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.
Soumen Pal says
I am 27 years old. I want to buy a i-Term Policy but I have a question how many claims have been happily settled by Aegon in i-term policy, has not been discussed. Kindly throw some light on that and show the %of death claims passed by ur co to clear doubts.
Sourav shah says
Dear Soumen,
There has been only one claim for iTERM and the same was settled in 4 days.
Regards,
Sourav Shah
Sr. Manager – eSales (Aegon Religare)
Shiva says
Mohan,
I have been frequesnting your blog and it is quite helpful. Thank you!
I have almost made up my mind for ICICI’s Life Link Wealth Policy, Single premium. That is when I came across your article on IMaximize, which also has a single premium option. I plan to go for long term – about 20 years. Is it possible to cover some comparison? Appreciate your time and efforts.
Brijesh Anand says
Have a bought policy from aegonreligare ….as a customer all my needs are met. I am happy with the service provided… good work
Mr Manmeet Singh says
Bought this plan last week. Couldn’t believe that an insurance plan be issued in 7 days after medicals. Great service. Hopefully at the time of claim also this service level is maintained.
Mr Manmeet Singh says
I have bought a policy from aegon religare ….its the iterm policy and very happy with the enstire experience…
Manish says
Hi Mohan,
1) What if a 30 year old person takes a 25 year plan today and then wants to continue it for another 25 years. Will new annual premium will be applicable?
2) Does iTerm (or any insurance from Indian Insurance Company) is valid when person is out of India for a short/long/very-long period?
Thanks in advance.
Sourav shah says
Dear Manish,
The person will have to re-apply the age of 55 for another policy. Term insurance is however taken in order to ensure that your family members are provided for in case of any unfortunate death during your prime earning years, for which 25 years is a very good term.
Pradeep kumar says
Hi, i wod like to know my actual iTerm insurance amount, my DOB Is 10th may 1976, my annual income is 4Lakh, i am a govt employee, pls lnform me via my email id. Regards pradeep kumar, Almora, Uttarakhand, India
Sourav shah says
Hi Pradeep,
Your premium amount for a cover of 50 lakhs for a period of 25 years will be rs.7050.
For a premium of 1 crore your cover would be rs. 13,500. You haven’t provided your e-mail Id so couldn’t mail you the details.
You may call 020-66867910 for any further queries and assistance on iTERM.
Regards,
Sourav Shah
Senior manager (E Sales)
Amit says
Yeah,
Whats the Claim Settlement Ratio ? Cannot just buy it cos its the cheapest. Every Cheap offer has strings attached to it. So need to see whats the claim settlement ratio of Aegon.
Also Max term is 25 years. So for guys like me in age group of 25-34 its pretty useless.
Sourav shah says
Dear Amit,
One claim was made since the launch of the product in Nov’08 and the same has been settled. If you are 34 years old you can take a term of 25 years which means till the age of 59 years. Term insurance is mostly for covering the loss of income that ones family would face if the person insured dies during his earning years. At 59 most people retire so why would you want to continue paying premium for another 5 years when you have already retired. So I would recommend a term of 25 years.
Regards,
sourav . shah @ aegonreligare . com
Sr. Manager (e-Sales)
Disclaimer- The veiws expressed are my own and not bidning on the company.
savio says
does aegon religare have low claim settlment ratio .
my financial advisor has told me not to go for it due to this factor
kindly advice
Sourav Shah says
Dear Mr. Savio, no insurance company, be it Aegon Religare or LIC will ever reject a valid claim because we cannot. There is a governing body like IRDA which is monitoring all insurance companies. Insurance companies are build to last for centuries and only when you settle claims will the customers faith in the brand be stored. Also to add, there have been no claims on iTerm yet. These were figures for other AEGON Religare products. You may also check the IRDA site for the current settlement ratio for 2010 [+] wherein we have settled 20 out of 53 claims this querter which is a settlement ratio of 38% and the remaining 33 cases are being worked upon.
*The views expressed are my own and are not binding on the company.
Supreet says
Dear Sourav,
Nice to see your to the point replies.
Hopw you will reply to my few queries ASAP.
1) My salary is divided in two fixed components, 1) Cheque 80% of CTC 2) Cash 20% of CTC. As cover is dependent on income, will ageon consider the whole salary in case I wish to avail maximum possible cover?
2) Can I know the TnC before applying to the policy for my knowledge & understanding?
3) Will I get the stamped/acknowledged copies of medical reports from Aegon once Ageon accepts policy?
4) As per your knowledge, what is the average settlement time for the already settled 20 cases? (Ref your reply Dt Jan-24, 2011)
5) As per your knowledge, what may be the possible reasons, so far not settling the rest 33 cases? Roughly, how old these cases are? (Ref your reply Dt Jan-24, 2011)
6) Is there any table/rule for increasing premium in case of abnormal medical reports?
Thanks,
Supreet
Sourav Shah says
Dear Supreet,
Firstly sorry for the delayed repsonse. To answer your queries:
1) Most life insurance companies consider entire CTC while calculating maximum life cover that and individual can avail. There are other factors too are involved i the same such as, health conditions. age of the proposer etc.
