Aegon iTerm Plus Insurance plans

Aegon Life Insurance

Aegon Life Insurance Company Limited (formerly AEGON Religare Life Insurance Company Limited), is a Mumbai headquartered company which kicked off it's India operations in July 2008 and is a joint venture between Aegon, an international provider of life insurance, pensions and asset management and Bennett, Coleman & Company, India's leading media conglomerate. This joint venture adopts a local approach with the power of global expertise to launch products that are focused on providing customers with the means to meeting their long-terms financial goals.

Aegon Life Insurance offers best Term Life insurance plans.
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Aegon Life insurance review

Aegon iTerm Plus Insurance plans
Distribution - Number of branches pan India (March 2019)
82
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
5/62
Solvency Ratio (FY 2018-19) *
2.59
Number of Policies Sold (Ind+Group) *
37,487
Number of Lives Covered (Ind+Group) **
285,524
Claims Settlement Ratio (Ind+Group) ***
96.90%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Other Life Insurance insurance products from Aegon

Aegon Life Insurance Plan offers various types of Investment Plans to customers with attractive features and benefits.
Insta Pension Plan is an annuity plan that gives the insured an immediate pension to take care of your basic needs.
Aegon life ULIP Insurance - Compare and buy Aegon life Unit linked Insurance Plans
Aegon Life's Regular Money Back Insurance Plan is a non-linked, participating plan which provides the insured guaranteed payouts for 10 years and a lifecover beyond the Premium Payment Term.
Aegon Life's Jeevan Riddhi Insurance Plan gives the insured 5% guaranteed additions on Sum Assured during the premium payment term.
Aegon Rising Star Plan makes provisions for your children's future but also ensures that their financial future remains secured. Best child future and education insurance.
Aegon Life, for instance, has a critical illness plan called the iCancer Plan.
Aegon Life has come out with a wide range of Term Life Insurance products for the new age Indian customer
Aegon Life Insurance Company Limited is focused on fulfilling its vision of creating tension-free lives. Aegon Life was formed with the coming together of Aegon N. V, an international provider of life insurance, pensions and asset management, and Bennett Coleman and Company, India's largest media conglomerate popularly known as the Times Group. This union brings together a local approach, with global expertise of launching products that cater to different sets of customers to meet their long-term financial goals. The company is headquartered in Mumbai, India, and it serves 3 Lakh+ customers across 82 cities across the country.

Aegon's roots date back to over 175 years ago. They operate in over 20 countries, including the United States, where we are known as Transamerica with it's head office at The Hague, Netherlands. The Times Group is one of the leading media conglomerates in India having presence in print, radio, TV, outdoor media and the internet through Bennett, Coleman and Company Limited (BCCL) and its subsidiaries. The Times of India, the flagship brand of the company, is the number 1 English newspaper by circulation in India.

Aegon Life Insurance had a claims settlement ratio of 96.90% in 2018-19, they also covered 2.85 lac lives during the year 2019-20 and had a 13th Month Persistency ratio of 83.00% (amongst the highest in the Life Insurance industry, as per the data provided by IRDAI as well as the Public Disclosures available on the company's website.

Awards & Recognition

  • Digital Company of the year at India Insurance in 2020 - India Insurance Summit
  • ET BFSI Award – The Economic Times awards 'Aegon Life' as the 'Best BFSI Brand 2019'
  • Indian Chamber of Commerce award for Digital insurer of Year 2018
  • Mouthshut.Com – Most Recommended Life Insurance Brand in 2018
  • 2017 E-Business Leader Award by ICC
  • 'Best Service Quality Program Award' at the Service Quality Awards 2016
  • 'Celent Model Insurer Asia Award 2016' in Data Mastery and Analytics Category
  • 'Best Marketing Campaign Of The Year'-Insurance Sector at Golden Star Awards 2016

