In today’s day and age, a number of horrific incidents happen daily and also more and more threatening diseases are discovered all the time. To get worried about your family thinking about their security in times when you won’t be there for them is very normal.
One of the best ways to secure their future is by making arrangements for a regular income even after their death. At this point, a term insurance comes into the picture.
Initially, there was just one government owned and operated insurance company, LIC, that served the needs of everyone. But with development, many private insurance companies have entered the market. One of the most successful and cost-effective plans are provided by Aegon Life Insurance.
Here, let’s just do an analysis of their latest Aegon iTerm plan.
Why Should You Buy It?
For a simple reason which is to protect your family when you can’t be there for them. Aegon has offered a lot of new features in their latest iTerm insurance policy and is one of the most cost-effective policies. The benefits you get out of the payment of small premiums is something to reflect on.
1. Age limit: The minimum age to buy this policy is 18 years whereas the maximum is 65.
2. Policy term: Once you buy it, the policy term should be minimum five years and maximum 62 or up to 80 years.
3. Assured Amount: A customer can be sure of getting a minimum total sum of 2500000 whereas there is no limit on the maximum assured sum.
4. Payment Term: One can pay their premiums throughout their policy term or as a lump sum.
5. The Frequency Of Premium Payments: According to their latest updates in the policy, a policyholder can pay premiums on a single, annual, semi-annual or monthly basis.
• Life Coverage: Aegon’s iTerm Insurance offers life coverage up to the age of 80 years which means you do not have to worry about the future and can live your present life to its fullest.
• Terminal Illness Benefit: Most policies do not offer this particular benefit which is essential in today’s world. By terminal illness benefit, it means that a policyholder can use this insurance against terminal illnesses. These are not curable, and the customer is expected to die within 12 months from the period of diagnosis. Such expenditure is then deducted from a lump sum offered after maturity.
• Flexible Options In Death Benefit Payment: It gives the policy holder’s nominee the liberty to choose the way they want the benefit to be paid. It can either be done in the lump sum, or as monthly income for 100 months and also as a combination of both.
• Additional Coverage Benefit: One can buy an additional coverage against other common problems like disability, critical illness (women-specific), other critical illnesses and even accidental death.
• Life-stage Benefit: This feature is very useful as it allows you to raise your coverage with respect to changing conditions and requirements in this ever changing world.
• Online Plan: This is an essential feature because this cuts down the involvement of any middleman thus saving on your overall costs.
Comparison with Other Major Insurance Products
When compared to big companies like HDFC Life and LIC, Aegon’s iTerm Insurance plan offers the benefit of 3 payment options. Also, it is better than another Insurance provider, Edelweiss Tokio, in terms of its 80% payout of premiums paid if the policyholder commits suicide within 12 months of buying the product.
Also, it is more cost effective as compared to other big insurance providers, the premiums asked by Aegon is very less.
With so many features offered at such an acceptable premium rate, Aegon is one of the best term insurance products in the market. What better way to secure your family’s future.
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