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.