Aegon Life launches First Ever Term plan with Protection and Monthly Income

Aegon Life Insurance announced the launch of another innovative version of its flagship and highly popular ‘iTerm’ Insurance Plan – with some truly unique benefits.

The new Aegon Life iTerm Insurance Plan provides regular monthly income after the age of 60 and offers financial protection till the age of 100 years. It provides the flexibility to choose from three plan options and multiple benefits to the customers.

Vineet Arora, MD & CEO of Aegon Life Insurance said “We are proud to introduce a new avatar of term plan in India. It is a plan that provides monthly income after the age of 60. And that’s not all, it also provides coverage up to the age of 100 years. Thus, with the Dual Protect option, one can not only secure their family, but also prepare for a regular monthly income after 60.

For example, consider a 30-year-old male, non-smoker who chooses to buy a cover till the age of 100 years for a base sum assured of 1 Crore. Under the Dual Protect option of the plan, a Lump-sum payout of Rs. 5 lakhs will be paid after his 60th Birthday. Subsequently, he will also receive a Monthly payout of Rs. 10,000 i.e. 0.1% of the Base Sum Assured, Rs. 1 Crore for the following months.”

“Many customers hesitate to buy term plan because it does not offer any returns on survival. We have plugged this need gap in the market and provide the customer with term protection and survival benefits. This is a big step towards increasing the penetration of term insurance in India.

This comprehensive product offers other additional benefits such as quit smoking, auto-increase of cover, life stage benefit and InstaCover.

To encourage healthy lifestyle the ‘Quit Smoking benefit’ motivates customers to quit their smoking habits and get a discount on their future premiums thereafter.” he adds.

This Term plan comes with 3 options for the customers to choose from – Dual Protect, Life Protect and Protect Plus.

Plan Option Plan Benefits
  InstaCover Death Benefit Terminal Illness Benefit Life Stage Option Auto-Increase of Cover’ Benefit Survival Benefit
Life Protect
NA NA
Protect Plus
NA
NA
Dual Protect
NA NA

The Aegon Life iTerm Insurance Plan is available across all platforms and channels. Below are the key features of this product that customers can benefit from.

  • Regular monthly income after the age of 60 Cost effective Life cover right away, without having to wait long for coverage to start
  • Enhance life cover annually, to keep up with inflation
  • Reward for switching to a healthy lifestyle
  • Flexibility to increase life coverage amount at key milestones of life
  • Financial protection on diagnosis of terminal illness
  • Flexible Policy Term & premium payment options
  • Option to Smokers to quit smoking and reduce their policy premium from 2nd policy year onwards, under our ‘It Pays to Quit Smoking’ benefit
  • Option to pay premiums for a limited period and enjoy Policy benefits for the complete Policy Term
  • Flexibility to choose the Death Benefit payout:
  • As a lump sum payment, orAs fixed monthly income for 100 months, or
  • As a combination of the above
  • Tax benefits on premiums paid and benefits received as per the prevailing tax laws

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