AEGON Religare’s New iTerm life insurance plan is a revised online term plan. The new plan is a enhanced version of previous online iTerm plan. This plan has got coverage of terminal Illness and some additional riders – Accidental Death, Waiver of Premium on Critical Illness Women Critical Rider. It also has longest available online term of upto 75 years.
Salient Features of New iTerm Plan
|Entry Age||18 years-65 years|
|Maturity Age||Maximum – 75 years|
|Sum Assured||Rs 1,000,000 – unlimited (subject to underwriting)|
|Policy Term||5 Years – 57 years|
|Premium Pay Term||Single, Same as policy term|
|Premium Mode||Single or Annual|
1- Terminal Illness Benefit If life insured is diagnosed with critical illness, 25% of Sum Assured is paid and Sum Assured is reduced by that amount.
2- Tax Benefits Under Section 80C, 10 (10D) of the Income Tax Act.
3- Reinstatement iTerm can be revived within 2 years from the premium due date.
4- The maximum Sum Assured is unlimited.
5- Free Look Period iTerm plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
6- Surender If you had paid premium as Single Premium, you may surrender the policy after completion of three policy years.
7- Riders The policyholder can add the following riders with the plan:
Accidental Death- In case of death as a result of accident, Sum Assured under the rider will be payable.
Waiver of Premium on Critical Illness- On diagnosis of four critical diseases namely Cancer, Coronary Artery Bypass Surgery, Heart Attack and Stroke, future premiums will be waived off and policy will continue.
Women Critical Rider- This feature is for women life insured and pays additional % of Sum Assured on diagnosis of critical illness.
1- The minimum Sum Assured is Rs 10 lacs.
2- The policyholder cannot change the sum assured of iTerm once taken.
3- Only Single & Annual premium paying option.
4- Not available for NRIs.
How to Buy?
You can buy this plan online via Aegon Religare Website.
After filling all the details and paying premium, you will need to download/print/sign the proposal form. Aegon Religare will also send you some additional documents by post and/or undergo few medical tests depending on the underwriting requirement.
Things you need
1- ID Proof
2- Address Proof
3- Debit Card / Credit Card / Internet Banking Account
The Bottom Line
Aegon Religare’s iTerm Plan premium is very low as compared to the offline term plans. But the claim ratio of Aegon Religare is very low – 66.06% (22nd place in total 24 insurers for FY 2011-12). Aegon Religare’s iTerm Web Page is showing that out of 8 online iTerm claims, 7 claim has been paid. And the one claim, is declined, due to the fact that policyholder’s non disclosures of health condition at the time of proposal.
We would recommend to buy this term plan and ask you to declare all the health and other relevant points in the proposal form to minimise claim declination risk lateron.