Compare Aegon Life iReturn Insurance Plan

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AEGON Life iReturn Insurance Plan

AEGON Life’s iReturn Insurance Plan is a term insurance plan which returns the premiums paid in case of maturity of the plan. Thus, the policyholder gets the assurance of availing either a death benefit or a maturity benefit under the plan. The plan is an online plan which can be easily bought.

Key features of the plan

  • The premiums paid are returned if the policy matures and the life insured survives the plan tenure.
  • In case of death, the chosen Sum Assured is paid in lump sum.
  • Additional riders available with the plan increase the scope of protection offered.
  • There is an inbuilt Terminal Illness benefit which pays a lump sum benefit if the life insured gets diagnosed with a terminal illness during the term of the plan. 

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured, term of the policy, premium paying term and the premium paying frequency.

Step 2 – if required, the policyholder can add the additional riders available in the plan.

Step 3- if the life insured suffers a terminal illness during the plan term, 25% of the Sum Assured is paid. On subsequent death, the Sum Assured reduced by the terminal illness benefit already paid is paid to the nominee

Step 4 – if the life insured does not suffer any terminal illness but dies during the term of the plan, the Sum Assured is paid.

Step 5 – if the life insured survives the plan term and all due premiums have been paid under the plan, the paid premiums are returned back on maturity.

Example

Vaibhav, a non-smoker male aged 40 years, buys iReturn plan for a Sum Assured of Rs.35 lakhs. The chosen term is 20 years and he chooses to pay regular premiums for 20 years. The premium he pays is Rs.14, 779 every year.

Option 1 – If Vaibhav is diagnosed with any critical illness, Rs.8.75 lakhs would be paid to him. On subsequent death, Rs.26.25 lakhs is paid to the nominee.

Option 2 – If Vaibhav dies during the plan tenure without suffering from any terminal illness, Rs.35 lakhs would be paid to the nominee in lump sum.

Option 3 – if the plan matures and Vaibhav is alive after 20 years, the premiums paid (Rs.14779*20) = Rs.295, 580 is returned to Vaibhav.

Plan benefits

  • Death benefit – in case of death of the life insured during the term of the plan, the Sum Assured is paid after deducting any terminal illness benefit already paid under the plan.
  • Terminal Illness benefit – if the life insured suffers from any terminal illness during the plan tenure, 25% of the Sum Assured is paid immediately.
  • Maturity Benefit – if the plan matures and all due premiums have been paid under the plan, the total premiums paid are returned to the policyholder if the plan matures.

Eligibility Criteria

  Minimum Maximum
Age at entry (in completed years) 18 years 65 years
Age at maturity (in completed years) NA 75 years
Term of the plan 5,10,15,20 years
Premium paying options Regular pay, Limited Pay or Single Pay
Premium Paying term Regular pay - Equal to the plan tenure
Limited pay – 5 years
Single pay - once
Sum Assured Rs.30 lakhs Rs.4 crores

What is not covered by the plan?
If the life insured dies due to suicide within one year of plan commencement, 80% of the premiums paid are refunded.
If the life insured dies due to suicide within one year of reviving a lapsed policy, higher of 80% of the premiums paid or the applicable Surrender Value of the plan is paid.

Premium Illustration
Below are the sample rates of premium payable by a non-smoking male for different ages and terns. The Sum Assured is Rs.35 lakhs and premiums are payable annually throughout the plan tenure.

AEGON-Life-iReturn-Insurance-Plan

FAQs

  • What are the available plan riders?
  •  The riders available with the plan are Aegon Life AD Rider, Aegon Life iCI Rider, Aegon Life WoP Rider on CI and Aegon Life Women CI Rider.

  • What are the premium paying frequencies?
  • Premiums for the plan can be paid either monthly, half-yearly or annually.

  • Does the plan pay surrender value?
  • Yes, surrender value is applicable in case the policyholder decides to surrender the policy before the plan tenure. The value would depend on the premium paying tenure opted by the policyholder.

  • Can riders, once added, be removed?
  • Yes, the policyholder can choose to remove riders from the plan from any policy anniversary.

  • How long is the duration of the free-look period?
  • The free-look period extends for 30 days post issuance of the policy.

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