Aegon iTerm Plus Insurance plans

Aegon iTerm Plus Insurance Plan

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.

Key Benefits of Aegon Life iTerm Plus Insurance Plan

  • Option of insurance coverage till the age of 80 years.
  • Option to choose coverage for 10 Critical Illnesses (Basic) or 36 Critical Illnesses (Enhanced).
  • Lump-sum payment in case of unfortunate demise, death due to accident, terminal illness and critical illness.
  • Waiver of future premiums in case of Permanent Disability and Critical Illness.
  • Option to increase your life coverage as per your increasing life stage requirements.
  • Lower premium rates for Females and Non-smokers.
  • 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 Plus Insurance Plan overview

  • Coverage
  • Eligibility
  • Benefit Descriptions

Coverage of Aegon iTerm Plus Insurance Plan

Plan Benefit Option Benefits Covered
Life Death Benefit + Accidental Death Benefit
Life Plus Death Benefit + Terminal Illness benefit + Waiver of Premium on Permanent Disability due to Accident + Accidental Death Benefit
Life & Health Death Benefit + Terminal Illness Benefit + Critical Illness Benefit - Basic (Covering 10 Critical Illnesses)
Life & Health Plus Death Benefit + Terminal Illness Benefit + Critical Illness Benefit - Enhanced (Covering 36 Critical Illnesses)

Eligibility of Aegon iTerm Plus Insurance Plan

Eligibility Criteria
Entry Age Minimum- 18 years completed
Maximum- 65 years last birthday
Maximum Maturity Age 80 years last birthday
Policy Term Minimum - 5 years
Maximum - 62 years
Policyholder can only opt for any of the following four Policy Term options subject to Minimum and Maximum Policy Term specified above:
Option Policy Term
A 65 years less Entry Age*
B 70 years less Entry Age*
C 75 years less Entry Age*
D 80 years less Entry Age*
*Age is age as of last birthday at the time of purchasing the policy
Premium Payment Term Equal to Policy Term
Sum Assured
Minimum Sum Assured for Amount
Death Benefit ₹25,00,000
Accidental Death Benefit ₹50,000
Critical Illness Benefit ₹5,00,000
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.

Benefit Descriptions

Death Benfit In case of death of the Life Assured during the Policy Term, provided all due premiums have been paid, the nominee will receive 100% of the Death Benefit Sum Assured in a lump-sum. The Policy will terminate on payment of this benefit.

Accidental Death Benefit In addition, if death happens due to an accident, the nominee will receive an additional lump-sum payout equal to the Accidental Death benefit Sum Assured opted for. The Policy will terminate on payment of this benefit.

Death & Terminal Illness Benefit 100% of the Death benefit Sum Assured will be paid in a lump-sum on the first occurrence of either of the following:
  • Death of the Life Assured, or
  • Diagnosis of Terminal Illness of the Life Assured
Waiver of Premium on Permanent Disability due to Accident All future outstanding premiums under the policy following the date of diagnosis will be waived off in case the Life Assured is diagnosed with Permanent Disability due to an accident.
Critical Illness Benefit
  • Basic
    In case of diagnosis of any of the 10 Critical Illnesses mentioned below, 100% of the Critical Illness Sum Assured opted for will be paid in a lump-sum. The Policy will continue for the other benefits available under the plan option and all the future policy premiums will be waived off. The following Critical Illnesses are covered under Life & Health option:
    • Cancer of specific severity (malignant tumour)
    • First Heart Attack - of Specific Severity (Myocardial Infarction)
    • Open Chest CABG (Coronary Artery Bypass Grafting)
    • Open Heart Replacement or Repair of Heart Valves
    • Coma of Specified Severity
    • Kidney Failure Requiring Regular Dialysis
    • Stroke Resulting in Permanent Symptoms
    • Major Organ / Bone Marrow Transplant (as recipient)
    • Permanent Paralysis of Limbs
    • Motor Neurone Disease with Permanent Symptom
  • Enhanced
    In case of diagnosis of any of the 36 Critical Illnesses mentioned below, 100% of the Critical Illness Sum Assured opted for will be paid in a lump-sum. The Policy will continue for the other benefits available under the plan option and all the future policy premiums will be waived off. The following Critical Illnesses are covered under Life & Health Plus option.
    • Cancer of specific severity (malignant tumour)
    • First Heart Attack – of Specific Severity (Myocardial Infarction)
    • Open Chest CABG
    • Open Heart Replacement or Repair of Heart Valves
    • Coma of Specified Severity
    • Kidney Failure Requiring Regular Dialysis
    • Stroke Resulting in Permanent Symptoms
    • Major Organ / Bone Marrow Transplant (as recipient)
    • Permanent Paralysis of Limbs
    • Motor Neurone Disease with Permanent Symptoms
    • Multiple Sclerosis with Persisting Symptoms
    • Alzheimer’s Disease
    • Aorta Graft Surgery
    • Deafness
    • Blindness
    • Loss of Limbs
    • Loss of Speech
    • Coronary Artery Disease
    • Aplastic Anaemia
    • End Stage Lung Failure
    • End Stage Liver Failure
    • Third Degree Burns
    • Fulminant Viral Hepatitis
    • Primary (Idiopathic) Pulmonary Hypertension
    • Bacterial Meningitis
    • Benign Brain Tumour
    • Apallic Syndrome
    • Parkinson’s Disease
    • Medullary Cystic Disease
    • Muscular Dystrophy
    • Systemic Lupus Erythematous
    • Major Head Trauma
    • Poliomyelitis
    • Progressive supranuclear palsy
    • Encephalitis
    • Progressive scleroderma
    If any critical illness results in terminal illness, then both the benefits would become payable under a valid claim.
Life Stage Option Apart from the four options shown in the table above, the insured has a fifth option called Life Stage Option. Under this option, the insured will have the option to increase the Death Benefit Sum Assured of your Policy on happening of any one or all of the following events, subject to:

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%
Maximum - No limit, subject to underwriting

On exercise of this option, the Policy Premium shall be increased by the premium corresponding to the Additional Death Benefit Sum Assured opted for, the attained age and outstanding Policy Term. The increase in Death Benefit Sum Assured under this option will be subject to our prevailing Board approved underwriting policy. This benefit is available only under the first plan benefit option “Life Plan”.

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