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Aegon Life iTerm Plan

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.

Features of Aegon Life iTerm Plan

  • Cost effective comprehensive online protection plan
  • Option of life coverage up to very old age of 80 years
  • Option of lump sum and monthly regular income to your family in case of death of the life insured
  • It has an inbuilt terminal illness benefit
  • Additional protection against accidental death, critical illness and disability through Riders
  • Flexibility in premium paying options
  • Eligible for tax benefits under existing tax laws

Aegon Life iTerm Plan Benefits

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.

Eligibility Criteria

MinimumMaximum
Entry Age (years) 1865
Policy Term Age (years)* 5 62
Maturity Age 80 years 80 years
Premium paying mode Single payment or equal to policy termSingle 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.

Aegon Life iTerm Insurance plan

The company only offers one plan with inbuilt illness cover and good choice of optional riders. The death benefit payout is a lump sum payout or fixed monthly payout for 100 months. The nominee can also opt for combination of lump sum and monthly payout together.

Other Details of Aegon Life iterm Insurance Plan

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:

  • Proportionate risk premium for the period of cover
  • Stamp duty paid
  • Medical cost incurred if any

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.

Exclusions

  • 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 Plan Review

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 plan.

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