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Term Insurance 1123 views January 19, 2021
Life Insurance has become an important part of our life. Everybody wants to secure the life of their family in case they are not around. But are you looking for a life insurance plan with which you can change your sum insured amount according to the changing needs? Well, Aegon Life iTerm Forever Insurance Plan can provide you the same! With this plan from Aegon Life, you can get lifelong protection, protection against the financial risks of accidents, critical illness & disability, and the convenience of increasing your life cover.
What are some other key features of Aegon Life iTerm Forever Insurance Plan? Well, you can know the same and other important things like the sum insured amount, eligibility conditions, etc. on this page. Read on to know more!
Table of Contents
Key Features of Aegon Life iTerm Forever Insurance Plan
Aegon Life iTerm Forever Insurance Plan is a Non-linked Non-participating Whole of Life Term Insurance Plan with which you can ensure the financial security of your family in case you are not around. But what are those reasons that make it one of the popular and beneficial insurance plans for people? Well, you can know the same by looking at some of the key features of this life insurance plan from Aegon Life. Have a look!
- One of the best features of the Aegon Life iTerm Forever Insurance Plan is that this plan provides life cover for your entire lifetime and not just for a certain period. So, if you are someone who is looking to ensure financial security for your family even in your absence, this plan can be the right fit for your requirements.
- You will meet a few certain milestones in your life where you will need an extra cover. This life insurance plan from Aegon Life provides you the option to increase your life cover at such milestones. Policyholders can increase their life cover on Marriage, and birth or adoption of a child with the help of Event-based Life Stage Benefit Option. You only need to pay an additional premium amount to ensure the same.
- Similar to the event-based life stage benefit option, individuals can also choose the Planned Life Stage Benefit Option where you can take care of your sum insured (cover amount) in terms of inflation. With this option, your cover will increase systematically during the policy term by paying an additional premium amount.
- At any stage, if something unfortunate like a death happens to the insured person, the nominee will receive a lump sum amount at any stage of the policy term.
- Everybody wants to protect themselves at least financially against stuff such as accidents, women-specific critical illnesses, and disabilities. This plan from Aegon Life gives you an additional rider option to get extra coverage by paying an additional premium.
- Female and non-smoker individuals can enjoy lower premium rates on their policy as compared to male individuals and people who smoke.
- Coming to the premium payment options, individuals can also choose to pay premiums for every year for your total policy term or limited duration. Not only this, individuals can pay their annual premiums either annually, semi-annually or monthly.
- Under Section 80C and Section 10(10D) of the Income Tax Act, 1961, individuals can enjoy tax benefits on the premium paid and benefits received on your policy.
What is the Minimum Sum Assured Amount?
With the iTerm Forever Insurance Plan from Aegon Life, individuals can choose a sum assured amount that can be as low as INR 25 lakh while there is no maximum limit on the overall risk coverage amount.
Benefits of Aegon Life iTerm Forever Insurance Plan
Aegon Life iTerm Forever Insurance Plan provides a wide range of benefits to policyholders that you should know. We are showing the same below. We are starting with the death benefit. Please check!
Death Benefit
In case the life assured dies anytime on or after the inception of the policy date, the nominee will receive death benefits according to the entry age of the life assured. Remember that there should be no due premiums. The policy will terminate after the payment of the death benefit. Check out the below table to know more about the death benefit!
| Entry Age Less than 45 Years | Entry Age of 45 years and Above |
|---|---|
| Higher of 10 times the annualized premium, or 105% of all the premiums paid until the date of death, or the sum assured, or as applicable on the date of death | Higher of 7 times the annualized premium, or 105% of all the premiums paid until the date of death, or the sum assured, or as applicable on the date of death |
Life Stage Benefit Options
As we mentioned in the key features of the Aegon Life iTerm Forever Insurance Plan, individuals can enjoy a few benefits at the important stages of their lives. There are two options from which you can choose at the inception of the policy – Event-Based Life Stage Benefit Option and Planned Life Stage Option.
With the Event-Based Life Stage Benefit Option, you can increase your sum assured at any one or all the events mentioned below in the table. However, you need to pay an additional premium amount.
| Event | Additional Sum Insured as % of the Original Sum Insured |
|---|---|
| Marriage (one marriage only) | 50% |
| Birth or Adoption of the First Child | 25% |
| Birth or Adoption of the Second Child | 25% |
On the other hand, if you choose the Planned Life Stage Option, your sum assured will automatically increase every 5 years by 20% of your current sum insured. It will start from the 5th anniversary policy year and keep increasing until the insured person attains the age of 55 years.
Eligibility Conditions of Aegon Life iTerm Forever Insurance Plan
What are those important conditions that you should keep in mind when choosing the Aegon Life iTerm Forever Insurance Plan? Well, you can know them below. Do check!
- The policy term will be for the whole of your life. But when it comes to the Premium Payment Term, you can choose from Regular Pay and Limited Pay.
- With the Regular Pay option, individuals will need to pay premiums for their whole life. On the other hand, with the Limited Pay option, individuals get two more options – either pay till the age of 60 or pay till the age of 65.
- The minimum entry age stands at 18 years. However, the maximum age varies according to the premium payment option. For the Regular Pay option, the maximum entry age can be 65 years. For Limited Pay till the age of 60 option, the maximum age at the time of entry can be 55 years. But if you are choosing to pay till the age of 65, the maximum age at entry can be 60 years.