2) All T&Cs for iTerm are mentioned on the product brochure and to simplify iTerm has only one exclusion which is ‘Suicide within the first policy year’. Besides this ALL forms of death are covered. You may download the brochure from this link-https://buyonline.aegonreligare.com/cordys/Esales/iTerm%20Plan%20Brochure.pdf
You may also call – 020-66867910 for further queries on iTerm or any service issues.
3) Yes you will get a copy of your reports with your policy kit
4) We received one claim on iTerm for 1 crore which has been settles in 4 working days.
5) Cases are pending for want of documents
6) The table for increase in premium is only available with the underwriters.
Disclaimer* The views expressed are my own and are not binding upon the company
Regards,
Sourav Shah
Sr. Manager (E Sales)
Aegon Religare
kiran says
Hi Sourav,
I won’t be in a position to say anything about the glitches the issuance of the item policy had in the past because my experience was all gud. These guys were eager to service and are very customer oriented, what with the directors and sr mangrs answering queries. I was taken through the entire procedure by an advisor from the contact centre. The knowledge of the advisor was commendable .I did a market survey also & it was one of the cheapest online term policies. Had a wonderful experience, Keep up the Good Work!
Applied on 29th Dec got my medicals dfone on 04th Jan and policy on 9th. SO I am happy with Aegon. Recomemmnd.
Pinky says
I am impressed with the way I was provided service at Aegon Religare. The iTerm Plan from AEGON Religare is one of the better term insurance
This product has power to change the way Indians Look at Insurance. iTerm is currently the cheapest Term insurance in market,most cost effective.
Santosh Singh says
Hi,
Sourav
Great to have such a policy online at a very low cost.I am also impressed with the kind of Service you have .First time I felt that any Insurance agent was not trying to sell me But was more interested to help me. Great to see such service and commitment. Great job, keep up the great work , I am sure there is a very long way ahead…!
Heena says
I would firstly like to appreciate the fact that the idea of launching something like an online term plan is cooool!!! It’s a great way to sell. No agents, no middlemen..blahhhhh..
I bought this plan online and had all info at the tip of my finger hassle free
So good job guys and keep being innovate in the market!!!
Ramdas says
I can not comment on other’s comment. However, when i think about the benefits of the product and the service i recd so far, I am happy wid the value I got in money terms and also, can sense the earnestness on part of the company to improve its services. Personally; that’s imp for me. And going by Mr. Saurav’s comments, he has accepted responsibility for initial hiccups. From my professional experience, its normal phenomenon with any new process. Whats important for me is somebody owning up the mistakes and correcting it and standing there to deliver in future and as long as my money is safe and ppl working hard 2 finetune services and processes, I have nothing to complain about !!!
Sharad says
Hi Sourav,
I have been comparing quotes of various term plans and was amazed to find Aegon Religare offering a similar product at almost half the prices. I came on this blog to be doubly sure before I commit to Aegon Religare. I also liked the way you promptly answered queries around the i-term plan- that cleared most of my doubts.
I am only wondering why you twice ducked a comment from Rajiv Jain and another gentleman that created doubts about i-term not covering death due to accident. They are right the policy brochure doesn’t cover the topic in satisfactory way. Could you please clear this confusion?
Sourav shah says
Hi Sharad,
Thank you for your kind words. With regards to Mr. Rajiv Jain’s comment, I am really sorry, I must have missed out on the same. But Honestly, I will never duck any question that a consumer is aksing on any forum. So apoligies if you felt the same. Let me clarify your doubts again. iTerm covers ALL forms of death and since the only exclusion is suicide within the 1st policy year, teh same is mentioned under the section Exclusions in the product brochue. If you need a mail on this I can do so too. iTerm also covers death in case of a terrorist attack which very few insurance policies cover. So to repeat iTerm covers ALL forms of death including accidental death. The basic fact is that it is a term plan and a term plan should provide compete protection to the policy holder. So please be rest assured and let me know if you have any further queries.
Regards,
Sourav[.]shah[@]aegonreligare[.]com
Disclaimer:The views expressed are my own and are not binding on the company.
alok jain says
hi,
Can somebody throw light on low claim to settlement ratio for Aegon religare products. I think this should be one factor people need to consider while going for a low cost product.
SURESH CHANDRA SUTHAR says
Please give Information about I term plant Insurance as details
1. age 34 year
2. insurance amount 30 lacs/25 lacs
3. not smoker & not drinker & no tobacco
4. 25 years duration
Nishanth says
Hi,
I would like to understand the meaning of Sum Assured for AEGON Religare
iTerm Plan.
Im a 28 year old Male (Non Smoker), I would like to take the policy for Sum Assured of Rs.5 Crores for a tenure of 10 years. My annual premium shows as Rs.39000.
So, If the policy matures after 10 years and if I’m still alive, what is the Guaranteed Sum Assured that i will receive ?
