iReturn Insurance plan is a uniquely designed plan that has feature of maturity benefit and surrender benefit which are hardly available in other term insurance plans at such an affordable rate of premiums.iReturn refund you the whole amount of yearly premiums paid if the life assured survives till the end of the policy tenure. Aegon Life also ensured payment of lumpsum sum assured to the family or legal heirs on abrupt demise of the life assured.
The claim settlement ratio of the company makes the iReturn more trustworthy in terms of settlement of claim and investing money to get protection from future financial crisis.
|Sum Assured||10 lakhs to 4 crores (as per underwriting process)|
|Age of entry||18 years to 65 years|
|Age of Maturity||80 years|
|Term of the Policy||5 years/ 10 years/ 15 years/ 20 years/ equal to policy term|
|Premium payment term||5 years/ 20 years/ Single Pay|
|Mode of Premium payment||Annual/ Semi-Annually/ Monthly|
The nominee or the beneficiaries of the life assured will get entire sum assured on the circumstances of death.
It is paid as higher of-
Although many of the term insurance policies do not contain the element of maturity benefit, iReturn Plan brings this feature into consideration. Here, the life assured will get a complete amount of annual premiums paid till the date of maturity. The annual premium payable will not involve rider premiums or taxes.
The benefit will be payable as 25% of the sum assured after the confirmation of the terminal illness has been detected by a specialist medical practitioner.
The terminal illness must state that the life assured will remain alive for a maximum of 6 months and not more than that. When registering a terminal illness claim, the life assured must present all the mandatory documents as proof.
iReturn is completely unique from all the term insurance plan present in the market due to the presence of surrender benefit. The guaranteed surrender benefit will be given as follows-
The formula for calculating surrender value is-
Guaranteed Surrender Value (GSV)= Guaranteed surrender Value Factor + All premiums paid till date of surrender (excluding additional premiums and taxes, if any)
Special Surrender Value (SSV)= Special Surrender value Factor x All Premiums paid till date of surrender
The surrender value should be more than GSV or SSV.
Accidental Death Rider - A death that results from a violent and unpredictable accident that causes on the spot death of the life assured due to heavy damages to the body.
Critical Illness- The critical illness can be venomous to life if not rectified and paid attention timely. iReturn comes with the benefit of add-on coverage where the life assured will get protection on the diagnosis of 4 critical illness listed below-
Waiver of Premium on Critical Illness- iReturn include a provision to reduce the amount of future premiums if the life assured confronts any symptoms of any of the 4 critical illness.
Women Critical Illness- iReturn equally values the life of females which is why it formulated Women Critical Illness Rider to cover the diseases which are detrimental to health. Diseases are-
|Malignant Cancer of the Female Organs||Birth of child with Congenital Disorders/Surgeries AND Pregnancy Complications|
|Sum Assured||Rs 50,000 to Rs 10,00,000 (5% of the basic sum assured)||Rs 25,000 to Rs 5,00,000 (2.5% of the basic sum assured)|
|Entry Age||18 years to 65 years||18 years to 35 years|
|Maximum Age of Maturity||75 years||40 years|
|Term of Rider||Minimum: 10 years Maximum: 40 years|
|Gender||Only applicable to females as the disease is found in woman|
The policy tenure taken here is of 20 years and the premium paying term is equal policy tenure i.e. 20 years. The premium paying mode is annual and annual income range taken of the life assured is between Rs 5 to 15 lakhs.
Yes, attaching or detaching is possible in iReturn Plan. You can attach riders at inception or during the term of the policy. The first premium payable will be submitted in prorata basis till the next date of the due premium. The next year rider premium will be paid in additions with the base plan premium.
In case of detaching the rider from the current policy, the detachment is available on the next premium due date prior to request from the insurance provider.
Aegon Life values the freedom to choose the plans according to customer needs, that’s why it included the provision to cancel term insurance. A time period of 30 days (Free look period) is allowed to make decision. The premium deposited on the inception will be returned after deduction of-
Certificate from two recognized medical practitioner who is specialized in the treatment of such disease/illness will be accepted as a proof for settlement by Aegon Life.
Aegon Life assures its customers with the option of revival, in case the premiums are not paid on the specified time lag.
The life assured has a period of 2 years from the date of non-payment of premium to activate the benefits attached to the policy.
Life assured has 30 days of time to pass on the information of the treatment/ investigation of terminal illness by a medical specialist or physician attending the life assured.
The policy will be declared lapse or given a paid up status that depend upon the number of premiums installments submitted till date.
If the premiums were not paid within first two years of the policy or first three years, if the premium paying term is 5 years, then the policy will be stated as lapsed and benefits earned will be not be granted.
If the premiums are not paid after the period mentioned above, then policy will function as Paid Up Policy.
Last updated on 21-10-2020