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Aegon iTerm Term Insurance Benefits

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Highlights
Claim Settlement Ratio99.25%
Customer Care9:00 AM to 7:00 PM
Death Benefit Paid For344 Policies
Inception2008
Presence83 Branches
Total Death Benefit PaidRs. 64.60 Crore

Aegon Life iTerm Plan comes in three plan options, which differ in terms of benefits offered under them. Following are the benefits explained under iTerm plan offered by Aegon Life insurance:

1. InstaCover

Under the InstaCover benefit, the insurance company pays the claimant the base sum assured if the life assured dies within the InstaCover period. The benefit is paid in a lump sum, provided the insurance company has received the completed application and the required policy premium. Available in all the plan options, namely, Life Protect, Protect plus, and Dual Protect, this benefit will be applied during the InstaCover period as per the specified terms and conditions.

2. Death Benefit

If you have opted for a single pay policy, then the death benefit will be the highest of:

  • 1.25 x single premium; or
  • Effective sum assured

In regular pay or limited pay policy, the benefit paid is highest of:

  • 11 x Annualised Premium; or
  • 105% x total policy premiums payable (excluding taxes) as on the date of death; or
  • Effective sum assured

In case of death of the life assured during the policy term, the death benefit paid is:

  • 100% of the lump-sum benefit; and
  • 1.2% of the income benefit, every month for 100 months

3. Terminal Illness Benefit

If the policy is in force and the due premiums have been paid, then in case of diagnosis of a terminal illness, 100% of the death benefit amount is applicable as on the date of diagnosis of the illness. Note that the policy will terminate when the benefit is paid.

4. Auto-Increase of Cover Benefit

Aegon Life Insurance increases the sum assured by 5% of the base sum assured (simple rate) each year from the beginning of the second policy anniversary if the policy remains in force.

5. Survival Benefit Under Dual Protect Plan

The insurance company will provide you the specified survival benefits if you survive till the age of 60 years, provided the policy is still in force and the due premiums are paid.

6. It Pays to Quit Benefit

There is an option for smokers to reduce their premiums from the 2nd year, under the ‘It Pays to Quit Smoking’ benefit.

7. ‘Go Healthy’ Benefit

Under this benefit, you can avail of preferential terms on renewal if suffering from lifestyle-related health conditions.

8. Tax Benefits

You can avail of tax benefits as per the availing tax laws, on the premium paid for this plan.

Key Inclusions and Exclusions of the Plan

What's Included

  • Life cover till the age of 70 years
  • In-built terminal illness benefit
  • Death benefit
  • InstaCover benefit
  • Life Stage option in Life Protect plan option

What's Not Included

  • Terminal illnesses directly or indirectly resulting due to suicide or attempt of suicide
  • Claims will not be paid in case of misrepresentation of facts
  • Death due to a high risk activity
  • Accidental death in a war or during active military service
  • Claim arising due to people visiting in ‘restricted countries’

Aegon iTerm Insurance Plan Brochure

  • 606.17 KB
  • PDF Document
  • Jun 02, 2021

FAQs on iTerm Insurance Plan Health Insurance Plan

  • What are the factors affecting premium for iTerm plan?

    Factors affecting premium for your iTerm plan include age, gender, medical history of the family, profession, smoking and drinking habits, personal health and policy term. 

  • Why should I buy an iTerm plan?

    You should buy iTerm plan due to the following reasons: 

    • Financial security to your family in your absence
    • It reduces the burden of financial liabilities on your family in case of eventualities
    • It offers protection in case of risks of accidents and their resulting financial impact 
  • What if I missed my premium due date?

    In case you have missed your premium due date, then the company gives you a grace period of 15 days for policies under monthly frequency and 30 days for policies under yearly or half-yearly frequency from the premium due date to pay the premium. You can pay the same during this period. 

  • How can I pay a premium for the iTerm plan?

    You can pay the premium for an iTerm plan online in a fast and secure manner. The company offers safe payment options such as credit cards, debits cards, etc. 

  • Can I buy the iTerm plan online?

    Yes. You can buy the iTerm plan online without meeting any agent, and with no paperwork at all.  

  • What are the key benefits of buying an iTerm plan?

    Following are the key benefits of buying iTerm plan: 

    • It is a cost-effective comprehensive protection plan
    • Long cover with an option to be covered for up to 100 years of age
    • Flexibility to choose from 3 different plan options
  • What are the benefits offered under the Life Protect plan option in iTerm plan?

    Under the Life Protect Plan option in iTerm plan, you can enjoy several benefits including InstaCover, death benefit, terminal illness benefit, and life stage option.

  • What are the benefits offered under the Protect Plus plan option in iTerm plan?

    Under the Protect Plus Plan option in iTerm plan, you can enjoy several benefits such as InstaCover, death benefit, terminal illness benefit, and ‘Auto-Increase of Cover’ benefit.

  • What are the benefits offered under the Dual Protect plan option in iTerm plan?

    Under the Dual Protect Plan option in iTerm plan, you can enjoy several benefits such as InstaCover, death benefit, terminal illness benefit, and survival benefit. 

  • Can I avail tax benefits on the premium paid for the iTerm plan?

    Yes. You can avail tax benefits on the premiums paid for iTerm plan, as per the availing tax laws. 

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