Ashok says
Dear Nisanth,
You can take a term plan with maximum sum assured of 10 times of your annual income. If you are medically fit and having annual income of Rs.50 lacs, you can always get a cover of Rs.5 crores as you are very young (28 years) now but there will be no survival benefit in this I term plan.
sanjay says
ZERO (0.00) when a term policy matures nothing is given by insurance company. for term policy sum assured is given only in case of mis happening.
Ashok Routray says
Recently, I have taken a term plan (smart life) from Future Generali. Please let me know whether it covers death by accident and terrorist attack.
Thanks,
Ashok Kumar
Puneet says
Hello Mr. Sourav,
Nice to see that you been checking & replying to queries quite promptly here on your products.
I am 34 yr old and looking to buy a term policy for 50L.
As i can see currently there are 3 companies offering online policies a) Aegon religare b) Kotak and c) ICICI.
Just got 1-2 queries before i finalize the term policy
a) How does Aegon goes for medical test, does your person visits my place and does all necessay tests or i will be asked to visit some place?
b) My only concern is that i may not be asked to visit a far place and also to bear expenses of medical test,please confirm on this
c) Does 1st premium money is deducted online even before medical tests done ?
d) How much time it takes to get a call from your Agent once i buy the policy online and pay the amount?
regards,
Puneet
Sourav shah says
Dear Puneet,
a)For Medicals there would be either a doctor coming to your house and taking the tests necessary or if required then we would arrange for a vsisit to your nearest hospital that we have a tie up with and schedule your medicals.
b)You will not have the bear the cost of medicals. the company will bear the same.
c)Yes your first premium is accepted immediately to process your policy. In case you are unhappy or want to cancel the policy, you may do so within 15 days of purchasing the policy. This service is called Free look cancellation and is available with most insurance products.
d) Once you purchase the policy you will get a welcome call within 48 hours from AEGON Religare.
Please feel free to write to me for any other queries.
Regards,
Sourav[.]shah[@]aegonreligare[.]com
satish says
Dear Mohan
One of my family friend having sugar level of 300 and asthma and high cholestral problem now she wants to take 1 crore I TERM POLICY my query is that 1) Whether insurance company allow her take policy becuase she having sugar, asthma,highcolestral problem
2) Is premium is same as others who are fit health.
satish
Sourav Shah says
Hi Satish,
Your family friend can avail iTerm. She will have to declare these facts while taking the policy online and then appear for the medical tests. The premiums for her will vary from what is charged for a person without these ailments.
Regards,
sourav [.] shah [@] aegonreligare [.] com
Ranjan says
Hi Sourav,
Can you please give me a comparative study of different company term policy and tell me why I should take from Aegon iTerm. What are the benefit am gonna to get from Aegon.
Regards
RRP
Sourav Shah says
Hi Ranjan,
I am not authorised to share a comparison on a public platform, but what I can assure you is that all online term plans offer the same level of protection so please go ahead and buy which company you are comfortable with. Please ensure that you disclose all details correctly while taking the plan. The benefit with AEGON Religare is that AEGON Religare iTerm plan also offers protection in case of death during a terrorist attack. you may sms iterm to 56677 to apply or write to me. Tc
Regards,
Sourav [.] shah [@] aegonreligare [.] com
*The views mentioned are personal and not binding on the company.
Reshma says
Hi Mohan, thanks for the information on this iTerm plan. I want to take a policy for 50L and currently I am 24yrs. I will be getting married in another 6 months, so my question is would there be any limit on the insurance amount one can take? Would there be any restriction on the amount as a family? Please advise.
Sourav Shah says
Dear Reshma,
There is no restriction on the amount of cover that one can take. You can also apply for a cover of Rs. 10 crores if your income levels/age permits you to. For a cover of 50 lakhs your premium would be rs. 4400.
You can mail me for any further queries which you may have on iTerm or term insurance plans.
Regards,
sourav [dot] shah [at] aegonreligare [dot] com
senior manager
Aegon Religare Life insurance
Reshma says
Thanks for the information Sourav. Appreciate your inputs and I will plan accordingly. If I need any more help, i shall revert back to you.
Sumeet says
Hi
I tried to buy Aegon Religare iterm olicy online but failed. It gave me message that based on information entered you are not eligible for policy. Your equote and PDF brochure that was sent mentions helpline number. Staff say we cannot disclose why you are not eligible for policy. This is crap, you must tell us what is the reason you deny policy.
Shashi kumar says
It can happen if your age and the term you have chosen does not match.Also if the staff say that they cannot disclose why you are not eligible for policy, it means there is no transparency it is not customer friendly.So you better look for another.I can sujjest one good company if you wish to.
Sourav Shah says
Hi Sumeet,
I understand your resentment completely. I agree with you that if you are denied a plocy then you should be informed of the cause for the same. It could be possible Sumeet, that we do not have a tie up with a TPA for medicals in the city you reside in and thus we were unable to serve you, or there could be some other reason which can be rectified.
May I request you to please mail me your e-quote number and I promise to get back to you with a satisfactory answer within 24 hours.
Looking forward to your mail.
