Aegon Life Insurance
Aegon Life Insurance Company is an international 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 a gainful 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 | 96.45% |
No. of Policies | 10.9 lakhs |
No. of Locations in India | 115+ |
No. of Customers (Inclusive of Bank Partnerships) | 30 million |
**Last Updated on 13-07-2020
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 the 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: 70 years |
Minimum Sum Assured | Minimum: Rs. 25 Lakhs Maximum: No limit, subject to Board Approved Underwriting Policy |
Policy Term | 5/15/20 years |
Premium Payment Frequency | Single, annual, half-yearly and monthly |
Premium Payment Term (years) | Single pay, regular pay, 5 pay, 10 pay, pay till 60 years |
**Last Updated on 13-07-2020
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 on the basis of your specific 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 |
Maturity Age | Minimum: 65 years Maximum: 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 |
Premium Payment Mode | Annual, semi-annually and monthly |
Policy Term | Minimum - 5 years Maximum - 62 years |
Premium Payment Term (years) | Equal to the policy term |
**Last Updated on 13-07-2020
2.Aegon ULIP Plans
Aegon Unit-linked Insurance (ULIP) 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 money and 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 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 thereby 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 (age as on last birthday) | 70 years |
Minimum Annualized Premium Amount | - For Premium Payment Term 5 years: Rs. 48,000
- For Premium Payment Term 7 years: Rs. 36,000
- For Premium Payment Term 10 years/equal to policy term: Rs. 24,000
|
Policy Term (years) | 10/15/20/25 years |
Premium Payment Term (years) | 5 years/7 years/10 years/equal to the Policy Term |
Premium Payment Frequency | Monthly and annually |
**Last Updated on 13-07-2020
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 benefit 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 Annualized Premium (AP) | Monthly Mode: Rs. 20,000 p.a. Half-yearly Mode: Rs. 30,000 p.a. Yearly Mode: Rs. 36,000 p.a. |
Minimum Sum Assured | Age equal to 45 years: Higher of 7 times of the regular annualized premium Age less than 45 years: Higher of 10 times of the regular annualized premium or (0.5 X Policy Term X AP) |
Maximum Sum Assured | 20 times of annualized premium (AP) |
Premium Payment Term | Equal to the policy term |
Policy Term (years) | 15/20/25/30/35 |
**Last Updated on 13-07-2020
iii) Aegon Life Rising Star Insurance Plan
Aegon Life Rising Star Insurance Plan is a plan that assures a guaranteed payment for your child's education milestones of life. This plan is also liable to pay even after the death of the insured parent. It also provides investment benefits from equity market-linked returns by investing a portion of the premium as per the risk appetite of the policyholder.
Eligibility Criteria
Age at Entry of the Parent (life assured) | Minimum: 18 years Maximum: 48 years |
Maximum Age at Maturity | 65 years |
Minimum Annualized Premium | Annual Mode: Rs. 20,000 Other Mode: rs. 30,000 |
Minimum Sum Assured | Age equal to 45 years: Higher of 7 times of the regular annualized premium
Age less than 45 years: Higher of 10 times of the regular annualized premium or (0.5 X Policy Term X AP) |
Maximum Sum Assured | Age equal to 45 years: 10 times of annualized premium (AP)
Age less than 45 years: 18 times of annualized premium (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 13-07-2020
3. Aegon Child Plans
Aegon Child Plan has been launched to offer financial security to your child's future. The child plan offers maturity benefit along with death benefit payable on the death of the life assured parent. The benefit can be received as monthly payouts or in the form of a lump sum payout as required by the policyholder at the inception of the policy.
Let us look at the following child plan offered by Aegon Life Insurance:
i) Aegon 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 life 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
Age at Entry (age as on last birthday) | BENEFIT OPTION 1: Minimum: 7 years Maximum: 55 years
BENEFIT OPTION 2: Minimum: 18 years Maximum: 50 years |
Maturity Age | BENEFIT OPTION 1: Minimum: 70 years
BENEFIT OPTION 2: Maximum: 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 |
Maximum Sum Assured | For entry age below 45 years, the minimum Sum Assured mentioned above is the only available Sum Assured.
