#Virukipolicy | T&C*
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.
|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|
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-
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.
Open Chest CABG
First Heart Attack
|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 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.
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.
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-
3. What are the documents for claim settlement process critical illness?
Claim application form
Physician statement for the critical illness detected
Treatment certificate from the hospital
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?
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.