Regards,
sourav [dot] shah [at] aegonreligare [dot] com
Senior manager
Aegon Religare Life Insurance
Narasimha says
Hi Mohan,
I am 32 yrs old, married (no children yet), working as a Software Engineer, making monthly take-home of 40,000 Rupees. My wife is a Home-Maker and I have my dependent mother, aged 60yrs. We live in a rented apartment. My savings per month amounts to 8,000Rs to 10,000Rs Max.
To date, I do not own any Insurance or Mutual Funds, Equity etc.
At present, I want to invest 3000Rs each every month over 5 Yrs period for my Mother and Wife benefits / credits, and also reduce tax burden. Please guide me suitable / appropriate Investment route which has good returns and profits. I appreciate if you could let me know the names of specific Investment plans. What should my necessary Investment Portfolio look like ? I want to gain some returns in the Short term (3 to 5 yrs) as well as Long term (15 to 25 yrs).
Further to the above, I also plan to obtain a Life-Insurance Term Policy for my Wife and Mother which covers Health benefits, Permanent Disability, Critical Illness, Risk coverage such as Accident, immediate Hospitalization etc ….. Please suggest the same. Is Family/Group Mediclaim Policy covered under Life-Insurance term plan?
Is it recommended to go for SBI PPF for self and my wife?
Also, I wish to increase my income level by bettering my career options down the line in 2 to 3 years.
Child Education / Funds, Gold ETF and Retirement Plans are my next level of interest.
Should you need any details, please let me know.
Looking forward to hear prompt and favorable response,
Truly,
Narasimha
Shashi kumar says
Dear Mr.Narasimha,
I can be of help if you could share some more details of yours to conduct your need analysis to be able to suggest you the best solution. So an interaction would be the best way.
Vineet says
Mohan,
Besides Aegon religare iterm plan, I find ICICI pru iProtect plan,in which premium is less for the same value of sum assured as in case of Aegon Religare iterm plan.
Here I take sum assured = 25 Lacs for 25 year tenure having Insurer’s age = 25 yrs
For religare iTerm it is RS 4050/- and for ICICI iProtect it is Rs 3739/-
Can you throw some light on which one is better?
Which I should opt?
Is there are other more Insurance companies who are providing such type of online term Insurance plan.
manoj kumar goel says
I want to take a iTerm Policy for Rs. 20 lakhs. I am a 41 year old male, having a perfect good health with no drinking/smoking etc. habits. I would like to go for this if the following is true:
1. The Premium remains the same throughout the term, which in my case
would be of about 24 years (65 years being the maximum age)
2. The premium is not hiked for some trivial reason medically or for the
professional reasons.
3. All types of death are covered (after 1st year).
4. What are the medical charges and other deductibles involved, in case
one does not want to continue with the policy issued – within the
preview window period of 15 days?
Could someone enlighten me on these issues?
Thanks!
Shashi kumar says
Dear Sir,
There is a better product where you can be covered upto 71 years instead of 65 yrs which you think is the maximum. ie., for a term of 30 years.
You can also have riders for Dreaded Disease & Personal Accident Benefit.
You can also opt for a reduced cover in due course without paying any further premiums.
You will also be eligible for lower premium rates as you are having a perfect good health with no drinking/smoking etc.
Also you can get your medical report which will cost you a few thousands for free at the time of issuance of the policy.
siddharth says
Hi Shashi,
whats that products details?
Please specify..
Sandeep Singh says
I want to take a iTerm Policy for Rs. 1.0 crores. I am a 41 year old male, having a perfect good health with no drinking/smoking etc. habits. I am already having two Rs. 50.0 Lacs term policies from some other private Insurance Company, but the premium is much higher. I would like to go for this if the following is true:
1. The Premium remains the same throughout the term, which in my case
would be of about 24 years (65 years being the maximum age)
2. The premium is not hiked for some trivial reason medically or for the
professional reasons.
3. All types of death are covered (after 1st year).
4. What are the medical charges and other deductibles involved, in case
one does not want to continue with the policy issued – within the
preview window period of 15 days?
Could someone enlighten me on these issues?
Thanks!
moly sarkar says
i-term doesnt have ant rider benefit….whereas i-protect does have the rider benefit with lesser premium….
Shashi kumar says
Dear Sir,
There is a better product where you can be covered upto 71 years instead of 65 yrs which you think is the maximum. ie., for a term of 30 years.
You can also have riders for Dreaded Disease & Personal Accident Benefit.
You can also opt for a reduced cover in due course without paying any further premiums.
You will also be eligible for lower premium rates as you are having a perfect good health with no drinking/smoking etc.
The premium will be same through the term
Also you can get your medical report which will cost you a few thousands for free at the time of issuance of the policy.
varun says
Please clarify my following doubts @ iterm on line purchase
I m 28 m non smoker.
my wife is 26 non smoker, housewife
1. Do i need to buy separate polici for each or jeevan sathi is available?
1a) if separat policy bought, will i get tax exemption for premium paid for wife?
