Aegon Life iTerm logo

Aegon Life iTerm

beshak-icon star
3.7/ 5

Introduction to Aegon Life iTerm

Aegon Life iTerm is a term insurance plan offered by Aegon Life Insurance Company, formerly known as Aegon Religare Life Insurance Company. With term insurance, you can get a large cover, for a very nominal premium (almost 1000X the yearly premium you pay). This makes it one of the most essential products for your financial portfolio if you have dependents who rely on your income for their expenses.

beshak ratings
INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: Aegon Life iTerm

This product has very affordable pricing, with some of the top benefits, customization benefits, payment options. In fact, this is one of the cheapest products in the market. On the flip side, this plan neither allows you many Limited Pay options to speed up your premiums, nor many claim payout options to customize how your family receives the claim amount. Further, the insurer has a poor track record with respect to both purchase and claims service experience.

Pros & Cons: Aegon Life iTerm

  • arrow Much cheaper than other products in the market
  • arrow Offers the option to automatically increase your claim amount, with time
  • arrow Critical illness rider is available, and the payout is in addition to the life cover amount
  • arrow Received higher number of complaints on purchase process compared to other insurers
  • arrow Received higher number of complaints on claim settlement compared to other insurers
  • arrow Not many options to customize claim payouts
  • arrow Not many Limited Pay options available, to speed up payments
  • arrow Our study observed their responses on Twitter to be relatively slower than other insurers

About Aegon Life Insurance Company Limited

Aegon Life Insurance Company Limited logo

Aegon Life Insurance Company formerly known as Aegon Religare Life Insurance Company is an Indian Life insurance Company. It offers Term Life Insurance Plans, Traditional Savings Plans and Unit Linked Insurance Plans. Founded in the Year 2008, it is a joint venture between Aegon N.V. and Times Group (Bennett, Coleman and Company). The company is headquartered in Mumbai, with its branches across various cities. The CEO / CMD of the company is Mr. Vineet Arora.

Founded in
2008
JV Partners
Aegon N.V. and Times Group (Bennett, Coleman and Company).
Turnover (GWP)
526.1 Crores
Number of Policies
19,271
Number of Claims
14,196

Detailed Product Specs & Rating: Aegon Life iTerm

Claims Experience 4.6/5 star green
Customer Service 3/5 star green
Product Benefits 3.4/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
100%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.25%
How complex is the Claim Form?
The longer, the more hassles during claims
Short
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
98.01%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
93.62%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
241%
Personal relationship manager for claims
Not Available
Can you track claims online?
Available
Dedicated toll-free for claims service
Not Available
Separate Claim Form for above 3 Years Claim
Not Available
Home pickup of Claims
Not Available

Compare Aegon Life iTerm with top term life plans

Bajaj Allianz Smart Protect Goal logo
Bajaj Allianz Smart Protect Goal
Beshak Rating
4.4
Max Life Smart Secure Plus logo
Max Life Smart Secure Plus
Beshak Rating
4.4
Aditya Birla Sun Life DigiShield Plan logo
Aditya Birla Sun Life DigiShield Plan
Beshak Rating
4.3
What’s the Review of Aegon Life iTerm Plan by Aegon Life?
+ Show Details

Aegon Life iTerm is a term insurance plan offered by Aegon Life Insurance Company.

A plan which comes with an affordable pricing and provides you with various benefits surely, seems like the ideal plan depending on your family’s needs. The Aegon Life iTerm plan, is one such product that comes at a budget friendly pricing. In fact, this product is the cheapest term insurance product available in today’s market. However, the product comes with some drawbacks you should watch out for. For instance - it does not allow customizations for claim payout and limited pay options. Further, if we look into the purchase and claim settlements, the insurer holds a poor track record. So, we should take the low cost with a pinch of salt. 

