Aegon Religare iTerm Plan

Aegon Religare iTerm plan gives a pure coverage risk on the death of the person insured. This is a pure protection insurance plan and customer has to pay yearly premium till the maturity of the policy. More over this insurance policy is available by online method alone! It means a lot of simplification in terms of all the paper work.

It is a simple 3 step process to buy this iTerm Insurance policy online.

• Know correct amount for which you need insurance
• Calculate the premium based on term and compare with similar products
• Buy Insurance Online

All of this can be done online and they have a very neat way of setting various criteria like whether the policy seeker is a male/female, smoker/non-smoker, tenure slider etc., See the image for more details.

I strongly feel this product will certainly change the way people buy term insurance. This is one of the path breaking product kinds and it will change the overall perspective of the insurance buyers. Also, it will boost the online insurance sales since most of the term insurance policy buyers come from educated section with computer usage knowledge. It would be interesting to see how they handle this plan via online mode against physical proposal forms and medical tests to provide a smooth buying experience.

I did a bit of comparison with other term insurance plans in the current market by various companies. I found this plan to be a perfect match of value for money and convenience. In fact for any age category, this plan seem to provide the best cover for the same premium amount, the premiums were lesser by atleast 40% compared to LIC’s Amulya Jeevan!

Here are the salient features of this plan:

• The term period falls in band of minimum 5 years and maximum of 25 years.
• Any customer with minimum 18 and maximum of 60 years in age is eligible for the plan.
• One of the most cost effective term plans available in market.
• Simple, uncomplicated product. Easy to understand even by first time Insurance buyers (refer to the image).
• Online availability, allows you to insure yourself conveniently through your computer!
• Tax benefit under section 80c
• Free Look Cancellation – In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. They will recover the costs from the paid premium towards medical tests, stamp duty, etc.,
• The iTerm plan does not have any riders attached to it. If the policy holder meet with an accident and loses eyesight or any other body part that causes the person become physically challenged, then this plan is useless. This is the biggest shortcoming. Special thanks to Raghu for bringing up this point.

For more details on the plan, visit their site here. My only concern is that you can’t buy this policy if you don’t use Microsoft Internet Explorer! Even I wrote a mail to the grievances manager of Aegon Religare about this since a huge number the users have switched to other browsers in the recent past. The reply I got was shocking.. which read “At present we do not have the facility where you could buy the policy online without the internet explorer. We would suggest you to buy the policy which has the Internet Explorer compatibility.” Not sure when these companies will learn to support their sites for web browsers compatibility.