Aegon iTerm Plus Insurance plans

Aegon life term insurance plan

At Aegon Life, they understand your needs and recognise that every family is looking for customised covers to suit their family requirements, and hence they have created three different term insurance plans to cater to your needs:

Under iTerm Insurance Plan, which is a cost effective comprehensive protection plan with an option of life coverage till the age of 100 years with an add-on flexibility to choose from 3 different plan options basis your protection needs:

  • Life Protect : Term Life Insurance Cover + 100% payout on Terminal Illness + Increase life cover at important life stages
  • Protect Plus : Term Life Insurance Plan cover increases by 5% every year without increase in premium + 100% payout on Terminal Illness
  • Dual Protect : Life Cover + 100% payout on Terminal Illness + regular monthly income starting from retirement till maturity
Once can choose the best term insurance plan option from above to suit your needs!.

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
Life Protect : iTerm Insurance’s Life Protect plan provides an option to increase the Base Sum Assured of your term life insurance on the occurrence of any one or all the following events, subject to our Board Approved Underwriting Policy: Event Additional Sum Assured as % of Base Sum Assured Marriage (One Marriage Only)
Event Additional Sum Assured as % of Base Sum Assured
Marriage (One Marriage Only) 50%
Birth/Adoption of 1st Child 25%
Birth/Adoption of 2nd Child 25%
Home Loan disbursal 100%, subject to home loan amount sanctioned

Protect Plus : In this term insurance policy, the sum assured increases by 5% of the Base Sum Assured (simple rate) every year from the start of second Policy Anniversary provided the Policy remains in-force. This increase in Sum Assured will continue till the policy anniversary subsequent to the life assured attaining age 55 years (last birthday), post which no further increments in Sum Assured would happen and the cover will continue with the latest Sum Assured applicable for the Policy. The Policy Premium will remain unchanged throughout the policy term. In case the Life Assured dies or is diagnosed with Terminal Illness during the Policy Term, the Effective Sum Assured will be paid out to the Claimant and the Policy will terminate.

Auto Increase of Sum Assured Benefit:
  • In this term insurance policy, the sum assured increases by 5% of the Base Sum Assured (simple rate) every year from the start of second Policy Anniversary provided the Policy remains in-force.
  • This increase in Sum Assured will continue till the policy anniversary subsequent to the life assured attaining age 55 years (last birthday), post which no further increments in Sum Assured would happen and the cover will continue with the latest Sum Assured applicable for the Policy.
  • The Policy Premium will remain unchanged throughout the policy term.
  • In case the Life Assured dies or is diagnosed with Terminal Illness during the Policy Term, the Effective Sum Assured will be paid out to the Claimant and the Policy will terminate.

Dual Protect :
The Dual Protect feature not only provides you protection up to the age of 100 years but post-retirement, you are eligible for the following benefits:
Survival Benefit
The Dual Protect feature not only provides you protection up to the age of 100 years but post-retirement, you are eligible for the following benefits:
  • Lumpsum Pay : 5% of the primary Sum Assured is paid out as a lump-sum benefit. This payment is made at the very next policy anniversary that arrives once you have attained the golden age of 60 years.
  • Regular Monthly Income : 0.1% of the primary Sum Assured is paid monthly in arrears. This payment continues till the date of maturity or the date of death/ diagnosis of terminal illness, whichever is earlier.

What are the Benefits of Aegon Life’s Term Insurance Plan?

  • Immediate life cover: In-built InstaCover feature assures instant issuance of coverage.
  • Cost-effective: Term insurance benefits of Aegon Life’s Term plan include low premiums, starting from ₹17/day for life cover of ₹50 lakhs. Women and non-smokers enjoy special rates.
  • Long-term protection: You can remain covered until age 100, ensuring financial and life cover in your advanced age.
  • Terminal illness support: Accelerated payout in life-threatening medical conditions provided.
  • Increasing coverage: You can increase your life cover after marriage and on the birth or adoption of children.
  • Inflation-proof: The Protect Plus option auto-increases the cover by 5% every year while the premium remains constant.
  • Term insurance with maturity benefit: The Dual Protect option provides monthly incomes until policy maturity after your retirement. You will also receive a lump sum benefit after your 60th birthday.
  • Health incentives: Your premium reduces if you quit smoking.
  • Multiple payment terms: You can choose from single pay, or regular payment options, or complete all payments within a limited time and enjoy life cover for the full tenure.
  • Three payout options: You can opt for lump-sum payouts, staggered payouts, or a combination of both as per your family’s needs.
  • Attractive riders:
  • Lump sum payment on the first detection of 36 critical ailments
  • Waiver of future premiums in permanent disability or on contracting covered critical diseases
  • Additional payout in case of death due to accident
  • Hassle-free purchase : You can protect your family with term insurance benefits by purchasing Aegon’s Term plan online at your convenience.

