Flagship term product offers a special 10% discount for self-employed consumers

Key Features

• Life cover starting from ₹25 lakhs with flexible premium payment options
• Zero paperwork, zero document uploads
• Get all premiums back via ‘Special Exit Value’ option
• Special add-on features cover Critical Illness and Accidental death 

MUMBAI, 03 JANUARY, 2023 (GPN):  Aegon Life Insurance, Digital India’s life insurance company, has launched the iTerm Prime Insurance plan, its flagship term insurance product, catering to the need of self-employed individuals with a special 10% discount (5% discount in addition to 5% online discount for all) on 1^st year premium. Designed with Emerging India in mind, iTerm Prime offers a minimum sum assured of ₹25 lakhs, with no upper limit on a consumer’s requirement, making it accessible to a large swathe of the population with different insurance needs. The product can be purchased on Aegon Life’s website (www.aegonlife.com) and through its partners; the buying process is completely paperless and requires zero documentation or uploads.

The product also offers a ‘Special Exit Value’ option that allows the policyholder to get all premiums back when they turn 55 years old.

“iTerm Prime is designed to encourage emerging India to gain access to life insurance. Self-employed individuals make up the majority of India’s working population, yet this segment remains under-insured. To make insurance accessible for them, we have simplified buying journeys and sped up underwriting by digitizing it. Besides this, we have introduced a special discount and flexible payment options to make the product more affordable for the end consumer,” said Satishwar B., MD and CEO of Aegon Life Insurance.

He further explained, “The number of self-employed people in India stood at 333 million[1] in 2021. This huge population did not have access to adequate term insurance in the past, primarily because of the extensive paperwork involved. At Aegon Life, we have simplified insurance with zero paperwork. All one needs to purchase insurance is his/her PAN, Aadhaar or driver’s license – no uploads or scans of documents required.”

The launch of iTerm Prime is yet another feather in the cap for Aegon Life, who have launched a series of insurance products to cater to self-employed individuals – a market that has remained underpenetrated for years. Aegon Life has a proven track record of settling claims efficiently, with a high claim settlement ratio of 99.03%.  With all these benefits, Aegon Life’s iTerm Prime is a must have for every household in emerging India.

About Aegon Life:

Aegon Life is Digital India’s life insurance company and pioneered the online Term Insurance plan in India. As India’s only 100% digital life insurance company, it’s building innovative solutions to financially secure every Indian household and provide greater clarity, transparency, and superior consumer experience.

 

https://www.aegonlife.com/

 

ADVT no: II/Jan 2023/6572

For queries, please connect with:

Divya Tejnani Aegon Life Insurance [email protected]

Ritu Rapria Perfect Relations [email protected]

Notes for the Editor:
The product has several consumer-friendly features:

• The plan offers different premium payment options
  • Regular Pay – pay throughout the policy term
  • Limited Pay – pay for a fixed duration, lower than the policy term

Coverage available up to the age of 70 years.

• The minimum entry age for the product is 18 years, and maximum up to 65 years (50 years for limited pay).
• The minimum sum assured starts from ₹25 lakh, with no upper limit.
• You can pay premiums at monthly, half-yearly, and annual frequencies, making it a flexible premium payment product as per your choice.
• The special exit value option (entry age till 40 years and policy term till age 70) allows the policyholder to get all the premiums back. All premiums paid up until that point will be reimbursed if the policyholder decides to terminate the plan at the age of 55
• If the policyholder dies during the policy tenure, a death benefit[2] will be paid in lump-sum to the nominee.
• Besides providing financial protection against death, Aegon Life iTerm Prime offers add-on optional coverages through the choice of accidental death and critical illness riders
• You can avail tax benefits on premiums paid and benefits received.
• If you are not satisfied with any of the Terms and Conditions, you may request for cancellation of the policy within 15 days or 30 days (in case of an electronic policy or if purchased through distance marketing) under ‘free look cancellation’.
• If you miss the premium due date, you have a grace period to pay the premium, during which the policy will remain in force:
  • 15 days for policies with a monthly premium payment frequency
  • 30 days for policies under all other payment frequencies.

[1] https://www.globaldata.com/data-insights/macroeconomic/number-of-self-employed-in-india-2137687/

[2] Death Benefit is defined as the Highest of 11x Annualized Premium or 105% x Total Premiums Paid as on the date of death or Base Sum Assured