Aegon iTerm Plus Plan is a cost-effective plan that ensures financial protection to the family in your absence with benefits like extra coverage from accidental death, or critical illness or permanent disability etc. The option of lumpsum payment gives assistance to family to pay immediate liabilities to reduce the burden from the shoulder of family members.
iTerm Plus plan of Aegon Life helps in meeting the rising expenditures at some stages of life by increasing the coverage. Moreover, iTerm Plus Plan involves coverage of 36 critical illnesses that are common in today’s world.
|Plan options||Life Option||Life Plus Option||Life & health Option||Life & health Plus Option|
|Sum Assured||25 lakhs to unlimited (as per underwriting process)|
|Age of entry||18 years to 65 years|
|Age of Maturity||80 years|
|Term of the Policy||5 years to 65 years minus Entry Age||5 years to 70 years minus Entry Age||5 years to 75 years minus Entry Age||5 years to 80 years minus Entry Age|
|Premium payment term||Equal to the term of the policy|
|Mode of Premium payment||Annual/ semi-annually/ monthly|
1. Life Option
The death benefit is payable in the form of lumpsum payment of the entire sum assured opted.
Include accidental death benefit that pays additional coverage as rider benefit plus the basic sum assured to the family of life assured after death.
2. Life Plus Option
100% of sum assured value will be paid in lumpsum on the event of terminal illness or death like circumstances, whosoever comes first.
If death is happened due to an accident, then the sum insured taken for accidental death rider will be paid immediately along with basic sum assured.
Future premiums are waived or reduced in case of permanent disability which can hit the earning capacity of the life assured.
3. Life & Health Option
4. Life & health Plus Option
|Event||Extra increase in sum assured (%)|
|Marriage (One Marriage Only)||50%|
|Childbirth/Adoption (1st Child)||25%|
|Childbirth/Adoption (2nd Child)||25%|
The life stage option is only available in the Life option.
Abhishek (35 years, smoker) purchased iTerm Plus Plan for coverage of Rs 1 crore and have opted to pay the premium for 30 years till 65 years of age. The Base premium that Abhishek has to pay is Rs 830 per month (excluding tax and riders premiums).
The term of the policy is 25 years. Death benefit payout options are illustrated below-
Condition 1: If Abhishek’s wife takes the same coverage of Rs 1 crore for 30 years till 65 years of age, then the basic premium payable value is Rs 672 per month.
Condition 2: If Abhishek is a smoker, then the rate of basic premium would come at Rs 1272 per month for 30 years.
Condition 3: If Abhishek was 40 years old (non-smoker) and took coverage till 65 years of age (for 25 years), then the premium for 25 years turns to be Rs 1119 per month.
While for smoker under same conditions, the premium is Rs 1782 per month.
1. What is the notification period for terminal illness?
After the terminal signs has been investigated and confirmed by the doctor, then life assured has 30 days to intimate the company about the claim.
2. What documents are required for the claim of critical illness?
3. What documents are required for the claim of terminal illness?
For a claim of terminal illness, a certificate from two recognized medical practitioner who are specialized in the treatment of such disease.
4. What documents are required for the claim of death benefit?
5. What is the process to claim in Aegon Life iTerm plan?
6. How much time is taken by Aegon Life to process the claim?
The company has a satisfying claim settlement ratio which shows the customer satisfaction rate and fast processing of claim. The usual time taken is 7 working days.
7. What critical illnesses are covered under life and health plus plan?
All the 10 critical illnesses covered in life and health option, plus diseases like Multiple Sclerosis with Persisting Symptoms, Deafness, Blindness, Aorta Graft Surgery, Loss of Limbs and Speech, Coronary Artery Disease, Aplastic Anaemia, End Stage Lung Failure and Liver Failure, Third Degree Burns, Fulminant Viral Hepatitis, Primary (Idiopathic) Pulmonary Hypertension, Bacterial Meningitis, Benign Brain Tumor, Apallic Syndrome, Parkinson’s Disease Medullary Cystic Disease, Muscular Dystrophy, Systemic Lupus Erythematous, Major Head Trauma, Poliomyelitis, Encephalitis.
8. How benefits are distributed among various options under iTerm Plus Plan?
|Plan Benefit Options||Death Benefit||Terminal Illness||Accidental Death Benefit||Critical Illness||Waiver of premium|
|Life Plus Option||Yes||Yes||Yes||No||Yes|
|Life & Health Option||Yes||Yes||No||Yes (10 illnesses)||No|
|Life & health Plus Option||Yes||Yes||No||Yes (36 illnesses)||No|