Thursday, 23 November 2017

Aegon Life iTerm Insurance Plan | Features and Benefits

Aegon Life iTerm Insurance Plan
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Aegon Life iTerm Insurance Plan | Features and Benefits

Aegon Life iTerm Insurance Plan is a non-linked non-participating term plan. It is a life insurance plan that gives your family financial protection at among one of the lowest rates. It is a cost-effective comprehensive online protection plan. In this plan, you will have the option to increase your life cover as per your increasing life stage requirements.

Key Features of Aegon Life iTerm Insurance Plan

1. You can buy this plan online conveniently.
2. You can access your policy details any time with few just clicks.
3. You will get the best value with high covers and low premiums on life and additional benefits.
4. You will have the option to increase your life coverage to meet the growing needs of your family.
5. It provides 25% of the death benefit on diagnosis of any terminal illness and you do not have to pay future premiums.
6. You can choose any payout options from the below options:
a) A lump-sum payment.
b) A fixed monthly income for 100 months.
c) A combination of the above two.
7. Additional covers available against accidents, critical illness, and disability against a nominal extra charge.

Eligibility Conditions

Entry Age -                          Minimum - 18 years last birthday
                                             Maximum - 65 years last birthday
Maturity Age -                     Maximum - 80 years last birthday
Policy Term -                       Minimum - 5 years
                                             Maximum - 62 years (Policyholder can opt for any policy term between 5 years and 62 years, subject to maximum maturity age of 80 years)
Premium Payment Term -  Single Pay / Equal to Policy Term
Total Sum Assured -          Minimum – Rs. 25 lakhs
                                             Maximum - No limit, subject to underwriting
Premium Payment Mode - Single, Annual, Semi-Annual and Monthly

Benefits of Aegon Life iTerm Insurance Plan

1. Death Benefit

The death benefit is quantified in terms of the total sum assured which is calculated as the sum of lump-sum sum assured and income benefit sum assured.
In case of death of the life assured during the policy term, provided all due premiums have been paid, the nominee will receive the total sum assured which shall be payable in the following manner:
a) Lump-sum sum assured will be paid immediately.
b) 1.2% of the income benefit sum assured will be paid monthly for 100 months.
The nominee will have the option to opt for the total sum assured to be paid in one single lump-sum at the time of death claim.
The policy will terminate on payment of the above benefits.

2. Terminal Illness Benefit

On diagnosis of any defined terminal illness, an amount equal to 25% of the total sum assured will be paid immediately as a lump-sum. Subsequently, the total death benefit will be reduced by the amount equal to the benefit paid. You will not be required to pay future policy premiums once the claim under this clause is accepted.

3. Life Stage Option

Under this option, you will have the option to increase the total sum assured of your policy on happening of any one or all of the following events:

Event               Additional sum assured as % of original total sum assured
Marriage (One marriage only)       50%
Birth/Adoption of 1st child             25%
Birth/Adoption of 2nd child            25%
The lump-sum sum assured and the income benefit sum assured will accordingly increase by the above-mentioned percentages, upon exercise of the option. The policy premium payable shall be increased by the premium corresponding to the additional sum assured.

4. Maturity Benefit

There is no maturity benefit payable under this plan.

5. Add-on Optional Coverages (Riders)

Besides life cover, Aegon Life iTerm Insurance Plan offers add-on optional coverages through the choice of the below-mentioned riders (for regular premium paying policies only):

a) Aegon Life AD Rider
b) Aegon Life iDisability Rider
c) Aegon Life iCI Rider or Aegon Life Women CI Rider
d) Aegon Life WoP Rider on CI

6. Option to attach or detach Riders

The riders can be attached to a base policy on policy commencement or at any time during the premium payment term of the base plan (subject to the eligibility criteria of the riders). Addition of riders will be subject to underwriting requirements. The rider can be detached from the next premium due date after the request has been made.

7. Tax Benefits

The premiums paid and benefits received are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961 respectively upon fulfillment of conditions laid down for availing such benefits. Tax benefits are subject to change if there is a change in Tax laws.

Aegon Life iTerm Insurance Plan | Features and Benefits

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