Mumbai, October 06, 2016: Identifying the staggering 92% underinsurance in India and aligned with the central government’s Digital India movement, Aegon Life Insurance – the pioneer in online insurance – today announced the relaunch of its flagship product ‘iTerm’ with advanced features. This comprehensive online protection plan remains cost effective and offers one of the lowest premium rates in the industry.
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.
New & Advanced features of iTerm:
- Most cost effect and comprehensive protection plan available online
- Added Life stage benefit for the customers, wherein one can increase their protection cover as per the important milestones in life
- Premium can now be paid on a monthly, half-yearly, and annually basis as opposed to previously when the customer was required to make annual payments
- The maximum maturity age has been raised to 80 years, raising the maximum policy term to 62 years
- The product now also offers flexibility to choose death benefit payout
- As a lump-sum payment, or
- As fixed monthly income for 100 months, or
- As a combination of the above
Speaking on the occasion, Mr. K.S. Gopalakrishnan, MD & CEO, Aegon Life Insurance said, “The launch of the new version of iTerm plan addresses two important factors that we consider are crucial from a customer-perspective. Firstly, the product is easily available, simple to understand and cost effective. Secondly, with this product we want to bring more and more people under the fold of protection in insurance.
“There are enough studies that currently show that a massive number of individuals in India are either uninsured or underinsured. A Swiss Re research shows that a typical Indian household is 92% underinsured. That statistic is quite concerning. We are in the business of helping our customers protect their loved ones and that is exactly what we are trying to achieve with this product.”
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