2. Do I/we require any medical tests ?
3. Is premium fixed for whole span of policy or gets increasing yearly?
what documents are required to submit for age and residential address purpose?
Thanks
Varun
ranadev says
sir,
i”d like to buy an i term plan for Rs.6000000/-.cud u please help me?
Sourav Shah says
Dear Ranadev,
You can buy this plan online by logging on to buyonline.aegonreligare.com. You need to calculate your idela insurance amount, check the premium for your age and buy online. You can make payments using your credit/debit card or net banking account directly and avail the benefits of the plan. In case you have any issues or need more clarification please feel free to call me or write to me. I shall be glad to help you.
moly sarkar says
i-term doesnt have rider benefit.
Shashi kumar says
You could be having in mind the lowest premium may be.But do think of the benefit and importance of the riders against their cost which forms a very small fraction.Also at the time of claim, the agent will be your best friend to be with you.
Please do think
bora manoj says
plz publish %of death claims passed by ur co to remuv doubts
Rajeev jAin says
Hi there,
Lot has been discussed about i term from Aegon. And all queries have well defended. I would like to know the clients who have needed to get claims form the Aegon and their experience with Aegon while settling the claims because if there are no consumer insurance settlement claim complaints, I think policy is worth consideration.
May be company can release names of clients who are happy because of quick settlement claims.
Regards
Rajeev Jain
Rajeev jain says
The query of how many claims have been happily settled by Aegon has not been discussed. Kindly throw some light on that.
Rajeev Jain
Anand says
Hi, I have already finalised i-term plan for 50 lacs. The only prick I got is a comment from Max Newyork Life insurance agent. He told that this policy is not popular and not many people are buying this. So I kept myself at backfoot. Kindly clarify so that I can go ahead with my plans.
Clayton says
i Term is an excellent plan. Dont listen to agents who argue against it. It dosent have to be famous or anything for it to work. It has been sold in enough number already. It is very good incase you dont want riders. < * PERSONAL INFORMATION REMOVED * Read the 'About' Page for more information >
moly sarkar says
hi…. i-term is a good term insurance plan but doesnt have rider benefit…..if you have any furthet clarification let me know.
Sourav Shah says
Hi Anand,
Am sure you are smart enough to understand why a competitor will nor recommend us, because we are much than them, thats why. There are thousands of happy iTerm customers today and you also could be one if you choose to store your faith in us. Assur you of our best services. In case of any further queries you may write directly to me at sourav(.)shah@aegonreligare.com
abhinav mishra says
What do you mean by thousands of happy iTerm customers? One should be dead to be happy about a term policy and that too when the claim is hassle free for his/her family member. So it would beneficial for us if you give some hard fact as to the turn around time for a claim and the percentage of claim approvals. I am already a customer of Aegon Religare and am currently deciding between Max Newyork life platinum protect term plan and iterm.
So my question is that a 50Lach covers costs 12500 for me if I go for Max NewYork or even a normal Religare Term plan then how come the same costs just 5000 in iterm…is there a catch?
Sourav Shah says
Dear Abhinav,
By Happy customers I mean, customers who are satisfied with the policy purchase and post sales service such as timely follow ups. To answer your query on teh difference in pricing between iTerm and other life insurance plans, the sole reaosn for iTerm being cheaper than traditional term plans is the fact that it is sold directly to the customers online, which helps us avoid the distribution costs. And, thus we pass on this cost benefit to the customers. Hope that answera your query. You may feel free to get in touch with me for any other concerns and I shall be happy to help.
Melissa Gomes says
Hi Sourav
with regards to your above comments, I regret to say that it is not worth taking a policy from your company.A friend of mine had taken a policy from your company almost a year and a half ago. He faced a harrowing time to get his policy document- a good two months.
After some months , he received a renewal premium statement with too many folds , enough to be classified as scrap and all wrong values mentioned in the statement. He then called customer care to dicuss his issue , what he faced was a very rude person over the phone. As a customer he felt insulted. When he insisted on speaking to a manager at customer care, he was informed that managers do not entertain such queries and he has to visit a branch to get his queries sorted and the person on the phone abruptly hung up on him. The second time when he called and insisted on speaking to a manager, no doubt the call was transferred, however the manager literally spoke like a dumb person and was not knowing any facts about your policies. He informed about the rude person behavior over the phone and asked to check the recording but the manager said they do not record calls and she sounded very ignorant.
Even I have personally tried calling your contact centre. What I see is a long wait. I have waited for all long as 10 minutes, but not been able to connect to customer care. On one occassion , I managed to get through, however since there was a disturbance on the line from my end, I tried moving to an area where I could speak, however the person on the phone was quick to hang on me within 2 seconds by giving the closing statement. With such instances, how can any one feel like taking a policy with your company? We are working people. we work all day and with our hard earned money, we try to invest in your company for long term gain- whats the use – your own staff has let us down.
Melissa
SRIDHAR DAS says
I have gone through about iterm of aegon religare .Very interesting. I have already term insurance from hdfc standard life insurance for Rs.25 lakhs +lici for Rs. 5 lakhs . now my question is whether can i have a term insurace from aegon religare iterm for Rs. 50 lakhs?
