Why choose iTerm Forever plan to financially protect your dear ones from future exigencies?
It covers you for whole of life.
Increases your sum assured instantly when inflation rate fluctuates.
Have the option to pay premium till the age of 60 years and enjoy coverage for whole term.
Option to cover critical illness and special cover for Women related critical illness.
Assist your family by paying 105% of all the premium paid at the time of death.
Rises sun assured by 50% for events like marriage of child and childbirth.
Flexibility in premium paying mode and choosing the sum assured.
|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|
Only For Limited Pay Policies:
1. Aegon Life iDisability Rider- 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.
Sum assured limit is Rs 5,00,000 (minimum) to Rs 10,000,000 (maximum)
Term of Rider should 5 years minimum and maximum can be outstanding premium paying term of base plan.
Maturity age is 75 years and premium paying term is equal to policy term
2. Aegon Life Waiver of Premium on CI Rider- 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.
For both Limited Pay and Regular Pay Policies:
3. Aegon Life Accidental Death 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.
Entry age is between 18 years to 65 years.
For Pay Till 60 years option, Entry Age is between 18 years to 65 years.
Minimum premium paid is Rs 450 per year.
Least sum assured is Rs 10 lakhs to value of basic sum assured.
4. Aegon Life iCI Rider- CI rider includes four critical illness mainly affecting heart, brain, chest, arteries etc. Diseases listed are-
Sum assured can be chosen between Rs 10,00,000 - Rs 50,00,000
Term of rider must not less than 5 years or can be equal to premium payment term.
Diseases that are caused by HIV infection is not covered.
Any illness that is detected in the first 90 days after the inception date of policy.
5. Aegon Life Women CI Rider- 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|
The policy will get terminated on the payment of death benefit.
|Event||Additional Death Benefit (% of original death benefit )|
|Childbirth/ legal adoption (1st child)||25%|
|Childbirth/ legal adoption (2nd child)||25%|
On the increase of sum assured, the age of the life assured must be equal or less than 55 years.
No claim has been made or accepted by the company in favor of any rider purchased with base policy.
Option must be exercised within 180 days after the event happened.
Total amount of due premium must be submitted timely in additions to the option’s premium.
Policy must be in effect when the claim is intimated.
Life Assured age must be 55 years or less on the date of making claim.
20% of the basic sum assured will be incremented on passing of fifth anniversary year.
Policy must be activated with no acceptance of claim by the company for any rider.
Fulfillment of payment of the additional premium towards increased sum assured.
For Limited Pay policy- No amount is paid tot he life assured
For Regular Pay policy- Surrender value is paid when premiums are paid constantly for first three perpetual years.
Surrender Value =70% of Gross Premiums Paid till the surrender date x [max (100 – Age at Surrender) / (100 – Age of Entry)]
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-
1. If I have developed the habit of smoking after some years of the policy purchase, will it affect my policy?
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.
2. What is the process to claim in Aegon Life iTerm plan?
3. How much time does the company take for claim settlement?
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.
4. Can we attach or detach riders to our existing policy irrespective time?
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.
5. What happens on discontinuing the payment of premium?
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-
6. What to do if I missed paying premiums?
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.
7. Do we have the option to cancel the policy?
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-
Proportionate risk premium for the period of cover
Stamp duty paid
Medical costs incurred if any