Aegon Life ITerm Insurance Plan

• One single policy to cover you & spouse
• Three plan options to suit your needs
• Lump-sum or monthly income benefit
• Life cover till the age of 100 years
• Inbuilt Terminal illness benefit
• Low premiums for females & non-smokers
• Simple, hassle-free online buying process

Death Benefit

In the event of death of either of the insured (husband or wife) during the policy term, the death benefits are paid top the surviving life insured which is 100% of the sum assured once the claim is accepted.

Monthly Income Benefit

After the lump sum payment on death, the monthly payment of 1.75% of Sum Assured for a period of 60 months commencing from next monthly policy anniversary is paid under this plan. The surviving life will not have the option to take the discounted value of the Monthly payments. If the surviving life dies during the monthly payout period, then the monthly payment will continue to be paid to the legal heir(s) of the policy holder.

Inbuilt Accidental Death Benefit

In case of accidental death of either of the insured’s, 50% of sum assured is payable to the surviving life along with the death benefit  restricted upt0 100 lacs.

Inbuilt Terminal Illness Benefit

On diagnosis of the listed terminal illness, 25% of the sum assured is paid to the life insured subject to the maximum of 100 lacs and the death benefit will reduce equal to the amount already paid to the insured.

Tax Benefit

Under this plan, the premium payment is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled to the tax exemptions as per Section 10 (10D) of the Income Tax Act.

This plan offers one rider, which is Aegon Life WoP on CI Joint Life Rider which covers 4 critical illness conditions.

Age: 30 years

Profession: Software Engineer

Family Details: His wife is a Business Analyst and they have a son Amol who is 3 years old.

Ramesh opted for Aegon Life iTerm Insurance Plan with Sum Insured of Rs 1 crore (Sum Assured), Policy Term: 30 years, Annual Premium: Rs.26,600/- (exclusive of GST).

Total benefit paid = Rs. 2.05 crores ( Rs. 1 crore paid immediately + Rs. 1.75 lakhs for 60 months)In case of an accidental death of Ramesh, Sheetal will get an additional payout of Rs. 50 Lakhs as lump sum.
 

Thus, the total payout = Rs. 2.05 crores ( Rs. 1 crore paid immediately + Rs. 1.75 lakhs for 60 months). In case of an accidental death of Sheetal, Ramesh will get an additional payout of Rs. 50 lakhs as lump sum.