Get a life cover till you reach 100 with Aegon Life iTerm!

Aegon Life Insurance brings you a unique term insurance, a first-of-its-kind product in the country which will provide life cover till you reach the age of 100.

Aegon Life iTerm Insurance Plan is intended for individuals seeking financial protection for life, wish to plan a milestone event, a lump sum payout and want to leave a bright future for their family. Aegon Life iTerm Insurance Plan offers a simple term insurance policy aiming the principal breadwinners of the families which put various financial aspects in perspective. It is a policy particularly for people traveling on a regular basis, have dependents and financial liabilities. This plan can be bought online, minimizing the hassles with respect to paperwork requirements.

Key Features

♠ Aegon Life iTerm offers life coverage till you reach 100 years of age

♠ The plan also has an inbuilt terminal illness benefits

♠ The plan offers lower premium rates for Non-smokers and Women. You can also calculate your premium using term insurance premium calculator available at company’s website

♠ The plan provides several riders to choose from against Critical Illness, Accidental death, and Disability

Benefits

♠ Death Benefit – In case the insured deceases, the nominee of the deceased will receive an amount which is equal to sum assured. In case of demise of the insured during the term of the policy, provided all the due insurance premiums are paid, the total sum assured to the nominee will be payable in either of the following manners or both, as per the policyholder’s agreement:

• A lump sum amount will be paid immediately
• 2% of the sum assured will be paid over for 100 months, as regular incomes

♠ Terminal Illness Benefit: If the insured is diagnosed with the terminal illness a lump sum amount which would be equal to 25 percent of total sum assured will be paid immediately. Consequently, the death benefit will be decreased by an amount which will be equal to the terminal illness benefit which is paid earlier.

♠ Life Stage Option: The policy provides a Life Stage Option where the insured will have the option of increasing the sum assured on the occurrence of the below-mentioned events. The premium paid will be increased in the proportion to the changes in the sum assured.

• At the time of Marriage: The insurance cover can be enhanced by 50 percent of the original sum assured

• Birth or Adoption of the 1st child: The insurance cover can be enhanced by 25 percent of the original sum assured

• Birth or Adoption of the 2nd child: The insurance cover can be enhanced by 25 percent of the original sum assured

♠ Tax Benefits: The insurance premiums paid can be claimed under Section 80C of the Income Tax Act, 1956. Also, the benefits which are received under the insurance policy is not taxable u/s 10(10D) of the Income Tax Act,1956.

♠ Rider Benefits – This insurance policy provides several riders along with it.

These riders offer own host of benefits –

• Aegon Life AD Rider- This rider covers accidental death, if the rider is activated, the cover which is included here would be paid

• Aegon Life WOP Rider on CI- This rider offers cover for 4 critical illnesses, Open Chest CABG, Cancer, first Heart Attack and Stroke, the rider could waive off all the future premiums on basic policy and on other riders

• Aegon Life iCI Rider – Here the rider also covers those 4 critical illnesses, Open Chest CABG, Cancer, first Heart Attack and Stroke and on the diagnosis of such illness, the sum assured provided under the rider would be paid

• Aegon Life Women CI Rider – This rider covers critical illnesses relating to women, on the diagnosis of the illnesses specified under the policy, a specified portion of sum assured would be paid

♠ Maturity Benefit: In case the insured survives till policy term ends then there would be no benefit payable to the insured

Other Features    

♠ Free Cancellation: If the policyholder isn’t satisfied, he may ask for the cancelation of the policy within a period of 15 days of receipt of policy documents. On cancellation of the policy, the policyholder would be paid the premiums, however, the cost of medical reports, stamp duty and the proportionate sum of the premium for the time period during which risk was covered by the policy.

♠ Surrender Value: In case the policyholder pays regular annual premiums under this insurance plan, his/her policy wouldn’t have any surrender value over the term of the insurance policy. In case the policyholder opts to pay his/her total insurance premium for the policy as a single premium in a lump sum, he/she could surrender this policy anytime. On surrendering the policy, the surrender amount would be calculated as follows:

♠ 70% X Single Premium (not including service tax and any extra premium loading) X (outstanding term of the policy / Policy Term in months)

♠ Grace Period: A policyholder can pay his/her premiums within a period of 30 days from the date when his/her premium becomes due. In case a due premium isn’t received within the stipulated period of 30 days, the policy would lapse and the cover, including riders (if any), would be terminated.