Friday, 6 April 2012

AEGON Religare iTerm Plan, high life cover low cost

Pure term life insurance gives real insurance protection for your life with lowest premium. Now almost all insurance companies provide term life insurance plan. A pure term life insurance plan gives high life cover with least annual premium and it compensate financially the untimely death of the insured. Term life insurance plan is the best life insurance plan to protect the financial future of the dependents of the insured. If planned well, the high life cover or sum assured, say Rs. 50 Lakhs, 1 Crore, 2 crore etc. are enough to protect the financial future of the family of the insured.

AEGON Religare iTerm plan is such a term life insurance plan which is suitable for the life insurance need of a person who wishes to secure his or her family. AEGON Religare iTerm plan is an online term life insurance plan which allows covering the life of the insured till he or she reach the age of 75. The latest form of the term life insurance plan has a built in terminal illness cover and has three rider options.

AEGON Religare iTerm Plan


The important features of AEGON Religare iTerm Plan are (1)  Pure Term insurance plan (2)  Inbuilt terminal illness cover (3) Accidental death benefit rider (4) Waiver of premium on critical illnes rider (5)  Women critical illness rider (6) Longer term policy – till the age of 75 years and (7) Online process. With all these features the Term life insurance plan has a separate entity from other term life insurance plans.

Minimum and Maximum Sum Assured: The minimum sum assured of AEGON Religare iTerm Plan is Rs. 10, 00,000 and there is no limit for maximum sum assured. 

Minimum and Maximum Age of entry: Minimum age of entry for the AEGON Religare iTerm Plan is 18 years of age and the maximum age of entry is 65 years.

Maximum Maturity Age: The maximum maturity age of the online term life insurance plan is 75 years.

Minimum and Maximum term: The minimum insurance term of the AEGON Religare iTerm Plan is 5 years and the maximum term is 40 years or the age of 75 years. A person can insure his life till he reaches the age of 75 years.

Premium payment term: The premium payment term of the online term life insurance is equal to the policy term, for example if a policy is for 30 years the premium payment term is also 30 years.

Frequency for premium payment: There are two options for the payment of premium. One is annual premium payment which allows you to pay premium every year of the policy term and the second one is one single premium.

Premium Amount: The premium payment of the AEGON Religare iTerm term life insurance plan for a 25 year old non smoking man for a life cover (sum Assured) of Rs. 1 crore is as follows. All applicable taxes will be extra with the following amounts.

Sum Assured                   :        Rs. 1, 00, 00,000

Age of Entry                    :        25 years

Term of insurance          :        35 years

Annual premium             :        Rs. 6400

Single premium               :        Rs. 1, 46,600

If the term of insurance till the age of 75 years the annual premium for the above case will be Rs. 7000 per year and for single premium option, the premium amount will be Rs. 2, 87,100.

For a smoking male person the annual premium for 35 years will be Rs. 9300 per year and for a 35 year old non smoking female the annual premium will be Rs. 5600 only for a sum assure of Rs. 1 crore.

Terminal illness benefit:  The AEGON Religare iTerm term life insurance plan is coming with built in terminal illness benefit and if the insured is diagnosed with a terminal illness 25% of the base sum insured up to a maximum of Rs. 1 crore will be paid and the base sum assured will be reduced to the amount paid as terminal illness benefit.

The death benefit: The Religare iTerm term life insurance plan cover all form of death including terrorist attack, but excluding suicide during the first year of policy or within one year of reinstatement of the policy.

Tax benefit: The premium payable for the AEGON Religare iTerm term life insurance plan is exempted from tax, at the year at which it is paid, under section 80C of the income tax act.

Accidental death benefit rider: The accidental death benefit rider of the Religare i Term plan gives the nominee and additional amount (selected rider amount) will be paid with the sum assured.

Waiver of premium on Critical illness rider: This rider allows you to waive premium after diagnosing critical illness such as Cancer, Coronary Artery Bypass, Heart Attack or Stroke, but the policy will be active till the end of its terms.

Women Critical Illness rider: This rider especially for women insured, allows:-

(1) 5% of the sum assured will be paid out if the insured is diagnosed Malignant Cancer of the Female Organs.

(2) 2.5% of sum assured for pregnancy complications & Congenital Anomalies in Newborn Child (only if the woman insured is at the age of 35 years or below).

As a whole the AEGON Religare iTerm online term life insurance plan is one of the best term insurance plans which satisfies the financial needs of the insured even if he or she is alive, but suffering from critical illness and also satisfy the financial needs of the family of the insured if death of the insured is happened within the policy term.

Calculate Premium with AEGON Religare iTerm term life insurance plan Premium calculator for all options and ages

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