Aegon, a multinational life insurance, pensions and asset management company on November 16 in Mumbai officially announced the launch of its flagship product ‘iTerm’ in the Indian market. iTerm Insurance Plan offers comprehensive online protection and also offers one of the lowest premium rates in the industry.
Before talking about this plan in detail, we would like to give you an overview of "Who Aegon Life Insurance are?"
Aegon Life Insurance, formerly Aegon Religare Life Insurance, as discussed above is a multinational life insurance company. Aegon launched its pan-India operations in July, 2008. Aegon and Bennett, Coleman & Company together had launched Aegon Life Insurance. This joint venture is expertised in launching products that are focused on providing customers with the means to meeting their long-term financial goals. Serving over 4.4 lakh customers across India, Aegon Life Insurance has its headquarter in Mumbai.
Beside rapid growth of insurance penetration in the country, savings and insurance keen to meet less than 10% of the population’s protection needs. Inability to reach a wider range of customers is hampering efforts to close the gap.
iTerm Protection Plan deals with the above mentioned worries. It is exclusively available online and offers customers an unmatched combination of value, convenience and simplicity. Along with financial security Aegon's iTerm plan also offers optional coverage through riders.
Before talking about this plan in detail, we would like to give you an overview of "Who Aegon Life Insurance are?"
Aegon Life Insurance, formerly Aegon Religare Life Insurance, as discussed above is a multinational life insurance company. Aegon launched its pan-India operations in July, 2008. Aegon and Bennett, Coleman & Company together had launched Aegon Life Insurance. This joint venture is expertised in launching products that are focused on providing customers with the means to meeting their long-term financial goals. Serving over 4.4 lakh customers across India, Aegon Life Insurance has its headquarter in Mumbai.
iTerm Protection Plan
Talking about this launch, according to Swiss report, Aegon had relaunched iTerm Protection Plan to show the shallow insurance penetration in India and the vast underinsurance in households that do have insurance. The report further claims that due to low growth in savings and life insurance coverage, India has the highest protection margin in the region.Beside rapid growth of insurance penetration in the country, savings and insurance keen to meet less than 10% of the population’s protection needs. Inability to reach a wider range of customers is hampering efforts to close the gap.
iTerm Protection Plan deals with the above mentioned worries. It is exclusively available online and offers customers an unmatched combination of value, convenience and simplicity. Along with financial security Aegon's iTerm plan also offers optional coverage through riders.
Speaking on the occasion Mr. Martijn de Jong, Chief Digital Officer said “Our idea is to engage every consumer who can be a part of iTerm. With focus on protection, delighted to introduce iTerm which is best-in-class product suite that will cater to today’s consumer needs.”
“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,” said Mr. Martijn de Jong further.
New & Advanced Features of iTerm
- Cost Effective and Comprehensive Online Protection Plan
- Life Stage benefit for the customers, wherein one can increase their protection cover as per the important milestones in life
- Premium can be paid on a monthly, half-yearly, and annually basis
- Maximum maturity age - 80 years, raising maximum policy term to 62 years
- Flexibility to choose death benefit payout
- As a lump-sum payment, or
- As fixed monthly income for 100 months, or
- As a combination of the above
Some other features of iTerm plan
- Minimum entry age is 18 and maximum is 65 years, with a minimum policy term of 5 and a maximum of 62 years
- Inbuilt Terminal Illness benefit
- Option of additional optional coverage 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
- Minimum of Rs. 25 lakh sum assured and no maximum limit subject to underwriting
One of the important features includes riders where consumers can make their plan more comprehensive. The below mentioned riders can be attached to a base plan on policy commencement or at anytime during the term of the base plan. The riders are -
- Aegon Life AD Rider - In 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 CI – 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
If you are interested in learning more about Aegon Life Insurance's iTerm Online Protection Plan, then do visit their website, linked here. You will find more details about this plan and many other on the same page. Also, you can avail this iTerm plan by signing up on AegonLife.com.
To be updated...