Hi, I suffered from multiple things when going through the buyinig process of iTerm plan by Aegon & will share them 1 by 1.
My iTerm Quote Number: 511082268565.
I was looking for a Term plan which offers good coverage(Around 50 Lcas) with Premium around 10, 000 & cover of 25 years as I have Diabetes diagnosed 1 year ago. I shortlisted ICICI Iprotect, Aegon iTerm & LIC Jeevan Amulya(to some extent).
LIC was ruled out. Premium as per calculator for 25 years: 15, 400 for non-return plan? Naaaa.
ICICI again ruled out coz I had some bitter experience with ICICI insurance Life Time Super plan.
Aegon iTerm attracted me the most. I turned 31 on 5th September & a smoker. As per the calculator provided, I checked my permium was coming to be INR 8100(coz I am a Smoker. For Non-Smoker, premium was 5900) . So with tax & charges it was around 9000 & I was pretty much convinced. I submitted my query & got a call from a very nice gentleman Sunil Dubey who made 5-8 calls to me & spent almost 1 hour explaining me the benefits & I also shared my medical history. So I continued for filling form, details & everything on 22nd August 2011 & on payment gateway was surprised to see net Premium of INR 8438/-. I was thrilled as getting 50 Lacs cover for 25 years with such low amount. This happened coz I was considered 30 not 31. Very Excited. I proceed the payment. Mind it I filled every detail absolutely True as I didn’t wanted any mess later(incase of any mis-happening to me) for my Wife. I was mailed above mentioned quote & was charged 8438/-. Now starts the pain. I kept on getting calls from Aegon Religare about getting a Quote number, any difficulty faced, have I made the payment blah blah. I still ignored it as I was assured for being covered for 50 Lacs in just 8438. I was mailed to fill a form about diabetes which I did. I also mentioned my readings & HB1AC result(I regularly monitor my Sugar Levels). My diabetes is a bit in control due to change in Lifestyle & Diet plan & no medicines & same I mentioned. I went thru Blood/Urine tests, ECG by a TPA.
Then after 5 days to my utter surprise I got a Bomb from Aegon about a Counter offer. Coz I have diabetes I was told that my Premium will be 20890/-. BullS. Difference 12, 402/-. I was shocked. When I already mentioned all my details on their Website while buying this plan, why wasn’t I told about this Premium amount? I called Sunil Dubey who was himself shocked & assured me to check. He got back to me & told me the same. I declined to pay such a huge amount/year for a non-returning policy. I would rather invest this money in some money back insurance plans which give atleast 10 Lacs cover & atleast Double the money. So finally I got a call from Sales People trying to convince me but I clearly declined. Requested for my money back & waiting since last 8 days.
My Questions:
- Why is Aegon charging Money upfront & giving Counter Offers to customers? They should not charge anything initially & after seeing medical history of a customer should offer the Premium.
I hope Mr. Shah who has clarified so many doubts in his blog will read this & pass on this message to their company.
2. This plan is best for those who are absolutely Fit & Fine, no medical issues in past or present or expected future. Then why should someone buy a Term Plan?