Aegon Life iTerm Prime Plan

Aegon Life iTerm Prime is a term insurance plan that helps secure your family’s future and lets you live your life free of stress today.The plan offers assured protection with lump sum payment in case of an unfortunate event. Let’s discuss the plan in detail. 

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Get ₹1 Cr. Life Cover at just ₹449/month+
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

+Tax benefit is subject to changes in tax laws.

++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get ₹1 Cr. Life Cover at just ₹449/month+
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Key Features of Aegon Life iTerm Prime Plan

  • Plan provides assured life cover with lump sum payout

  • Offers coverage at low premium rates through your years of earning

  • Flexible modes of premium payment at the frequency you select

  • Option to receive all your premium amounts back in case you no longer need cover through special exit value.

  • Option to select additional riders for critical illness and accidental death to enhance the coverage of policy.

  • Get tax benefits on the premium amount paid and received benefits.

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Eligibility Criteria of Aegon Life iTerm Prime Plan

Parameters Minimum Maximum
Entry Age 18 years 65 years
Maturity Age Regular Pay : 23 years
Limited Pay (10 years) : 33 years
Limited Pay (till 60) : 65 years
70 years
Policy Term Regular Pay: 5 years
Limited Pay (10 years): 15 years
Limited Pay (till 60): (PPT+5) years
70 years less entry age
Premium Payment Term Regular Pay : Same as policy term
Limited Pay: 10 years/Pay till 60
Base Sum Assured 25 Lakhs No Limit
Premium payment frequency Yearly/Half-yearly/Monthly

How Aegon Life iTerm Prime Plan Works?

Raju, a non-smoker of 30 years is a web developer who wants to protect the financial goals of his family in case he is not with them. He buys this plan with the following policy details:

  • Sum assured - 50 Lakhs

  • Policy Term - 40 years

  • Premium Payment Term: 40 years for regular pay

  • Annualized Premium - Rs. 7249

In case of Raju’s death at 65 years, death benefit of Rs. 50 Lakhs will be paid to the claimant subject to all the due premium amounts under the plan being paid. The plan will terminate after paying the premium after death and no other benefits will be paid.

one crore term plan

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+Standard T&C Applied

Benefits of Aegon Life iTerm Prime Plan

  1. Death Benefit

    In case of policyholder’s death for an active policy, when all the due premium amounts have been paid, the death benefit is paid as a lump sum to the claimant.

    Death benefit received is the highest of:

    • 11 X Annual premium

    • 105 percent X Total amount of premium paid as on the death date

    • Base Sum Assured

    In case of policyholder’s death during the grace time, the death benefit will be decreased by the unpaid premium in form of installments as on death date. The plan will terminate on paying the above-mentioned benefit and no further benefits are paid.

  2. Special Exit Value (SEV)

    In this option, the total premium amount paid along with underwriting additional premium amount paid plus the loadings of modal premiums shall be paid to the life assured, in case policyholder opts special exit option during the time of 1 year once they attain 55 years of age.

    Below are the conditions that for special exit feature:

    • The plan should be active at the time of buying the SEV feature

    • This value is available for plans where policyholder’s entry age at starting of policy is up to 40 years and the plan matures at 70 years of age.

    • The plan will be terminated after buying SEV.

  3. Maturity Benefit

    Upon policyholder’s survival till maturity date, no further benefits are paid and the plan will terminate.

    Tax Benefits

    Get tax benefit as per the prevailing laws of Income Tax Act, 1961.

Riders Available Under Aegon Life iTerm Prime Plan

  1. Aegon Life Accidental Death Rider

    This rider provides a lump sum benefit equivalent to the sum assured of the rider in case of death because of the life assured accident.

  2. Aegon Life Critical Illness Rider

    This rider offers lump sum payout or premium waiver in case of diagnosis of any critical illness.

Policy Details

  1. Free Look Period

    In case you are not satisfied with any of T&Cs of the plan, you can request the insurer to cancel the policy within 15 days and 30 days, if bought through distance mode or electronic policy) from the policy receipt date through email or physical (whichever is sooner).

    In case of such cancellations, the insurer will return the total premium received involving any additional premium and taxes towards the plan.

  2. Surrender Benefit

    No Surrender benefit payable under this plan

  3. Grace Period

    A grace period of 15 days is available for plans under monthly premium payments and 30 days for plans under all other payments from the due date of premium.

  4. Revival of lapsed policy

    You have the option to revive the plan within 5 consecutive years from the 1st unpaid premium’s due date and before the expiration of policy tenure.


In case of policyholder’s death because of suicide within 12 months from the commencement risk date under the plan or from the revival date of plan, the beneficiary/nominee of the policyholder shall be liable to 100% of the total premium amount paid till death date or the surrender value available on death date, whichever is higher.

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