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Aegon iTerm Plus Insurance plans

Aegon Life iSpouse Insurance Plan

iSpouse is our online term insurance plan for working couples where we assure financial security to the husband and the wife if something were to happen to either. We have designed this plan keeping in mind both spouses’ immediate financial needs, providing lumpsum payout as well as monthly income to either surviving spouse if something were to happen to the other.

Why choose this plan?

  • Husband and wife both are covered in a single plan
  • Lump sum paid on death of either (you or your spouse) of the lives
  • Regular monthly income
  • Additional payout on Accidental Death
  • Inbuilt Terminal Illness Benefit i.e. 25% advance payment on diagnosis of terminal illness
  • Waiver of Premium on Critical Illness through a rider
  • 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 - 21 years completed
Maximum - 60 years completed
Maximum Maturity Age 65 years completed
Sum Assured Rs 25,00,000 to no limit
Policy Term Minimum: 5 years; Maximum: 65 years minus higher of the entry age of two lives
Premium Payment Term Equal to Policy Term
Premium Payment Mode Annual and Monthly

Policy benefits

Benefit Description
Death Benefit In case of unfortunate demise of either of the lives during the policy term, the benefits payable to the surviving life:
  • 100% Sum Assured paid as lump sum immediately
  • Monthly payment of 1.75% of Sum Assured for a period of 60 months commencing from next monthly policy anniversary.
The policy will terminate after the payment of all monthly income benefits.
The surviving life will not have the option to take discounted value of the Monthly payments.
If the surviving life dies during the monthly payout period, then the monthly payment will continue to be paid to the legal heir(s) of the policy holder.
In the event of death of both the Life Assured together, the death benefit as defined above will be paid to the legal heir(s) of the policy holder.
The death benefit will not be made double in this case
Accidental Death Benefit In case of accidental death of either of the lives, in addition to the death benefit mentioned above, 50% of Sum Assured will also be paid out as lump sum to the surviving life; however the accidental death benefit will be restricted to Rs.100 lakhs.
Terminal Illness Benefit On diagnosis of terminal illness on any of the lives, an amount equal to 25% of the Sum Assured will be paid to the policy holder subject to maximum of `100 lakhs. Subsequent death benefit will be reduced by an amount paid under terminal illness.
Any subsequent death payment (on either of the lives) will be reduced by the amount of the terminal illness payment.
All the premiums falling due after the payment of this benefit will be waived.
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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  • Address

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

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