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Different Term Insurance Plans And Premiums That Follow

Jul 13, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

Term insurance plans and Premiums

It is important to insure your loved ones from a financial downfall during your absence and a timely purchased term insurance plan can be of great help. The policyholder has to pay a low-cost monthly premium to avail a term insurance. In return, the nominee receives the sum assured as payoff upon the untimely death of the policyholder. Term insurance acts as a financial safety net for your loved ones when you are not there to support them financially. While tax benefit is just a bonus on term insurance, it should not be considered as the only criteria or motivational factor to purchase a term plan.

Three important factors that decide the credibility of a term insurance plan are the claim settlement ratio, premium amount, and the cover duration.

Let us take Rajbir for instance. He is 35-year old, married, and the only breadwinner in the family. A frequent traveler for work, he does not consume tobacco and drinks occasionally. Overall, he is a healthy and fit individual, but the nature of his job make him concerned about his loved ones. Aegon Life has different term insurance plans for him to consider:

iTerm Insurance Plan

Available to purchase online, this term insurance plan allows him to insure his family till 100 years of age. The plan is flexible enough to let him extend his life cover as per the times as well as financial needs of his family. In addition to that, he has the option to pay his premiums either regularly or in a lump sum. The company offers 25% of the sum assured on the diagnosis of any terminal illness with the benefit of having his premiums waived off thereafter. Furthermore, various riders are available to insure him and his family against accidental death, critical illnesses, disability, and women-centric serious illnesses. In his case, Aegon Life’s term insurance premium calculator suggests a monthly premium of only Rs. 1566 until the age of 100.

iTerm Plus Insurance Plan

This plan insures Rajbir for up to 80 years and has four different benefit options to choose from along with the riders mentioned in the above iTerm plan. There is a Life Plan Benefit for a monthly term insurance premium of Rs. 507, which insures him for an additional Rs. 10, 00,000 in case of accidental death along with INR 25, 00,000 life coverage of up to 70 years of age.  In case of terminal illness, an additional benefit of Rs. 25, 00,000 is paid upon detection. The option Life Plus Benefit continues to provide cover in case of permanent disability, and future premiums are waived off. The premium for the same is Rs. 515 monthly.

The third option here is Life & Health Benefit, which covers Rajbir against the sudden demise, terminal illness and as many as 10 critical illnesses including cancer, heart diseases, stroke, kidney failure and more. Based on the critical illnesses covered in his plan, Rajbir receives a 100% cover from the term insurance plan. This plan also provides life cover until maturity, and all premiums thereafter are waived off.

Life & Health Plus provides additional and enhanced benefits against 36 critical illnesses such as deafness, blindness, lung failure, liver failure etc. At the time of diagnosis of any critical illnesses it will activate the benefits, and the policy will cover him for life until maturity. Along with the aforementioned benefits, all premiums thereafter are waived off as per the cover policy. As the term insurance premium calculator suggests, a monthly premium of Rs. 899/until the age of 65 will cover him for Rs. 25, 00,000 and another Rs. 10, 00,000 against the policy covered critical illnesses.

iTerm Forever: While looking for insurance policies, Rajbir noticed two important things. First, fitness and health are important factors that decide the quality of term insurance he can avail. Second, most of the term insurance policies provided cover only till a specific age. Rajbir thought to himself, “if I quit drinking and exercise regularly there are chances that I might outlive the maximum age bar for these normal term plans. I need to look for a policy that provides cover for as long as I live.” Here, the iTerm Forever plan is a perfect solution as it provides cover till the policyholder’s death. Moreover, the policyholder can avail riders for enhanced protection.

As you can see, Rajbir has quite a few options to secure his family against unforeseen circumstances at an affordable premium. Term insurance is a financial cushion for any breadwinner who is intent on securing his family’s future. The timely decision and correct information on different plans can help you to ride through tough times.

The above mentioned plans are online plans. If you wish to purchase an offline plan, please contact Aegon Life’s customer care centre.

You can get tax breaks if you have a life insurance policy as well, provided you have add-ons like medical insurance and critical illness riders.

Advt. No.: IA/Jul 2018/4162


iTerm Plan

Life Insurance Plan with 3 Options to Choose from

  • Life Protect (Life cover till age 100 years)
  • Protect Plus (5% Automatic Increase of life cover)
  • Dual Protect (Protection + Regular Income)
iTerm Plus Plan

Life Insurance Plan with 4 Options to Choose from

  • Life Plan
  • Life Plus Plan
  • Life & Health Plan (10 Critical Illnesses covered)
  • Life & Health Plus Plan (36 Critical Illnesses covered)
iInvest Plan

iInvest Plan with 3 Options to Choose from

  • Increases Your Investment
  • Boost Your Fund Value
  • Withdraw Your Investment
Pay till 60, get Cover till 100. Calculate your Premium!
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