Aegon Life Insurance

Aegon Life Insurance is an international life insurance company, which has branches all over India. This company is committed to build a gainful customer-centric business with scale, provide a work atmosphere that promotes excellence and innovation. Aegon Life Insurance Company will assume a local approach with the power of global expertise. The company launched its PAN India operations in July 2008 following a multi-channel sharing strategy with an idea to help people plan their life better. The execution of this vision is based upon having a complete product suite, providing customized advice and enhancing the overall customer experience. Aegon Life Insurance Company has launched a host of products that are focused on providing the customer with the means of meeting their long-term financial goals.

Life insurance is a simple way to secure several things for a better future. It includes different types of plans which help you and your family as per your needs. It includes pension plans, term plan, child plan, investment plan, ULIPs, etc. which are designed to meet the different needs of a consumer and his/her family.

Highlights Of Aegon Life Insurance

Headquarters	Mumbai
Claim Settlement Ratio	95.67%
Coverage Provided	Rs. 1 Crore
Number of Critical Illness Cover	46

Features and Benefits of Aegon Life Insurance

Life coverage provided until 80 years of age.
Tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.
Offers cover for 10 basic and 36 enhanced critical illnesses respectively.
Premium rates for non-smokers and women.
Waiver on premiums for critical illnesses and permanent disability.
The ULIP plans offered by Aegon generates appreciable returns and hence provide protection on investing a part of the premiums paid by the clients.
Lump sum payout in the event of unfortunate death, accidental death, critical illness or terminal illness.
Option of enhancing life cover with an increasing age and requirements.
For a seamless and simple calculation, the company site also provides an online calculator using which the premiums can be calculated. All you need to do is to fill all the required information asked in there.

Aegon Life Insurance Plans

Aegon Life is offering 7 different Life Insurance Plans along with a variety of benefits for all your insurance needs. Let us discuss the following:

Term Insurance Plans
ULIPs
Child Plans
Retirement Plans
Savings & Investment Plans
Money Back Insurance Plans
Whole Life Insurance

Term Insurance Plans

Aegon Life Term Insurance Plans

Also known as ‘pure’ life insurance plans; these plans make sure the family of the insured is well taken care of when he/she is no more. It comes with an inbuilt terminal illness benefit, thus making sure you have double protection.

Aegon Life Term Insurance Plan: Apart from offering you coverage till 80 years of age, this comprehensive life protection plans are designed to give your family financial independence and stability in case of your sudden demise, accident, or other such unforeseen events. Assures for a monthly income source for the family.

Aegon Life iTerm Plus Insurance Plan: This cost-effective term insurance plan gives you coverage up to the age of 80 years and comes with four different plan options: Life Plan Benefit, Life Plus Benefit, Life & Health Benefit, Life & Health Plus Benefit.

Aegon Life iReturn Insurance Plan: The plan will not be providing any death benefit but ensures a payout of 3% sum assured amount every month to the family of the policyholder.

Aegon Life iTerm Forever Insurance Plan: A non-participating non-linked plan by Aegon Life. Lump sum benefit will be paid to the beneficiary in case of unfortunate death of the insured at any stage of life. The plan offers a protection for the entire life.

Aegon Life Easy Protect Insurance Plan: This plan allows you to secure your family with Rs. 10,000 per month for the next 10 years. Any medical or health check-ups are not required for the plan.

ULIPs

Aegon Life ULIPs

If you want to earn more benefits from your financial investments, a Unit Linked Insurance Plan will be your best bet. Generally referred to as a ULIP, this is an integrated plan that offers you the dual benefit of life insurance as well as investments in the form of stocks, bonds, and mutual funds.

iInvest Insurance Plan: This ULIP allows you to manage your funds in any proportion. You can invest in 6 different funds, such as blue-chip equity, accelerator, and opportunity, stable, secure and debt funds. There are no premium allocation charges. The entire premium paid can be invested with protective and good returns.

iMaximize Insurance Plan: This affordable plan is a mixture of protection and market-linked returns that comes with ‘Triple Benefits’ to take care of the child's requirements also. Here, along with a higher sum assured, you will be liable to get additional savings and income benefits.

Future Protect Plus Plan: This plan helps you generate an adequate pool of finances for the future such as your child’s education, security for needs in different stages of life by investing your money as well as providing you with risk coverage.

iMaximize Single Premium Insurance Plan: A Unit Linked Insurance Plan in which only single payment is required and the plan will offer insurance protection along with attractive returns.

Future Protect Insurance Plan: Offers a life cover for your family in the event of unfortunate death. The policyholder can enjoy life protection along with good market returns.

Child Plans

Aegon Life Child Plans

Child insurance plans can help you secure your children’s future allowing you to ensure that all their needs are met and nothing comes in the way of their dreams.

iMaximize Single Premium Insurance Plan: This investment cum insurance plan needs you to invest only once, while you earn profitable returns on your investments for a long time to come.

