Jagoinvestor
November 30, 2009
iTerm , Term Insurance Aegon Religare
Did you recently bought a Term Insurance from some other Company ? Because here comes iTerm, the new sensational Term Insurance from my favorite Aegon Religare. This product has power to change the way Indians Look at Insurance. iTerm is currently the cheapest Term insurance in market, not only cheap, its dirt Cheap.
Imagine how much Rs 8162 provide as an Insurance cover? I went to their website and found out that I can get astonishing Rs 1 crore Insurance for tenure of 25 yrs (My age is 26) just for Rs 8162 (including Service Tax)
Update 18th Dec 2009 :
Disclaimer : Please note that this is my personal View and should not be taken as Promotional Review , Hence take decision only after you are satisfied . The customer care of AR is not working well and hence the user experience is not that great . I personally feel it will get better in coming week and months . So I will buy mine only after that .
If you are concerned about Security and do not understand Insurance products and their pricing , please do not get into this product and stay will well known names like LIC and SBI or HDFC . Thanks
Main features of iTerm Term Insurance
- How to Buy : Can be bought “only online” from Aegon Religare website. (Only Internet Explorer Supported)
- Sum Assured can be Minimum – Rs. 10,00,000 , Maximum – No limit (subject to underwriting requirements)
- Entry Age : Minimum – 18 years , Maximum – 60 years
- Policy Term : Minimum – 5 years , Maximum – 25 years
- Maturity Age : Maximum – 65 years
- Premium Payment Frequency : Only Yearly
- Free Look up Period : 15 days (you can return the policy if you dont like it)
- Service Tax : Right now iTerm Shows you all the figures inclusive of Service tax . So in the above example I took , The total premium is just Rs 8162 (Smart company)
- More Details : iTerm Brochure or get more Information by calling on 1800 209 9090 .
Comparison with other Insurers
If I compare Term Insurance Premiums of Different Insurance Companies , iTerm Comes out to be really really cheap , The second cheapest Policy around was 85% more costly than this , and it was ICICI Pru Protect . I found this amazing tool which can compare Premiums of Different Insurance Companies with iTerm Term plan (Thanks to Ganesh)
Some Quotes
- 30 years Male, Tenure 25 years, Insurance Cover 50 Lacs, Premium 5600
- 30 years Female, Tenure 25 years, Insurance Cover 50 Lacs, Premium 4850
- 35 years Male, Tenure 25 years, Insurance Cover 1 Crore, Premium 14500
- 35 years Male, Tenure 25 years, Insurance Cover 1 Crore, Premium 11800
- 50 years Male, Tenure 10 years, Insurance Cover 50 lacs, Premium 17200
- 40 years Male, Tenure 20 years, Insurance Cover 75 Lacs, Premium 14925
- 35 years Male, Tenure 20 years. Insurance Cover 60 Lacs, Premium 8220 (11640 if Smoker)
My Notes
iTerm Term Insurance was announced at Bloggers meet in Mumbai on 21st Nov, 2009 and I feel proud to tell you that “Jagoinvestor was also invited” to be part of the Blogger meet and part of Discussion on iTerm and overall Insurance Industry. Though I was not able to go there personally, I had one representative attend the meet on my behalf (Thanks Abhishek Chandran) .
From the day Aegon Religare was Launched, I always knew that this Company has an attitude , It really know what to do and How to do it in Indian Insurance Sector . I think iTerm is one of the best products launched in the history of Indian Personal Finance System .
You can not miss this product , especially if you are still looking for Insurance. iTerm is a value for Money . India had a total internet base of over 60 million . I am sure that this product will rock our Insurance Industry and in coming years Aegon Religare will lead the Industry for at least Pure Protection Plans .
Important Doubts
What should you do if you already taken Term Insurance recently ?
- Check quotes for your self , I am sure It would be 40-50% cheaper than what you are paying today . So better to switch if you have just 1 policy , Or if you were smart enough to split your Term Cover into two Policies , then stop the higher premium one and take this iTerm and continue the other policy .
