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Technical Insurance Details
protection
Time is always running out. There are many things to do, but very little
time. You do whatever it takes to make sure that your family lives a
comfortable life. However, no one has control over uncertainties of
life. Will they be able to sustain the same lifestyle even in your
absence? In order to ease some worries and give your family the best,
AEGON Religare Life Insurance offers AEGON Religare iTerm
Insurance Plan, which ensures protection for your loved ones - at a
fraction of the cost. And now, you can avoid the hassle of going
through the tedious paper work and easily get yourself insured using
the internet. It is not only simple but also available at your finger tips.
Minimum Premium
Sum Assured
(in Multiple of Rs.1,000)
Minimum - `10,00,000;
Maximum - No limit
(subject to underwriting requirements)
Other Features
Riders: You can make your plan more comprehensive by opting for
the below mentioned riders:
Benefits
Death: In case of your unfortunate demise, the benefit payable to the
nominee is Sum Assured and it does not change during the term of
the contract.
Diagnosis of terminal illness: On diagnosis of any terminal illness, an
amount equal to 25% of the base Sum Assured will be paid subject to
maximum of `100 lakhs and the Death Benefit will be reduced by an
amount equal to the benefit paid under this clause. No premium will
be charged after company accepts the terminal illness claim.
Tax Benefits: As per applicable tax laws. Please consult your tax
advisor for details.
Heart Attack
Policy Term
Stroke
Group
Conditions covered
Benefit amount
Group 1
Group 2
Pregnancy Complications
Eligibility
Entry age
You can claim only once under each benefit group throughout the
Policy Term. Once the claim is made under any group, the subsequent
premium will be reduced by an amount equal to the premium for the
claimed group. Riders are not available with single premium payment
mode. Please refer to the sales brochure of these riders to
understand the terms & conditions and before concluding the sale.
Grace period: You are allowed to pay premiums within 30 days from
the premium due date. If a due premium is not received within the
grace period of 30 days, your policy will lapse and the insurance cover
will be ceased.
Lapse and Reinstatement: If premiums are not paid before the expiry
of the 30 day grace period from the premium due date, the policy will
lapse. If the Policyholder fails to reinstate a policy within this two year
period from the premium due date, the policy will terminate. On
reinstatement, all outstanding premiums, without interest will be
payable.
Cancellation of Policy on Non Receipt of Documents: In case of non
receipt of documents within 15 days from the date of issue of
Temporary Insurance Certificate, the policy will be cancelled and the
Policyholder will be paid back the premium without any deduction.
Maturity: The contract does not acquire any maturity value, therefore
no amount is payable to the Policyholder on maturity.
Surrender
Regular Premium: The policy does not acquire any Surrender Value
throughout the Policy Term and therefore there is no amount payable
to the Policyholder upon surrender.
Single Premium: You may surrender the policy after completion of
three policy years. On surrender, the company will pay the Surrender
Value as per the following formula:
Surrender Value for single premium policy = 0.7 * single premium
(excluding any extra premium loading and service tax) * outstanding
Policy Term (rounded off to a lower integer) / Policy Term.
Service Tax
Service tax or any other tax shall be levied as per the prevailing tax laws
on premiums or benefits payable.
Exclusions
Suicide Claim Provision: If death occurs due to suicide within one
year from the date of inception of the policy or within one year from
the date of reinstatement of the policy, the nominee or beneficiary
shall be entitled to 80% of the premiums paid, provided the policy is in
force.
For Terminal Illness Benefit: No claim will be payable if the condition
arises directly or indirectly as a result of any of the following:
n Self inflicted injuries, suicide, insanity, immorality, committing any
breach of law.
n Unreasonable failure to seek or follow medical advice.
n Alcohol or solvent abuse, or the taking of drugs except under the
direction of a registered medical practitioner.
n Infection with Human Immunodeficiency Virus (HIV) or conditions
due to any Acquired Immune Deficiency Syndrome (AIDS).
n For the purpose of this plan, the definition of AIDS will be the one
that is used by the World Health Organization at the date of onset
or that used by any other appropriate Government or international
organization. Infection by HIV will be deemed to have occurred
where blood tests indicate the presence of the virus or any
antibodies to it.
n When the member is engaged in aviation or aeronautics other than
as a passenger on a licensed commercial aircraft operating on a
scheduled route, and
n Due to injuries from war (whether war is declared or not), invasion,
hunting, mountaineering, motor racing of any kind, other
dangerous hobbies or activities, or having been on duty in military,
Para-military, security or police organization.
any kind of risk relating to lives or property in India, any rebate of the
whole or part of the commission payable or any rebate of the
premium shown on the policy, nor shall any person taking out or
renewing or continuing a policy accept any rebate, except such rebate
as may be allowed in accordance with the published prospectuses or
tables of the insurer. 2) Any person making default in complying with
the provision of this section shall be punishable with fine, which may
extend to Five Hundred Rupees.
Section 45 of Insurance Act, 1938 states: In accordance with Section
45 of Insurance Act, 1938, no policy of life insurance shall, after the
expiry of two years from the date on which it was effected, be called in
question by an insurer on the ground that a statement made in the
proposal of insurance or any report of a medical officer, or a referee,
or a friend of the insured, or in any other document leading to the
issue of the policy, was inaccurate or false, unless the insurer shows
that such statements was on material factor or suppressed facts
which it was material to disclose and that it was fraudulently made by
the Policy Holder and that the Policy Holder knew at the time of
making that the statement was false or that it suppressed facts which
it was material to disclose.
Beware of spurious phone calls and fictitious/fraudulent offers. IRDA
clarifies to public that: IRDA or its officials do not involve in activities
like sale of any kind of insurance or financial products nor invest
premiums. IRDA does not announce any bonus. Public receiving such
phone calls are requested to lodge a police complaint along with
details of phone call, number.
Product Name: AEGON Religare iTerm Insurance Plan
UIN 138N016V03