Aegon Religare iTerm Plan Review
As we all know that we should treat investment and insurance separately and one way to secure your family is by way of buying term insurance plan in India. It is the no frills or just plain vanilla insurance plan which does not have any investment opportunity or savings opportunity but just plain insurance for your family after in case of your unfortunate death. These term insurance plans are also the cheapest type of insurance plan in India. Since there is no assured returns attached to it, thus making the term insurance plans the cheapest insurance variety among the many available like endowment plan, life plan, or the much hyped ULIP plans.
Anyway, among the term insurance plans, iTerm Plan from Aegon Religare is said to be the cheapest term insurance plan in India. Aegon Religare is the newest among the life insurance companies in India and they obviously to catch up with the market have been famous for offering cheap plans, be it retirement plans, ULIP plans or life plans. And among it, is their iTerm Insurance Plan which is nothing but your regular term insurance plan from Aegon Religare Life Insurance.
Remember that iTerm Plan can only be purchased online and it cannot be brought from any agents or tax planning consultants. And thus could be one of the reason to make it the cheapest term plan at least in India. It offers complete protection for your family during your absence at a very nominal cost.
Benefits of iTerm:
- The sum assured will be paid to the nominee in case of the unfortunate death of the person insured.
- Also you get the regular section 80 C tax benefits on your premium amount.
- You also get the free look cancellation period when you buy iTerm online, the same of which can be done within 15 days of the receipt of the policy and they will pay you back the premium amount minus various charges that incurred to them when you brought their insurance online.
Eligibility for iTerm Plan:
- The minimum sum assured for iTerm plan is Rs. 10 Lakhs while there is no maximum limit set but subject to underwriting requirement.
- The minimum and maximum entry age for iTerm plan is 18 years and 60 years respectively.
- The maximum maturity age is 65 years.
- The policy paying term is minimum of 5 years to maximum of 25 years.
- You can pay the premium only yearly and no half yearly or quarterly premium payment options available with iTerm.
Exclusion:
Death by suicide within one year of policy is not covered under this plan.
Sample Quote:
A sample quote to prove that iTerm is the cheapest term insurance plan:
For a 30 year old male non-smoker, and for the policy term of 25 years and the sum assured of Rs. 30 lakhs, the annual premium is just Rs. 5160.
Disadvantages or iTerm Plan:
- Available only online.
- The policy term is limited to only 25 years.
- Newest insurance company.
- No additional riders applicable or available.
You can buy iTerm Plan from Aegon Religare only online via their special tool (which can be accessed only via Internet Explorer though) at their website, and will need to give the necessary details and payment via online. But remember that they may just even disapprove your insurance quote immediately when you are trying to purchase iTerm online, with their own terms and conditions. The premium amount varies depending upon various reasons including whether you are a smoker or a non-smoker, etc. You can buy iTerm plan online quite easily within minutes and you will get the confirmation, policy details, quotes, etc., via email. If you are still doubtful about buying this policy online, then you can see their iTerm Plan online buying process video and do it accordingly.
Although iTerm is claimed to be the cheapest term insurance policy, but still within its short stint, Aegon Religare has been marred with controversies like higher claim rejection rate as has been discussed at various forums and blogs and they also seems to have somewhat bad customer service so far.
Conclusion:
Although seems to be cheap, and this being a new company when it comes to insurance companies and we are not yet very much sure about their approval or rejection rates so far unlike bigger players like LIC who seems to have very low rejection rate among many other private insurance companies in India. It is entirely left to you whether to go for it or not since we cannot be sure if they will reject our family’s claim later in our absence due to any silly reason and that would be worse than not taking the term insurance at all. If you still want to play it safe go for the regular LIC Term policy either Anmol Jeevan 1 or Amulya Jeevan plans, this is my personal suggestion and my preference when it comes to term insurance policies.
Related Posts:
Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to my feed and get articles like this delivered automatically to your feed reader.
Comments
@Raghu, we have to believe someone! Anyway if your policy is clean and have no hidden facts, etc. then you dont have to worry about your family being compensated as IRDA controls these insurance companies and they will make sure your family is compensated if the claim is genuine and follows the rule!
Is there any website available where we can see the rejection rate of all insurance company. It would be helped to every individual for selecting their insurance.
You can get all information here:
http://www.irda.gov.in/ADMINCMS/cms/frmGeneral_NoYearList.aspx?DF=AR&mid=11.1
Friends , it is always better to trust government companies compared to private for term insurance. they are here to do business and earn money. Instead of having a worry just aviod private companies. Even if IRDA is there, these companies will everyone. At the outset our family will be the looser as they will reject the claim for any silly reason
how can i trust your company after paying so long years if u did not pay the sum total. person applied can not go to justice. r u going give bond to the customer. in car insurance at least person can go and claim. can you provide details of your plan and bond paper. i think it is just taking money from people. it is person life not a car insurance with out bond it is difficult to pay . under which act (section of law) did this policy has come.