You don’t have Term Insurance but you are Planning to take one?
- You are the perfect person , Not that you have not done the sin of being without Term Insurance till now , Your timing is perfect 🙂 . Go for this .
Make sure you dont miss the future Updates , Subscribe through Email for FREE !!
But I am a hardcore fan of Endowment and Money back Policies ? Why do I take Term Insurane when it does not pay me anything back at the end ?
- You read This (Big Sigh)
Is it Safe to Buy Online Product from This company , I trust public limited Companys only ?
- Here is the Answer of Are private Insurance Companies Safe . Regarding Buying online products, don’t worry .. Indian Insurane market is much advanced these days and we already have companies like ApnaInsurance and InsuranceMall where you can Buy, Sell, Manage and even make the Claims for your Policies.
I want to go for a Big Enough Cover and Want to take only iTerm , no other . What should I do ?
- Break your Policy into two and take two policies . so Instead of taking one Policy for 1 crore , take two policies of 50 Lacs .
How to Buy iTerm Term Insurance online ? Can I get a Demo Please ?
Below is a Presentation with each slide showing you each page you need to fill while Buying iTerm Term Insurance online , Make sure you see it in Full screen to get a better feel .
“I Term Term Insurance From Aegon Religare Online Buying Demo”
View more documents from manish.pucsd
If you are reading this in Email , you can see the presentation on the Blog . Readers with decent Internet Speed can also see Video Demo on Youtube.
- Are you a Jagoinvestor Fan , let Manish know what do you think about this Blog , Fill the Guest Book
Shortcomings
Nothing is perfect and Everything has shortcomings , and so has iTerm , Which are
- Will take time to reach in Rural Areas as iTerm can only be bought Online , because of this the first layer of target audience are people who have access to Internet . Aegon Religare need to formulate a Strategy to Capture Rural market .
- As their is no agent involved in between there are many people who would not be able to keep track of yearly payments and they are more vulnerable to forget the payment unlike the scenario where agents made sure premium was paid on time , Not sure how far its an issue , tough not a big one .
- iTerm came out with this Policy without Much Advertisement and hence it would take some time for people to know about this .
- There are no Riders available with this Policy , which may look little bad , but the primary objective of Cheap cover is provided , so I think its fine .
- Company is pretty new , so it will take time for the company to gain confidence , and given its pretty cheap premium , its subject of Crticism and Suspicion form general public .
Conclusion
iTerm is a innovative Term Insurance, Its a must have Product in everyone Portfolio because of its Value for money and amazing simplicity and importance as a Life Insurance Protection . Aegon Religare is showing some great leadership in Insurance Area and the only thing I am waiting for is its IPO 😉 .
Comments Please , Are you going to take iTerm Policy ? Do you need any more Insurance , Please share with us in comment and feel free to raise more doubts .
Dear Sir,
Thank you very much for all your hard work and reply on various post.
I am 28/M working in Software industry as Team Lead and my CTC is 9.2 LPA. I am looking for term plan of 1 Cr and I am very confused on which company I should go for and how long should be term of policy. I am thinking on 2 things
1) If I buy policy for next 35 year then I think Max life is the best option to go for (or please suggest me best company for 35 year of policy term).
2) If I want to cover my self till 75 year of age then Aegon is the only option.
My confusion/problem is that, I am keep on thinking if I take term plan for next 35 year and any where after 50 year If I feel I should have taken term plan with more tenure so at that time I’ll not be able to buy another plan and if possible premium would be much higher and If I take plan till 75 so I have a option to discontinue plan whenever I feel its not required , which is like in my control.
Since Aegon CSR is not very good also hardly anyone suggested to go with Aegon so I am worried to go with Aegon.