Clayton says
Mr. Sridhar Das, The reason behind calling me is because an underwriting team in any insurance company has certain rules laid down by IRDA. So Based on two Questions I ask you, I will answer that question for you.
kalyani says
I am a 37-year-old female own a small outsourcing firm (Recruiting services to USA). Want to know if I am eligible for Ageon Religare iterm insurance? If yes, what is the maximum amount I can be covered. Now, I have 1 lac Lic market plus policy. Please advice.
Sourav Shah says
Hi Kalyani,
You are surely eligible for iTerm plan. Based upon your age your premium for a cover of 50 lakhs would be Rs. 5,800. You can buy this plan by logging on to buyonline.aegonreligare.com. If you need any assistance to buy this plan, please get in touch with me.
siddharth says
Saurav,
Can you please respond to “Melissa Gomes September 11, 2010 at 10:51 pm” post
moly sarkar says
Hi Kalyani,
I-term doesnt have rider benefit…..whereas i-protect does have rider benefit.if you have ant further clarification feel free to mail me.
Akil says
Moly, what kind of rider benefit does i-protect have? Can you please detail? Can you also point out to the policy document + sales brochure. I am trying to decide between iterm and iprotect
siddharth says
hi moly,
Please notify me all …
Sourav shah says
Dear Mr. Sridhar,
Your eligibility for another term plan of 50 lakhs depends upon your annual income. Generally a person can take Life insurance of upto 12 times his annual income or even more depending upon other factors such as his lifestyle habits, medical history etc. So if your annual income is close to 5 – 6 lakhs then you surely will be eligilbe for another 50 lakhs of cover. In case you wish ti know more about iTerm please feel free to write to me or visit buyonline.aegonreligare.com
Clayton says
Hi all. Good day, I’m Clayton, a Relationship manager with AEGON RELIGARE life insurance co. I Just went through all your comments, and really want to add a certain comment here.
Aegon Religare does provide the cheapest Term Plan. The Reason it’s so cheap is because we dont get paid for selling that to you. That means our commision is exempted from the product making it so cheap.
Another plan, an investment product, has the least allocation charges in the market, and is called INVEST MAXIMISER. The reason it’s so cheap is again that the commission is exempted to 50%. So lesser charges means higher returns in lesser time.
Rishabh says
Hi Clayton,
How easy it is to get Claim from AEGON?
Which Plan is good if i want to cover myself with any kind of death (Due to Disease, Accident, Sucide, Murder etc…) and permamnet disability/Partial disability upto 50 Lac INR.
Rishabh says
Hi Guys,
I was comparing Aegon Relogare Life Insurance Term Plan with toher companies and reached to this Blog.
Basically i am looking for Term Plan which cover me with any kind of death and permamnet disability upto 50 Lac INR. I was told that Aegon is cheaper compare to other companies in market but not sure how reliable is Aegon.
Plese share your experience with me
Sourav Shah says
Dear Rishabh,
All Life Insurance companies are governed by IRDA with sizeable corpus deposited as Guarantee money. So please dont worry about the existance of private life insurance companies. They are surely going to be around for a long long time. For example Aegon is a 160 year old International Insurance, pension and investment company whereas Religare is a global financial services group with a presence across Asia, Africa, Middle East, Europe and America. Similarly Allianz from Bajaj Allianz and Prudential from ICICI are all giant global players who have tied up with regional corporate houses to provide Insurance to domestic customers in India. So please feel free and select any company without any second doubts. Just one advice, while disclosing facts to any insurance company disclose all facts correctly to ensure that you get claims without any hassle. Happy buying
Disclaimer – the views expressed are my own and are not binding on the company.
Rishabh says
Dear Sourav,
Thanks for your reply
Shashi kumar says
Dear Rishab ,
Please let me know your present age and the term you opt for.
moly sarkar says
Dear Nr. Rishabh,
I term is a good term plan but doesnt have rider benefit….whereas I-protect from is similar plan which does have the rider benefit.
Kuldeep says
I have just recieved iterm policy from religare…the procedure was very easy, transparent & haggle free….it took a total of 11 days from making the online payment to issuance of policy documents (inlcuding medical examination). No underwriting load even though I was slightly overweight. While fishing for a suitable term plan, I also came accross Kotak’s preferred term plan which is very close to iterm in terms of cost (approx 15% higher than iterm), but also offers riders (Critical Illness, permanent disability & accidental death), also has the option of staggered premium payment, and is also available upto a terure of 30 years. It is also an equally good product, though I do’nt have any personal experience with Kotak.
Mohan says
Thanks for sharing your experience Kuldeep. I shall review the Kotak’s similar plan some time soon.
Dilip Sah says
Thanks Kuldeep for sharing about Kotak’s preferred term plan and also to others for sharing there experiences. Looks like a good option to me. For 1 cr. the premium is 15K for a healthy 30 year and that too for 30 years which is good. Also, it has got riders. The following rider seems to be useful.