Rising Star Insurance Plan: This plan gives you the benefit of partial withdrawal, tax benefits, and death benefits. It acts as a great tool for securing the future of your children. It invests your money in equity markets while minimizing your risk profile.

Retirement Plans

Aegon Life Retirement Plans

Retirement plans are financial security for your golden years. You should not have to depend on anyone financially for your own needs and wants.

Insta Pension Plan: An annuity plan which gives you an immediate pension to take care of the basic needs for the rest of life after retirement.

Savings & Investment Plans

Aegon Life Savings & Investment Plans

Along with savings, financial security is also important. That’s why Aviva offers a range of savings plans that come with the added benefits of insurance, as well as options like money back at regular intervals, a boost in savings, and bonus payouts.

iGuarantee Plan: A life insurance plan which offers assured returns on the annualized premiums. If you want to save regularly along with life cover, this plan is for you. You should purchase this plan if you want to accumulate wealth for important milestones and want guaranteed returns with minimum hassle.

Money Back Insurance Plans

Aegon Life Money Back Insurance Plans

Aegon Life's Regular Money Back Insurance Plan provides you guaranteed payouts for 10 years and a life cover beyond the Premium Payment Term.

iReturn policy: Aegon Life's iReturn policy gives you 5% guaranteed additions on Sum Assured during the premium payment term. Moreover, your family is covered for any unfortunate event and you also get a share in the performance of the product through the regular bonus.

Whole Life Insurance

Aegon Life Whole Life Insurance

The plan is also known as permanent insurance that provides lifetime coverage. The plan offers to generate cash value that will be beneficial for investment or future expenses in life. The premiums may be higher in comparison to term insurance policy.

iTerm Forever Insurance Plan: In this plan the beneficiary will be liable to get the sum assured in an unfortunate event of death of the policyholder along with the premiums paid to withdraw anytime during his lifetime. But, he/she has to pay back to maintain the death benefit or it will decrease considerably.

Why Go For A Life Insurance Plan?

Life insurance plans are a safe and secure way to defend your family members after death by the benefits of financial coverage in return for the premiums paid. It is advisable to compare the life insurance plan for better coverage. Besides offering monetary safety for your family, life insurance policies offers the following advantages:-

Security & Satisfaction: Life insurance is an excellent way to plan your life and execute it in the manner you like. That is because it offers peace of mind that during the case of an unwanted event that results in demise, the sum assured paid by the life insurance plan might be sufficient to take care of expenses.
Tax Advantage: The premiums paid and advantages offered by life coverage are eligible for tax deductions under Section 80Cof the Income Tax Act, 1961 in India.
Contribution Ahead: A life cover helps you to invest a regular amount, thereby increasing your future savings, which may come in handy for your family in case you are no longer there to support them.
Retirement Plan: Making plans for retirement is the biggest advantage of life cover plans. The EPF, PPF, and different pension plans only cover a small part of the population. But in most cases, those plans are encashed by individuals when he/she changes a company or moves abroad. Life insurance serves its purpose in such cases as it enables to build up an income source for retirement and also provides life insurance coverage.

Aegon Life Insurance Claim Settlement Ratio

The CSR; Claim Settlement Ratio of the Aegon Life Insurance Company is appreciable as the company has settled a huge number of claims on-time.

Look at the below table to get a clear idea:

Year	Claim Settlement Ratio (%)
2013-14	81.00
2014-15	89.73
2015-16	95.31%
2016-17	97.11%
2017-18	95.67%

Factors Affecting Premiums of Aegon Life Insurance

Even though the premiums depend on the plan you have bought yet there are several other factors affecting the premiums of Aegon Life Insurance. The factors are mentioned below:

Age: The more the age of the policyholder, the insurance company will charge more on premiums. That is why it’s better to buy a life insurance plan early in life.
Gender: As females are liable to get waivers on the premiums paid while male have to pay the normal charges as per norms of the policy.
Smoking & Tobacco: Smoking or use of any form of nicotine or tobacco may cost you to pay higher premiums as they increase your life risks and that is what makes the insurer to charge more.
Medical History of the Policyholder: The medical reports if contain any disease or disorder then the company will be charging more premium rates so as to provide liable cover in times of need.
Family Medical History: It may cause in the rise of the premium rates for being prone to a disease that a person might develop in the future due to his/her medical family history.

How To Claim Aegon Life Insurance?

With Aegon Life Insurance Company, you can file a claim within a few seconds. Required steps are mentioned below:

The first thing that nominee have to do is to inform the insurer about the death of the insured as soon as possible.
According to the form of claim, the relevant claim form is to be submitted to any Aegon Life Insurance branch along with supporting documents such as hospital certificates, physician statements, death certificates or any other as applicable.
The insurance company will then analyze the whole scenario and will prepare a report of the same.
He/she may then proceed with further steps to provide death claim.

