Aegon Life Insurance re-launches its unique and beneficial “iTerm” online protection plan
Mumbai,
November 16, 2016:
Aegon Life Insurance – the pioneer in online insurance – today 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.
Based on the Swiss report, Aegon has relaunched iTerm to show the shallow
insurance penetration in India and the whopping underinsurance even in
households that do have insurance.
The report further states that India has the highest protection margin in
the region as growth in savings and life insurance coverage has lagged behind
economic and wage growth. India has a large mortality protection gap. Despite recent
rapid growth of insurance penetration, savings and insurance still meet less
than 10% of the population’s protection needs. Pure protection insurance and
term products have sometimes been perceived as presenting poor value, and remain
less popular with consumers. Furthermore, the inability to reach a wider range
of customers is hampering efforts to close the gap.
Being a customer centric organization, Aegon believes that the iTerm
Insurance Plan is a protection that grows to cover bigger life
responsibilities. 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.
|
Speaking on the
occasion Mr. Martijn de Jong, Chief Digital Officer said “Our idea is to
engage every consumer who can be a part of iTerm. With focus on protection,
delighted to introduce iTerm which is best-in-class product suite that will
cater to today’s consumer needs.”
Our main focus for
every consumer is protection. Every family is important for every individual.
iTerm which comes will every technological and innovative benefits, will be an
ideal choice for every household” said Mr. Martijn de Jong further.
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
An important feature of iTerm also includes
riders where consumers can make their plan more comprehensive. Some of the
riders 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
These
riders can be attached to a base plan on policy commencement or at any time
during the term of the base plan.
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