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Aegon Life ITerm Plus Plan

What is the Plan all About?

You work hard to give your family the best of life. You always want to give them every possible comfort, but how would you ensure the financial security for your family or loved ones, in the event of a mishap. Aegon Life iTerm plus offers complete financial protection for family, so their dreams are not compromised, even after your demise. This plan also provides terminal illness & critical illness cover, depending on the plan variant you have opted for.

What are the Key Features?

  • Comprehensive protection at an affordable cost
  • 4 plan variants to customize your plan
  • Insurance cover till the age of 80 years
  • Cover for Death, Terminal Illness & Critical Illness
  • Additional sum assured with Life Stage Benefit
  • Choose rider/s to enhance policy coverage
  • Lower premium rates for Females & Non-smokers
  • Hassle-free online process to buy plan
  • Tax Benefits, as per prevailing tax laws

What are the Plan Benefits?

Death Benefit

    Option 1- Life Option

    Under this option, 100% of the Death Benefit Sum Assured as a lump sum is payable on death. An additional 100% of Accidental Death Benefit (ADB) Sum Assured is also payable in a lump sum, on death due to an accident.

    Death Benefit + Accidental Death Benefit
     

    Option 2- Life Plus Option

    Under this option, a lump sum benefit on death or diagnosis of Terminal Illness (whichever is earlier) is payable to the nominee. An additional 100% of Accidental Death Benefit (ADB) Sum Assured is also payable in a lump sum, on death due to an accident. It also waives off all the future premiums, in case benefit on accidental permanent disability is payable.

    Death Benefit + Terminal Illness + Accidental Death Benefit + Waiver of Premium for Accidental Permanent Disability

    Option 3- Life & Health Option

    Under this option, a lump sum benefit on death or diagnosis of Terminal Illness (whichever is earlier) is payable to the nominee. An additional 100% of the Critical Illness (CI) Sum Assured is payable as a lump sum on diagnosis of any one of the covered 10 Critical Illnesses. All the future premiums are waived off from the date of diagnosis of critical illness.

    If any critical illness results in terminal illness, then both the Terminal Illness and Critical Illness benefit is payable.

    Death Benefit + Terminal Illness + Critical Illness + Waiver of Premium on Critical Illness

    Option 4- Life & Health Plus Option

    Under this option, a lump sum benefit on death or diagnosis of Terminal Illness (whichever is earlier) is payable to the nominee. An additional 100% of the Critical Illness (CI) Sum Assured is payable as a lump sum on diagnosis of any one of the covered 36 Critical Illnesses. All the future premiums are waived off from the date of diagnosis of critical illness.

    If any critical illness results in terminal illness, then both the Terminal Illness and Critical Illness benefit is payable.

    Death Benefit + Terminal Illness + Critical Illness + Waiver of Premium on Critical Illness

    Note: The Lump Sum Death Benefit payable to the nominee depends on the policy term chosen and the age at entry of the life assured.

Life Stage Benefit

    The policyholder has the option to increase the sum assured on happening of any one or all of the following events:

    • Marriage (One Marriage Only): 50% Additional Sum Assured as % of Sum Assured chosen at inception
    • Birth/Adoption of 1st Child: 25% Additional Sum Assured as a % of Sum Assured chosen at inception
    • Birth/Adoption of 2nd Child: 25% Additional Sum Assured as a % of Sum Assured chosen at inception

    The Lump-sum Sum Assured (SA) will increase by the above mentioned percentages, upon exercising the option. The Policy Premium payable shall be increased by the premium applicable to the Additional Sum Assured.

    The option to increase the SA needs to be exercised within 180 days of the happening/incidence of the event(s).

Maturity Benefit

    It is a pure protection plan and no maturity benefits are payable if the life insured survives the policy term.

Surrender Benefit

    There is no surrender value payable under this policy.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 65 Years
Age at Maturity 65/70/75 Years 80 Years
Policy Tenure 5 Years 62 Years
Premium Paying Term Equal To Policy Tenure -
Premium Paying Mode Annually, Semi Annually & Monthly -
Death Sum Assured 25 Lacs No Limit (Subject To Underwriting)
Accidental Death Benefit (ADB) Sum Assured 5 Lacs No Limit (Subject To Underwriting)
Critical Illness (CI) Sum Assured 5 Lacs No Limit (Subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Online -

Is any Rider Available with this Plan?

Following riders are available under this plan, depending on the variant opted:

  • Aegon Life ADB Rider
  • Aegon Life iCI Rider
  • Aegon Life WoP Rider on CI
  • Aegon Life WoP on Accidental Permanent Disability

How the Plan Works?

Let’s understand this plan with an example:

Mr. Rajesh (Age 30 years, Non-smoker) opts for Aegon Life iTerm Plus- Life Option. His plan details are:

  • Death Sum Assured: Rs 1 Crore
  • ADB Sum Assured: Rs 50 Lacs
  • Policy Term: 50 years (coverage till age 80 years)
  • Premium Payment Term: 50 years
  • Total Annual Premium: 11,953

Benefit Payable

Aegon Life iTerm Plus Plan Benefit Payable


100% of the Death Benefit Sum Assured as a lump sum i.e., Rs 1 Crore is payable on natural death. On death due to an accident, 1 Crore plus an additional 100% of Accidental Death Benefit (ADB) Sum Assured i.e., Rs 50 Lacs is also payable in a lump sum. On accidental death, the total of Rs 1.5 Crore is payable.

Is the Plan, eligible for Tax Benefit?

Aegon Life iTerm plus is eligible for Tax benefits as stated:

  • Premiums paid to qualify for tax benefits under Section 80C of the Income Tax Act, 1961. Premiums paid towards critical illness cover are eligible for tax benefits under Section 80D of the Income Tax Act.
  • Benefits received are entitled for tax benefits under Section 10 (10D) of the Income Tax Act, 1961.

(Subject to the provision stated therein.)