Aegon Life Insurance - review

  • Benefits
  • Features
  • Claims Process
  • Exclusions

Benefits of Aegon Life Term Plans

Some of the key benefits include:
  • Freedom to build your own insurance plan & secure your family
  • Enjoy life cover till the age of 100 years
  • Get Lump Sum payout on diagnosis of 36 Critical Illnesses up to age 80 years
  • Flexibility to choose from 3 different plan options basis your protection needs The plan option once chosen cannot be altered at a later date)
    • Life Protect / Protect Plus / Dual Protect
  • Get life cover even if one is suffering from lifestyle diseases like Diabetes, Hypertension, High BMI/Obesity and enjoy preferential renewal terms in future if you commit to “Go Healthy” benefit
  • Option to pay premiums for a limited period and enjoy Policy benefits for the complete Policy Term
  • Flexibility to choose the Death Benefit payout:
    • As a lump sum payment, or
    • As fixed monthly income for 100 months, or
    • As a combination of the above
  • In case of Terminal Illness, we’ll pay out the life cover amount so that your treatment & financial situation is taken care of
  • Aegon Life AD Rider provides enhanced protection to the family in case of death due to accident
  • Option to smokers to quit smoking and reduce their policy premium from 2nd year onwards, under the ‘It pays to Quit Smoking’ benefit
  • Tax benefits on the premiums paid and benefit received as per prevailing tax laws under Section 80D
  • The InstaCoverTM^ Benefit makes sure that your policy is in action the day you submit your complete application
  • Lower premium for females and non-smokers

Other Features

Maturity Benefit There is no maturity benefit applicable under this plan. In case you survive till Date of Maturity, no additional benefits are payable and your Policy will terminate.
Surrender Benefit Aegon Life advises you to continue your Policy for the complete tenure to enjoy the total benefits of this plan. However, in case one wishes to surrender your policy, the surrender benefit available will depend on the plan option chosen.
Free Look Period Distance Marketing Channel – 30 days
All Other Channels – 15 days
Grace Period 15 days for Policies under Monthly Frequency
30 days for Policies under Yearly / Half-yearly Frequency

Claims Process

To register a claim, please follow one of the following:
Call us at : Toll Free 1800 209 9090 (Monday-Saturday | 9am - 7pm IST)
Call us at : Tel: +91 226118 0100
Fax us at : Tel +912261180200/300
Email us at : customer.care@aegonlife.com
Visit us Online at : www.aegonlife.com
Write to Us at : Aegon Life Insurance Company Limited,
Building No. 3, Third Floor,
Unit No. 1, Nesco IT Park,
Western Express Highway,
Goregaon (East), Mumbai- 400063 Visit our nearest branch : Anywhere in India, closest or in your city of residence
Mandatory Documents for all type of Death claims
  • Claimant statement form
  • Copy of death certificate issued by municipal corporation under section 12/17
  • KYC documents of claimant (Mandatory)
    • PAN or Form No. 60
    • Copy of any one of the following (Identity & address proof of claimant)
      • Aadhaar Card
      • Passport (unexpired)
      • Driving License (unexpired)
      • Voter's Identity Card
      • Job card issued by NREGA duly signed by an officer of the State Government
      • One recent photograph of the claimant
  • Copy of self attested cancelled cheque / Passbook copy of the claimant
  • Relationship proof (wherever applicable)
For death due to accident/suicide other than the above documents
  • Copy of First Information Report (FIR)
  • Copy of Post Mortem Report
  • Copy of medico legal cause of death certificate
Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI) Death Claims Health Claims
Raising Claim Requirements Within 15 days of receipt of claim. Within 15 days of receipt of claim.
Settlement or Rejection or Repudiation of claims wherein Investigation is not required Within 30 days from the date of receipt of last necessary document. Within 30 days from the date of receipt of last necessary document.
Settlement or Rejection or Repudiation of claims wherein Investigation is required Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter. Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document.

Exclusions under Aegon Life Plans

Benefit under this Rider shall not be payable if Accidental Death is directly or indirectly due to or caused, occasioned, accelerated or aggravated by any of the following:
  • Suicide or self-inflicted injury, whether the life assured is medically sane or insane
  • War, terrorism, invasion, act of foreign enemy, hostilities, civil war, martial law, rebellion, revolution, insurrection, military or usurper power, riot or civil commotion. War means any war whether declared or not
  • Taking part in any naval, military or air force operation during peace time
  • Committing an assault, a criminal offence, an illegal activity or any breach of law with criminal intent
  • Taking or absorbing, accidentally or otherwise, any intoxicating liquor, drug, narcotics, medicine, sedative, poison or psychotropic substances, unless taken in accordance with the lawful directions and prescription of a registered medical practitioner
  • Inhaling any gas or fumes, accidentally or otherwise, except accidentally in the course of duty. The intent under this exclusion is to exclude accidental gas/fumes leak incidents which could lead to exposing the population to such toxic gas/fumes and lead to deaths (like Bhopal Gas Tragedy). However, if the incidence happens as part of the life assured’s job then the claim is payable.
  • Participation in aviation other than as a fare-paying passenger in an aircraft that is authorized by the relevant regulations to carry such passengers between established aerodromes
  • Taking part in professional sport(s) or any adventurous pursuits or hobbies. “Adventurous Pursuits or Hobbies” includes any kind of racing (other than on foot or swimming), potholing, rock climbing (except on man-made walls), hunting, mountaineering or climbing requiring the use of ropes or guides, any underwater activities involving the use of underwater breathing apparatus including deep sea diving, sky diving, cliff diving, bungee jumping, paragliding, hand gliding and parachuting

