AEGON Life iTerm Insurance Plan

Key Features OF Aegon Life Term Insurance

• This is a purely online term plan
• It is a term insurance plan with Single Pay and Regular Pay premium paying options
• There is an inbuilt Terminal Illness Benefit under the plan

Benefits of Aegon iLife Term Insurance

• On diagnosis of any Terminal Illness, future premiums are waived off and 25% of the Sum Assured is paid immediately to a maximum of 100 lakhs.
• On death of the policyholder, the Sum Assured less any Terminal Benefit already paid is paid to the nominee
• There is no maturity benefit in this plan
• There are 4 additional riders available in this plan
• Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Details about Premium

Premium in Rupees for a term of 30 years

Policy Details

Grace period: 30 days grace period is allowed for payment of premium

Policy termination or Surrender Benefit: the policy does not acquire Surrender Value for Regular Pay plans. For Single Pay plans, Surrender Value is available only after completion of 3 policy years.

Surrender Value = 70% * Single Premium * (outstanding term / total term)

Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 30 days of receipt of the policy documents, provided there has been no claim.

Exclusions

• In case of suicide committed within 12 months of policy inception or revival only 80% of premiums paid are returned to the nominee.
• For the Terminal Illness Benefit, illnesses arising out of self-inflicted injuries, alcohol abuse, failure to follow medical advice, HIV and AIDS infection, war, aviation, etc. are excluded.

Additional Features or Riders

The following riders are available under the plan:

• Aegon Life AD Rider
• Aegon Life iCI Rider
• Aegon Life WoP on CI Rider
• Aegon Life Women CI Rider
• Aegon Life Disability Rider

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.