Aegon iTerm Plus Insurance plans

Aegon Life Term Insurance Plan

This is the basic Term Insurance Plan from Aegon Life which protects the insured’s family following his/her unfortunate demise. It helps them maintain their standard of living while being able to service all other financial burdens like loans etc. Importantly it comes with an Inbuilt Accidental Death cover which ensures additional sum assured payout in case of Accidental Death of the assured life.
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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 - 20 years last completed / 30 years last birthday for 10 year policy plan
Maximum - 65 years last birthday
Maturity Age Maximum - 75 years last birthday
Sum Assured Minimum Sum ₹ 10 lakhs
Maximum - No limit, subject to underwriting
Policy Term Tenure Options are 10 / 15 /20 /25 /30 /35 /40 and 75 years minus Entry Age
Premium Payment Term Equal to Policy Term
Premium Payment Mode Annual, Semi-Annually and Monthly
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 Based on the death benefit option chosen at the time of proposal, any one of the following Death Benefit will be payable in the event Life Assured dies before the Date of Maturity:
  • Option 1: The Company will pay to the claimant an amount equal to the Sum Assured, and the Policy will terminate.
  • Option 2: The Company will pay to the claimant the following:
    • An amount equal to the 50% of the Sum Assured; and
    • 3% of the Sum Assured will be paid at the start of every Policy Month for the next 60 months. Claimant will have an option to take the discounted value of the future payouts anytime.
If death occurs during Grace Period Death Benefit will be reduced by the amount of outstanding Policy Premium.

Accidental Death Benefit
If the Life Assured dies due to an Accident, the nominee will be paid an amount equal to the Sum Assured subject to maximum of Rs.1 Crore.

Maturity Benefit
Upon survival of the Life Assured up to the Date of Maturity, no benefit will be payable and the Policy will cease to exist.

Surrender Benefit
No surrender benefit will accrue to the Policy.

Change in Sum Assured
Change in Sum Assured is not allowed during the Policy 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