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Aegon iTerm Plan
  • LIfe Coverage Till 100 Years
  • 25% Payout on Critical Illness
  • Add-on Cover at Nominal Cost
  • Monthly Income for 100 Months
  • High Covers on Low Premiums

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Aegon iTerm Plan

Aegon iTerm plan is a complete online plan that provides your extreme financial benefits to your family when you are no longer or on the verge of termination due to detection of a terminal illness. iTerm Plan becomes your savior when you are need of more financial funds through life stage benefits, where you easily get a jump in your sum assured for a maximum of 50% of sum assured.

Moreover, the option to pay premiums till age 60 years provides flexibility to pay premiums when they earn as a salaried person and can enjoy coverage for whole life. Aegon Life iTerm plan provides lower premium rates for females and person who don’t consume tobacco or smoke.

Eligibility Criteria

Sum insured Rs 25 lakhs to unlimited (accountable to underwriting)
Age of entry 18 to 65 years
Pay Till 60 years option- 18 to 55 years
Maturity Age 100 years
Tenure of the policy 5 years to 67 years / till the age of 100 years
Premium Payment Term Single Pay/ Equal to policy term/ 60 years less the age of entry
Death benefit Payout Options Lumpsum / Monthly income
Premium Payment Options Single /Monthly / Semi-Annual /Annually

Death Benefit Payout Options

  1. Lumpsum Payment- The whole amount of the sum assured will be given to the nominee of the life assured to meet urgent financial crisis happen due to the death of the earning income.
  2. Fixed Monthly Income- The sum assured will be paid in small equal proportions for 100 months starting the date of death to the nominees in the form of regular monthly income @ 1.2%. This will ensure lifetime supply of income to carry day-to-day responsibilities.

Aegon iTerm Plan Benefits

1. Terminal Illness Benefit

If the Life Assured has got infected with a terminal illness whose treatment is impossible by any medical practitioner.

Conditions:

  • The treating Medical practitioner must be recognized and certified by the medical council or any medical government authority.

  • 25% of the total sum assured is paid to the policyholder to cope up with all the liabilities.

Exclusions:

  • HIV/AIDS that are sexually transmitted are not covered

  • Committed suicide in the first year at the beginning of the policy or on revival date.

2. Life stage Benefit

Life changing events occur in everybody’s life like marriage, birth/adoption and education of children that demands high financial funds. So, iTerm plan understands this and offer coverage as depicted below-

Event % Increase in the Sum Assured of the total Sum Insured
Marriage (One Marriage Only) 50%
Birth/Adoption of 1st Child 25%
Birth/Adoption of 2nd Child 25%

Conditions-

  • Any of the above-stated events must happen before exercising this option.

  • The benefit must be availed within 180 days succeeding the occurrence of event.

  • Applicable to limited/regular premium paying options for the policy.

3. Tax Benefit

While purchasing iTerm plan, the policyholder becomes qualified to receive tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961. The annual tax paid towards taxable income will be exempted subsequently for a maximum of Rs 1.5 lakhs.

4. Death Benefit

All the term insurance plans carry death benefit that was dedicated to the family or the legal heirs of the life assured. Aegon life insurance admits and settles the claim in two ways as mentioned below-

  • Lumpsum payment of the sum assured
  • Fixed monthly income of the sum assured for 100 months

The nominee or the claimant is responsible for informing the company the death as fast as the event takes place. On the payment of death benefit, the policy will be declared terminated.

Aegon iTerm Plan Riders

  1. Accidental Death Rider- Under AD rider, the minimum sum assured offered is Rs 10 lakhs and the minimum premium closes at Rs 450 p.a. The claim is payable only when the death has happened due to an external, violent and sudden accident that is visible on the body and can be verified by the company for claim settlement.
  2. Critical Illness Rider- Illnesses that are given protection under this rider are-
    1. First Heart Attack
    2. Cancer
    3. Storke
    4. Open CABG

    The minimum sum assured provided is Rs 10 lakhs and the maximum is 50 lakhs for the least term of 5 years.

  3. Permanent Disability Rider- The benefits from this ride can only be availed when the policy is in function. A lumpsum value will be paid at the time of claim and future premiums will be reduced. The benefit is payable as follows.
    Type of Disability eligible to get coverage % of sum assured taken for the rider
    Loss of or loss of use of both Limbs(arms,wrist, and legs) 100%
    Loss of eyesight in both eyes 100%
    Loss of speech 50%
    Hearing disability in both ears 50%
    Loss of or loss of use of any one limb 50%

    The disability must survive for more than 180 days to come in the category of permanent disability.

