iTerm Forever Insurance Plan
iTerm Forever Insurance Plan
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iTerm Forever Insurance Plan

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.

Eligibility Criteria

Sum insured Rs 25 lakhs to unlimited (in reference to underwriting guidelines)
Age of entry18 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 policyWhole of the life
Premium Payment TermEqual to Policy term
Premium Payment ModesMonthly / Semi-Annually /Annually
RidersCritical Illness Rider, iDisability Rider, Women Critical Illness Rider, Waiver of Premium on Critical Illness

iTerm Forever Plan Riders

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-

DisabilityPercentage of Rider Sum Assured Paid
Loss of functioning of both limbs (arms and legs)100%
Loss of eyesight for both eyes100%
Hearing impairment for both ears50%
Loss of use of any one limb50%
Loss of speech50%

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 Ride

CI rider includes four critical illness mainly affecting heart, brain, chest, arteries etc. Diseases listed are-

  • Cancer
  • Open Chest CABG
  • First Heart Attack
  • Stroke


  • 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 (Category 1)
  • Birth of child with Congenital Disorders/Surgeries (Category 2)


Malignant Cancer of the Female OrgansBirth of child with Congenital Disorders/Surgeries AND Pregnancy Complications
Sum AssuredRs 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 years18 years to 35 years
Maximum Age of Maturity75 years40 years
Term of RiderMinimum: 10 years Maximum: 40 years
Gender Only applicable to females as the disease is found in woman

Aegon iTerm Forever Plan Benefits

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.

  • For less than 45 years
    Benefit payable must be higher of 10 times of the annualized premiums OR 105% of gross premium paid till date of death OR the whole amount of Sum Assured applicable as on date of death.
  • For more than 45 years or equal
    Benefit payable must be higher of 7 times of the annualized premiums OR 105% of gross premium paid till date of death OR the whole amount of Sum Assured applicable as on date of death.

    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-

EventAdditional 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.

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.


  • 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.

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.

  • 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)]

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.

Suicide Exclusion

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-

  • Fixed Basic Sum Assured from the inception date of policy, plus
  • Any increase in Base Sum Assured by exercising the Event-based Life Stage Option prior to 12 months from the date of death (due to suicide); plus
  • 80% of the premium paid for last increased coverage offered under life stage benefit. The exclusion of taxes is applicable.

Aegon iTerm Forever Plan : FAQs

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?

  • Inform about the claim immediately after the event takes place.
  • Submit mandatory documents as an evidence for claim.
  • Aegon Life will check the reliability of the documents. After verification, the claim will be accepted.
  • Claim Settlement is made with payment of death and rider benefit to the nominee. The payment is transferred in electronic form in the bank account of the beneficiaries.

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-

  • 10 times of the Annualized Premium
  • 105% of Total Premiums Paid
  • Paid Up Sum Assured

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

Last updated on 13-11-2020