Aegon life insurance FAQ's

Life insurance is a contract between an insurance company and the insured whereby the company guarantees payment of an agreed amount (called death benefit) to the named nominee if something untoward happens during the policy period or at the end of the policy, termed as maturity. The insured needs to pay regular premiums to the insurance company for the policy to be valid.

In general, beneficiaries and insured persons can make a life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.

The insurer does, and the amount depends on several factors that can impact the insured’s life expectancy, such as age, gender, smoking habit, personal medical history, and family medical history (such as heart disease or cancer among immediate family members).

Yes. The average Indian woman lives longer than the average Indian man, therefore, the premium for women is lower than that for men of the same age, everything else remaining the same including smoking habit.

Nicotine use becomes a factor in determining the premium because a non-smoker is expected to live longer than a smoker–in any country

If premium remains unpaid one month after the due date (that is the ‘grace period’), the policy will lapse. In that case you, as the insured, will have wasted all the premiums you have paid in previous years. Additionally, your beneficiary will also not receive a pay out as the policy will be deemed ‘lapsed’.

If the insured dies during the plan term, before he or she can pay the premium, the due premium will be deducted from the death benefit.

In case of a term life insurance policy, there are no paybacks. So, if you as the insured buy a standard term insurance, and you outlive the plan, you get nothing. But do not forget that your primary objective is to create a protective financial umbrella for your loved ones. For other plans, except term plan, you get the money after the policy matures.

Besides insuring your family, this type of life insurance offers various tax deductions and exemptions. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the proceeds that your loved ones get in your absence or the amount you get at the maturity of the term is tax-free. Learn all about tax benefits here.

Absolutely! But for that, look for a policy with maturity benefits. Most people are unaware of the additional benefits apart from the death and disability benefits. So, check out the various types of life protection plans: Here are a few to consider

  • WHOLE LIFE: Regular premiums until death, after which the corpus is paid to beneficiaries; no expiration;
  • ENDOWMENT PLANS: Sum assured is paid under both scenarios – death and maturity;
  • ULIP: Risk cover plus investment options, assured pay out;
  • MONEY-BACK: Insurance-cum-investment with periodic returns as a percentage of the sum assured.

Whether you are in your 20s, 30s, 40s or more – it is always a good idea to get insured.

A rider is an attachment or amendment that supplements the term plan coverage, helping the insured meet specific needs. There are various types of riders:

  • Accidental death and dismemberment
  • Critical Illness
  • Waiver of premium
  • Income benefit
  • Partial and permanent disability

Yes, the insurer can reject a life insurance claim on grounds of

  • Misrepresentation of actual information
  • Non-disclosure of correct information
  • Fraud

Claims of death due to drunken driving, accidents while inebriated, self-inflicted wounds, murder, death in a war or known violent area, dangerous hobbies like skydiving, and death due to sexually-transmitted diseases are not entertained.

This depends on the policy. In term plans, the basic costs, coverage limits, and requirements remain the same for the duration of the policy. For whole life plans, it may remain unchanged sometimes, but mostly they will have changing terms over that timeframe–the changes occur when you renew the policy.

Your insurer can reject a life insurance claim on grounds of:

  • Misrepresentation of actual information
  • Non-disclosure of complete information
  • Fraud
  • Policy does not cover specific situation : Assuming you are 25 years old and take a whole life plan; you will receive a lumpsum payment at the age of 45. However, if you make a claim at 40 because of an emergency, your claim will not be entertained.
  • Disability and critical illness : Life insurance policies do not generally cover disability and critical illnesses, unless you buy disability and critical illness riders as well.
  • Minor beneficiary : The money will be paid only to a trustee designated by you (the insured) and not to the spouse or child (the beneficiary) if he or she is under 18 years.
  • Insured lives beyond term expiry : Some policies are only valid until the insured turns a certain age or for a certain number of years. The policy becomes invalid if you outlive this tenure.
  • Suicide : Although suicide cases qualify for insurance pay outs, there is a catch. The insurance sector regulator, IRDAI, has made certain changes in the suicide clause with effect from January 1, 2014. Policies issued prior to this date will not be entertained under the old clause. As for those policies that have been taken out later, we’ll come to that a little later.
  • Death in a war : This is a common exclusion. Many policies do not cover accidental death in a war or during active military service.
  • Death in a high-risk activity : Sure, you have only one life to live and you should make the most of it. But partaking in extreme sports like skydiving, is not generally covered by an insurance policy. In fact, an insurer can reject a death claim if you were not wearing a helmet while riding a motorcycle (yup, it is a high-risk activity).
  • Unpaid premium : This is the most common ground for pay out refusal. If the premium is not paid within 30 days after the due date, the policy is considered lapsed.

