Aegon Life i-term

About Aegon Life i-term

• It is a pure term plan that provides whole life cover option as well
• Is cost effective because of nominal premium amount
• Available online only
• It has an inbuilt benefit of terminal illness
• Flexible optional increase of the life cover to meet the growing requirements
• Financial liabilities and death benefit payout option
• Offers tax benefits
• 4 additional rider benefit options available

How does this plan work?

Under this Aegon Life i-term plan, an individual can choose a policy term from between 5 to 62 years or a fixed policy term till he turns 100 years old and premium payment mode. Since its a term plan there is no maturity benefit involved. If in-case on death of the insured his nominee can collect the sum assured in one of the following ways:

• One single lump-sum Sum Assured paid immediately
• Partial lumpsum paid immediately and remaining 1.2% of the Income Benefit Sum Assured will be paid monthly for 100 months.

If suppose an individual is diagnosed with any terminal illness then he gets 25% of the sum assured immediately and on his death the nominee gets death benefit.

Consider

Person’s age: 30 years
Policy term: 50 years
Premium payment term: 50 years

Sum assured: 1 cr

Lumpsum sum assured: Rs 60 lakhs

Income benefit sum assured: Rs 40 lakhs

Consider a 30 year old, pays an annual premium of Rs. 8676 for 50 years of policy term under this Aegon life i term insurance plan. During the policy term if due to an unfortunate event he dies, then his nominee receives Rs 60 lakhs immediately and monthly income of Rs 48000 for next 100 months.

In life stage option one can choose and increase the sum assured upto a specific limit of the original sum assured.

As per the life stage of the individual there is an increment in total sum assured:

• On Marriage: additional SA increases by 50%of original Sum assured
• Birth/Adoption of one child: additional SA increases by 25 %of original total Sum assured
• Birth/Adoption of second child: additional SA increases by 25 %of original total Sum assured

Why should you buy Aegon Life i-term plan?

• I-term plan provides monetary protection to family in-case of death
• This plan acts as a cover for any financial liabilities like housing loans, personal loans, etc.
• It’s a low premium paying risk cover
• Premiums paid are tax exempt under section 80C and maturity amount is tax free under section 10(10D)

Who should buy Aegon Life i-term plan?

• A sole bread winner who is looking out to provide monetary protection to the family against risk
• Individuals who have taken loans and want a cover for it
• Since e-term is a low premium risk cover, an individual can choose other several investment schemes to grow his income.

Riders:

• Kotak Accidental death benefit rider: In case of death of the life insured due to accident, rider sum assured will be paid in addition to the death benefit under the base plan.
• Kotak Permanent Disability Rider: In case of life insured being permanently disabled due to accident, benefit is paid in instalments.
• Kotak Critical Illness Rider: If diagnosed with critical illness, portion of the basic Sum Assured is paid in advance for the covered Critical illness subject to terms and conditions.