Aegon Life Launches iTerm Prime Insurance Plan For Self-Employed

Aegon Life has introduced the “iTerm Prime Insurance Plan,” with a special discount of 10 percent on the first-year premium to cater to the demands of self-employed individuals. The iTerm Prime plan is designed to promote life insurance access in developing India. Through a variety of add-on covers, such as critical illness insurance and accidental death insurance, self-employed individuals can enjoy extensive protection. 

The minimum sum assured of the plan is Rs. 25 lakhs and can be purchased by individuals above the age of 18 and below the age of 65 The policyholders have the choice to choose between regular pay, where the policyholder has to pay the premium throughout the policy term, and limited pay for up to 50 years. Under the limited payment option, the policyholder can purchase insurance with coverage up to age 70 and pay premiums for a fixed time period.  

The plan also provides a “special exit value” option, under which the policyholder will receive a full refund of their premium payments upon attaining the age of 55. Self-employed individuals can buy this product at 40 years of age and above for a policy duration of up to 70 years. 

Additionally, the policy offers a 15–30 day grace period for paying premiums. The life insurance plan comes with a death benefit under which a lump-sum amount will be paid to the nominee if the policyholder passes away during the policy tenure. Furthermore, if the insured terminates the insurance by the time he or she turns 55, all premium payments will be reimbursed.

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