All our term insurance plans cover COVID death claims. Apart from that, we also have a life insurance plan which covers COVID Hospitalization expenses. Know more about this COVID Insurance Policy

If you buy term insurance, you are doing it for the financial security of your family, which relies on you, and to get multiple benefits such as tax exemption and planning for your child’s higher education.

In general, beneficiaries and insured persons can make a term life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.

Yes! In fact, if you have smoked in the last 12 months, then you must declare yourself as a tobacco user. If information is withheld and later revealed to the insurer, it may have severe repercussions such as your policy being considered as null and void or denial of the policy benefits.

Besides insuring your family, this type of life insurance offers various tax deductions and exemptions. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the proceeds that your loved ones get in your absence or the amount you get at the maturity of the term is tax-free. Learn all about tax benefits here.

You can buy as many term insurance plans as you want to fulfill your insurance needs. You can even nominate different beneficiaries for both the insurance plans.

Term insurance is a life insurance policy that provides coverage for a specific amount of time, say 10, 20 or 30 years, whereas whole life insurance is a type of permanent life insurance that provides a death benefit and accumulates a cash value as long as you are alive.

Some of the key reasons as a customer to opt for Aegon Life are as follows:

  • At Aegon Life, you can rest assured knowing that you and your family’s unique needs are being heeded and fulfilled. Some of the insurance products that Aegon Life offers that will equip you with what you need to keep your loved ones protected across Term Plans, ULIP Plans, Saving & Investment Plans and Child Plans
  • Quick Issuance : Your policy will be issued in 2 days of completion of medicals (if applicable) and submission of documents.
  • Hassle-free claim settlement process : While settling the claim, only three steps are followed viz. initiate the claim, submit all the necessary documents, and at last, the company settles the claim amount.
  • Widespread Network of Branches : We have 82 branches across the country, and growing rapidly to expand the presence beyond the boundaries.
  • Aegon Life Insurance had a claims settlement ratio of 96.90% in 2018-19, they also covered 2.85 lac lives during the year 2019-20
  • The company’s solvency ratio of 2.59 is amongst the highest in the industry, showing the company’s financial ability to pay claims promptly

Summary of all Term plans of Aegon Life insurance

Entry Age Maturity Age Policy Term Sum Insured Premium payment term
Ageon Life iTerm Insurance Plan 18 years to 65 years 100 years 5 years to 67 years 25 lakhs - No Upper limit Single Pay / 60 minus age at policy inception /Equal to Policy Term
Ageon Life iTerm Plus Insurance Plan 18 years to 65 years 80 years 5 years to 62 years 25 lakhs - No Upper limit Equal to policy term
Ageon Life iReturn Insurance Plan 18 years to 65 years 75 years 5 /10 / 15 / 20 years 30 lakhs to 4 crores Single pay / 5 years / Equal to policy term
Ageon Life Term Insurance Plan 20 / 30 years to 65 years 75 years Tenure Options are 10 / 15 /20 /25 /30 /35 /40 and 75 years minus Entry Age 10 lakhs to no limit Equal to policy term
Aegon Life iTerm Forever Insurance Plan 18 years to 65 years Whole Life Whole Life 25 lakhs - No Upper limit Regular Pay Premiums are paid for whole life
Limited Pay
Option 1: Pay till age 60 years last birthday
Option 2: Pay till age 65 years last birthday
Ageon Life Easy Protect Insurance Plan 20 years to 50 years 60 years 10 years 12 lakhs Equal to policy term
Aegon Life iSpouse Insurance Plan 21 years to 60 years 65 years 5 years to 65 years Rs 25,00,000 to no limit Equal to policy term
Aegon Life iIncome Insurance Plan 25 years to 50 years 60 years 60 years Rs 30,000 to no limit Equal to policy term

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