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Aegon Life iReturn Insurance Plan
  • Return of Paid Premium
  • In-built Terminal Illness cl Benefitaim
  • Tax Benefits on Paid Premium
  • Flexibility to Pay Premium
  • 25% Payouton Critical Illness

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Aegon Life iReturn Insurance Plan

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.

How can iReturn Insurance plan help you?

  • You can pay the loans and bills with the Comprehensive coverage amount.

  • You can pay your mortgage expenses.

  • Generate income for your family in your absence.

Eligibility Criteria

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

Aegon Life iReturn Plan Benefits

1. Death Benefit- The nominee or the beneficiaries of the life assured will get entire sum assured on the circumstances of death.

How death benefit is paid?

It is paid as higher of-

  • 10 times of the annualized premiums

  • 105% of the premiums paid till the date of death while excluding the rider premiums or taxes if any.

2. Maturity Benefit - 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.

3. Terminal Illness Benefit - 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.

4. Surrender Benefit - 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-

  • Single Premium Paying Term - After completion of first 2 years
  • 5 years Premium Paying Term - on premium payment of starting 2 year policy
  • 10 years Premium Paying Term- on premium payment of starting 3-year policy

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.

Aegon iReturn Plan Rider Benefits

  1. 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.

    Features-

    • The minimum sum assured is Rs 10 lakhs and the maximum should not be more than basic sum assured.
    • The minimum premium paying amount is Rs 450 per year.
    • The premium paying term must be equal to the tenure of the policy or till 60 years as opted.

    Conditions-

    • No death will be covered of happened due to incorporation of any hallucinogenic substance malicious to health.
    • Participation in aviation other than traveling as a fare-paying passenger in an aircraft is excluded.
  2. 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-
    • Cancer

    • Open Chest CABG

    • First Heart Attack

    • Strokes

    Features-

    • Minimum amount of sum assured available is Rs 10 lakhs
    • Maximum amount of sum assured available is Rs 50 lakhs
    • Minimum term of the rider is 5 years and maximum is equal to base plan’s premium paying term.
    • This rider is for Annual Premium paying mode.
  3. 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.

    Features-

    • Minimum term of the rider is 5 years
    • Maximum term of the rider is equal base plan’s premium paying term
    • Sum assured is the outstanding premium under base plan and riders.
    • This rider is not valid for single premium paying policies.
  4. 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
    • Pregnancy Complications

Features-

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

Exclusion

  • The suicide if attempted in the first year of the inception of the policy, then the nominee will receive 80% of the total coverage amount if the policy is in function. After passing of one year no return would be provided on death due to suicide.

  • Death that concluded from participation in war, criminal activities, adventure sports, civil attacks, foreign attacks, rebellion, riot etc.

  • Deaths related to Intake of alcohol, narcotics, sedatives, poison or any other hallucinogenic substance are excluded.

Aegon iReturn Plan Premium Calculation

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.

Chart

FAQs

1. Can I attach or detach the rider in between the policy?

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.

2. Can I cancel my policy, if I am not satisfied with any clause?

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-

  1. Pro rata adjustment for life cover
  2. Stamp duty paid
  3. Medical examination charges

3. What are the documents for claim settlement process critical illness?

  1. Claim application form

  2. Physician statement for the critical illness detected

  3. Treatment certificate from the hospital

  4. Medical reports are necessary to support the claim.

4. What documents are required for the claim of terminal illness?

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.

5. What documents are required for the claim of death benefit?

  1. FIR/ Inquest Report/ Final Investigation reports, post mortem report, Certificate from doctor/ medical officer, in case of unnatural death
  2. Death Certificate issued and approved by Municipal corporation present in your local area.
  3. Claimant statement in the given claim form of the company.

6. How to revive a lapsed policy?

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.

Conditions for Revival-

  • Payment of all the due premiums from the date when the premiums are unpaid till the reinstatement of policy. Additional interest of 2% is also applicable on the premiums.

  • Life assured must satisfy the insurability as requested by the company.

7. What is the notification period for terminal illness?

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.

8. What happens to my policy, is I end the payment of premiums?

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.

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