Kotak Permanent disability rider. The premium is also less just Rs 400
Critical illness looks to be little costly and also the clause that sum assured will be reduced by the amount paid for critical illness claim is bad. So, it’s better to take a separate Critical illness policy. I have tried bajaj allianj and it is 40% cheaper. Though we cannot compare critical illness plans unless we know what all diseases they allow. But this is what it appears to me at first look.
Thanks,
Dilip
Dilip Sah says
I just saw that though the premium for critical illness is constant if you take it with life insurance policy. In case you take it from general insurance companies, it will increase with age.
So, after comparing, it’s better to take Critical illness policy from Life insurance companies.
ank says
yes it would be cheaper but from wht i know… in a term policy if you are paid the critical illness cover the life cover ceases so it is better to buy both of the seperately
moly sarkar says
I-protect is also cheap and does cover rider benefit.
praveen says
Dear All,
Already i have ULIP from HDFC and i have taken partial withdrawal after 3yrs.
Insured sum is 3 Lakhs. I want to increase this and now i am married i felt for my wife also i should take one. But i feel this will mature only in case of death. So don’t feel the need of this. But i am worried about her health , So can any one suggest me what kind insurance i can take for her which will cover all kind illness.
Regards,
Praveen
Sourav Shah says
Dear Rajeev,
The practical difference to the customer in case of:
a) Natural death – 100% of sum assured will be paid
b) Accidental death – 100% of sum assured will be paid
Permanent disability is currently not covered as this is a simple Term plan offering high cover at very basic cost. There is an additional cost to these riders which can push up the cost for any term plan. My suggestion to you would be to go for a high sum assured with iTerm for a long term – 25 years and opt for a personal accident policy from New India assurance or any other organisation. That way you will be covered for a very high amount of sum assured with iTerm and will also have Permanent disability cover and the total cost of both the policies will still be much lower than a plan providing both covers for a high sum assured. Coming to your other point, the only other difference between Level Term and iTerm (besides iTerm being a lot cheaper and available online) is that Level term offers ADDD rider and Critical Illness rider. Please let me know if you have any further queries.
* Disclaimer – The views and opinion expressed are my own and are not binding on the company.
Rajeev Jain says
Thanks Saurav for prompt replies. I still have a query.
Level term plan and iTerm offered by Aegon Religare. How different these are as far as benefits to the consumer are concerned. basically as a consumer I want to know so that the benefits extended to me in either policy should be no different. Otherwise I will opt for say Level term plan rather than i term plan.
One difference for the cost is because of its online nature the costs are much less (40% less)!!. thats huge commission being given to agents every year!!!
Second difference is there are no riders associated with i term. OK
What are the practical diferences to the costumer in case of
1. natural death
2. Accidental death
3. Permanent disability.
Kindly clarify. i will be grateful.
Regards
Rajeev Jain
chandigarh
joseph says
Guys,
is there any incontestability clause in this term plan ? like international plans which can not be contested in a court of low if the policy have completed 2 years. just wanted to know if it is like that in indian insurance policies spcially on the Ralegere policy…
can someone help ?
thnaks
Sourav Shah says
Dear Rajeev,
There is some confuison that you have with regards to riders in your mind.
Firstly let me clarify that iTerm cover ALL FORMS OF DEATH, whether by accident or illness. The only exclusion is that death by suicide is not covered in the first year – which is same for all Isnurance companies offering a term plan. So there should be no confusion on what is covered under the plan and what is not. ALL FORMS of DEATH are covered under the iTerm plan and not only NATURAL death.
Now coming to Riders. Riders are additional add-on covers that are provided along with a basic policy. So if you opt for a accidental death rider than what happens is that in case of an accident a certain amount of money is paid to you for loss of certain body parts.
Aegon Religare does not provide the accidental death benefit rider with iTerm currently, which means if a policy holder dies in a road accident then he will surely get the complete amount of insurance he has opted for by taking the plan iTerm but there is nothing additional over and above the Sum assured that will be paid. So if a 29 old male, non smoker, takes an iTerm cover for 1 Crore -the premium for which is Rs. 8000, then in case of his death by accident his family will get 1 Crore cover.
Please let me know if you have any further confusion.
Rajeev jAin says
Hi there,
Thanks for Clarifying the doubts. I have SBI-Shield. I am now 37 years old and my term policy is 3 years old. For a cover of 40 lakhs + 10 lakhs accidental rider, I have got this term insurance for 14000 Rs p.a. for 20 years payment period.
One of my friend actually referred me to your i-term plan where the premium was almost half this!!!
What is interesting is that in your Level term plan the premium is amounting to the same ~14000/- for 40+10 lakhs
Plan Details
Date of Effective Quotation: 26 July 2010
Name(life insured): Rajeev
Date of Birth: 25 April 1974
Policy Term: 20
Premium Frequency: Yearly
Cover Details
Sum Assured Amount
Base Plan 4000000
ADD Rider 1000000
CI Rider 0
Premium Quotation
Base Cover 10920.00
ADDD Rider 1350.00
Total Installment Premium 12270.00
Service Tax 1227.00
Education Cess 36.81
Total Installment 13534
Can you provide me the justification for the same?