Documents Required For Aegon Life Insurance

In India, buying an effective life insurance plan is really easy. You have to submit a few documents only to attain such services. These documents are just to identify the insured identity and address for further process of verification and claim settlement.

Below are a few documents that are required in the same process.

Passport size photograph
Proof of residence
Any of the below mentioned proof will go well for address proof

Bank account
Post office statement
Property tax or municipal tax receipt
Rent agreement
Utility bills (electricity, gas, telephone)

ID Proof
You can submit any of the following documents as address proof

Passport
Voter's identity card
PAN card
Driving license
Aadhaar card

How To Check Aegon Life Insurance Policy Status

Those people who want to invest in an Aegon Life Insurance policy should check the status of the policy by multiple available options.

Check Online:

If you want to check the status of your policy online then you can do the same by visiting the official site of Aegon Life Insurance and signing in to the customer portal.

On visiting the homepage, you will see the option of ‘Policy’ that will help you in analyzing the current status of your policy.

Check Offline:

You can check the status of the policy offline as well. You can do the same by calling on the toll-free number which is provided by the Aegon Life Insurance Company. Insured have to provide some information that includes your name, policy number, DOB, etc.

Aegon Life Insurance Online Payment

There is no doubt in saying that that generally people buy life insurance for long tenures and under the same, you get many options regarding payments. An insured can pay the premium on the basis of monthly, quarterly, half-yearly, annually or in a lump sum.

For those who choose to pay periodically, then they should make sure that they are making payment at the right time to avoid the late fee. With the same, people can make payments online as well without visiting a bank or the branch office.

You can make payment easily with the below-mentioned process

Visit the Aegon Life Insurance website and click on the ‘Renew Online’ option on the homepage.
Submit the details such as your policy number and date of the birth
The amount that you have to pay will display on the screen.
Initiate the payment process with the help of the options that include- credit card or debit card or net banking.
Once the payment is made, an acknowledgment receipt will be sent to your email.

Aegon Life Insurance Plans Renewal

Here is a seamless process to get Aegon Life Insurance policy renewed. All that needs to be done is ‘renewal premium payment’. The below-mentioned points will prove more beneficial in case of policy renewal:

One can get the policy renewed by paying the policy premium renewal amount decided at the time of buying the policy.
In case of payment after 3:00 pm, the tax/premium paid certification can be received on the next day.
The premium receipt is provided by the insurance company after one day of the premium due date.
The premium payment receipt can be used to avail the tax benefit.
The premium for renewal needs to be paid within the grace period. In case of failure, the policy lapses and the insured would not get the benefits mentioned under the policy.

For further queries, here are the contact details of the company. All the questions will be answered satisfactorily by the customer care executive.

FAQ's

Yes, a person is allowed to increase the Sum Assured, For the same, he/she has to submit a duly signed request for the same.

Yes, as an insured you are allowed to add or remove the address. To add riders, you have to submit a request and to remove you must call on the toll-free number. Don't forget to keep your policy number and T-PIN handy.

You can either:

Submit a requisition form.
Use the customer portal.
Call the company.

You can avail the ECS facility by

Filling out the ECS
Submit the filled out form with a canceled cheque

Submit a form, or call the toll free number.

Step 1: Intimate the company.
Step 2: Aegon pays out Fund Value.
Step 3: Settlement is done and benefits are paid out.

You can pay your Aegon Life Insurance premium through any of the below options:

Net banking
Debit/credit card
Cheque
In cash (at the branch)
Through standing orders

Yes, a person is liable to revive a lapsed Aegon Life Insurance policy by informing the company through an email/letter and making the premium payment.

At the time of buying a policy, the insurance company will intimate you with all the related information about the premium payment.

Other than this, the Aegon Life insurance calculator can help you in the best way. All you need to do is fill in the concerned information and the name of the plan you have bought and the calculator will tell you the exact amount to be paid.

Yes, the riders are available for people who drink or smoke. All you need to do is mention all your living habits to the insurance executive and they will suggest you with the most suitable life insurance plan.

Yes, the Aegon life insurance company provides an online facility to its users and the claim process can be requested online.

Aegon Life insurance is providing insurance to people up till 80 years of age. So, You can easily get your life insured.

It is always beneficial to mention the family history as it will help you in choosing a better insurance plan depending upon the diseases you can be prone to.

In such circumstances, you can contact the customer care representatives number mentioned in the above article. Moreover, you can even contact through mail.

You can attach any of the following documents as address proof:

Bank account
Post office statement
Property tax or municipal tax receipt
Rent agreement
Utility bills (electricity, gas, telephone)

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Last updated on 30-10-2019