Quick Notes: AEGON Religare iTerm Plan (Online)

For the third review in this series, I decided to pick-up the AEGON Religare iTerm Plan (Online) — perhaps the most popular online term insurance plan out there. What stood out and immediately cried for attention on the portal was that the claims statistics are openly published for everyone to see. Impressive. The company also provides an explanation behind the one rejected claim. Supports my hypothesis that if you’re brutally honest when filling up the policy form, you really would have nothing to worry about.

Image of statistics for Aegon Religare iTerm Plan

A quick reminder: To help you to keep up with new term plan reviews, to go back and refer to past reviews, and to share all of this content with your friends, I’ve created the following easy to remember link — So, please go ahead, bookmark and share — I see that many of you already are. Thanks!

  • The plan offers some optional riders — Accidental Death Benefit, Waiver of Premium on Critical Illness, and Women Critical Illness. I’m not too impressed by the features offered by the latter two, so the only useful rider seems to be the Accidental Death Benefit. But I couldn’t find a way to customize the coverage offered under this rider — the premium calculator seems to automatically pick a coverage based on the other factors such as policy term, your age, etc. and in some combinations the rider option seems to disappear.

  • I also like the built-in Terminal Illness clause, which, on diagnosis of any Terminal Illness, 25% of the base sum assured will be paid (maximum of Rs 100 lacs) & the base sum assured will be reduced by an amount equal to the benefit paid under this clause. In my opinion, large cash infusions into your savings account in such situations would directly benefit you.

  • Maximum maturity age is 75. So, unlike the current incumbent Bharti AXA Life eProtect plan, you’ll be very well covered even into traditional retirement. The policy term is continuous rather than being restricted to blocks of years (5-years, 10-years, 15-years, and so on).

  • Medicals are not required up to a coverage of 25 lacs, seem to be optional up to a coverage of 50 lacs and are compulsory beyond that. The great thing is that all of these are stated upfront. That’s what I am generally liking about AEGON Religare — the portal is very well designed and everything seems to be stated up-front and in a very visible way.

  • For our usual 30-30-1 benchmark plan (30-year old buying a 30-year plan for Rs 1 crore cover), the indicated premium is Rs 7,300 excluding service tax which happens to be exactly the same as that for the Bharti AXA Life eProtect plan.

  • I’m also comfortable with the AEGON Religare brand.

So, do we have a new winner?

I believe we do. In my opinion, the AEGON Religare iTerm Plan offers you a lot more flexibility than the Bharti AXA Life eProtect Plan (the current title holder) at the same benchmark premium. That now puts the AEGON Religare iTerm Plan in pole position.

What do you think?

8 thoughts on “Quick Notes: AEGON Religare iTerm Plan (Online)

  1. I would not go with Religare term plan, their customer service is pathetic. I had taken an offline term plan in 2007 but did not renew it in 2008 because of very poor service. Moreover their agents tried to give me commission for taking the policy.

  2. Hi

    I thought of taking this policy for my wife. However when wife spoke to the people at Poilcy, she was told that the 25% of SA would not be automatically paid on the diagnosis of any critical illness. This would be paid only if a doctor certifies that there is no hoppe and the illness might prove to be fatal. We didnt think that made sense and hence did not go ahead. Also the overall low claim settlement ratio does not inspire confidence. Instead we opted for HDFC Click 2 Protect. I think you need to give more weightage to claim settlement ratio and the finer details of the policies rather than ease of use of the portal, clunky graphics / user interfac e etc . I think the objective of a term plan is to to have a good back up for the dependants in the event of death of the insured and high claim ratio of players like LIC, ICICI, HDFC does help to inspire a lot more confidence than any other player with a substatially lower claim settlement ratio.

    I do not mean to offend any one and these are just my views .

  3. Selling Fake Scans ( Passport , Utility Bills , Bank Statement Credit Card Scan )
    Contact ICQ # 611417679
    We Sell Passport / ID Scan
    You Can Have any name , passport number , date of Birth u want
    We Also Sell Credit Card Scans And Bank Statement
    Any Card Number U want will be make

    Price is fix for every scan 25$
    Nearly Every Country In Stock Contact For more Option

    Fake Passport
    Fake ID Card
    Fake Address Proof
    Fake Credi Card Scan

    Contact ICQ # 611417679 Only

Leave a Reply