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Aegon iTerm Plan

Objective

This is a pure term plan which can only be bought online. The policy also has low premium rates, as compared to other term plans of the insurer.
The convenience of buying this policy online, does away with the hassles of going through intermediaries and one can buy the plan at convenience.

Our View

A term plan can be taken to cover against the irreversible loss of life of a breadwinner. The rider to waive premium is valuable in this policy.
The online policy helps saving costs, which otherwise would have to be paid to intermediaries. The benefit of low cost to insurance company is transferred to policyholders as low premium rates.

Suited for

This low cost policy is suitable for those looking for a high value cover.  
The policy can be taken by anyone who can access the internet and make online payments.

What does it do?

The policyholder's nominees receive death benefit on death of the policyholder.
The terminal illness rider, if opted, will pay  25 per cent of the sum assured (with Rs 1 crore limit) on diagnosis of a listed terminal illness. The balance will be paid to dependents on death. A policy with terminal illness rider will stop accepting future premiums on diagnosis and pay the illness benefit.
The policy has the scope to enhance protection with three optional riders-  accident death benefit, waiver of premium benefit on critical illnesses such as cancer, heart attack, bypass surgery and stroke. Females can opt for ‘women critical illness rider’ that covers illnesses pertaining to them such as complications at the time of pregnancy and malignant cancer of the female organs.

Pros

The policy is simple to purchase with lower premiums, especially for women. It provides terminal illness benefit to policyholder.

The policy covers death due to terrorist attacks.

Cons

The definition of terminal illness is not easy to understand and may lead to complications at the time of making a claim. Accidental Death rider does not cover accidental disability which is a more tough situation with no income and heavy medical expenses.

Eligibility

Entry Age (years)

Minimum
18
Maximum
65
Maximum Maturity Age (years)
75

Policy Term (years)

Minimum
5
Maximum
57

Sum Assured (Rs)

Minimum
1000000
Maximum
No limit

Minimum Premium (Rs)

Yearly
1675
Single
7075
Premium Payment Frequency
Single, Yearly, Half-yearly, Quarterly, Monthly (via ECS only)
Premium Payment Term
Single or equal to policy tenure
Premium Factor (multiply with annual premium)
Half Yearly: 0.512 times annual premium; Quarterly: 0.259 time annual premium; Monthly (through ECS only): 0.087 time annual premium
Policy Cover
Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation
In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period
You are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Lapsed Policy Reinstatement
If premium are not paid before the expiry of the 30 day grace period from the premium due date, the policy will lapse. If the Policyholder fails to reinstate a policy within this two year period from the premium due date, the policy will terminate. On reinstatement, all outstanding premiums, without interest will be payable..
Tax Benefits
Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for AEGON Religare Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
Exclusions
In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Surrender Value
In case of single premium policy; you may surrender the policy after completion of three policy years. On surrender, the company will pay the Surrender Value as per the following formula: Surrender Value for single premium policy = 0.7 * single premium (excluding any extra premium loading and service tax) * outstanding Policy Term (rounded off to a lower integer) or Policy Term.

Customer Service

Address
AEGON Religare Life Insurance Company Limited, Nomura B-wing, First Floor, Unit 102
Near D-mart, Hiranandani Business Park, Hiranandani Gardens, Powai,
Mumbai 400 076
Mail To
[email protected]
Call On
1800 209 9090 between 8:30 am to 8:30 pm
Available Rider(s)
Aegon Religare AD Rider
Death due to an accident
Aegon Religare Waiver of premium (WoP) on Critical illness Rider
This Rider covers 4 critical illness conditions as specified in this document. On being diagnosed with any of these 4 critical illnesses, future premiums payable under the base plan and riders (if any) are waived while the life cover and rider cover (if any) continues. The illnesses covered under this rider include Cancer, Coronary Artery Bypass Surgery, Stroke and Heart Attack.
AEGON Religare Women Critical Illness Rider
This rider covers illnesses pertaining to women. On being diagnosed with any of the covered illness, a certain percentage of the base plan Sum Assured will be paid. The illnesses covered under this rider are classified into 2 groups. Group 1 covers malignant cancer of the female organs wherein in 5% of basic sum assured, subject to maximum of Rs 10 lakh is paid. In Group 2 Birth of child with congenial disorders or surgeries are covered with 2.5% of basic sum assured, subject to maximum of Rs 5 lakh is paid.

Rider Conditions

Entry Age (years)

Minimum
18
Maximum
55
Maximum Maturity Age (years)
65

Rider Term (years)

Minimum
5
Maximum
57

Sum Assured (Rs)

Maximum
Lower of Base plan insurance or 25 lakh
Rider Premium (Rs)
For ADDB Rider, presmium should be <=30% of base plan premium and for Critical Illness Rider, premium should be <=100% of base plan premium available only with annual premium option.

Cost Details

Annual Premium Option for Men
Policy Term (in Years)Age (in Years)
253035404550556065
521402180256033604760456079001147517650
10214022002700370054406780134502205037000
152140232029604160614081201585026750NA
2021602460322045606760936019425NANA
252240262034604920732011580NANANA
3023202760366052407840NANANANA
352400288038405540NANANANANA
40246029804000NANANANANANA
Indicative premiums for healthy and non-smoking Male for Rs 20 lakh sum assured from age 25-50; Rs 25 lakh Sum Assured for age 55,60 and 65
Annual Premium Option for Women
Policy Term (in Years)Age (in Years)
253035404550556065
51800184021202720376037406325897513650
10180018402200294042405420105751765037000
151800190023803280476063601292523150NA
2018002020258036005240776017075NANA
251840214027603860568010220NANANA
3019202240292041206080NANANANA
351960232030604340NANANANANA
40202024003680NANANANANANA
Indicative premiums for healthy and non-smoking Female for Rs 20 lakh sum assured from age 25-50; Rs 25 lakh sum assured for age 55,60 and 65