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 the family, so their dreams are not compromised, even after your demise. This plan also provides terminal illness & critical illness cover, accident and disability, depending on the plan option you have chosen.

What are the Key Features?

Cost-effective comprehensive protection
4 plan options to customize your plan
Coverage till the age of 80 years
Lump sum payment for death, terminal illness & critical illness
Option to increase life cover
Waiver of future premiums
Choose rider/s to enhance policy coverage
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	50,000	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

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

(Subject to the provision stated therein.)