For entry age equal to or above 45 years - Higher of the following: • 10 times the Annualized Premium • 0.25 x Policy Term x Annualized Premium |
Premium Payment Frequency | Yearly and monthly |
Premium Payment Term | BENEFIT OPTION 1: 5/7/10/15/equal to Policy Term BENEFIT OPTION 2: 10/15/equal to Policy Term |
Policy Term (years) | 15/20/25 years |
**Last Updated on 13-07-2020
4. Aegon Savings and Investment Plan
Aegon savings and investment plan offers multiple benefits to the policy owner such as loyalty booster at the end of every policy year, simple reversionary bonuses, market-linked returns along with tax benefits.
The Aegon savings plan is mentioned below:
i) Aegon 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 at the end of the policy tenure. 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 |
Minimum Premium | Yearly Mode - Rs. 10,000 Half Yearly Mode - Rs. 7,500 Monthly Mode - Rs. 1,500 |
Maximum Premium | Yearly Mode - Rs. 100, 000 Half Yearly Mode - Rs. 51, 200 Monthly Mode - Rs. 8,700
**Note: The Maximum Annualised Premium Per Life Insured will be capped to Rs. 1 lakh for this product. |
Premium Payment Mode | Yearly, Half-Yearly, and Monthly. |
Premium Payment Term | 5/7/9 years |
Policy Term | Any Policy Term Between 10 to 20 years |
**Last Updated on 13-07-2020
5. Aegon Group Term Insurance Plans
Aegon Group Term Insurance Plans are group policies for employers or groups to provide term insurance to its employees' or members of a group. These term insurance plans assure financial security to the loved ones in case of death of the insured employee. The plans provide various riders along with death benefit to enhance protection such as Terminal Illness rider, critical illness rider, accidental death benefit rider, etc.
Let us look at the following Aegon Group Term Insurance Plans:
i) 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 family and 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 |
Group Size | Minimum: 10 for Employer-Employee, 20 for EDLI Schemes & 50 for Others Maximum: No Limit |
Policy Term | 1 Year Renewable |
Premium Payment Frequency | Annual, half-yearly, quarterly and monthly |
Premium Payment Term (years) | Equal to the Policy Term |
**Last Updated on 13-07-2020
ii) 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 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 | - Education Loan under Benefit Option 1 - 14 years
- Others - 18 years
|
Maximum Age at Entry | - Benefit Option 1: 65 years
- Benefit Option 2: 60 years
|
Maturity Age | - Benefit Option 1: 75 years
- Benefit Option 2: 65 years
|
Minimum 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 |
Policy Term | Minimum: Single Pay- 2 years Regular Pay- 5 years Limited Pay- 8 years Maximum: 30 years |
Premium Payment Frequency | Single, annual, half-yearly, quarterly and monthly |
Premium Payment Term (years) | Single Pay or Equal to the Policy Term |
**Last Updated on 13-07-2020
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 after death 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 in India.
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. Also, 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 they change a company or move abroad. Life insurance serves its purpose in such cases as it enables to build up an income source by way of savings upon investments for retirement along with the benefit of life insurance coverage.
Why PolicyX.com Is The Best Platform To Buy Aegon Life Insurance Plans?
PolicyX.com is an authenticated web insurance aggregator by the Insurance Regulatory and Development Authority of India (IRDAI). The company is liable to provide 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 that can be done within 10 minutes.
- 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 expresses the reputation of an organisation. PolicyX.com offers first-rate customer care services to choose the best insurance plan 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 of the life insurance policy should intimate the insurer about the incident. Submit a duly filled claim form along with the necessary documents at the nearest Aegon life insurance branch or at 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 on the basis of claim type such as natural death, accidental death, terminal illness, etc. to process the claim. The claimant needs to submit the documents like policy papers, death certificate authorised from the hospital, etc. along with the claim form.
3. Claim Verification
The claim verification team will verify the claim and the documents subject to the terms and conditions of the insurance company. Upon successful verification and if everything is found to be in order, 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 10 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.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.
