Aegon Life iTerm Plan Review – Cheapest Online Term Insurance Plan In India

By | August 7, 2016

Aegon Life iTerm is one of the cheap online term plan. These days term insurance plans are getting huge popularity due to the flexibility of purchase online and off-course for the cheap premium rates with higher sum assured value. Like other term plans like ICICI iProtect smart and HDFC Click 2 protect Plus, this plan is also equipped with couple of features.

In recent times, almost all the term insurance plans has been modified and re-launched with enhanced features like additional riders, death benefits with installment payments, critical illness cover etc. Aegon Life iTerm plan has also many such features and with a lowest premium to pay, this plan is one of the best online term insurance plan in India.

Aegon Life iTerm Online Term Plan Key Highlights & Features

Despite being a simple and basic term plan, Aegon Life term plan few key features which is very handy. Here aret he details below.

  • This is a term plan where the life cover period is maximum compared to other term insurance plan. You can cover your life max 75 years under this online term plan.
  • On diagnosis of terminal illness, you will get 25% of the sum assured value (max 1 crore amount) and equivalent amount will be deducted from the actual sum assured value which your family will get in case of your death.
  • Under this plan, almost every kind of death is covered. In fact death by terrorist attack is also covered. But the death by suicide is not covered under this policy and that is clearly mentioned under the suicide clause of their policy brochure.
  • This policy has couple of additional riders which can add value to your term plan according to your insurance need. I will discuss more about them below.
  • Get income tax benefit for the premiums paid under Section 80C, 10 (10D) of the Income Tax Act, 1961.
  • Premium payment term can be either single premium or equal to the policy term.
  • There is a free look cancellation period of 30 days, withing that time you can cancel the policy in case you don’t like after receiving the policy documents.
  • If you want to surrender the policy then you will not get any paid premium back in case you have opted for regular premium payment plan. In case of single premium insurance, on surrender, the company will pay the Surrender Value as per the following formula: Surrender Value for single premium policy = 0.7 * single premium.

iTerm Plan Offers 4 Additional Rider Benefits

The key highlight of this term plan from Aegon Life is it’s 4 additional riders which will add huge benefit to your existing simple term life insurance plan. Let’s have a look here.

Aegon Life AD Rider: This is a simple accidental death rider. That means in case of death due to accident the additional sum assured will be paid as per the policy term.

Aegon Life WOP Rider on CI: This Rider covers 4 critical illness conditions like Cancer, Open Chest CABG, Heart Attack & Strokeas. On being diagnosed with any of these 4 critical illnesses, future premiums payable will be waived off but the policy benefits will be there.

Aegon Life iCI Rider: This rider is almost similar to the previous one. In this case on diagnosis of any of these 4 critical illness like Cancer, Open Chest CABG, Heart Attack & Strokeas you will get the sum assured value as policy benefit.

Aegon Life Women CI Rider: To provide special benefits to women insurance buyers, this Women Critical Illness Rider will take care of special illness related to women only. The medical conditions that are covered under this rider are – i) Malignant Cancer of the Female Organs & ii) Birth of child with Congenital Disorders / Surgeries and Pregnancy Complications. A certain percentage of sum assured value will be paid as per the plan.

GroupConditions coveredBenefit amount
Group 1Malignant Cancer of the Female Organs5% of base Sum Assured subject to maximum of `10 lakhs
Group 2Birth of child with Congenital Disorders / Surgeries

Pregnancy Complications

2.5% of base Sum Assured subject to maximum of `5 lakhs

Aegon Life iDisability Rider: With this rider, you will get lump-sum benefit in case of permanent disability and also all the future premiums will be waived off. The Life Assured shall be regarded as being permanently disabled only if he has been subjected, due … to accident or sickness, to one (or more) of the impairments as listed below:

Permanent Disability% of Lump-sum Rider Sum Assured payable
Loss of or loss of use of both Limbs100%
Loss of eyesight100%
Loss of speech50%
Loss of hearing in both ears50%
Loss of or loss of use of any one limb50%

How do you apply for AEGON Religare iTerm Plan Online?

Step 1 Visit and choose the amount of protection you need. You can easily use the Aegon Life iTerm Plan premium calculator online and find out how much premium you need to pay fo rthe sum assured value you want for yourself.

Step 2 Choose the Policy Term & Premium Payment Term

Step 3 Customize your Policy by opting for riders

Step 4 Make Payment. In case of any issue contact our call center on 1800 209 9090

Step 5 Risk commences (subject to conditions) and policy information document is sent to you.

Should I Buy Aegon Life iTerm Online Term Plan?

The first thing I want to highlight here is that Aegon has a good claim settlement ratio of around 90% claims settled compared to others. So you can consider this insurance provider in case you think below points are also good as per your analysis.

  • I think the insurance cover till 75 years is a good option for those who really want to cover their life even after retirement. Most cases in such situation people had to buy a new term plan, but with Aegon iTerm plan, you just can continue the same plan.
  • The premium amount for the same sum assured value is very cheap in case of this online term plan.
  • Special benefit for women customers.
  • Like others easy to buy online facility is also provided.
  • The disability rider option is also very good here as one can get the benefits in case get permanent disability due to sickness or accident. Not only that, policy will continue to cover the life of the insurer even without paying future premiums.

Do you think iTerm online term insurance is the best compared to other available term plans in market? I would like to hear from your experience or any kind of expectation. Kindly write a comment below and share your thoughts on this. For more details, kindly refer to the official Aegon life iTerm online term plan page.

Leave a Reply

Your email address will not be published. Required fields are marked *