Illustration

Mr.Kumar is 35 years old man and have taken iTerm plan for sum assured of Rs. 1 crore with an additional Accidental Death Benefit Rider of Rs 50 lakhs. The monthly payment of premium before including tax and adding extra premium for rider would be Rs 931 per month. The base premium value is Rs 701 per month and the premium for Accidental Death Benefit is Rs 231 per month.

The term of the policy is 25 years. Death benefit payout options are illustrated below-

Condition 1: The death of Mr. kumar happened after twenty years and the family got a lumpsum payment of Rs 1 crore.

Condition 2: If death happened, and the selected payout option is monthly income. The nominee/ beneficiaries will get Rs 1,20,000 per month for 100 months where the total payout amount is Rs 1,20,00,000.

Condition 3: If the lumpsum plus monthly income is selected where 50% of sum assured (Rs 1 crore) is paid as lumpsum i.e. Rs 50 lakhs and rest 50% is paid through regular income. The monthly income will be Rs 60,000 for 100 months and the total payout would be Rs 1,10,00,000.

FAQs

1. Can I attach or detach the riders from my iTerm Plan?

The policyholders are given the option to attach and remove the riders by informing and requesting Aegon Life insurance. The request can be made at the starting of the policy or when the premium payment date arrives. After evaluating the request, the company will approve and process the same.

2. What are the exclusions under Terminal Illness?

Aegon Life has listed two circumstances under which terminal illness are not payable-

  • Terminal Illness such as HIV or AIDS is not given any coverage.
  • If the life assured has attempted to suicide within the first year of the policy inception.

3. Do the life assured has the flexibility to cancel the policy?

The life assured is given the privilege of Free Look Period where he/she has 30 days of time period to assess the terms and conditions of the policy purchased. He/she can report to the company in case he is not contented specific clauses. The amount of premium submitted annually or monthly will get refunded with deductions of-

  • Stamp duty charges as applicable
  • Medical fee availed if any
  • Proportion of Premium if any risk occurred during the period

4. What is a grace period in iterm insurance plan?

When you fail to remember the payment of premium on the due date and misses the date, then you are given a grace period. The time limit varies with various premium payment options shown below-

  • For monthly premium payment: 15 days
  • For annual/semi-annual premium payment: 30 days

5. Is the surrender of policy is possible in iTerm Plan?

Surrender of policy is only possible when you pay the total premium in lumpsum under single pay option. The method to calculate surrender value is highlighted below-

Surrender Value = 70% x Single Premium (excluding any extra premium loading and service tax) x (outstanding Policy Tenure in complete months / Policy Tenure in months)

However, when you choose Pay Till 60 option or yearly premium payment option, you don’t have the option to surrender.

6. How to inform the insurance provider about the terminal illness claim?

The insurance must be notified within 30 days after the illness is confirmed by the doctor and death becomes inevitable as detected by your attending medical practitioner. Legitimate documental evidence must be laid down by the policyholder to get approval for claim.

7. What documents are required for terminal illness claim?

  • Application form by the claimant
  • Medical practitioner certificate for the terminal illness diagnosed (from at least two recognized doctors)
  • Employer’s Certificate, if you are covered under medical insurance provided by your company.

8. How to claim a death benefit under iTerm plan?

  1. Inform Aegon life insurance company about the death claim in the specified time frame.
  2. Submit the following documents.
  3. After completing the above two steps, the company will scrutinize the reliability of the documents.
    • FIR (for death due to accident) or Certificate of doctor stating the reason for death.
    • Post mortem reports and Inquest reports
    • Final Investigation of Report submitted by police for death due to an accident.
    • Death certificate issued by the local municipal corporation in your area.
    • Statement of Claimant in the given form. The form can be taken from the company on request.
  4. Aegon Life usually takes 15 days for verification of the claim. After verification notification to the claimant, the payment is made through electronic media.

9. How much time is taken by the Aegon Life for claim settlement?

The average time taken by Aegon Life insurance is 7 days with proper submission of important claim documents and other requested information.

However, the time limit can be extended if the claimant fails to submit a complete set of documents.

10. What is the claim settlement ratio of Aegon Life insurance company?

According to the latest statistics, the company’s claim settlement ratio is 95.67% for the current year.

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