to revive the policy within 2 years of last premium paid towards the policy. To successfully revive a lapsed policy, you need to pay the outstanding premiums along with any accumulated interest. And if the policyholder loses his/her life during that tenure, there will not be any death benefits for the nominees of the policy.

What would happen to the policy if a policy holder does not pay the premiums on time or discontinues the payments?

If a policyholder fails to make the premium payments on time, they might acquire a paid-up value of the policy that might lapse. In the event that the premiums are not paid for a duration of 2-3 years, the policyholder needs to pay the accumulated value and there are chances of the policy benefits of being reduced.

Can I remove the riders that I have added once?

Yes, Aegon Life Insurance offers you the ability to remove the riders that you have added to the policy.

Is there a surrender value for the policy?

Yes. Should you choose to surrender the policy before the completion of the term, you can do so. The surrender value would depend on the premium paying tenure and the premiums that you have paid till date.