AEGON iTerm or Aviva i-Life or Kotak e-Preferred Comparison
Online term plans have created a furore over the past few months. Online term plans are apparently cheaper and issued instantly. The process is fast and instantaneous. Within few minutes, you become insured and stress free. If you need a cheap term plan, online term plans are the answer.
In the same reference, AEGON Religare, Aviva Life and Kotak have launched iTerm, i-Life and e-preferred respectively. Which plan to choose? We have compared these plans on some important parameters:
AEGON iTerm base Sum Assured is Rs 10 lacs while Aviva iLife and Kotak e-Preferred base Sum Assured is 25 lacs. The maximum Sum Assured for all three term plans is unlimited but subject to underwriters requirement.
The entry age of term plan is always 18 years. The maximum entry age among these plans is for Kotak e-Preferred while Aviva i-Life maximum entry age is just 55 years.
A term plan is usually bought for longer term. Longer term would imply that your dependents are secured till the time they get independent. Aviva i-Life has longest term of 35 years while AEGON iTerm has policy term of 25 years.
Kotak e-Preferred scores over Aviva i-Life and AEGON iTerm in terms of flexibility. Kotak e-Preferred lets you increase or decrease Sum Assured as per your requirement. This option is not available with the other two term plans.
Big Question: Which is cheapest?
The premiums differ from person to person based on their risk profile. Let us take few examples:
Himanshu aged 25 requires online term insurance with Sum Assured of Rs 50 lacs with policy term of 25 years.
AEGON iTerm: INR 4,964/.
Aviva i-Life: INR 4,046/.
Kotak e-Preferred: 5,074/.
Pratap aged 30 requires online term insurance with Sum Assured of Rs 30 lacs with policy term of 15 years.
AEGON iTerm: INR 4,798
Aviva i-Life: INR 4,072
Kotak e-Preferred: 3,546
So basically the premium would depend upon your profile.