Aegon Life iTerm Prime
Introduction to Aegon Life iTerm Prime
Aegon Life iTerm Prime is a term insurance plan offered by Aegon Life Insurance Company, formerly known as Aegon Religare Life Insurance Company. A term insurance policy is the most cost-effective and efficient option to safeguard your family's financial security. In case you pass away during the policy tenure, the insurer will pay a sum of money as a death benefit to your family. They can use this money to meet their financial needs without having to compromise on their current lifestyle, as well as to pay off any outstanding loans or liabilities.
This product is cheaper than other plans in the market and offers an early exit option as well as comprehensive critical illness coverage. However, it doesn’t allow you to choose important customizations such as increasing cover and doesn't allow many limited pay options. It also doesn’t give you any options to customize how your family will receive the claim amount. Further, our research indicates that the insurer has received a higher number of claim settlement complaints as well as policy purchase complaints, suggesting a poor track record in terms of both purchase and claims service experience.
Pros & Cons: Aegon Life iTerm Prime
Cheaper than other products in the market- Option to exit the plan while it is still active and receive a refund of premiums
- Critical illness rider available, and the payout is in addition to the life cover amount
Doesn't offer the option to automatically increase your claim amount, with time- Not many Limited Pay options available, to speed up payments
- No option to customize claim payout
- Received higher number of complaints on claim settlement compared to other insurers
- Received higher number of complaints during policy purchase compared to other insurers
About Aegon Life Insurance Company Limited
Aegon Life Insurance Company formerly known as Aegon Religare Life Insurance Company is an Indian Life insurance Company. Founded in the year 2008, it is a joint venture between Aegon NV, a leading international provider of life insurance, pensions and asset management services, and Bennett, Coleman and Co. Ltd., India's largest media conglomerate popularly known as the Times Group. The company is headquartered in Mumbai and its CEO/CMD is Mr. Satishwar Balakrishnan.
Detailed Product Specs & Rating: Aegon Life iTerm Prime
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