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Aegon iTerm Plan


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.

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.


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.


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.

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.

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.

Entry Age (years) 
Maximum Maturity Age (years)75
Policy Term (years) 
Sum Assured (Rs) 
MaximumNo limit
Minimum Premium (Rs) 
Premium Payment FrequencySingle, Yearly, Half-yearly, Quarterly, Monthly (via ECS only)
Premium Payment TermSingle 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 CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn 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 PeriodYou 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 ReinstatementIf 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 BenefitsSection 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.
ExclusionsIn 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 ValueIn 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 
AddressAEGON 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 On1800 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) 
Maximum Maturity Age (years)65
Rider Term (years) 
Sum Assured (Rs) 
MaximumLower 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.
Annual Premium Option for Men
Policy Term (in Years)Age (in Years)
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)
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