Aegon Life Insurance – a leading pioneer in online insurance – recently re-launched it’s flagship product ‘iTerm’ that offers comprehensive online protection plan which remains cost effective to offer some of the lowest premium rates in the industry.
Aegon Life Insurance believes that iTerm is a protection plan that grows to cover bigger life responsibilities. iTerm, which is available exclusively online offers an unparalleled combination of value, convenience and simplicity to its customers. iTerm not only provides financial security but also provides optional coverage through riders. Simply, the best in the industry.
Based on a Swiss report Aegon has re-launched iTerm to show the current shallow Insurance penetration in India and the whopping under insurance even in households that do have insurance. The report further states that India has the highest protection margin in the region as growth in savings and life insurance coverage has lagged behind economic and wage growth. India has a large mortality protection gap. Despite the rapid growth of insurance penetration, savings and insurance still meet less than 10% of the population’s protection needs. Pure protection insurance and term products are sometimes perceived as presenting poor value, and less benefits, which causes them to remain less popular with consumers. Furthermore, the inability to reach a wider range of consumers is obstructing and restraining efforts to close the gap.
New features and advanced features of iTerm are mentioned below:
# Most cost effective and comprehensive protection plan available online.
# Added Life stage benefit for the customers, wherein one can increase their protection cover as per their important milestones in life.
# Premium can now be paid on a monthly, half-yearly, and annual basis as opposed to previously when the customer was required to make annual payments.
# The maximum maturity age has been raised to 80 years, raising the maximum policy term to 62 years
# The product now also offers flexibility to choose death benefit payout
o As a lump-sum payment, or
o As fixed monthly income for 100 months, or
o As a combination of the above
Speaking on the occasion of re-launch, Chief Digital Officer, Mr. Martijn de Jong said “Our idea is to engage every consumer who can be a part of iTerm. With a focus on protection, delighted to introduce iTerm which is best-in-class product suite that will cater to today’s consumer needs.”
“Our main focus for every consumer is protected. Every family is important for every individual. iTerm which comes will every technological and innovative benefits, will be an ideal choice for every household.” he further added.