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|
The death benefit is payable in lumpsum on the happening of the death of the life assured or on the diagnosis of terminal illness.
Life and Health option also give coverage to critical illness which includes 10 illnesses. On the investigation of any of the 10 critical illness listed below, the whole amount of critical illness sum assured will be returned. Illnesses include:
Accidental Death Benefit - A lumpsum amount of sum assured taken for accidental death benefit is payable at the time of happening of any death due to accidents. The accidental death claim will only be accepted by the insurance company if the death is by means of an accident.
Critical Illness- Under this rider, the diseases that need attention due to seriousness in major organs like heart, liver, lung, brain, and arteries etc. Critical illness rider is only available in Life & Health plan (covers 10 illnesses) and Life & Health Plus plan (covers 36 illnesses). The minimum sum assured available under critical illness rider is Rs Rs 5,00,000 at an affordable premium value
Waiver of Premium on permanent disability- To get reduction in premium amount for future you have to supply evidence to display the authenticity of the disability. This option is only available in Life Pus benefit option and the monthly premium would be Rs 12 coverage will be given to the disability that causes-
Waiver of Premium on Critical Illness- On the diagnosis of any critical illness listed under Life & health plan and Life & Health Plus plan will waiver in future premiums. An extra premium has to be paid to exercise the option. The premium would be-
Terminal Illness- The illnesses which are declared by a specialist medical practitioner as irrecoverable and will lead to ultimate death in five to six months maximum.
Coverage till 80 years-You can select your coverage terms up to 80 years if you want higher coverage and longer protection under iTerm Plus plan.
Lumpsum payment of death benefit- When the life assured meets any uncertain death or terminal illness, then the facility of lumpsum payment is provided to the beneficiaries through they can pay the liabilities incurred by the life assured.
Life stage benefit- iterm Plus gives you the chance to increase the coverage for the events that are crucial in life like childbirth and marriage. At this point of time, a person needs most of the money to carry a bunch of expenditures. Aegon iTerm plan provides a hike of 50% on the sum assured for such events with a minor change in the rate of premiums.
|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.
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.
For a claim of terminal illness, a certificate from two recognized medical practitioner who are specialized in the treatment of such disease.
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.
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.
|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|
Last updated on 03-06-2020