Waiting for clarification.
Regards
Dr Rajeev Jain
Sourav Shah says
Dear Rajeev,
Level term plan and iTerm offered by Aegon Religare are two different plans. Both are term insurance plans but iTerm is only sold online. As such our distribution cost for the product is very low and also there are no Agent cost involved as we are directly selling to the customer. As such we pass on the benefit of the low cost to the customer in terms of lower premiums for Life cover. That is the reason iTerm is cheaper than any other plan. iTerm covers all form of death during policy period, except suicide in the first policy year. If you have any further queries than please feel free to write to me.
*Disclaimer – the views expressed here are my own and are not binding on the company.
Rajeev jAin says
Confusion regarding I-Term plan from AEGON:
One should give as much correct information as possible while taking the policy.
One drawback of this policy is that it doesn’t offer accidental insurance or critical illness. The e brochure does not qualify death any further.
Its very important as either rest all other companies are FRAUD or AEGON is fraud. There have to be some catches in this i term policy. If you look at say SBI life shield the accidental death riders cost you very low for eg for 40 lac natural death cover, the premium for 34 yr old male would be ~13000 Rs but with accidental death rider, cover for 20 lakh additional would be ~15000,!! Could it be that AEGON is providing cover for Accidental deaths alone and not Natural death?? or vice versa. I think IRDA should take up this issue sas some information is fraudulent!!!
Rajeev
Reshma says
Hi All,
has anyone bought this plan online? how was the experience of purchasing online? do we need to go for medical tests after purchasing the policy? Are there any other things I need to know before buying this?
Tejendra Tambe says
Yes!
I purchased this plan online, and my exprience was very good.
My current age is 32 Years, my sum assured is Rs. 50 Lacs,
and my annual premium is just Rs. 8930.
It is the chepest plan so far available in market. (But yes without any Riders) .If you want protection of your family against your death, then this is best one. This plan purely covers your death.
You can also go for protection against critical illness and accident benefits by loading your mediclaim / health premium.
Anil says
Hi,
I have discussed about a health plan with a agent from Aegon Religare health care. I am still confused on one point.
He told after every 3 years, the premium will be revised and will increase by a small amount. People told here that, the premium is not going to increase in the whole term as per IRDA. Then this is conflicting.
They have age slabs for every 3 years. so when your age crosses a slab, the new slab rates will be applicable for you even if you are an existing customer.
So can anybody clarify this.
Sourav Shah says
Dear Mr. Mangal,
The maximum term for which iTerm plan is available is upto age 65 years. So according to your current age(47 Yrs) you can take the policy for a period of upto 18 years. The premium for the sum assured of 25 Lakhs would be 13,575. iTerm from Aegon Religare covers all form of death except suicide in the 1st year of policy. After 1st year, even death by suicide is covered. There are NO HIDDEN CHARGES. Your premium remians the same throughtout your policy term and you do not need to pay anything extra besides the premium.
I would suggest that you apply for a sum assured of 50 lakhs as the premium for the same is just marginally higher Rs.16,900, but you get additional cover of 25 more lakhs. You may feel free to write to me for any further queries.
SN MANGAL says
Please calculate the premium of my age (24.09.1962) I am Professional (CA)
I am not smoker, drinker, etc. I have no any problem like BP etc i want to purchases aegon religare chipest plan with full benefit, whether are you covering normal, accidental or any abnormal death in this plan , my term will be 25 years with 25 lacks sum. please mention if any hidden charges or condition that will be painful to my legal heire.
Rajendra Nain says
I am an adviser with Met life. I have read many comments on this blog of Mohan Pyare.
Rates are best beyond any doubt, and rules are same for all the companies for settling the claims. I think they are offering this product so cheap as they are not paying any commission on this product.
Dear all clever friends just think why the commissions are paid. Are you people not paid from your employer. You serve them and they pay you (hefty) salary. is that right or wrong. We the advisers do the same thing. you people are our employer.We provide you the service., term plan is a pure insurance,god forbid anything happens to you,who rushes the most to help your family,take out the records,it is only a hefty commission taker adviser. and in that time adviser is not less than a GOD. All professions are noble, lets respect all so that all repect you,that’s what you want. thanks
Jayant Bhat says
Well Said Mr. Nain. All professions deserve their due and same with Financial Advisors. But provided, Advisors do think about their customers actual needs too. for me, Advisors profession is comparable to the doctors profession. Doctors generally give what is best for the patients. Similarly, there is no harm if advisors earn commission out of what is sold to the clients as per their requirements.
Shashi kumar says
Rightly said Mr.Nain
Many are obvoiusly attracted by the lower premium rate.
People should look into the exclusions and the absense of riders which do matter.
Also one should also note the difference level premiums and incremental premiums makes.
They have age slabs for every 3 years. so when your age crosses a slab, the new slab rates will be applicable for you even if you are an existing customer