Term Insurance - Aegon Religare - iTerm or other online term plans like Kotak, HDFC, Aviva?

I am Nitesh, 25 yr old, working in MNC. I am looking to buy a term insurance of 1 crore for me. I have decided that I will buy it online because its much cheaper that way.


I have decided to go on with Aegon Religare i-term plan because it give me an option to insure till the age of 75 years....therefore for next 50 years for me. No other company provides such a long tenor insurance. Its premium is also low as compared to others. But the claim settlement ratio of Aegon Religare is quite low.


I want your suggestion whether my choice of Aegon-Religare i-term plan is good or should I go for other online term plans like Kotak, HDFC, Aviva. What are the customer reviews for all these companies?

Hi Nitesh,

I also was apprehensive of the claims ratio for Aegon but when I visited their site the Claims counter on the website stated 6 claims settles from 7. So I left my mobile number on their website and got a call back immediately and asked about my doubt. The representative clarified that only 1 claim rejected and that also only on medical grounds where the person was suffering from some disease while taking policy and knowing it did not declare. I also checked this on the claim counter on the website and it was true. So I was convinced. Also I did a lot of reading about online term plans in the financial magazines like Outlook money and did a lot of research and found that all term plans are the same and once a term plan is issue the company is bound to cover the risk so I think it’s ok to go ahead. Between Hdfc/Avia/aegon I would suggest aegon as it was the 1st company to launch + longest period of cover and experience in issuing is better. HDFC is also good but expensive.

I think the website is showing on the online claims ratio (i.e. 6 claims settles from 7 claims). Because last year out of total 130 claims - 68 paid and 58 repudiated. They have to show that this data is only showing online policies.

In short term most of the new companies show low claim ratio. Go for this company if it's meeting your criteria.

I think it would be a better idea to go for Aviva i-life. Aviva i-life provides policy term of 35 years and is also an online policy. Besides Aviva has a better claim settlement ratio as compared to Aegon Religare.

Advantages on Aviva i-Life Plan
Rebate for Female Lives - An additional rebate for female lives of 5% on the tabular premium rates for male lives.
Rebate on Large Sum Assured - Premium rates depend on the size of the Sum Assured ranges – less than Rs. 50 lacs, Rs. 50 lacs to less than Rs. 1 Cr, Rs. 1 Cr to less than Rs. 5 Cr and Rs. 5 Cr & above.

Why don't you read the review shared on Policywala.com where Aviva i-life is compared with Aegon Religare.
Search for 'Aviva i-life online term plan: review' for details.