Aegon iTerm Plus Insurance plans

Aegon life iTerm insurance plan

One of the better know plans from Aegon Life Insurance, this is a Non-Linked Non-Participating Term Insurance Plan. 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.

Key Benefits of iTerm Insurance Plan

  • Option of life coverage till the age of 100 years
  • Option to pay premiums for a limited period (till age 60 years) and enjoy policy benefits for the complete term
  • Flexibility to choose the death benefit payout: o As a lump-sum payment, or o As fixed monthly income for 100 months, or o As a combination of the above
  • Option of additional optional coverage against Accidental death, Critical illness, Women specific Critical illness & Disability
  • Tax benefits on premium paid and benefits received as per prevailing tax laws.
  • Option to increase your life coverage as per your increasing life stage requirements
  • Lower premium rates for Females and Non-smokers
  • Inbuilt Terminal Illness benefit

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
Eligibility Criteria
Entry Age Minimum - 18 years last birthday
Maximum - 65 years last birthday / 55 years last birthday in case you opt to pay premiums till your age of 60 years
Maturity Age Maximum - 100 years last birthday
Policy Term You can opt for any Policy Term between 5 years to 67 years or fixed term coverage till age 100 years
Premium Payment Term Single Pay / 60 minus age at policy inception /Equal to Policy Term
Total Sum Assured Minimum - ₹25 lakhs
Maximum - No limit, subject to underwriting
Premium Payment Mode Single, 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 Description

Death Benefit The death benefit is equal to the Total Sum Assured which is calculated as the sum of Lump-sum Sum Assured and Income Benefit Sum Assured paid on a periodic basis. Provided all due Premiums have been paid, the nominee will receive payouts in the following manner:
  • Lump-sum Sum Assured will be paid immediately on the insured’s demise
  • 1.2% of the Income Benefit Sum Assured will be paid monthly for 100 months. At the time of death claim, the nominee will have the flexibility to opt for the Total Sum Assured to be paid in one single lump-sum immediately.

The Policy will terminate on payment of these benefits.

Terminal Illness Benefit On diagnosis of any terminal illness, an amount equal to 25% of the Total Sum Assured will be paid immediately as a lump-sum. Subsequently the total death benefit will be reduced by the amount equal to the benefit paid under this clause. The insured will not be required to pay future Policy Premiums once the claim under this clause is accepted by the insurer.

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.

Add-On Optional Coverage Riders Besides life cover, this plan offers add-on optional coverages through the choice of the below mentioned riders for Regular Premium Paying policies only on payment of the applicable add-on premium. Kindly refer to the individual rider benefits & premiums available on the company website:
  • Accidental Death Rider
  • iDisability Rider
  • Women Critical Illness Rider
  • Waiver of Premium Rider on Diagnosis of Critical Illness
  • iCI Rider

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