The match had finished 9-9 in the regular time.
Iran had pummeled Malaysia 34-3 and Sri Lanka 34-0 in its two first match.
The team will play Singapore in Group B on Thursday.
Group A consists of Japan, Saudi Arabia, Uzbekistan, China and Thailand.
The 11th Asian Age Group Championships include four aquatic disciplines, namely swimming, diving, water polo, and artistic swimming.
The competition started on February 26 at the New Clark City Aquatics Center in Capas, Tarlac, the Philippines and will continue until March 9.
The Asian Age Group Championship has brought about 1,000 athletes from 25 countries together.