Aegon Life Insurance has launched the iTerm Prime Insurance plan, which will cater to the need of self-employed individuals with a special 10% discount (5% discount in addition to 5% online discount for all) on 1st-year premium.
In a statement, the insurer said that this flagship term insurance product has been designed with Emerging India in mind. iTerm Prime offers a minimum sum assured of Rs 25 lakhs, with no upper limit on a consumer’s requirement. The plan can be purchased online through a completely paperless process and requires zero documentation or uploads.
The product also offers a ‘Special Exit Value’ option that allows the policyholder to get all premiums back when they turn 55 years old.
Key Features
- Life cover starting from Rs 25 lakhs with flexible premium payment options
- Zero paperwork, zero document uploads
- Get all premiums back via ‘Special Exit Value’ option
- Special add-on features cover Critical Illness and Accidental death
In past, Aegon Life has launched a series of insurance products to cater to self-employed individuals – a market that has remained underpenetrated for years. As per the statement, Aegon Life has a high claim settlement ratio of 99.03%.
“iTerm Prime is designed to encourage emerging India to gain access to life insurance. Self-employed individuals make up the majority of India’s working population, yet this segment remains underinsured. To make insurance accessible for them, we have simplified buying journeys and sped up underwriting by digitizing it. Besides this, we have introduced a special discount and flexible payment options to make the product more affordable for the end consumer,” said Satishwar B., MD and CEO of Aegon Life Insurance.
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“The number of self-employed people in India stood at 333 million in 2021. This huge population did not have access to adequate term insurance in the past, primarily because of the extensive paperwork involved. At Aegon Life, we have simplified insurance with zero paperwork. All one needs to purchase insurance is his/her PAN, Aadhaar or driver’s license – no uploads or scans of documents required,” he added.