Could you please tell me wheather going with Aegon is not a bad choice ? I mean is Aegon is good company like HDFC / MAX ? and Can I think of taking term plan of 35 year of term from Aegon also ? Because every time when I ask any adviser for 35 year policy term they never suggested to go with Aegon , they always suggest to go with Max or HDFC.
Please help
Thanks
Ashish
Hi Ashish Shrivastava
I can see that you are thinking of buying a term plan. ALl you need to do is leave your details at http://jagoinvestor.dev.diginnovators.site/solutions/buy-life-insurance-plan
Our team will get in touch with you
Manish
Hi Manish,
I had purchase HDFC Click to protect term policy last year . Currently I also want term policy with critical illness feature, but for this i need to purchase a new policy. So My question is Is it good to have this critical illness feature
in term plan. If Yes then is that good to go with same HDFC or should i go for another company like aegon(reason for aegon is they have low premium rate)
Please suggest. Thanks
Its only you who can decide is its a good thing for you or not . Its your requirement. You can buy from HDFC itself , there is no harm. Infact we also have a tie up with HDFC for our readers ! . Let me know if you are intereted in that !
Hi Manish,
Needs some suggestions from you. Given today’s situation, which is the best company to take a 1Cr term insurance? Please guide as to which is the best choice.
Hi Abdul
You can go with HDFC term plan.
ALso , we have special tie up with HDFC on term plans. Do let us know if you want us to connect you with them?
Hi Manish,
The article says Aegon Religare has low claim settlement ratio.
http://economictimes.indiatimes.com/wealth/insurance/analysis/dont-be-lured-by-low-premium-check-companys-settlement-record-too/articleshow/30941956.cms
Yes it has ..
aegon-religare is fake they offer me double my investment in 2 year and when i ask to agent to sign a 100 rs stamp paper at the time of receiving money from me he started excused. 🙂 becaue they are fraud
Thanks for your comment lokesh
Hi Manish, Due to still view Aegon Religare as the best online term insurance provider or due you have any other suggestion. I am seriously thinking of buying a term plan this month.
Hi Saket
Not now . While there is no issue with Religare . I suggest you can look at Bharti Axa, HDFC and other companies
Thanks Manish for this article. Really useful.
Actually I was planning to take a term policy instead of Endowment plans. I did lot of research based on CSR, Solvency ratio and Premium amount. And i was about to take the SBI’s offline Policy. I got a quote of ~15K for 50L base insurance and 50L for Accidental disability. Also i was bit worried about of having “Multiple Lipoma – Beningn fatty swellings” in my body.
After reading this article, specifically your’s and Sourav Shah’s comments i have decided to chose Aegon iTerm. Also i realized that we should not hide any informations about the Medical history and current health status.
On 01-Apr-2015, I paid the premium of Rs.10882 for 75L base cover, 10L Critical illness and Waiver rider. Also declared that i have lipoma.
On 04-Apr-2015, Medical test was done in my home.
After one week, i got a mail to provide a Doctor Certificate for the Lipoma and current Health status. Provided the same after two days.
Then waited for 15days..Finally i received a policy document on May 04 2015.
Overall experience is good except some delay in the process. Anyhow it is acceptable.
Great .. thanks for sharing that !
