Aegon iTerm Plus Insurance plans

Aegon Life IReturn Insurance Plan

iReturn is another term insurance plan from Aegon Life that provides death benefits along with an inbuilt terminal illness cover. However, unlike a simple term plan, the insurer does give money back on survival – so the insured gets back the amount (paid as premiums) at the end of the term.

Key Benefits of iReturn Insurance Plan

  • Inbuilt Terminal Illness benefit
  • Policy covers Life of the insured and pays a lump sum on death
  • Choice of various Policy Term options between 5-20 years, to suit one’s protection requirement
  • Flexibility to choose the Premium Payment Term and the frequency of Premium payment as per convenience
  • Premiums paid under the Policy are returned on survival at the end of Policy Term
  • Choice of Add-On Riders to increase protection of the insured
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Aegon Life insurance review

Aegon iTerm Plus Insurance plans
Distribution - Number of branches pan India (March 2019)
82
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
5/62
Solvency Ratio (FY 2018-19) *
2.59
Number of Policies Sold (Ind+Group) *
37,487
Number of Lives Covered (Ind+Group) **
285,524
Claims Settlement Ratio (Ind+Group) ***
96.90%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published
Eligibility Criteria
Entry Age Minimum - 18 years completed
Maximum - 65 years completed
Maximum Maturity Age Maximum - 75 years completed
Sum Assured Minimum of ₹30 lakhs to Maximum of ₹4 crores subject to Underwriting Requirements
Policy Term 5 /10 / 15/ 20 years
Premium Payment Term Single pay / 5 years / Equal to policy term
Premium Payment Mode Monthly, Half-yearly and Annually or Single Premium
The modal loadings for modes other than annual mode will be:
  • Semi-Annual Premium = Annualised Premium * 0.512
  • Monthly Premium = Annualised Premium * 0.087

Benefit Description

Death Benefit iReturn Insurance Plan pays the nominee a lump sum in case of the death of the insured
Terminal Illness Benefit On diagnosis of any terminal illness, future base Premiums will be waived and an amount equal to 25% of the base Policy Sum Assured will be paid to the nominee. The maximum Terminal illness benefit payable is ₹100 lakhs and the Death Benefit will be reduced by an amount equal to the benefit paid under this clause.
Maturity Benefit If all Premiums are paid on due their respective due dates and if the insured survives till the end of Policy Term, the insurer will pay back to the surviving insured all the Premiums have paid under the Policy (excluding any Rider Premium, Goods & Services Tax or extra Premiums charged, if any)

Add - On Optional Coverage Riders Besides life cover, this plan offers add-on optional coverages through the choice of the below mentioned riders for Regular Premium Paying policies only on payment of the applicable add-on premium. Kindly refer to the individual rider benefits & premiums available on the company website:
  • Accidental Death Rider – Accidents are always unexpected and sometimes critical. They may lead to death. In case of death of the insured due to accident, this benefit is payable in addition to the Sum Assured under the Base Plan.
  • iCI Rider (Critical Illness Rider) – We have identified 4 Critical illness that could change the insured’s life so much and hence recommend this rider. On being diagnosed with any of these 4 critical illnesses, Sum Assured under this Rider is paid out and the Rider terminates while the life cover and other Rider covers (if any) continues. The riders are
    • Cancer
    • Open Chest CABG
    • First Heart Attack
    • Stroke
  • WoP Rider (Waiver of Premium) – This Rider covers the same 4 critical as under iCI Rider namely • Cancer • Open Chest CABG • First Heart Attack • Stroke. On being diagnosed with any of these 4 critical illnesses, future Premiums payable under the Base Plan and other Riders (if any) are waived while the life cover and other Rider cover (if any) continues.
  • Women CI Rider (Women Critical Illness) – This Rider covers illnesses pertaining to 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. The illness covered under each group and the benefit amount is as given in the table below.
Group Conditions Covered Benefit amount
Group1 Malignant Cancer of the Female Organs 5% of Base Plan Sum Assured subject to minimum of ₹50,000 and maximum of ₹10 lakhs
Group 2 Birth of child with Congenital Disorders/Surgeries and Pregnancy Complications 2.5% of Base Plan Sum Assured subject to minimum of ₹25,000 and maximum of ₹5 lakhs.

You cannot opt for above Riders if you want to choose single Premium payment mode. The Rider cover will continue till the end of Premium Payment Term.

Brochure

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Policy wordings

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025