Aegon iTerm Plus Insurance plans

Aegon iTerm Forever Insurance Plan

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. The plan pays a lump-sum amount for the financial security of the family in case of the insured’s demise and it also has the flexibility to increase coverage as per the insured’s requirements.

Key Benefits of iTermForever Plan

  • Complete protection for entire life of the insured
  • Option of systematically increasing life cover (Sum Assured) at key life milestones without fresh underwriting (Planned Life Stage Benefit Option) and by paying additional premium
  • Option of additional coverage against Accidental death, Critical illness, Women specific Critical illnesses, and Disability
  • Option to pay the premiums for a limited duration
  • Lower premium rates for Females and Non-smokers
  • Lump-sum payment to nominee in case of unfortunate demise of Life Assured at any age
  • Tax benefits on premium paid and benefits received as per prevailing tax laws
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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

Aegon iTerm Forever Insurance Plan Overview

  • Eligibility
  • Coverage
  • Benefit Options
  • Benefit Descriptions

Eligibility of Aegon iTerm Forever Insurance Plan

Eligibility Criteria
Entry Age Minimum- 18 years last birthday
Maximum 65 Years birthday if premiums are paid for whole life
55 years last birthday if premiums are paid till age 60 years last birthday
60 years last birthday if premiums are paid till age 65 years last birthday
Policy Term Whole of life
Premium Payment Term 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
Sum Assured Minimum - ₹25 lakhs
Maximum - No limit, subject to underwriting
Premium Payment Mode Annual, Semi-Annually and Monthly The modal loadings for modes other than annual mode will be:
  • Semi-Annual Premium = Annualised Premium * 0.512 .
  • Monthly Premium = Annualised Premium * 0.087.

Add - on Optional Coverages (Riders)

Besides life cover, this plan offers add-on optional coverage’s on payment of additional premium through the choice of the below mentioned riders, which are
  • Available only to Limited Pay Policies:
    • iDisability Rider
    • Waiver of Premium Rider on Critical Illness
  • Available to both Regular & Limited Pay Policies:
    • Aegon Life Accidental Death Rider
    • iCI Rider / Women CI Rider (for Female Life Assured only) – For Critical Illness coverage

Life Stage Benefit Options

Under this option the insured will have the option to increase the Sum Assured (coverage amount) of the policy on certain specific events in the their life or as per a pre-planned systematic schedule. One needs to select one of the two available options at the time of taking out the policy.
  • Event based Life Stage Option: Under this option the Sum Assured can be increased on the happening of any one or all of the following events by paying additional premium, subject to the prevailing underwriting policy:
    Event Additional Sum Assured as % of Original Death Benefit Sum Assured
    Marriage (One Marriage Only) 50% Birth/Adoption of 1st Child 25% Birth/Adoption of 2nd Child 25%
  • Planned Life Stage Option: The insured can aim to inflation proof their life cover by opting to increase your Sum Assured systematically using this pre-planned arrangement and by paying additional premium. Under this option, the Sum Assured (risk cover) of your policy will automatically increase at every 5 year interval by 20% of your original Sum Assured (Sum Assured at Date of Inception of Risk of the Policy), starting from the 5th policy anniversary and till you attain age 55 years last birthday.
The increase in Sum Assured under this option will be applicable without any additional underwriting requirements.

Benefit Descriptions

Death Benfit In case of death of the Life Assured anytime on or after the policy start date, provided all due Premiums have been paid, the benefit payable to the nominee is as per the table below:

Entry Age of Life Assured
Less than 45 years 45 years and above
Highest of, 10 times the annualized or 105% of all the premiums as on date of death or Sum Assured as applicable on the date of death. Highest of, 7 times the annualized or 105% of all the premiums as on date of death or Sum Assured as applicable on the date of death.

Upon payment of the death benefit, the policy terminates and no further benefits are payable.

Brochure

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Policy wordings

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