Aegon Life Insurance
Aegon Life Insurance
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Aegon Life Insurance

Aegon Life Insurance 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 a complete product suite, providing customized advice and enhancing the overall customer experience. This company has established an amazing customer-centric business in the insurance sector that promotes excellence and innovation. The company has launched a host of products that are focused on providing the clients with the means of meeting their long-term financial goals. It includes term insurance plans, child plan, savings and investment plans, unit-linked insurance plans (ULIPs) as well as group solutions, which are designed to meet the different needs of a consumer and his/her family.

Highlights

Claim Settlement Ratio

98.01%

No. of Employees

11,000 +

No. of Customers

(Inclusive of Bank Partnerships)

3 Lakh+

**Last Updated on 03-09-2020

Aegon Life Insurance Plans

1. Aegon Term Insurance Plans

Aegon Term Insurance Plans are a type of life insurance that provides financial security to the family or dependants in case of death of the policyholder. The plans offer enhanced protection to the life assured against 36 critical illnesses inclusive of kidney failure, heart attack and cancer. These plans also help in taking off other liabilities such as home loan, personal loan, car loan, etc.

Let's discuss the different Aegon term plans below:

i) Aegon Life iTerm Insurance Plan

Aegon Life iTerm Insurance Plan is an online, comprehensive and affordable life insurance policy that offers life coverage until the age of 100 years. The plan provides flexibility to the life assured to choose from 3 various plan options as per his/her protection requirements. The plan comes with Aegon Life CI Care Rider that offers additional payout on diagnosis of any illness from the listed 36 critical illnesses in the policy document until 80 years of age. It also covers COVID-19 death claims.

Eligibility Criteria:

Age at Entry (age as on last birthday)

Minimum: 18 years

Maximum: 65 years

Maturity Age

Minimum: 23 years

Maximum: 100 years

Minimum Sum Assured

Minimum: Rs. 25 Lakhs

Minimum Policy Term

5/15/20 years

Premium Payment Frequency

Single, annual, half-yearly and monthly

**Last Updated on 03-09-2020

The values may change as per the chosen plan option

ii) Aegon Life iTerm Plus Insurance Plan

Aegon Life iTerm Plus Insurance Plan is an online, non-linked and non-participating life insurance policy that offers 4 plan options to select based on your needs. It comes along with inbuilt lump sum benefit payouts at the time of accidental death, critical illness, terminal illness or an unfortunate death of the life assured. The plan offers lower premium rates for women and non-smokers. It also provides a Waiver of Premium (WoP) advantage in the event of permanent disability and critical illness.

Eligibility Criteria:

Age at Entry (age as on last birthday)

Minimum: 18 years

Maximum: 65 years

Maximum Maturity Age

80 Years

Sum Assured

Minimum:

  • Death Benefit - Rs. 25 lakhs
  • Accidental Death Benefit - Rs. 50,000
  • Critical Illness Benefit - Rs. 5 lakhs

Maximum: No limit, subject to underwriting

Policy Term

Minimum: 5 years

Maximum: 62 years

Premium Payment Mode

Annual, semi-annually and monthly

**Last Updated on 03-09-2020

iii) Aegon Life Group Term Plus Insurance Plan

Aegon Life Group Term Plus Insurance Plan is a group solution for employers or group administrators to provide financial security to its employees and group members. In case of death of the employee, this policy will pay the death benefit to the dependents of that employee.

Eligibility Criteria:

Age at Entry (age as on last birthday)

Minimum: 14 years

Maximum: 85 years for Silver & 74 years for Gold & Platinum

Maturity Age

Minimum: 15 years

Maximum: 86 years for Silver & 75 years for Gold & Platinum

Sum Assured

  • Per Member

Minimum: Rs. 5,000

Maximum: No Limit, subject to underwriting

  • Per Policy

Minimum: Rs. 50,000

Maximum: No Limit, subject to underwriting

Policy Term

1 Year Renewable

Premium Payment Mode

Annual, half-yearly, quarterly and monthly

**Last Updated on 03-09-2020

iv) Aegon Group Credit Shield Insurance Plan

Aegon Group Credit Shield Insurance Plan protects the family members of the insured employees of an organisation in the event of their unfortunate demise. The plan not only provides the members of the group with a life insurance plan but also covers their outstanding loan amount so that their family’s financial needs are looked after in case of an unfortunate event. The plan is ideal for Employees Deposit Linked Insurance Scheme (EDLI), Employer-Employee groups and Non-Employer-Employee groups who seek insurance at affordable prices.

