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AEGON Life iTerm Plus Plan

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Aegon Life iTerm Plus Insurance Plan Review

Aegon Life iTerm Plus plan is a comprehensive online term plan which provides you life cover and at the same time it takes care of your health too. This plan has four options which offer different in-built benefits like accidental death and critical illness. It gives financial security to your family in your absence.
 

Key Features of Aegon Life iTerm Plus Insurance Plan

  • Option of insurance coverage till the age of 80 years
  • Option to choose coverage for 10 Critical Illnesses (Basic) or 36 Critical Illnesses (Enhanced)
  • Lump-sum payment in case of unfortunate demise, death due to accident, terminal illness and critical illness
  • Waiver of future premiums in case of Permanent Disability and Critical Illness
  • Option to increase your life coverage as per your increasing life stage requirements
  • Lower premium rates for Females and Non-smokers
  • Tax benefits on premium paid and benefits received as per prevailing tax laws


COMPARE THIS PLAN WITH OTHER TERM PLANS
Yes
No


 

Eligibility conditions and other restrictions under Aegon Life iTerm Plus Insurance Plan

 
  Minimum Maximum
Entry Age 18 years (last birthday) 65 years (last birthday)
Maturity Age 80 years (last birthday)
Policy Term 5 years 62 years
Premium Payment Term Equal to policy term
Sum Assured Sum assured for:
Death benefit:Rs. 25,00,000
Accidental death benefit: Rs. 50,000
Critical illness benefit: Rs. 5,00,000
 
No limit, subject to underwriting
Premium Payment Mode Annual, Semi-Annually and Monthly  

 

Benefits of Aegon Life iTerm Plus Insurance Plan:

1)  Life Benefit Option: Death Benefit + Accidental Death Benefit
  • Death Benefit: In case of death of the Life Assured during the Policy Term, provided all due Premiums have been paid, the nominee will receive 100% of the Death Benefit Sum Assured in a lump-sum.
  • Accidental Death Benefit : If death happens due to an accident, the nominee will receive an additional lump-sum payout equal to the Accidental Death benefit Sum Assured opted by You.
& the policy will terminate.


2)  Life Plus Benefit Option: Death Benefit + Terminal Illness benefit + Waiver of Premium on Permanent Disability due to Accident + Accidental Death Benefit
  • Death & Terminal Illness Benefit: 100% of the Death benefit Sum Assured will be paid in a lump-sum on the first occurrence of either of the following:
    • Death of the Life Assured, or
    • Diagnosis of Terminal Illness (as defined under section I.3a of this document) of the Life Assured.
 
  • Accidental Death Benefit: In addition, if death happens due to an accident, the nominee will receive an additional lump-sum payout equal to the Accidental Death benefit Sum Assured opted by You.
  • Waiver of Premium on Permanent Disability due to Accident: All future outstanding premiums under the policy following the date of diagnosis will be waived off in case the Life Assured is diagnosed with Permanent Disability due to an accident.

3)  Life and Health Option: Death Benefit + Terminal Illness Benefit + Critical Illness Benefit - Basic (Covering 10 Critical Illnesses)
  • Death & Terminal Illness Benefit: 100% of the Death Benefit Sum Assured will be paid in a lump-sum on the first occurrence of either of the following:
    • Death of the Life Assured, or
    • Diagnosis of Terminal Illness (as defined under section I.3a of this document) of the Life Assured.
 
  • Critical Illness Benefit - Basic: In case of diagnosis of any of the 10 Critical Illnesses mentioned below, 100% of the Critical Illness Sum Assured opted by You will be paid in a lump-sum. The Policy will continue for the other benefits available under the plan option and all the future policy premiums will be waived off. The following Critical Illnesses are covered under Life & Health option.
    • Cancer of specific severity (malignant tumour)
    • First Heart Attack - of Specific Severity (Myocardial Infarction)
    • Open Chest CABG
    • Open Heart Replacement or Repair of Heart Valves
    • Coma of Specified Severity
    • Kidney Failure Requiring Regular Dialysis
    • Stroke Resulting in Permanent Symptoms
    • Major Organ / Bone Marrow Transplant (as recipient)
    • Permanent Paralysis of Limbs
    • Motor Neurone Disease with Permanent Symptoms

4) Life and Health Plus Option: Death Benefit + Terminal Illness Benefit + Critical Illness Benefit - Enhanced (Covering 36 Critical Illnesses)
  • Death & Terminal Illness Benefit: 100% of the Death Benefit Sum Assured will be paid in a lump-sum on the first occurrence of either of the following:
    • Death of the Life Assured, or
    • Diagnosis of Terminal Illness (as defined under section I.3a of this document)of the Life Assured.
 
  • Critical Illness Benefit : Enhanced: In case of diagnosis of any of the 36 Critical Illnesses mentioned below, 100% of the Critical Illness Sum Assured opted by You will be paid in a lump-sum. The Policy will continue for the other benefits available under the plan option and all the future policy premiums will be waived off.The following Critical Illnesses are covered under Life & Health Plus option: 
    • Cancer of specific severity (malignant tumour)
    • First Heart Attack – of Specific Severity (Myocardial Infarction)
    • Open Chest CABG
    • Open Heart Replacement or Repair of Heart Valves
    • Coma of Specified Severity
    • Kidney Failure Requiring Regular Dialysis
    • Stroke Resulting in Permanent Symptoms
    • Major Organ / Bone Marrow Transplant (as recipient)
    • Permanent Paralysis of Limbs
    • Motor Neurone Disease with Permanent Symptoms
    • Multiple Sclerosis with Persisting Symptoms
    • Alzheimer’s Disease
    • Aorta Graft Surgery
    • Deafness
    • Blindness
    • Loss of Limbs
    • Loss of Speech
    • Coronary Artery Disease
    • Aplastic Anaemia
    • End Stage Lung Failure
    • End Stage 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
    • Progressive supranuclear palsy
    • Encephalitis
    • Progressive scleroderma

5) Life Stage Option: Under this option, You will have the option to increase the Death Benefit Sum Assured of your Policy on happening of any one or all of the following events, subject to:
 
Event Additional Sum Assured as % of Original Death Benefit Sum Assured
Marriage (One Marriage Only) 50%
Birth/Adoption of 1st Child  25%
Birth/Adoption of 2nd Child  25%

6) Maturity Benefit:  There is no maturity benefit payable under this plan.

7) Tax Benefits: The premiums paid and benefits received are eligible for tax benefits under Section 80C, Section 80 (D) and Section 10(10D) of the Income tax Act, 1961.

8) Surrender Benefit: Under this plan, your policy will not acquire any Surrender Value throughout the Policy Term and therefore there is no amount payable upon surrender.
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