Aegon Life iTerm Forever Insurance is whole life term insurance plan that provides financial protection to your family in case of your absence. The plan can be purchased easily from online medium. It offers additional insurance coverage with your changing requirements. The risk of accidents, disability, and critical illness are also covered under this plan.Read more
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Following are key features of Aegon Life iTermForever Term Insurance Plan:
Plan offers complete protection for your whole life
The plan provides the option to pay premiums for a limited time period
Option to increase life cover i.e., sum assured at key life stages by paying additional premium
Option of accidental coverage against critical illness, accidental death, women-specific disability, and critical illness
The premium rates are lower for non-smokers and female lives
Nominee gets lump sum payment in case of policyholder’s unfortunate death at any age
Get tax savings benefit on premium paid and payouts received as per the prevailing income tax laws
|Entry Age||18 years||65 years if premiums are paid for the entire life
55 years if premiums are paid till 60 years
60 years if premiums are paid till 65 years
|Premium Payment Term||Limited Pay
Option 1: Pay till 60 years
Option 2: Pay till 65 years
Premium paid for lifetime
|Policy Term||Whole of Life|
|Sum Assured||25 Lakhs||No Limit|
|Mode of Premium Payment||Yearly/Semi-yearly and Monthly|
In case of policyholder’s death on or after the starting date of a policy, provided all the premium amounts have been paid, the benefit amount payable to the policyholder’s nominee is as according to the below table:
|Policyholder’s Entry Age|
|<45 years||>45 years|
At the time of death benefit payment, the plan terminates and no further payouts are payable
Under this benefit, policyholders have the option to increase the life cover (sum assured) of the plan on certain important life stages or as per the pre-decided phase. The plan offers the choice of 2 benefit options at the time of purchasing the policy.
Event based life stage benefit option
In this, the life assured can increase the coverage amount of policy on the occurrence of any 1 or all of the below events by paying an extra premium amount.
|Event||Extra sum assured as a percent of original SA|
|In the case of Marriage (only one)||50|
|Birth or adoption of first child||25|
|Birth or adoption of Second child||25|
Planned Life Stage Option
Protects you against the risk of changing inflation rates by increasing the life cover amount. This can be increased by paying an additional premium and systematically using a pre-decided strategy. In this, the life cover of your plan will increase automatically every 5 years by 20 percent of your sum assured at the commencement, starting from the 5th year of policy to 55 years of age.
No maturity benefit is paid under this plan
The plan offers add-on coverages on payment of extra premium through the selection of the below-mentioned riders:
Both riders are available to limited pay plans:
Aegon Life Waiver of Premium Rider on Critical Illness
Aegon Life iDisability Rider
Both riders are available to limited and regular pay plans
Aegon Life iCritical Illness Rider/ Aegon Life Women CI Rider
Aegon Life AD Rider
The term riders can be added to a base plan at the starting of the policy or at any time during the premium payment term of the base plan. Also, riders can be detached from the next due date of premium after making the request.
Get tax savings benefit on premiums paid and benefits received u/s 80C and 10(10D) of the Income Tax Act, 1961 respectively.
Mr. Rahul of 30 years, a non-smoker buys Aegon Life iTermForever insurance plan. He also opts for the Planned life stage benefit option to increase his sum assured during the policy term. The plan details opted by Rahul are:
|Sum assured (life cover)||Rs. 1 Crore|
|Premium Payment Term||Whole of Life|
|Policy Term||Whole of life|
|Annual premium at commencement||Rs. 23,016|
|Monthly premium amount at commencement||Rs. 2002|
|Option of Planned Life Stage Benefit||Yes|
Under this option, the life cover and premium to be paid will increase as discussed in the below table:
|Age (in years)||Life cover (in Rs)||Annual Premium (in Rs.)||Monthly Premium (in Rs.)|
If in case, Mr. Rahul dies any time after the age of 55 years, a lump sum amount of Rs. 2 Crore (SA increased based on planned life stage benefit) will be paid to his nominee. After that, the policy will terminate.
If you choose to pay the plan premiums for your entire life, the plan will not attain any Surrender amount. Therefore, there will be no sum payable upon surrendering the policy
If you choose to pay premiums for a limited time, the plan will attain a surrender value upon the premium payment for 1st three years.
The surrender value to be paid will be calculated as follows:
70% X total paid premiums till surrender date (exclusive of taxes and rider premiums) X (max (100- Surrendering age,0)/ (100-Age at entry)
If you are not satisfied with the policy’s terms and conditions, you have the option to return the plan documents to the insurer for cancellation along with a notice stating the reasons for canceling the policy within:
15 days from the date of receiving it, if the plan is not bought through distance marketing
30 days from the date of receiving it, if the plan has been bought through distance channels
At the time of policy cancellation during the free look time, the company will return the premium paid that is subjected to the deductions of:
Medical costs incurred
Stamp duty paid
Proportionate risk premium amount
15 days of grace period is provided for plans under the monthly premium payment mode and 30 days as grace time for plans under all the other payment modes from the premium due date to pay the premium. In the case of a policyholder’s death during the grace time, the death payout will be decreased by an amount equivalent to the unpaid premiums.
You can revive the lapsed or paid-up policies within 2 years from the due date of 1st unpaid policy premium.
If you select to pay the premium for your entire life
If the premium due is not paid even after the expiration of grace time from the date of the unpaid plan premium, the plan will lapse from the due date of 1st unpaid premium, and no payout is paid in case of your unforeseen death.
If you select to pay premiums for limited years
Policy premium discontinuation before payment of 1st three years of policy:
Upon the non-payment of premiums within the grace time before the payment of 1st three years of the policy, the plan will lapse and all the benefits involving life cover will terminate
Policy premium discontinuation after payment of 1st three years of policy
Upon the non-payment of premium any time after the payment of 1st three years of the policy, the plan will lapse and it will continue as a paid-up plan where the death payout will be the highest of:
10X of the annual premium
105 percent of full paid premium
Nominations and assignments are allowed u/s 39 and 38 of the Insurance Act, 1938. They can change from time to time.
Suicide: If the policyholder passes away because of suicide in 12 months from the policy’s inception date or within 12 months from the revival date of the policy, the death payout payable is 80 percent of the premium amount paid (exclusive of all taxes), provided the policy in an active phase.
If a policyholder dies because of suicide within 12 months from the event date based on the life stage option, the death payout is the average sum of the below options:
SA chosen at commencement + Any increase in SA by exercising the event depending on life stage option 12 months prior from the death date + 80 percent of the premium amount paid for the last increased additional life cover.