Eligibility Criteria:

Minimum Age at Entry (age as on last birthday)

  • Education Loan under Benefit Option 1:14 years 
  • Others: 18 years 

Maximum Maturity Age

  • Benefit Option 1: 75 years 
  • Benefit Option 2: 65 years

Sum Assured

Rs.5,00,000 per member for Home Loan and Rs.50,000 per member for other types of loans.

Group Size

Minimum: 50

Maximum: No Limit

Premium Payment Mode

Single, annual, half-yearly, quarterly and monthly

**Last Updated on 03-09-2020

2. Aegon ULIP Plans

Aegon Unit-linked Insurance Plans are meant for market-linked investment along with life protection coverage, where a part of the premium is for life insurance cover and the rest of it is invested in capital markets. The plans offer a variety of investment fund options such as balanced fund, equity fund, secured fund and debt fund to choose (according to the risk appetite of the policyholder).

Aegon offers the following ULIP Plans to its customers:

i) Aegon Life iInvest Plan

Aegon iInvest Plan is an online unit-linked insurance plan that provides investment returns together with the protection of life insurance to the life assured. The policy assists in maximising investments as it does not deduct any allocation charges and is also liable to pay the total fund value on the maturation date of the policy. The plan also adds loyalty benefits during the last 5 years of the policy tenure, resulting in an increment in your investment value.

Eligibility Criteria:

Age at Entry (age as on last birthday)

Minimum: 7 years

Maximum: 55 years

Maximum Maturity Age

70 Years

Minimum Sum Assured

Age at entry less than 45 years: Higher of (10 X Annualised Premium) OR (0.5 X Policy term X Annualised Premium)

Age at entry of 45 years and above: Higher of (10 X Annualised Premium) OR (0.25 X Policy term X Annualised Premium)

Policy Term

10 / 15 / 20 / 25 years

Premium Payment Mode

Annual and monthly

**Last Updated on 03-09-2020

ii) Aegon Life Future Protect Insurance Plan

Aegon Life Future Protect Insurance Plan protects the family and dependants with adequate life coverage on the unfortunate death of the policyholder. It offers market gains on investment towards the policy. The policy provides the death and maturity benefits in addition to tax benefits under prevailing income tax laws of India.

Eligibility Criteria:

Age at Entry

Minimum: 7 years

Maximum: 50 years

Maximum Age at Maturity

65 years

Premium Payment Frequency

Yearly, half-yearly, and monthly

Minimum Sum Assured

Age equal or greater than 45 years: Higher of 7 times of the regular annualized premium or (0.25 X Policy Term X AP)

Age less than 45 years: Higher of 10 times of the regular annualized premium or (0.5 X Policy Term X AP)

Policy Term (years)

15/20/25/30/35

**Last Updated on 03-09-2020

iii) Aegon Life Rising Star Insurance Plan

Aegon Life Rising Star Insurance Plan assures a guaranteed payment for your child's education milestones. This plan is liable to pay even after the death of the insured parent.

Eligibility Criteria:

Age at Entry of the Parent (life assured)

Minimum: 18 years

Maximum: 48 years

Maximum Age at Maturity

65 years

Minimum Sum Assured

Age greater than or equal to 45 years: Higher of 7 times of the regular annualized premium or (0.25 x Policy Term x Annualised Premium)

Age less than 45 years: Higher of 10 times of the regular annualized premium or (0.5 X Policy Term X AP)

Premium Payment Modes

Yearly, half-yearly and monthly

Policy Term (years)

25 years of less age at entry of the child in completed years

**Last Updated on 03-09-2020

iv) Aegon Life iMaximize Plan

Aegon iMaximize Plan is an online ULIP cum child insurance plan that provides a combination of market-linked returns in the form of investment along with life insurance coverage. The plan also offers financial assistance to the child's needs at different stages (in case of an unfortunate demise of the policyholder) with the help of triple benefit payout option under the plan. You can boost your fund value by way of top-up premiums within the policy. It also offers switching, re-direction and partial withdrawals to cope up with the investment risks during the policy term.

