Why choose iTerm Forever plan to financially protect your dear ones from future exigencies?
|Sum insured||Rs 25 lakhs to unlimited (in reference to underwriting guidelines)|
|Age of entry||18 years to 65 years |
Pay till 60 years of age- 18 years to 55 years
Pay till 60 years of age- 18 years to 60 years
|Maturity Age||Whole of the life|
|Tenure of the policy||Whole of the life|
|Premium Payment Term||Equal to Policy term|
|Premium Payment Modes||Monthly / Semi-Annually /Annually|
|Riders||Critical Illness Rider, iDisability Rider, Women Critical Illness Rider, Waiver of Premium on Critical Illness|
A Lumpsum amount of the sum assured taken for iDisability rider is paid and the future premium will continue at a reduced value. A percentage of rider sum assured will be paid on happening of any disability that causes-
|Disability||Percentage of Rider Sum Assured Paid|
|Loss of functioning of both limbs (arms and legs)||100%|
|Loss of eyesight for both eyes||100%|
|Hearing impairment for both ears||50%|
|Loss of use of any one limb||50%|
|Loss of speech||50%|
Total payout must not exceed the sum assured value.
When the life assured displays the sign of being infected by critical illness, then future premiums paid towards the policy will undergo a deduction till the date of maturity. The claim is accepted only if the illness is from the diseases depicted in critical illness rider.
An Accidental Death can root the happiness of family at any point of time so its better to protect the security of family with extra sum assured for accidental death benefit.
CI rider includes four critical illness mainly affecting heart, brain, chest, arteries etc. Diseases listed are-
The diseases that are critical in nature and are common in women are covered under this rider. Illnesses covered 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|
Death Benefit- Aegon Life guarantees to pay death benefit when the death of the life assured arrives due to any reason. Death Benefit is payable with reference to Entry Age as defined by the company.
The policy will get terminated on the payment of death benefit.
Event-Based Life Stage Benefit- The sum assured with the support of this option will gradually increase on the happening of life-changing events like childbirth and marriage of child which demand huge amount of financial resources in one go. iTerm Forever Plan through this benefit elevates the basic sum assured as presented below-
|Event||Additional Death Benefit (% of original death benefit )|
|Childbirth/ legal adoption (1st child)||25%|
|Childbirth/ legal adoption (2nd child)||25%|
Planned Life Stage Benefit- Sum Assured is bound to elevate under this option when inflation level boosts up in the economy. The life assured to make his coverage ineffective from the inflation have to pay additional premium.
Tax Benefit - Do you want to save tax on the annual income? Then, iTerm Forever Plan is the best choice to save up to Rs 1.5 lakh under section 80C through premiums paid towards term insurance. A deduction is provided on the tax paid annually under Income Tax Act on the annual income earned.
Surrender Benefit- Surrender benefit value will be different for Limited Pay policy and Regular Pay policy.
Lower Premiums for females and Non-Smokers- The rates of premium applicable for female and non-smoker life assured are much lesser when set in contrast to the premium for males and smoker categories. A person who follows healthy lifestyle is always rewarded whether it is in life or in term insurance.
Lumpsum Payment on death- On sudden demise of life assured, iTerm Forever is here to take care of the family in the absence by providing lumpsum payment of coverage amount as calculated till the date of death.
Pay till 60 and remain covered for whole life- Life assured have to pay till premium for the policy till he attains 60 years and afterwards there is no compulsion of paying premium.
Situation 1: Suicide occurs within a period of 12 months from the commencement of risk or revival date of policy, then 80% of the sum assured will be credited to the account of nominee.
Situation 2: If suicide occured within 12 months following the date of practising Event based Life Stage Option, then the death benefit will be the cumulative sum of factors written below-
This will affect your life expectancy rate and that’s why you are liable to report and communicate the information to your insurance company for smooth claim settlement process in future.
The average time taken by Aegon Life insurance is 7 days with proper submission of important claim documents.
This time limit can be extended if the claimant fails to submit documents or prove his/her reliability.
Yes, Aegon Life iTerm Forever plan gives you the freedom to attach and detach riders with any compliance to time, Life assured has to notify the company about the same.
For adding riders, it has to meet the underwriting process. While detachment of rider will be applicable on the next due date of the premium payment after the request has been conveyed by the life assured.
For Regular Pay policies-
On non-payment of premium, the policy will be stated as lapsed with zero payment of benefit gained.
For Limited Pay policies-
If the payment has been made for the first three years of the policy from the beginning and after that premium payment was skipped even after grace period, then the policy will convert into Paid-Up policy.
The benefit payable on Paid-Up policy-
A grace period is allotted to the policyholder which is of 15 days for monthly premium paying policies and 30 days for the annual and semi-annual mode.
Yes, at the time of purchase of the policy, the life assured is given Free Look Period of 15 days for policy bought from non-distance marketing source. A 30 days for policies bought through distance marketing source
In the allocated time you have to examine all the terms and conditions. If it matches to your requirements then you can continue and if not, you can cancel it.
On cancellation, the premium submitted in total will be refunded with a minor deduction of-
Last updated on 04-06-2020