Aegon Life iTerm Insurance Plan
Aegon Life iTerm Insurance Plan
Aegon Life iTerm Insurance Plan provides comprehensive coverage through additional riders and is considered a cost-effective term insurance plan. In addition, it includes several other attractive benefits and features taking into account clients’ prerequisites, such as coverage for 36 critical illnesses up to the age of 80 years as well as COVID-19 death claims.
Aegon Life iTerm Protection Plan Eligibility Criteria:
|Entry Age (last birthday)||18 years||65 years|
|Maturity Age||23 years||100 years|
|Base Sum Assured||25 lakhs||No limit – as per the approved underwriting policy.|
|Policy Term||5/15/20 years||82 years|
|Policy payment frequency||Single, Annual, Half-yearly and Monthly|
Aegon Life iTerm protection plan accompanies three variations that include different features and advantages catering to various needs of the customers.
Advantages of Aegon Life iTerm Protection Plan
- Life Protect: Aegon Life iterm – Life protect option includes several advantages such as Death Benefit, Terminal Illness Benefit, and Life Stage choice. For example, upon death or finding a terminal ailment, 100% of the Base Sum assured is paid to the insured. Furthermore, there is a choice to expand the base sum assured in the Life Stage alternative, in case any significant life stages like disbursement of home loan, marriage, birth, or adoption of a kid.
- Protect Plus: Aegon Life iterm – Protect plus option, includes Death Benefit, Terminal Illness Benefit, and Instacover. It offers the auto increase option of the sum assured, which covers the inflation. From the second year onwards, there is a 5% increase upon the Base Sum Assured toward the beginning of every policy year until the insured’s 55th birthday celebration, post which there will be no more increase. The Life Stage option isn’t accessible under this variant. Upon the insured’s death or diagnosis of terminal sickness, the death benefit gets paid as a lump sum amount.
- Dual Protect: Aegon Life iterm – Dual Protect option includes all the advantages of the Life Protect variant. Also, only under this option Survival Benefit is payable, calculated as 5% of the Base Sum Assured, which is paid as a lump sum on the Policy Anniversary following the insured’s 60th birthday celebration. And 0.1% of the base sum assured is paid month on month till the policy maturity/ date of death/ Terminal Illness diagnosis, whichever happens first.
Why choose Aegon Life iTerm Insurance Plan?
- To financially secure your family in your absence.
- To have extra coverage taking into account your changing life stage needs.
- To equip your loved ones with a regular monthly income in case of your sudden demise.
- To deal with your monetary liabilities, which could become a burden on your family in your absence.
- To provide financial security against the risks of sudden mishappenings like Accident & Terminal Illness
Essential Features of Aegon Life iTerm Protection Plan
- Life covers till 100 years of age.
- Additional lump sum amount payout for 36 basic illnesses up to the age of 80 years.
- Flexibility to choose death benefit payout as monthly pay or lump sum pay or both.
- In case of the diagnosis of terminal illness, the sum assured is paid out for the treatment.
- Smokers get the alternative to quit smoking and decrease their policy premiums from the second year onwards under the ‘It pays to Quit Smoking’ advantage.
- Low premium charges for females and non-smokers.
- Eligible for Tax benefits for the premiums paid according to the Income Tax Act.
- Flexibility to choose premium payment options and policy terms.
- Option to add on Aegon Life Accidental Death (AD) Rider to get secured against accidental death.
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