Clear-Cut Benefits: 3 Types of Term Insurance Plans You Need to Know About

Although it’s easy for one to appreciate the gift of life, it’s also important to acknowledge that it has its fair share of ups and downs. And since no one knows what tomorrow holds, it’s always advisable to plan to avoid any unpleasant surprises. Leaving your family with no means of survival is usually a nightmare for every individual. This is especially the case when a person is a sole provider in the family. For that reason, it is essential to secure yourself, as well as your family, by planning for the future. A suitable plan to have in mind is the term insurance plan. If you need a policy with a minimum premium and still offers a large sum, then you need to consider this plan. This kind of insurance will ensure in case you pass away, your loved ones get a hefty sum as the beneficiaries. In that regard, this term plan acts as a backup for your loved ones in your absence. However, as its name suggests, it is a plan that comes with a certain timeframe.

Aegon Life offers different types of term insurance you can choose from. These include:

  • iTerm Plan

The good thing about this plan is that it has two options for death benefits. The first option of the iTerm plan pays 100% of the total amount assured to the nominee, and this occurs at once. The second option of this plan offers 1.2% of the total amount assured for 100 months, and this takes place monthly. This term plan provides life cover for up to 100 years of age.

  • iTerm Plus

This is a cost-effective plan that allows you to select from 4 different options depending on what is conducive or ideal for your case. The good thing about this term plan is that it covers about 10 critical illnesses under Life & Health plan and 36 critical illnesses for Life & Health Plus option. Moreover, the iTerm Plus can cover for as long as 80 years of age, giving you adequate time to increase your life coverage in various life stages.

  • iReturn Plan

If all goes well, this plan ensures you get back all the premiums paid towards it once the tenure is complete. In addition to the benefits for your terminal illness, iReturn waives off all the future premiums in the event you get diagnosed with a severe or terminal illness.

The term insurance is an excellent option for ensuring the future of your family members is secure. Make sure you select a plan that is suitable for your situation and one that meets your needs in the best way possible. Additionally, you need to remember that a good policy should offer low premiums and comprehensive protection.

About Aegon Life

With a complete product suite of life insurance plans, superior technology, and customised service, Aegon Life Insurance Company Limited launched its pan-India operations in July 2008. As a joint venture between Aegon – world’s leading financial services and Bennett, Coleman & Company – India’s leading media house, Aegon Life Insurance adopts a local approach to facilitate customer interaction. Our vision to be the most recommended new age life insurance company has enabled us to leverage digital platforms that bring transparent solutions to customer needs. Our financial planning and investment solutions include term life insurance plans, pension plans, unit-linked insurance plans (ULIPs), health insurance plans, child education plans, and more.

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