Here is a quick review of the top features and benefits of the Aegon Life iTerm

Key benefits of Aegon Life iTerm plan

  • Life cover Benefit: This term insurance plan pays an assured sum of money to your family if your death happens during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy. 
  • Entry age for the policy: Aegon Life iTerm plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old. 
  • Increase your sum assured automatically: After choosing a suitable plan based on your family’s requirements this plan offers you the option to choose an increasing cover and grow your sum assured by 5% every year until you age 55 years. 
  • Cover duration: The Aegon Life iTerm plan, provides you the option to choose a cover till the age of 70 years. This means you can enjoy the cover for a few years beyond retirement too.
  • Limited Pay options: If you’re someone who wants to pay off the premiums quickly, and get the burden off your chest, you can choose one of the several Limited Pay options available under this policy.  You can choose to pay your premiums for 5, 10 years up to 60 years.
  • Claim Payout Options: This policy offers various claim payout options out of which you can select an option that suits your family the best. Some of these options include - 
    • One-time lump sum; In this option, your family/ nominee will receive the entire claim payout in one instalment. 
    • Lump-Sum with monthly income: In this option the claim payout will be divided into one large payment, and several smaller payments on a monthly basis.
    • Monthly income model:  With this, your family or nominee will be paid a regular income, on a monthly basis for a certain period of time.  

What are the Riders available with Aegon Life iTerm?

TheAegon Life iTerm comes with additional optional benefits that you choose as riders. This list includes - 

  • Comprehensive critical illness rider: This add-on pays an additional amount as a lump sum, in case you get a serious disease from a list of illnesses provided in the policy document. This money can be used to replace the loss of income and to pay for any additional health-related expenses your family might incur that won’t be covered by your health insurance plan. 
  • Accidental death benefit rider: This rider will pay your family an additional amount of money, if you die as a result of an accident. You can also use this rider to improve your overall cover in case your eligible cover amount is lower than the cover amount required for your family.  
  • Waiver of premium riders for critical illness and disability: These are great riders that everyone must choose. With this add-on - if you get a serious disease or a disability - you will not have to pay any further premiums. However, you can retain your term insurance cover until the end of the policy term.  

It is not necessary that you will require each and every rider that comes with the plan. Make sure whichever riders you choose are beneficial and fulfil your family’s needs. 

Why should you choose Aegon Life Insurance Company? 

Here is a quick overview of the claims experience you’ll get with this insurance company. 

  • Speed of claim settlement: The company has settled 100% of its claims in less than 30 days. This suggests your family is less likely to face difficulty in the claim settlement process.  
  • Length of the claim form: This insurer has a claim form that is relatively short, indicating that your family will have an easy and seamless claims process. 
  • Online tracking of claims: The insurer provides your family the option to track their claims online and can also use the toll-free services provided by the company. 
  • Claim settlement ratio: Aegon Life Insurance Company’s claim settlement ratio is 98.01%, and the claim amount settlement ratio is 93.62%. 

What are the disadvantage of buying this term insurance policy by Aegon Life Insurance 

  • Claims complaints: According to our research, we found that Aegon Life iTerm has a greater number of complaints compared to other insurers. This could result in a difficult claim settlement process and your family could experience some difficulties at the time of making the claim. 
  • Personal relationship manager: Aegon Life Insurance Company does not provide a personal relationship manager - someone to help your nominee throughout the claim settlement process.
  • Home pick-up for claims: The insurer does not provide the option to pick up the documents from home. Your family/ nominee will have to visit the branch to submit the documents personally.

How is the customer service quality of Aegon Life Insurance Company?

  • Toll-free: When it comes to customer service, our research found their response over the toll-free to be average.  
  • Twitter response: We found that the insurer's twitter response is also slow. Therefore, there might be a chance that your family or nominee might find it difficult to reach out to the company for any doubt or query related to the claim process. 

 About the Insurer - Aegon Life Insurance Company 

Aegon Life Insurance Company formerly known as Aegon Religare Life Insurance Company is an Indian Life insurance Company. It offers Term Life Insurance Plans, Traditional Savings Plans and Unit Linked Insurance Plans. Founded in the Year 2008, it is a joint venture between Aegon N.V. and Bennett Coleman and Company Limited. The company is headquartered in Mumbai, with its branches across various cities. The CEO / CMD of the company is Mr. Vineet Arora.

What’s the final verdict of Aegon Life iTerm?

Based on the 100+ parameters analysed by our in-house research team and after looking at all the product benefits, customer service, and claims experience - we give Aegon Life iTerm plan an overall Beshak⭐Rating of 3.7/5.

Compare Now
Discover the best tips for insurance every week!

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business.
© Copyright 2021 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to info@beshak.org now 🙂