Aegon Life iTerm Comfort

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

The Aegon Life iTerm Comfort policy doesn’t allow you to choose some important customizations such as increasing cover or limited pay. It also doesn’t give you many options to customize how your family will receive the claim amount. Further, the product is considerably expensive compared to other products in the market. Additionally, the insurer has a good track record of settling claims faster but has received a higher number of policy purchase and claim settlement complaints.

Here is a quick review of the top features and benefits of the Aegon Life Term plan.

Key benefits of Aegon Life iTerm Comfort 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 Section 80C of the Income Tax Act with this term insurance policy. 
• Entry age for the policy: This term insurance policy allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old. 
• Increasing cover: The Aegon Life iTerm Comfort Plan does not provide the increasing cover option to grow your cover automatically. So, every time you want to upgrade your coverage, you will have to buy a new term insurance policy manually.
• Cover duration: The Aegon Life iTerm Comfort 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.
• Limited pay: If you’re someone who wants to pay off the premiums quickly, and get the burden off your chest, you can choose the Limited Pay option. This plan, however, doesn’t offer the option to pay off your premiums in faster installments. 
• Claim payout options: This plan only allows a one-time claim payout. Meaning, your nominee will receive the entire claim in one go as a lump-sum amount. This might be risky if your nominee is someone who might not be able to manage a large sum of money.  

What are the Riders available with Aegon Life iTerm Comfort?

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

• 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 as a result of the disease. 
• Accidental death benefit rider: This rider will pay your family an additional amount of money if you pass away because 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 rider: This plan offers both - waiver of premium due to accidental disability rider and waiver of premium due to critical illness rider. These are great riders that everyone must consider purchasing. 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 coverage until the end of the policy tenure.  

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 fulfill your family’s needs. 

Why should you choose Aegon Life Insurance Company? 

Here is a quick overview of the claims experience your nominee will get with this insurance company. 

• Speed of claim settlement: The company has settled 99.58% 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: If you are looking to buy the Aegon Term Insurance plan, you should know that the insurer’s claim settlement ratio is 99.25%, and the company’s claim amount settlement ratio is 93.62%. 

What are the disadvantages of buying a term insurance policy from Aegon Life Insurance? 

• Claims complaints: According to our research, we found that Aegon Life Insurance Company has a higher 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 toll-free to be average.  
• Twitter response: We found that the insurer's Twitter response is 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 branches across various cities. The CEO / CMD of the company is Mr. Vineet Arora.

Final review of Aegon Life iTerm Comfort

Based on the 100+ parameters analyzed by our in-house research team and after looking at all the product benefits, customer service, and claims experience - we give the Aegon Life iTerm Comfort Plan an overall Beshak⭐Rating of 2.9/5.