Reasons to Buy Aegon Life’s Term Insurance Plan

Aegon Life’s Term insurance plan offers you the best features. It offers cost-effective and comprehensive coverage, along with COVID-19 protection. Here are some best features of Aegon Life’s Term Plan:
  • Comprehensive coverage: The term plan offers exhaustive coverage until the age of 100.It also includes lump sum payment on diagnosis of 36 critical illnesses up to the age of 80, including heart disease, cancer, etc. The policy also covers COVID-19 insurance claims.
  • Flexible: The plan is flexible and offers three options to suit each type of protection need:
    • Life protect – Includes life cover along with 100% payout on terminal illness. The cover increases in value at important life stages.
    • Protect plus – Offers 100% payout on terminal illness, and the life cover value increases 5% each year without affecting the premium.
    • Dual protect – Includes life cover with 100% payout on terminal illness. It also provides regular monthly payouts beginning from 60 years till maturity.
  • Hassle-free: The process of application is easy and uncomplicated. You need to choose the plan, fill in the details, submit documents, apply for a medical check, and you are covered!
  • Multiple add-ons: The iTerm plan also offers various add-on covers including critical illness, as well as enhanced accidental coverage through Aegon Life AD Rider.
  • Economical: The policy has economical premiums with low rates for women and non-smokers.
  • Tax benefit: The plan premiums and the benefit amount are subject to tax exemption under the law – premium payments are tax-deductible under Section 80C, health rider premiums are deductible under Section 80D, and the death benefit is tax-exempt under Section 10(10D) of the Income Tax Act.

Aegon life term insurance plan Overview

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

Other Ageon Life plans from this provider are

iTerm is an online term plan from Aegon Life which secures a family with the sum insured against premium paid periodically. It is definitely once of the most cost effective protection plans in the market.
iTerm Plus is a comprehensive online term plan where the insured can choose from a choice of four plan options (as well as a Life Stage Option) which offer different in-built benefits like accidental death and critical illness and it is definitely the plan that can assure your surviving loved ones satisfactory protection, if the worst were to happen.
iReturn is another term insurance plan from Aegon Life that provides death benefits along with an inbuilt terminal illness cover. However, unlike a simple term plan, the insurer does give money back on survival – so the insured gets back the amount (paid as premiums) at the end of the term.
This is the basic Term Insurance Plan from Aegon Life which protects the insured’s family following his/her unfortunate demise.
A life insurance plan with monthly payouts, this plan is simple to understand
This is a Non-Linked Non-Participating Whole of Life Term Insurance Plan from Aegon Life which provides life cover for your entire lifetime of the insured and not just a certain period
iSpouse is our online term insurance plan for working couples where we assure financial security to the husband and the wife if something were to happen to either.
Aegon Life’s iIncome Insurance Plan is a term insurance plan. This plan provides lumpsum pay out on death of the insured plus the regular flow of money as a form of income will keep the family’s financial requirement on track.

Aegon Life Term Life insurance FAQ's

Does Term Life Insurance Cover COVID-19?
All our term insurance plans cover COVID death claims. Apart from that, we also have a life insurance plan which covers COVID Hospitalization expenses.
Term Insurance plan is a form of life insurance that provides coverage for a limited time-period. In case the insured person dies while the policy is still active, then a death benefit will be paid to the nominee. It is one of the most cost-effective way of protecting your family due to its affordable premiums and the flexibility of opting out at convenience. You can also change or customize a term plan if you wish. The amount of premium paid for term insurance stands eligible for income tax deduction under section 80C of the Income Tax Act.
If you are around 30, you have another 30 years of working life ahead of you. Your current annual salary is around Rs 5 lakh, but you will be getting raise every two years or so. Hence, you could look at a term insurance amount of Rs 1 crore. Remember to consider inflation as well.
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.
Whether you are in your 20s, 30s, 40s or more – it is always a good idea to get insured.
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.
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 term life insurance 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 term life insurance 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.
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.
You would be required to share some combination of age proof, address proof and identity proof, in addition to your bank details to buy an online policy. For identity and age proof you can use Aadhar card, Pan card, Passport, Voter Identification cards, school leaving certificate, birth certificate etc. For address proof, utility bills, Passport, bank a/c statement etc. are acceptable.
It depends on various factors, including the number of dependents you have, your investment needs, affordability, and the lifestyle you wish to provide to your family. You must factor in the living expenses of your dependents, for how long will they need it, your current loans and liabilities and future expenses such as child education when deciding your term insurance cover.
Yes, the insurer can reject a life insurance claim on grounds of :
  • Misrepresentation of actual information
  • Non-disclosure of correct information
  • Fraud
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

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022