मेरा नाम Ravinder Sharma है और कुछ महीने पहले मैंने HDFC Bank के Customer Care मे Loan के लिए Apply किया था. जिसके 2 दिन बाद मेरे पास एक फ़ोन आया और कहा कि हम HDFC Bank के Loan Depratment से बोल रहे हे आपने HDFC Bank मे लोन के लिए Apply किया था. जब मेने कहा हा तो उसने कहा थोडी देर बाद हमरे Sir का Call आएगा वो आपको Loan का सारा process बता देंगे आप Please Recive कर लेना. फिर उसके कुछ समय बाद मुझे आकाश शर्मा (7053404901) का फ़ोन आया और कहा कि मै HDFC Bank के Loan Department से बोल रहा हु. आपने लोन के लिए Apply किया था. हम आप को लोन दिला सकते है लेंकिन आपको एक Life Insurance Policy करनी होगी जो कि 7 लाख कि है. उस पॉलिसी से जितना भी maturity amount आएगा जोकि लगभग 14 से 16 लाख का होगा वो बैंक का होगा ना कि आप का आपको सिर्फ़ 10 साल मे 7 लाख रुपये ही देने होंगे. अगर आप ये पॉलिसी लेंते है तो हम आप को इस पॉलिसी पर लोन दिला देंगे. अभी आप को 70 हजार रुपये देने होंगे इस पॉलिसी के लिए फिर आपको अगले 9 साल तक 70 हजार रुपये हर साल तक देने होंगे. अभी कुछ देर बाद आपके पास aegon religare life insurance company से एक फ़ोन आएगा. और जब आपके पास aegon religare का फ़ोन आए और पुंछे के आपको इस Policy ले लिए कोई Loan या bonus तो नही मिल रहा है तो मना कर देना वो company के agents का कॉल होता है और वो अपनी commission बनयेगे अगर आपने आपने उन्हे लोन के बारे मे बाता दिया तो आप को loan का पूरा 7 लाख नही मिल पायेगा
फिर उन लोगो ने मुझे Aegon Religare कि Life Insurance Policy 141014227343 कराई. जिसके एक महीने बाद मुझे policy के document मिलें. फिर लगभग 5 दिनों बाद मुझे आकाश शर्मा (9582577756) का फ़ोन आया और कहा कि आपका Loan Approve हो गया है और 3 से 4 दोनों मे आपको लोन Amount मिल जयेगा. उससे पहले Loan Department से आप को एक Call आएगा. जो वो पुंछे आप बता देना. उसके बाद मेरे पास विकास यादव (7532032533) का फ़ोन आया और कहा Ravinder Sharma आपका लोन Approve हो गया है लेकिन लोन कि रकम demat account मे ही ट्रांसफर होगी उसेके लिए आपको एक demat account खुलबना पड़ेगा. जिस के लिए आप को 25 हजार रुपेये देने होंगे. जोकि HDFC Bank के Loan Department की मैनेजर ममता सिंह के Account number 00921050225510 में रुपये जमा कराने. 4 दिसम्बेर को मेने HDFC Bank Vishal Enclave Branch in Rajouri Garden से 25 हजार रुपये जमा करये. उसेके बाद जब मुझे लगभग 1 हफ्ते तक कोई Document Receive नही हुए तो मैंने आकाश शर्मा को फ़ोन किया तो मुझे आकाश ने कहा कि 7 लाख का लोन आपके demat account मे आ गया है. और आपको 2 या 3 दिन में Document Receive हो जयेगे. उसके कुछ देर बाद मुझे विकास यादव का फ़ोन आया और कहा कि आपको Life insurance की NOC बनबनी पड़ेगी तब ही हम आपको सारे Document भेज पाएंगे. हम आपकी NOC बनबा सकते है पर उसके लिए 10 हजार रुपये और लगेंगे जो कि आप को NOC Department के लोकचंद जी के बैंक Account में डालने होंगे. फिर मुझे लोकचंद (9555491677)का फ़ोन आया और उसने अपना state bank of patiala का Account नम्बर 55153034708 दिया और कहा की आप इस Account में 10 हजार रुपये जमा करादो 2 दिन में आप का Loan Amount ओर Demat Account के Document आपको मिल जयेगे लेकिने जब मैंने वो रुपये जमा नही करये तो उन लोगो मे मुझे कहा मुझे कहा कि आप अगर कल तक रुपये जमा नही कराओगे तो सारा process cancel हो जयेगा 2 दिन बाद उन लोगो में अपने सारे फ़ोन switch off कर लिए. तब से ही लगभग 45 दिनो से मै Agone Religare Customer care में compland करा रहा हूँ. पर कंपनी मेरी पॉलिसी रद्द नही कर रही है Please Help इस कंपनी के एजेंट लोगो को झूठ बोल कर पॉलिसी बेच रहे हे. और Agone Religare compnay उन Policy को रद्द नही कर रही है. Agone Religare company को सिर्फ़ अपनी policy बेचनी है चाहे Agent कुछ भी बोल कर बेचे ना सिर्फ़ इन लोगो ने मुझे ये प्लॉसी बेची बाल्कि 25 हज़ार रुपये और भी लिए है ओर ना जाने ओर कितने लोगो के साथ ये इस तरहा का धोखा कर रहे होंगे इस लिए इन लोगो को रोकना बहुत ज़रूरी है
company agents are fraud and they are selling AEGON Religare Life Insurance Company policy with fraud and use your document for any other uses. and company not take any responsibility of agent that how they sell there policy AEGON Religare Life Insurance Company want selling there policy only.
