Aegon Life iTerm Insurance Plan is an online term insurance plan offered by Aegon Life Insurance Company. Its objective is to provide financial protection to the family of the life insured in case of an eventuality.
Increase life coverage as per the changing life stage needs.
Aegon Life iTerm Insurance Plan is a pure online term insurance plan. It has an option to increase your life coverage as per your increasing life stage requirements. It also has an inbuilt terminal illness benefit and option to add additional riders.
Death Benefit: Upon death of the life insured the nominee will have options of lump sum payment benefit or monthly income benefit. The combination of both benefit can also be availed under this plan.
Terminal Illness Benefit: The plan has an inbuilt terminal illness benefit which will provide 25% of the sum assured in case of a terminal illness.
Maturity Benefit: It is a pure risk plan and does not have benefit payable on maturity of the policy term.
Life Stage Protection: The plan has option to increase your life coverage as per the increasing life stage requirements needs. i.e. on marriage you can increase your coverage by 50% of the original sum assured and on birth of your 1st and 2nd child by 25% respectively.
| Minimum | Maximum | |
|---|---|---|
| Entry Age (years) | 18 | 65 |
| Policy Term Age (years)* | 5 | 62 |
| Maturity Age | 80 years | 80 years |
| Premium paying mode | Single payment or equal to policy term | Single payment or equal to policy term |
| Premium paying frequency | Single, Annual, Semi-Annually and Monthly | Single, Annual, Semi-Annually and Monthly |
| Minimum basic sum assured | 25 Lakh | 25 Lakh |
| Minimum basic premium | Rs.241 monthly for a 30 year term & Rs.25 lakh SA | Rs.241 monthly for a 30 year term & Rs.25 lakh SA |
Policy term* - Policyholder can opt for any Policy Term between 5 years and 62 years, subject to a maximum maturity age of 80 years.
Surrender Value: In case of a regular premium your policy will not acquire any surrender value and hence no amount will be paid back.
In case you opt to pay the total premium for this policy in a lump-sum as a Single Premium, You may surrender the policy anytime. On surrender, the Company will pay the Surrender Value as per the following formula:
Surrender Value = 70% Single Premium (excluding any extra premium loading and service tax) (outstanding Policy Term in complete months / Policy Term in months)
Grace Period: A grace period of 15 days is allowed for policies under monthly payment mode and a grace period of 30 days is allowed for policies under all the other payment modes from the premium due date to pay the premium. In case of death during the grace period, the death benefit is reduced by an amount equal to the outstanding premium.
Tax Benefit: Income tax benefit on the premium paid as per Section 80 C and the claim amount received as per the Section 10(10D) of the Income Tax Act.
Free-look Cancellation: The company gives 30 days free-look period where you can return the policy documents to the company for cancellation, in case your aren't happy with the same.
On cancellation of the policy during the free look up period the premium paid will be returned subject to deduction of:
The policy will be terminated on payment of this amount and all rights, benefits and interests will also end.
Lapsed Policy Reinstatement: Lapsed policy can be reinstated within two years since the date of first policy unpaid policy premium subject to acceptance of the same by the insured company.
If terminal illness arises directly or indirectly due to HIV and AIDS, the terminal illness cover is not payable. The policy will however continue with the applicable death cover.
If death occurs due to suicide within 12 months of the inception or revival of the policy then only 80% of the premium amount is payable back to the nominee
Aegon life iterm insurance plan is a contemporary online term plan for comprehensive coverage. The plan also offers flexibility of increasing coverage as per changing life stage needs. Loaded with great features, good claim settlement ratio, inbuilt illness benefit, optional riders and attractive low premium it has all the qualities of an ideal term insurance.
