Aegon iTerm vs ICICI Prudential iProtect Term Insurance

Insurance is a medium of safeguarding personal interests from uncertainties that could lead to wealth depreciation or financial setbacks. Insurance companies offer different term insurance plans, allowing persons to select the policy type that helps them plan for a safe financial future for their loved ones. Here is detailed information about the two popular term plans – Aegon life iTerm Plan and ICICI Prudential iProtect Smart.  

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Term Insurance Plans 

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 for 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 insurance plan, a nominee, nominated by the insured, gets 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

Aegon iTerm Plan-

Aegon Life iTerm is a basic, pure protection plan offered by Aegon Life. This plan provides a comprehensive solution to protect your loved ones from financial uncertainties in case of your absence. 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 different 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 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 a grace period.

  • In case no claim has been made during the first month of the policy, then the insured has an option of cancelling 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]. 

Eligibility: 

Minimum  Maximum
Entry Age  18 years  65 years 
Policy Term  5 years  62 years 
Maturity Age  80 years 80 years 
Premium Paying Frequency  Single/Annually/Semi-annually/Monthly
Premium Payment Mode  Single Payment or Equal to Policy Term 
Basic Sum Assured 25 Lakh
Basic Premium  Rs. 241for 30-year policy term and Rs/ 25 Lakh Sum Assured

ICICI Prudential iProtect Term Plan

ICICI Prudential iProtect Smart Term Plan is specifically designed to protect your family, even in case of your absence. This plan provides you the option to increase your coverage against Accelerated critical illness and Accidental death. The various features of the 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 a 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-

    • The death benefit from the sum assured.

    • 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

Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Wrapping It Up!

Term plans are the best investment for first-time investors and 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. Every term insurance plan comes with pros and cons. However, the selection depends on your preferences to choose a right term plan, 

Types of Term Plans

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