Aegon Life iTerm Insurance Plan is set to transform the Indian term insurance space by offering the Return of Sum Assured and many other benefits.
Mumbai November 04, 2019: Aegon Life Insurance today 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.