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  • Rs. 1 Crore
    Term Cover @Rs 17/Day
  • Tax Benefits
    Under Section 80C & 10(D)
  • Extra Benefits
    Accidental, Terminal & Critical Illness
  • 12 Lac+
    Families Secured

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Aegon iTerm vs ICICI Prudential iProtect Term Insurance

Insurance is a medium of safeguarding personal interests from uncertainties which could lead to wealth depreciation or financial setbacks.

Term insurance plans are the purest form of life insurance.  A term insurance plan provides the insured with a life cover on the following terms-

  • The insured is expected to pay a small sum of money in pre-decided installments to get a life cover. The amount that has to be paid by the insured through the course of the policy is fixed but the mode of paying the premium is flexible, i.e., the insured can choose to pay the premium monthly, quarterly, half-yearly or annually.
  • Premium paid on term
  • insurance is tax deductible. Also, the sum assured is tax-adjustable.
  • In return of the interest installments paid by the insured during the tenure of the insurance, the insured life gets full insurance coverage.
  • In case of the demise of the insured during the course of the insurance plan, a nominee, nominated by the insured, get the death benefit. This benefit is either provided at once (in lump-sum) or at pre-decided intervals over a course of time. This is provided in order to cover any probable financial losses that could occur after the demise of the insured.
  • In case the insured survives the tenure of the term plan, he is not eligible to receive any return from the insurance company.
  • Term insurance is the most simple and affordable investment option for people looking for pure life insurance.
  • Along with providing financial stability to the family after the untimely demise of the insured, term insurance provides an easy way for repayment of standing

A few examples of popular term plans available are-

  1. LIC Term Insurance Plans
  2. Aegon Life Term Insurance Plans
  3. ICICI Term Plans
  4. Bharti AXA Term Insurance Plans
  5. Canara HSBC Term Insurance Plans
  6. Edelweiss Tokio Term Insurance Plans
  7. Future Generali Term Insurance Plans
  8. IndiaFirst Term Insurance Plans
  9. IDBI Federal Term Insurance Plans
  10. DHFL Pramerica Term Insurance Plans
  11. Kotak Life Term Insurance Plans

Aegon iTerm Plan-

The various features of Aegon iTerm Plan are-

  • It is very economical.
  • It provides a cover till the age of 100 years.
  • It provides the insured with an option to increase the sum assured.
  • The premium can be paid in modes as per the choice of the insured, i.e., the premium can be paid once every month, once in 3 months, once in six months or once-a-year.
  • This term plan offers critical illness benefit to the insured.
  • Deductions and additional aids are provided to the insured in case of an accident or in time of disability due to an unfortunate reason.
  • The insured also enjoys various tax benefits. The premium paid by the insured during the course of the insurance is tax deductible.

Additional Features-

  • The insured is provided with additional 30 days for premium payment if the due date has been missed. This period is called grace period.
  • In case no claim has been made during the first month of the policy, then the insured has an option of canceling his policy.
  • Any policy can be surrendered after 3 years of its inception, at a surrender value =

 [70% x (outstanding tenure/original tenure) x single premium amount].

ICICI Prudential iProtect Term Plan

The various features of ICICI iProtect Term Plan are-

  • It is a very lucrative investment option.
  • The premium that has to be paid over the course of the plan is fixed and cannot be modified.
  • This plan is for investors who are looking to invest online.
  • The process of investment and claim-receiving is very simple and user-friendly.

Additional Features-

  • The insured is provided additional 30 days for premium payment if the renewal date has been missed. This period is called grace period.
  • The investor does not have an option to surrender this investment.
  • In case no claim has been made during the first 15 days of investing in the plan, the insured has an option of canceling his policy.
  • The policy has 2 options for reaping benefits-
  1. The death benefit from the sum assured.
  2. In case of accidental death, an additional sum (up to 50 Lakhs) is paid to the nominee.

The various distinctive features of both the plans are listed in the table below:

Plan Name

Aegon iTerm Plan

ICICI Prudential iProtect Term Plan

Age of Entry

Minimum- 18 Years

Maximum- 65 Years

Minimum- 20 years

Maximum- 65 Years

 

Age of Maturity

Maximum- 75 Years

Maximum- 75 Years

Tenure

Minimum- 5 Years

Maximum- 57 Years

Minimum- 10 Years

Maximum- 30 Years

Sum assured

Minimum- 25 Lakh

Maximum- No Limit

Minimum- 25 Lakh

Maximum- 1 Crore

Premium Payment Tenure

  • Single premium
  • 5-57 Years

Minimum- 10 Years

Maximum- 30 Years

Mode of Premium Payment

  • Monthly
  • Quarterly
  • Half Yearly
  • Annually

·         Annually

 

Term plans are the best investment for first-time investors and for the investors looking for minimal risk options.

The returns paid out to the nominee plan are equal or more than the sum assured, hence tend to cover a lot of financial losses and liabilities.