Eligibility Criteria:

 

BENEFIT OPTION: 1

BENEFIT OPTION:2

Age at Entry (age as on last birthday)

Minimum: 7 years

Maximum: 55 years

Minimum: 18 years

Maximum: 50 years

Maximum Maturity Age

70 years

65 Years

Minimum Sum Assured

For entry age below 45 years -

Higher of the following:

• 10 times the Annualised Premium

• 0.5 x Policy Term x Annualised Premium

For entry age equal to or above 45 years -

Higher of the following:

• 7 times the Annualised Premium

• 0.25 x Policy Term x Annualised Premium

Policy Term

15 / 20 / 25 years

Premium Payment Frequency

Annual and monthly

**Last Updated on 03-09-2020

3. Aegon Savings and Investment Plan

Aegon savings and investment plans offer multiple benefits such as a loyalty booster at the end of every policy year, simple reversionary bonuses and market-linked returns along with tax benefits to the policy owner.

The Aegon savings plan is mentioned below:

i) Aegon Life POS - Guaranteed Return Insurance Plan (GRIP)

Aegon POS - Guaranteed Return Insurance Plan guarantees triple maturity advantages including the Basic Sum Assured (BSA), guaranteed additions (which is equivalent to 10% of BSA) and 25% of BSA (as loyalty boosters). It offers life insurance coverage in addition to savings on returns from investments towards the policy. A lump sum benefit is paid to the family members in case of the death of the life assured.

Eligibility Criteria:

Age at Entry (last birthday)

Minimum: 1 year

Maximum: 50 years

Age at Maturity

Minimum: 18 years

Maximum: 65 years

Premium Payment Mode

Yearly, Half-Yearly, and Monthly

Premium Payment Term

5/7/9 years

Policy Term

10-20 years

**Last Updated on 03-09-2020

ii) Aegon Life Regular Money Back Plan

As the name suggests, Aegon Life Regular Money Back Insurance Plan is a traditional money back plan, which provides guaranteed payouts for 10 years, and a life protection cover beyond the premium payment term. This plan also provides a life cover that ensures the family’s financial security.

Eligibility Criteria:

Age at Entry (last birthday)

Minimum: 7 days

Maximum:

  •  55 years (for 7 Pay and 10 Pay options). 
  • 60 years (for Single Pay option).

Maximum Age at Maturity

75 years (for 7 Pay and 10 Pay options)
80 years (for Single Pay option)

Sum Assured

Will depend on the age of the Life Assured, Premium Payment Term opted and the Premium amount

Premium Payment Term

Single Pay / 7 years/10 years

Policy Term

20 Years

**Last Updated on 03-09-2020

iii) Aegon Life Jeevan Riddhi Plan

It is a non-linked participating endowment life insurance policy that offers the dual benefit of savings as well as protection. A guaranteed addition of 5% on the sum assured (over the course of the premium payment term) provides enhanced savings, while the financial protection of your family is also ensured in case of your untimely demise.

Eligibility Criteria:

Age at Entry (last birthday)

Minimum: 18 years last birthday

Maximum:

  • 55 years last birthday for Limited pay option 
  • 60 years last birthday for Single Pay option

Maximum Age at Maturity

70 Years

Premium Payment Mode

Single, Annual, Half-yearly and Monthly

Sum Assured

Will depend on the age of the Life Assured, Premium

Payment Term opted and the Annualised Premium amount

Policy Term

For Limited Pay Policies: 10 years to 20 years

For Single Pay Policies: 10 years

**Last Updated on 03-09-2020

Why Purchase Aegon Life Insurance Plans?

