The leader in online insurance, Aegon Life, yesterday re-launched their popular protection plan "iTerm" with some new features & benefits. Despite all these additions to the plan, it still remains cost effective & something which you should definitely look forward to. Aegon Life, formerly known as Aegon Religare Life Insurance, believes that their iTerm protection plan covers bigger life responsibilities in the lives of the insurers. According to a report, India has the highest protection margin in the region as growth in savings and life insurance coverage has lagged behind economic and wage growth. India has a mortality rate of 92 percent, which is quite big. Talking about iTerm online protection plan, it is basically a term plan insurance which is exclusively available online and offers unmatched combinations of value, convenience & simplicity.
What's New in iTerm 3.0?
In case you're wondering "What's New?" in the iTerm Online Protection Plan 3.0, below is the list of newly announced features & benefits.
New Features & Benefits
- It's the most cost effective & comprehensive online protection plan at present.
- Added Life stage benefit for the customers, wherein one can increase their protection cover as per the important milestones in life.
- Premium can now be paid on a monthly, half-yearly, and yearly basis as opposed to previously when annual payments were the only option.
- The maximum maturity age has been raised to 80 years, raising the maximum policy term to 62 years
- The product now also offers flexibility to choose death benefit payout; As a Lump-Sum payment, or A fixed monthly income for 100 months, or a combination of both.
That's not all, apart from the newly announced features & benefits, here are some other features which you'd like to know about.
Other Features of iTerm Online Protection Plan
- Entry age for a customer is a minimum of 18 and a maximum of 65 years with a minimum policy term of 5 and a maximum of 62 years
- Inbuilt Terminal Illness benefit
- Option of additional optional coverage (riders) against Accidental death, Critical illness, Women specific Critical illnesses, and Disability
- Lower premium rates for Females and Non-smokers
- Tax benefits on premium paid and benefits received as per prevailing tax laws
- Total sum assured: Minimum of Rs. 25 lakh and no maximum limit subject to underwriting
|Mr.Martin de Jong, Chief Digital Officer, Aegon Life (During presentation)|
On the occasion of the launch event, Mr.Martin de Jong, who happens to be the Chief Digital Officer at Aegon Life, said;
“Our idea is to engage every consumer who can be a part of iTerm. With a focus on protection, delighted to introduce iTerm which is best-in-class product suite that will cater to today’s consumer needs.”- Martin de Jong
He further added; "Our main focus for every consumer is protection. Every family is important for every individual. iTerm which comes will every technological and innovative benefits will be an ideal choice for every household”
Customize iTerm with Riders.
Riders is an important feature of the iTerm protection plan, this helps consumers in making their insurance plan more comprehensive. You can use these riders and attach them to a base plan during policy commencement or at any moment during the term of the base plan. This feature helps consumers avail more benefits for the insurance plan.
Some of the Riders are listed below. You can go through them to get n idea of benefits you can avail, when you apply them to your base protection plan.
- Aegon Life AD Rider: In the case of an accidental death of the Life Assured, the Sum assured under the rider will be paid.
- Aegon Life iCI Rider: This Rider covers 4 Critical Illness conditions i.e. Cancer, Open Chest CABG, First Heart Attack, and Stroke
- Aegon Life WOP Rider on Cl: Covers 4 critical Illness conditions i.e. Cancer, Open Chest CABG, First Heart Attack, and Stroke. On being diagnosed with any of these 4 critical illnesses, future premiums payable under the base plan and riders (if any) are waived while the life cover and rider cover (if any) continues
- Aegon Life Women CI Rider: Covers the illness pertaining to women. The illness is covered into 2 groups, Group 1 – Malignant Cancer of the Female Organs, Group 2 – Birth of child with Congenital Disorders and Pregnancy Complications
- Aegon Life Disability Rider: This rider offers an immediate lump sum payout along with waiver of future outstanding premiums of the base plan in case of permanent disability of the Life
There are a few rider combinations which are not allowed in a single policy. To know more about them, read the sales brochure or insurance terms.
How to Apply for iTerm Plan?
Aegon Life iTerm online protection plan is exclusively available online, which means that you'll have to make an online payment, in order to avail it. It is very simple & convenient to apply for the iTerm plan, from the comfort of your couch. Below are the basic steps you need to follow.
1. Visit the iTerm page on Aegon Life website.
2. Enter your details to generate Premium Quote.
3. Choose the Policy Term & Premium Payment Term.
4. Further, Customize your policy by opting for Riders.
5. Pay Online using Credit/Debit cards or Internet Banking details.
6. Wait for the Verification Call from Aegon Life.
As simple as that! So in mere six steps (in fact five, one being visiting website) you can get covered for life. This protection plan covers you in the case of Death; where the benefit is payable to the nominee assigned by you. Terminal Illness; On diagnosis of any terminal illness, an amount of 25% of the base sum assured will be paid and Death benefit will be reduced . Tax benefits; The premiums paid & benefits received are eligible for tax benefits.
When concluding his presentation, Mr.Martin de Jong, Chief Digital Officer at Aegon Life, said that; "There was a time when people used to think that, buying shoes online is risky. Today they think the same about buying Life Insurance online." After completing his presentation & making us go through the steps to avail iTerm online, he finally concluded that Buying iTerm Protection plan is even simpler than buying shoes online.
Overall the iTerm Online protection plan is among the most cost-effective Term plans available at the moment. According to a report, Aegon life has a Claim Settlement Rate of 95 percent, which is a good figure & With flexible payout options, flexible premium payment options & raised maturity age, iTerm 3.0 is also one of the best term plans available at present.