The plan offers a minimum sum assured of ₹25 lakh, with no upper limit on the consumer's requirement, making it accessible to a large segment of the population with varied insurance needs.
Aegon Life Insurance has launched iTerm Prime Insurance Plan with a special discount of 10% on first year premium to cater to the needs of self-employed individuals.
Designed keeping in mind the emerging India, iTerm Prime offers a minimum sum assured of ₹25 lakh with no upper limit on consumer requirement, making it accessible to a large segment of the population with varied insurance needs goes. The product can be purchased through Aegon Life's website and its partners; The buying process is completely paperless and requires zero documentation or uploads.
This product also offers a 'Special Exit Value' option which allows the policyholder to get back all the premiums when he turns 55 years of age.
“iTerm Prime is designed to encourage rising India to gain access to life insurance. Self-employed individuals make up the majority of India's working population, yet this section remains underinsured. To make insurance accessible to them, we have simplified the purchase journey and accelerated underwriting by digitizing it. In addition, we have introduced a special discount and flexible payment options to make the product more affordable for the end consumer," said Satishwar B, MD & CEO, Aegon Life Insurance.
He said, “The number of self-employed people in India in 2021 was 333 million. This vast population did not have access to adequate term insurance in the past, mainly because of the extensive paperwork involved. At Aegon Life, we have made insurance simple with zero paperwork. Only PAN, Aadhaar or Driving License is required to buy insurance - no upload or scan of documents required."
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