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.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 Women CI Rider – Covers the illness pertaining to women.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 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 Aegon Life iCI Rider – This Rider covers 4 Critical Illness conditions i.e.Aegon Life AD Rider – In case of an accidental death of the Life Assured, the Sum assured under the rider will be paid.ITerm important feature also includes riders where consumers can make their plan more comprehensive. 25 lakh and no maximum limit subject to underwriting Tax benefits on premium paid and benefits received as per prevailing tax laws.Lower premium rates for Females and Non-smokers.Option of additional optional coverage (riders) against Accidental death, Critical illness, Women specific Critical illnesses, and Disability.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.One of the main features of iTerm plans are: iTerm which comes will every technological and innovative benefits, will be an ideal choice for every household” said Mr. Every family is important for every individual. Our main focus for every consumer is protection. With focus on protection, delighted to introduce iTerm which is best-in-class product suite that will cater to today’s consumer needs.” Martijn de Jong, Chief Digital Officer said “Our idea is to engage every consumer who can be a part of iTerm. It provides not just financial security but also optional coverage through riders. iTerm, available exclusively online, offers customers an unmatched combination of value, convenience and simplicity. Furthermore, the inability to reach a wider range of customers is hampering efforts to close the gap.īeing a customer centric organization, Aegon believes that the iTerm Insurance Plan is a protection that grows to cover bigger life responsibilities. Pure protection insurance and term products have sometimes been perceived as presenting poor value, and remain less popular with consumers. Despite recent rapid growth of insurance penetration, savings and insurance still meet less than 10% of the population’s protection needs. India has a large mortality protection gap. 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. The company is headquartered in Mumbai serving over 4.4 lakh customers across India.Īegon has relaunched iTerm Based on the Swiss report to show the shallow insurance penetration in India and the whopping underinsurance even in households that do have insurance. This joint venture adopts a local approach with the power of global expertise to launch products that are focused on providing customers with the means to meeting their long-term financial goals. Aegon, an international provider of life insurance, pensions and asset management and Bennett, Coleman & Company, India’s leading media conglomerate, have come together to launch Aegon Life Insurance. The fulfillment of this vision is based upon having a complete product suite, providing customised advice and enhancing the overall customer experience.
Martijn de Jong to understand more about this initiative.Īs you would know Aegon Life Insurance Company Limited (formerly AEGON Religare Life Insurance Company Limited) started their pan-India operations in July, 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. Aegon Life Insurance had organised a bloggers meet recently for he 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.I got to meet their Chief Digital Officer Mr.
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