February 05, 2020: Customers can now double their life insurance sum assured in 20 years through provides increment of sum assured by 5% of the Base Sum Assured (simple rate) from the start of 2nd Policy Anniversary. This increment is provided till the Policy Anniversary is subsequent to life insured’s 55th birthday, post which no further increments shall be applicable.

This increment is provided each year with no additional increase in premium.

For e.g. if a customer who is 30 years of age chooses a cover of INR 1 Cr under ‘Protect Plus’ option at premium of INR 13,619 (excl taxes) the sum assured for second year automatically becomes INR 1.05 Cr and increases year on year, up to his 55th birthday and provides a sum assured of INR 2.25 Cr. During this time, the customer pays the same premium of INR 13,619 each year.

The Aegon Life iTerm Insurance Plan is available across all platforms and channels. Below are the key features of this product that customers can benefit from.

  *   Enhance life cover annually, to keep up with inflation

  *   Reward for switching to a healthy lifestyle

  *   Flexibility to increase life coverage amount at key milestones of life

  *   Financial protection on diagnosis of terminal illness

  *   Flexible Policy Term & premium payment options

  *   Option to Smokers to quit smoking and reduce their policy premium from 2nd policy year onwards, under our ‘It Pays to Quit Smoking’ benefit

  *   Option to pay premiums for a limited period and enjoy Policy benefits for the complete Policy Term

  *   Flexibility to choose the Death Benefit payout:

  *   As a lump sum payment, or

  *   As fixed monthly income for 100 months, or

  *   As a combination of the above

  *   Tax benefits on premiums paid and benefits received as per the prevailing tax laws