Compare Aegon Life iTerm Insurance Plan

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AEGON Life iTerm Insurance Plan

AEGON Life iTerm Insurance Plan is a term insurance plan which is available online. The plan comes inbuilt with a terminal illness benefit. Moreover, there are customizable coverage options under the plan which makes the plan provide an all-round coverage.

Key features of the plan

  • The plan extends coverage till 80 years of age.
  • The death benefit can be taken in lump sum, in monthly instalments or in a combination of both.
  • A terminal illness benefit is inbuilt in the plan which pays an additional benefit in case the life insured is diagnosed with any terminal illness.
  • Riders are also available with the plan.
  • The policyholder can choose to enhance the coverage under the plan at important milestones of his life.

Example

Rohit, aged 30 years, chooses iTerm Plan for a term of 50 years. He chooses a Sum Assured of Rs.1 crore. The premium he pays is Rs.9977 every year for 50 years.

Option 1 – Rohit opts for 100% lump sum benefit. In case of death within the plan term, Rs.1 crore is paid in lump sum.

Option 2 – Rohit opts for 100% income benefit. In case of death within the plan term, 1.2% of Rs.1 crore which is Rs.1.2 lakhs is paid every month for 100 months. Thus, the total death benefit paid is Rs.1.2 crores.

Option 3 – Rohit opts for 50% lump sum benefit and 50% income benefit. In case of death within the plan term Rs.50 lakhs is paid in lump sum. Thereafter, 1.2% of Rs.50 lakhs which is Rs.60, 000 is paid every month for 100 months. Thus, the total death benefit is Rs.50 lakhs + Rs.60 lakhs = Rs.1.1 crores.

Option 4 – if Rohit suffers from any terminal illness during the plan tenure, 25% of the total Sum Assured which is Rs.25 lakhs would be paid in lump sum. Thereafter, the death benefit would be reduced by the terminal illness benefit already paid.

Option 5 – Rohit can increase the coverage if he marries by Rs.50 lakhs and in case of birth of two children by Rs.25 lakhs each.

Option 6 - if the plan matures and Rohit is alive, no benefit is payable.

Plan benefits

  • Death benefit – the death benefit is paid on death of the life insured during the plan tenure. The benefit paid would depend on the death benefit option which was chosen by the policyholder when buying the plan. It can be availed completely in lump sum, completely in monthly incomes or partly in lump sum and partly in monthly incomes.
  • Maturity Benefit – there is no maturity benefit payable under the plan

Eligibility

  Minimum Maximum
Age at entry (in completed years) 18 years 65 years
Age at maturity (in completed years) NA 80 years
Term of the plan 5 years 62 years
Premium paying options Regular pay or Single Pay  
Premium Paying term Regular Pay - Equal to the plan tenure
Single Pay - once
 
Sum Assured Rs.25 lakhs No limit

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 suicide is committed within 12 months of revival of the plan, higher of 80% of the premiums paid or the Surrender Value is paid.
For terminal illness benefit, any illness due to HIV, AIDS or attempted suicide within 12 months of plan commencement is excluded.
Premium Illustration
Below are the sample rates of premium payable by a male at different ages for different combinations of Sum Assured and plan term.  

FAQs

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

  • Does the plan have differential premium rates?
  • Yes, differential premium rates are charged for female lives and for non-smokers.

  • When can riders be attached to the policy?
  • The riders can be attached either at plan commencement or any time during the term of the plan. Moreover, the policyholder can also be detached from any policy year by giving a written request.

  • Can the plan be cancelled after buying?
  • Yes, there is a free-look period of 30 days after plan issuance during which the plan can be cancelled. The premiums paid are refunded back on such cancellation after deducting some relevant expenses.

  • Can a lapsed policy be revived?
  • A lapsed policy can be revived within 2 years of the policy being lapsed. To revive the policy the outstanding premiums and relevant interest is payable.

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