Aegon Life Insurance Company Limited launched its operations in India in July 2008. Since then, the company has emerged as a strong player in the Indian insurance industry. Aegon Life is one of the major providers of insurance services in the Indian market including term insurance, pension and other services.

Aegon Life iTerm insurance plan offered by the company lets you financially secure your family when you won’t be around by providing them with a regular monthly income. It also offers additional protection against terminal illness, critical illness, accident risks, physical disability and their resulting financial impact.

Aegon Life iTerm Plan – Overview

iTerm is an online term insurance policy which helps  you secure your family of the sum assured amount you have chosen at the time of buying the policy. It’s a cost-effective protection plan that you can invest in to protect your loved ones by paying a fixed monthly or annual premium.

Eligibility Criteria for Aegon iTerm Plan


Entry Age

18 years

65 years
Maturity Age

100 years
Policy Term5 years62 years
Sum AssuredRs 25 lakhsNo Limit
Premium Payment ModeSingle, Annual, Semi-Annually and Monthly

Aegon iTerm Plan Benefits

  1. Death Benefit:

Total Sum Assured =Lumpsum Sum Assured + Income Benefit Sum Assured.

In case of death of the policyholder, her/his nominee will receive the Total Sum Assured in the following manner:

  • Immediate payout of the lump-sum amount
  • 2% of the Income Benefit Sum Assured as a monthly payout for the next 100 months
  • At the time of death claim, the nominees have an option to receive the total sum assured in one go and the policy will terminate thereafter.
  1. Terminal Illness Benefit

The policyholder will receive a lump-sum amount equal to 25% of the Total Sum Assured in case of diagnosis of any of the listed terminal illness in the policy document. Consequently, Total Sum Assured will be reduced by the benefit amount that has been already paid.

  1. Life Stage Option

Under this feature, the policyholder can increase the Total Sum Assured of plan in case of occurring of any of the following events:

  1. Marriage (applicable for the 1st marriage) = 50%
  2. Birth/Adoption of 1st and 2nd Child = 25%
  1. Riders or Add-on Optional Coverages

Besides offering life coverage, Aegon Life Term Insurance Plan also offers following riders or add-on optional coverages:

  1. Aegon Life AD Rider (UIN 138B006V03)
  2. Aegon Life iDisability Rider (UIN 138B014V01)
  3. Aegon Life iCI Rider (UIN 138B011V01)
  4. Aegon Life Women CI Rider* (UIN138B005V02)
  5. Aegon Life WoP (Waiver of Premium) Rider on CI (UIN 138B007V02)
  1. Option to attach or detach Riders

You can add riders to your policy at any point of time during the premium payment term (PPT) of the policy. Additionally, you can also remove the riders any time during the PPT by sending a request to the insurer about the same. The rider will be removed by the next premium payment once the request has been submitted.

  1. Tax Benefits

The premiums paid by you and the benefits received under Aegon iTerm plan are eligible for tax rebate u/s 80C and 10(10D) of the Income-tax Act, 1961. Please understand that the tax benefits are subject to change as per prevailing tax laws.

Features of Aegon iTerm Plan:

  1. Surrender Value:

The feature of surrender value is only applicable in the case wherein the policyholder has paid her/his premiums in lump-sum as a single premium. The company will pay the surrender value as 70% of the Single Premium after deducting service tax, any outstanding policy term, etc.. Please understand that the plan and its features will be immediately exhausted once the policy has been surrendered.

  1. Free-Look Period:

In case you feel that the policy is not able to meet your expectations, you have an option to get the policy cancelled within 30 days from the policy inception date. This 30-days period is also known as the free-look period.

Once the policy is cancelled, the company will pay you the premium paid by you, after deducting charges for:

  1. Applicable risk premium for the period of cover
  2. Any stamp duty paid
  3. Costs incurred for medical tests (if any)

Please understand that Aegon iTerm plan and its benefits will be terminated once the policyholder has received her/his payment.

  1. Grace Period:

The insured will get a grace period of 15 days if her/his is PPT mode is monthly and 30 days for all the other PPT modes from the premium due date. In case of death of the insured during the grace period, her/his nominee will receive the death benefit after deducting an amount equal to the unpaid premium.

  1. Policy Revival:

If the insured doesn’t pay the premiums even in the grace period, her/his Aegon iTerm policy will get lapsed. In such case, the insured can apply for her/his policy revival within 2 years from the due date of the first unpaid premium.

The policy revival will be accepted by the company only after fulfilling below-enlisted conditions:
Proper evidence of the life insured’s insurability

Premium amount paid in full to cover the due premiums

  1. Exclusion under Aegon iTerm Plan:

If the policyholder commits suicide within 1 year of policy inception, her/his nominees will get a refund of at least 80% of the premium amount paid, if the policy was still active. Same case is applicable under policy revival scenarios.

FAQs of Aegon iTerm Plan:

Q1) Do I also need to courier my documents even after uploading them to the website?

You can either upload your documents on the website or send it via courier. You can do either of them and hence, don’t need to follow both of the processes.

Q2) What if I take the citizenship of another country after purchasing the Aegon iTerm plan? Will I be still covered under the plan?

Even after you have taken citizenship of another country, your plan cover will still be applicable.

Q3) How can I change the nominee details on the policy?

You can contact Aegon’s customer service toll-free number at 1800-209-9090. The timings are from 8.30am to 8.30pm. Or else, you can also contact them on[dot]com via email to get the nominee details changed.

Q4)  Are online payments safe?

Yes, all the transactions conducted on are completely safe and secure. All the payments done on the portal are protected by Secured Socket Layer (SSL) technology by VeriSign (an esteemed leader in encryption technology).

In this process, your credit card information is encrypted and further converted into bits of code. This scrambled data is securely transmitted over the Internet where it can’t be read or decoded. Also, Aegon Life doesn’t store any financial data of its customers like their Debit/Credit card numbers or Internet banking related data, etc.

Q5) Where can the nominees apply for a claim?

The nominees can either directly contact Aegon Life’s registered branch office/s, send them intimation in writing or visit the company’s official website: www.aegonlife[dot]com to apply for a claim.