Can you explain your case ?
I am a bit confused about couple of things in term insurance:
The policy document of the i-term policy mentions “premium loading” under surrender benefit but no where else. Are there scenarios where premium loading can happen in term insurance as well like in health insurance plans?
Health Insurance YES – it can happen and it happens .. the premiums is not fixed for lifetime .
For Term plan – I doubt that it happens ! .. Where did you see that ?
The religare i-Term policy document has the following statement under the section :
3.4 Surrender Benefit
…
– 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.
That’s only for 1 time premium payment
941 user reviews on mouthshut say 96% satisfaction, that’s pretty impressive. Have a look at it – http://www.mouthshut.com/product-reviews/aegon-religare-life-insurance-reviews-925097180-srch
Jayaprakash
Mouthshut.com is ill famous for fake reviews !
Hi Manish,
Please share the link so that I can read your blog.
Further, thank you so much for writing down and clarifying the queries of so many probable investors. Thank to technology as well through which you are able to provide such great service. Happy to know about you.
I was looking for a Term Insurance and when searched in Google, I stumbled upon this website. Information has been given in granularity which makes lay man to understand it easily. Great knowledge drive and educating the folks.
For the time being I am going ahead buying a term insurance from AR for 50 Lakhs.
Regards,
Vikram Premkumar
My husband has a iTerm policy, and now my brother in law is also interested in getting one. However, he is apprehensive since he is a civil engineer and works at a large infrastructure work-site in remote Himachal. Will he be eligible to apply?
This can only be confirmed by the company only.
Hi Manish,
I have taken Aegon religare policy 3 weeks ago. My experience is too worst. While filling the insurance details online I got few doubts and stopped continuing. The AR guys started calling me every 10 mins Is there any problem? You aren’t completed the payment etc. After paying the premium that is the end of the communication and the situation went worse. I got a mail from AR to choose a date for undergoing medical tests. I choosed one date and uploaded the address and ID related documents in their website. But I didn’t received any communication to under go medical tests so I sent an email regarding the same. One guy from AR called me introducing him as my relationship manager and told the medical will happen tomorrow morning. The medical guys called me and told that they can’t come on the scheduled day and told they will come on other day. I told ok and they came and collected the medical details. After that there is no communication. I sent an email requesting for the status of my policy after one week and there is no reply. After calling their customer and waiting in their phone line for 20 minutes it got connected and they told some apologies and told I will receive the soft copy by end of the day. I asked regarding the turn around time to the email response and they told that their turn around time is 3 days. I sent an email today for cancelling my policy as it’s still not yet issued. The problem I faced is there is no ticket mechanism I have to wait till they sent reply not sure whether they will reply to the email also. I have lost trust as once the payment is done they won’t bother about you they will concentrate on getting new customers for earning more amount. I hope when the family members go for the settlement of claim amount it will definitely going to turn out to be a nightmare. So I advise the people to take the policy who will provide better customer service and good claim settlement ratio.
