Aegon Life Insurance launched iTerm Prime Insurance Plan. know the details

Designed keeping in mind the emerging India iTerm Prime provides minimum sum assured 25 lakhs, with no upper limit on consumer requirement, making it accessible to a large segment of the population with varied insurance needs. 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.

The product also offers a ‘Special Exit Value’ option which allows the policyholder to get back all the premiums when he turns 55.

“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 need to upload or scan documents.”