AEGON Religare iTerm Plan
AEGON Religare iTerm plan which was the first online term insurance plan is now available with some new and improved features. The new version of AEGON Religare iTerm provides an in-built terminal illness cover and also offers a policy term up to the age of 75. The plan comes with three rider options, one of them being a special critical illness rider for women. One can also choose to take the single premium option in the new Aegon iTerm.
Compare Term Plans 
Key Features of AEGON Religare iTerm Plan
§ Pure Term insurance plan with an inbuilt terminal illness cover
§ Option of 3 riders – accidental death benefit, waiver of premium and women critical illness
§ Longer policy term – up to the age of 75 years
§ Completely online process
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Benefits you get from AEGON Religare iTerm plan
Death Benefit – In the event of death of the policy holder, the nominee gets the sum assured
Diagnosis of terminal illness – If the policyholder is diagnosed with any of the terminal illnesses, an amount equal to 25% of the sum assured will be paid. This amount will be reduced from the death benefit amount in the policy and no further premiums will be charged once the terminal illness claim is accepted.
Terminal Illness is defined as an advanced or rapidly progressing incurable & uncorrectable medical condition, which in the opinion of the treating physician is highly likely to lead to death within the next six months. The insurance company must be notified of the diagnosis within 30 days of the same being made.
Maturity Benefit – Since this is a pure term plan, there is no maturity benefit under this plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in AEGON Religare iTerm plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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Rs.10,00,000
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No Limit
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Policy Term (in years)
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5
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57
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Premium Payment Term (in years)
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Equal to policy term
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Equal to policy term
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Entry Age of Policyholder
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18
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65
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Age at Maturity
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-
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75
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Regular premium
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Rs.1,675
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-
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Single premium
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Rs.7,075
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-
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Payment modes
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Yearly and Single
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Sample illustration of premium amount in AEGON Religare iTerm plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 30 years
Additional Features and Benefits of AEGON Religare iTerm plan
Riders – There is a choice of 3 riders available with this plan
1. AEGON Religare AD Rider Accidental Death Benefit Rider – In case of an accidental death, this rider gives the nominee an additional payout (up to the rider amount selected) along with the sum assured
2. AEGON Religare WoP on CI Rider Waiver of Premium on Critical Illness Rider – If the policyholder is diagnosed with any of the 4 critical illnesses of Cancer, Coronary Artery Bypass Surgery, Heart attack and Stroke then all future premiums will be waived off. The life cover and rider cover continues
3. AEGON Religare Women CI Rider Women Critical Illness Rider – This rider is covers critical illness and other risks that are specifically faced by women. On being diagnosed with any of the covered illness, a certain percentage of the base plan Sum Assured will be paid. The illnesses covered under this rider are classified into 2 groups viz. Group 1 & Group 2
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Groups
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Conditions Covered
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Platinum
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Group 1
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Malignant Cancer of the Female Organs
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5% of the sum assured
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Group 2 (applicable up to age 35 only)
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Pregnancy Complications & Congenital Anomalies in Newborn Child
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2.5% of the sum assured
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You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period from the due date of the first unpaid premium. You can re-instate the policy within 2 years of lapsing by paying up all due premiums with interest.
You want to surrender the policy – For regular premium mode, the policy does not acquire any Surrender Value throughout the Policy Term and therefore there is no amount payable to the Policyholder upon surrender.
In case of Single Premium the policyholder may surrender the policy after completion of three policy years. On surrender, the company will pay the Surrender Value as per the following formula:
Surrender Value for single premium policy = 0.7 * single premium (excluding any extra premium loading and service tax) * outstanding Policy Term (rounded off to a lower integer) / Policy Term.
You want a loan against your policy – Loan facility is not available under this policy
Alternate term plans from different insurance companies
Aviva iLife Term Plan
IndiaFirst Anytime Plan
ICICI Prudential iCare
Kotak e-preferred Term
Other term insurance plans from AEGON Religare
AEGON Religare Term Plan
AEGON Religare Increasing Term Plan
AEGON Religare Decreasing Term Plan
