Recently I was invited to a blogger meet by Aegon Life Insurance. I was quite curious to know what was in store for me. I was also very excited to meet Chief Digital Officer Mr. Martijn de Jong and understand what are his plans going ahead. As all of you know, Aegon Life Insurance Company Limited (formerly Aegon Religare Life Insurance Company Limited) launched its pan-India operations in July 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. The fulfillment of this vision is based upon having a complete product suite, providing customised advice and enhancing the overall customer experience. Aegon, an international provider of life insurance, pensions and asset management and Bennett, Coleman & Company, India’s leading media conglomerate, have come together to launch Aegon Life Insurance. This joint venture adopts a local approach with the power of global expertise to launch products that are focused on providing customers with the means to meeting their long-term financial goals. The company is headquartered in Mumbai serving over 4.4 lakh customers across India.
I was very excited to know that Aegon Life Insurance announced the launch of its flagship product ‘iTerm’ that offers comprehensive online protection plan and remains cost effective which offers one of the lowest premium rates in the industry. iTerm, available exclusively online, offers customers an unmatched combination of value, convenience and simplicity. It provides not just financial security but also optional coverage through riders.
Some of the riders through which consumers can make their plan more comprehensive 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
New & Advanced features of iTerm:
- Most cost effect and comprehensive protection plan available online
- 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 annually basis as opposed to previously when the customer was required to make annual payments
- 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
- As fixed monthly income for 100 months, or
- As a combination of the above
Other features of iTerm plan are mentioned below:
- 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