AEGON Religare Life strengthens its online portfolio with the launch three Next Generation online Protection Plans

Wednesday, August 5, 2015

AEGON Religare Life strengthens its online portfolio with the launch three Next Generation online Protection Plans 

Mumbai, August 5, 2015: AEGON Religare Life Insurance (ARLI), the pioneers in online insurance, today announced the launch of three next generation protection plans- iIncome plan, iSpouse and iCancer—only available for online sales. These plans can be bought exclusively online within 10-12 minutes by visiting

iIncome is aon-linked, non-participating term assurance plan designed to protect the household’s income stream for a fixed term in the event of the unfortunate demise of the insured. This plan would work best for those who are looking for an income replacement at an unfortunate event of death.

iSpouse is joint life term assurance plan for working couples and iCancer is designed for insurance protection against all stages of cancer.  

These three next generation products fill a strong market demand for need-based, differentiated products. ARIL has consistently been the foremost innovator in such products, with best selling propositions such as iTerm and iReturn.

These products have been curated to address the anxiety of the insured’s immediate family upon an unfortunate incident. iIncome plan provides a family with a lump sum amount and also yields a regular income in case the policy is triggered. Similarly, the iSpouse plan is designed to reduce the survivor’s trauma post the spouse’s demise and restore confidence in the dependants’ mind.

Given that unfortunate victims hit by cancer have to battle on two fronts—medical and financial—the iCancer plan aims to alleviate at least the financial burden, leaving the afflicted to focus on treatment. he idea is surviving the cancer and then surviving the financial impact.

Speaking on the occasion, Mr. K. S. Gopalakrishnan, MD & CEO, AEGON Religare Life Insurance said,

We have attained leadership in innovative and need-based products because we believe in simplicity.  In a world full of uncertainty and anxiety, our new product offerings attempt to bring some certainty and comfort to those who have been hit hard by circumstance. These products emphasize the fundamental propositions of life insurance - protection from uncertainty and are built based on customer feedbacks.”



iIncome plan

iSpouse plan

iCancer plan

Entry age

Min- 25 years completed; Max-50 years completed

Min- 21 years completed;Max-60 years completed

Min- 18 years completed; Max-65 years completed

Maturity age

60 years completed

65 years completed

70 years completed

Policy term

60 minus Entry Age 

Min- 5 years; Max- 65 minus higher of the entry age of the two lives

Min-5 years; Max- 70 minus entry age

Premium Payment Term(PPT)

Policy Term  

Policy Term  

Equal to the Policy Term  

Premium Payment Frequency

Annual, Semi-annual, and Monthly

Annual  and Monthly

Annual or Monthly

Initial Monthly Income

Min- Rs.30,000; Max- No Limit 



Sum Assured


Min-Rs. 25,00,000; Max- No Limit 

Min-Rs. 10,00,000; Max- Rs. 50,00,000 

Waiver of premium

Through a rider

Through a rider

No future Premium payment liability with Waiver of Premium benefit

Tax benefits

80D, and Sec 10(10D) of the Income Tax Act, 1961.

80D, and Sec 10(10D) of the Income Tax Act, 1961.

Section 80D of the Income Tax Act, 1961







Other features



Immediate lump sum payment on death

It has an inbuilt Terminal Illness Benefit i.e. 25% advance payment on diagnosis

Covers and payout at all stages of cancer

It offers a regular increasing monthly income up to the age of 60 years or for a period of 5 years, whichever is later

Additional payout on Accidental Death, 50% of sum assured will also be paid out as lump sum; benefit restricted to Rs 100lacs

Stage-based Benefit Payment

It covers both death and disability

Regular monthly income of 1.75% of the sum assured for a period of 60 months

Multiple unrelated cancers can be claimed

About AEGON Religare Life Insurance Company:

AEGON, an international provider of life insurance, pensions and asset management and Religare, India’s leading diversified financial services groups have come together to launch AEGON Religare Life Insurance Company Limited (ARLI). This venture is dedicated to build a customer-centric business and provide a work environment that fosters excellence and innovation. This joint venture adopts a local approach with the power of global expertise.

AEGON has grown into an international company, with businesses in more than 25 countries in the Americas, Europe and Asia. AEGON is one of the world’s leading financial services organizations providing life insurance, pensions and asset management. Religare Enterprises Limited (REL) is one of India’s leading diversified financial services groups and offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.

Religare Enterprises is headquartered in New Delhi and is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. AEGON Religare Life Insurance launched its pan-India operations in July-2008 and is headquartered in Mumbai. The company serves over 3.9lakh customers across India with 97% claim settlement ratio. The agency channel comprises of over 8200 advisors who are attached to over 67 branches spread across 52 cities in India. 

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