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 | Minimum: Rs. 5,000 Maximum: No Limit, subject to underwriting 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.