Thanks for sharing your experience with Aegon Religare Life Insurance. I must say this is a serious issue and customer care support is one of the critical thing ! . You can take your own decision from where onwards !
Hi,
I have looked at the claim history from aegon website.
there it is shown like 29 are claimed and 26 are approved. that ok to reject if they have valid reason.
but there is one thing I was really shocked…they cleared the claim for suicide cases also. there were two cases like that and aegon gave money around 1 crore to those.
and if i talked to costomer care, they are saying suicide is also valid death in their conditions from second year.
I am really sure how much faithful answer that is?
please comment.
-vinay
Yes Vinay
In life insurance, suicide is covered after 1 yr !
Hi Manish,
I am 29 years of age and not married. Planning to take the iterm insurance policy.
ist better to take for 50 lakhs or 1 crore?
1 crore
actually third party asking me to take 50 lakhs in aegon religare and 50 lakhs in Bharti axa, is this good idea?
I was thinking about buying an online term insurance plan for sometime.
Earlier i was apprehensive about it since all the insurance companies offering online term plan are private sector companies. The 2 major PSU companies LIC and SBI Life have still not come up with online term plan. While researching i found Indiafirst Insurance company suitable as it is backed by 2 strong PSU banks – Bank of Baroda and Andhra Bank.
So that was it. I contacted the customer care and understood the plan. The Customer care executives were good and responsive and answered all queries i had.So i decided to buy term plan from Indiafirst.
Regarding the product offering, i would say i am dissapointed not to have any riders in the plan.
It is plain vanila insurance. Accidental Death benefit rider ,critical illness riders should have been there.
But my first priority was to get “insured” from company i TRUST(I am very old customer of BoB with my home loan and health insurance with it).So natuaral choice.
One more limitation of the product is the max sum assured is limited to 49L only which nowadays is very less amount in online term insurance space in my opinion.
The cost is competative though a bit higher (10% maybe) but thats ok if you TRUST the insurer.
Though my insurance proposal was rejected as my weight being very less than the norms,after very high negotiations and persuation they finally agreed to give insurance.
I will recommend this product to everyone who are looking for online term insurance plans and are vary of private insurers.
(Once they agreed to insure me i have applied to Aegon Religare iterm plan for 50L with ADB as it is cheap….).
Sachin
When you say they are backed by BOB and Andhara Bank , what does it mean ?
Promoted…..
Hi Manish,
I am 26 years of age and not married. Is this policy still the best even in today’s market for me?
Who will be financially impacted if you are not in world tomm ? If there is no one, then what will you do with the policy ?
Below is relevant to all policies and to all potential clients.
The money lost as Agent Commission is huge and the expense is borne by the clients. Everyone knows these facts, but still why do people fall into the trap?. The reason is the shameless pestering of the agents. Most often the agent will be a neighbor or a relative or a friend’s friend. These people just shamelessly pester you into taking an insurance irrespective of whether you earning or receiving a pension. Most of them have no financial literacy and will not be open to reasoning. Their only financial education will be the 3 day course provided with lunch by the insurance company. But they will talk as if they are financial advisors. They will not listen if you talk to them about the premium to benefit ratio. If you do not want to be rude to them and end up taking a policy, they would next insist on taking a policy for your wife, daughter and son. The worst part is most of them will quit their agency business after a period of time. But it is you who lost your money. The agents commission should be restricted to just 0.5%, not a paise more so that agents can behave like reasonable beings and not as greedy pigs. The people do not need this shameless breed pestering them to part with their hard earned money. Are you listening, Aegon Religare!?
Thanks for sharing your views on this topic !
Hi Manish,
I m an insurance advisor of one company.Aegon term plan this is one of the best term plan if i copmare in all the plans,only the big issue is why Aegon Religare claim ratio is 52-66%…what is the reason behind this,if all the customers were wrong when the applied for the policy on something else
the claim settlement is bad , because most of the people who applied did not disclose many things .