Security & Satisfaction

Aegon life insurance plans are an excellent way to plan your life and execute it in the manner you like. These plans offer peace of mind and satisfaction as opting a life insurance plan is a safe and secure way to defend your family members with the help of the benefits of financial coverage in return of the premiums paid. The sum assured paid by the life insurance plan is sufficient to take care of the family expenses.

Income Tax Advantage

The premiums paid and advantages received under Aegon life insurance policies are eligible for tax deductions under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Fosters Savings for Life

Aegon life cover plans help 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.

Why PolicyX.com Is The Best Platform To Buy Aegon Life Insurance Plans?

PolicyX.com is an IRDA approved web insurance aggregator. The company proudly provides the following features to its users:

  • PolicyX.com offers free and reliable comparison quotes of every insurance provider by checking the basic details provided by you.
  • The comparison and buying process of PolicyX.com is very simple and hassle-free.
  • The quotes are more recent and completely unbiased, which makes the company faithful and a stable platform to buy insurance.
  • An ideal customer care experience showcases the reputation of an organisation. PolicyX.com offers first-rate customer care services and is always accessible to solve and answer every query related to the policy.

Aegon Life Insurance: Claim Settlement Process

1. Claim Intimation & Registration

The claimant/nominee of the life insurance policy should intimate the insurer about the policyholder’s death/illness. (S)he needs to submit all the necessary documents at the nearest Aegon life insurance branch or the head office. You can directly search the nearest branch from the company's website with the help of the branch locator.

2. Documents Required

The company will ask for some mandatory documents based on claim type (such as natural death, accidental death or terminal illness) to process the claim. The claimant needs to submit the documents like policy papers, death certificate authorised from the hospital, claim form, among others.

3. Claim Verification

The company will verify the claim and the documents. Upon successful verification, the claim will be accepted and the same will be communicated to the claimant via SMS and email.

4. Claim Settlement Payout

On accepting the claim, the company will disburse the complete claim amount or fund value together with any rider benefit (if any) into the claimant's bank account within a few working days.

Aegon Life Insurance: Contact Details

Contact Address:

Aegon Life Insurance Company Limited, Building No. 3, Third Floor, Unit No. 1, Nesco IT Park, Western Express Highway, Goregaon (East), Mumbai- 400063.

Customer Support:

Phone: 1800-209-9090 (Toll-free)

E-mail: customer[dot]care[at]aegonlife[dot]com (24/7 - Availability)

Fax: 022-4612575, 022- 4476795.

Locate your nearest Aegon Life Insurance branch with the help of 'Branch Locator' given at their official website.

Aegon Life Insurance Plans: FAQs

Yes, a person is allowed to increase the Sum Assured. For the same, he/she has to submit a duly signed request form available on the company's website.

To switch funds in an Aegon ULIP policy, you can either:

  • Submit a requisition form at the nearest branch of Aegon life insurance.
  • Use the customer portal on the company's official website.
  • Call the company on the numbers given in the contact details of this page.

No, there is no mobile application available for Aegon life insurance policies.

You can easily avail the ECS facility for your Aegon Life Rising Star Insurance Plan by filling out the ECS facility form and submitting it with a cancelled cheque to the insurer.

Yes, you can add or remove riders from your Aegon life insurance policy. 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.

YThe following documents need to be submitted along with the claim form for the claim settlement process of Aegon life insurance plans:

  • Passport size photograph.
  • Policy documents
  • Proof of residence such as post office statement, property tax or municipal tax receipt, rent agreement or utility bills (electricity, gas or telephone)
  • ID Proof such as passport, voter's identity card, pan card, driving license or aadhaar card
  • Bank account details.

Aegon Life Insurance policy status can be checked by the following ways:

  • Check Online: If you want to check the status of your policy online, then you need to visit the official website of Aegon Life Insurance and sign in (using your credentials) to the customer portal by clicking 'My Account' given at the top of the page. On visiting the homepage, you will see the option of 'Policy' that will help you to know 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 has to provide some information that includes name, policy number, DOB, etc.

Last updated on 03-09-2020