Sehwag policyX
Aegon iTerm Plus Plan
  • Coverage for 36 Critical Illness
  • Option to Increase Life Cover
  • Lower Premium for Females
  • Coverage till Age of 80
  • Tax Benefits on Premium

#Virukipolicy | T&C*

Free Quotes From Top Companies

1

2

D.O.B
TobaccoTobacco?
Income
| Gender

1

2

Please Enter Other Details
Phone No.
Name
Email
City

By proceeding you are accepting our T&C and privacy policy

Aegon iterm Plus Plan

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.

Aegon Term Plan Eligibility Criteria

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

Benefit Options

1. Life Option

Features

  • 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

Features

  • 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

Features

  • 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
    1. Cancer of specific severity
    2. First Heart attack
    3. Open Chest CABG
    4. Heart Replacement or repair of heart valves
    5. Coma
    6. Kidney failure
    7. Stroke resulting in permanent symptoms
    8. Major organ/ Bone Marrow Transplant
    9. Paralysis of limbs
    10. Motor Neuron Disease with permanent symptoms

4. Life & health Plus Option

Features

  • On the event of death or diagnosis of terminal illness, 100% of the sum insured will be paid with respect to proper evidence of death or terminal illness.
  • Just like life and health options, this option also gives coverage to 36 critical illness that can really affect your heart, lung, liver and other organs.

Aegon iTerm Plan Riders

  1. 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.

    Exclusions-

    • Death due to participation in war, military, riot, enemy attack, naval force, air force, criminal activities etc
    • Suicides or self-destructive activities that may harm life.
    • Death due to intake of alcohol, sedatives, poison or any other hallucinogenic substance.
    • Taking part in adventure sports that are risky and life taking.
  2. 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

    Conditions-

    • If any diseases are detected due to intake of narcotics, alcohol, smoking, or any other sedative, no coverage will be provided.
    • To avail this rider, you have to wait for 90 days after the inception of the policy.
    • Coverage will not be provided if it was found that proper medical advice was not followed by the life assured.
    • Congenital disease is not covered which are incorporated from birth.
  3. 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-
    • Loss of functioning of limbs (arms and legs)
    • Loss of eyesight for both eyes
    • Loss of one and one eye
    • Loss of two or more limbs above wrist or ankle
    • Loss of one eye and serious damage to limbs above the wrist or ankle
    • Inability to carry on activities like bathing, personal hygiene, dressing, getting in and out of bed, feeding, moving between the rooms.
  4. 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-
    • Life & health plan- Rs 67
    • Life & health Plus plan- Rs 95

Aegon iTerm Plus Benefits

  • 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.

    Exclusions-

    1. Person infected with HIV/AIDS is not given terminal illness benefit
    2. Committed suicide in the first year of the policy when risk came into effect.
  • 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.

  • Tax benefit- Who don’t want relaxation or exemptions in income tax payments? All of us crave for it which why iTerm Plus plan comes with the benefit of tax benefit under section 80D and 10(10D) of Income Tax Act. However, tax rates keep on fluctuating with changes in the economy and policyholder are requested to keep a check.
  • Lower premiums for females and non-smokers- If a female buys iTerm plan online, then she is subjected to receive discounts on the premium paid for the policy in comparison to men. Also, it rewards a healthy person who stays away from the consumption of tobacco.

Premium Illustration

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.

FAQs

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?

  1. Claim application form
  2. Physician statement for the critical illness detected
  3. Treatment certificate from the hospital
  4. Medical reports necessary to support the claim.

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?

  • FIR/ Inquest Report/ Final Investigation reports, post mortem report, Certificate from doctor/ medical officer, in case of unnatural death
  • Death Certificate issued and approved by Municipal corporation present in your local area.
  • Claimant statement in given claim form of the company.

5. What is the process to claim in Aegon Life iTerm plan?

  1. First, the insurance provider must be informed by the claimant immediately after the event took place.
  2. Then submit the list documents for the kind of claim as specified in above FAQs.
  3. Aegon Life insurance company will do the authentication of the documents. After verification, the claim will be accepted.
  4. 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.

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 Option Yes No Yes No No
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

Insurance Calculator