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Aegon iTerm Plus Insurance plans

Aegon Life iIncome Insurance Plan

Aegon Life’s iIncome Insurance Plan is a term insurance plan. This plan provides lumpsum pay out on death of the insured plus the regular flow of money as a form of income will keep the family’s financial requirement on track.

Why choose this plan?

  • Immediate lump sum payment on death
  • Increasing monthly income up to the age of 60 years or for a period of 5 years, whichever is later
  • Covers against both death and disability
  • Critical illness rider waives premiums after diagnosis.
  • Simple online buying process
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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

How does this plan work?

  1. Choose the amount of protection you need
  2. Decide on the Policy Term and Premium Payment Term of the Policy
  3. Choose additional protection by opting for the available Riders
  4. Enter your personal details and pay the calculated Premium amount
  5. Risk commences on acceptance of your proposal and Policy document is sent to you
Eligibility Criteria
Entry Age Minimum- 25 years completed
Maximum- 50 years last birthday
Maximum Maturity Age 60 years last birthday
Sum Assured Rs 30,000 to no limit
Policy Term 60 years
Premium Payment Term Equal to policy term
Premium Payment Mode Monthly, half-yearly and annually or Single Premium

Policy benefits

Benefit Description
Death Benefit In case of unfortunate demise of the Life Assured during the policy term, the benefits payable to the nominee are:
  • 12 times of the monthly income benefit in the policy year of death will be paid as lump sum immediately plus
  • Monthly income benefit on death will commence from the next monthly policy anniversary upto the end of the policy term or for a period of 60 months, whichever is later
  • The monthly income benefit will increase by 5% p.a. on every policy anniversary upto the age of 59 years
The policy will terminate after the payment of all monthly income benefits.
Death benefit shall not be payable if date of death falls beyond the expiry of policy term.
The above benefits will be payable only if all due premiums have been paid and the policy is in force.
Partial and permanent disability benefit In case of Partial and Permanent Disability due to accident or sickness, the following benefits will be payable:
  • All future premiums will be waived
  • The monthly income for disability benefit will commence from the next monthly policy anniversary upto the date of maturity or for a period of 60 months, whichever is later. The monthly income for disability benefit will increase by 5% p.a. on every policy anniversary upto the age of 59 years and will be as per the benefit schedule
Upon death of the Life Assured after claiming the PPD benefit, the PPD benefits will cease and death benefit as described above shall become payable. However, in case of death of the Life Assured after the expiry of the policy term while PPD claims is being paid, no death benefit will be payable. PPD benefit will also terminate after the death of the Life Assured.

The policy will terminate after the payment of all monthly income benefits.
Tax Benefit Under this plan, the premium payment is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled to the tax exemptions as per Section 10 (10D) of the Income Tax Act.

Brochure

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Policy wordings

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    InstantCover Insurance Web Aggregator Private limited
    710, 6th B Cross, 16th Main Road, Koramangala 3rd Block, Bangalore - 560 034.

  • 080-41101026
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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025