Aegon Pension Plans

Aegon Pension Plans
  • Financially Independent
  • Life Time Income
  • Long Term Saving
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About Aegon Life Insurance Company

Aegon Life Insurance Company Limited (formerly known as Aegon Religare life insurance corporation) is a new-age digital service company with a vision to assist human beings to plan their life better.

The full-fillment of this vision is based totally upon having a whole product suite, presenting customized recommendation. Aegon, an international provider of life insurance, pension & asset management and Bennett, Coleman & Company, India's main media conglomerate, have come collectively to launch Aegon life Insurance. This joint task adopts a nearby approach with the power of world knowledge to launch products that is targeted at offering the method to plan their long-term financial goals.

  • Claim Honoured: The company has a great claim settlement ratio- 96.45%. It tries to make sure to deal with all claim cases on time.
  • Customer Assistance: 24*7 Assistance is something that customers want and the company makes sure to offer the same. It has a dedicated team for the same.
  • Wide Range Of Plans: The company has a wide range of effective life insurance products to deal with the multiple needs of consumers at affordable prices.
Aegon Pension Plans

Fast Facts (2017)

HeadquartersMumbai
Business LineLife Insurance
Employees1021
Branches84
Cities47
Main Distribution challengesAgency Relationship Connect, Business, Alliances, E- Commerce

Aegon Life Pension Plans In India

Life insurance is not purely a retirement plan, but Aegon life insurance company makes sure to cover your post-retirement life and that's out it comes out with a special retirement/pension plan. The company has designed a pension plan which is designed with all the features that a consumer required for a secure post-retirement life.

1. Aegon Life Insta Pension Plan

Aegon Life's Insta Pension Plan is a perfectly designed retirement plan which makes sure that you can live your post-retirement financially independent. With this plan, you will get lifetime income, double- payout mode, annuity options and much more. The plan comes at an affordable price which makes it a complete package for a secure retirement.

Features of Aegon Life Insta Pension Plan

  • Lifetime Income: The plan has come out with lifetime income options. It assures that after retirement you may have enough funds to live your post-retirement life happily and independently as well.
  • Annuity Payout Options: There are two kinds of annuity payout alternatives to pick out from - life Annuity and Joint Life Annuity. It will help you in the long run and deal with various other needs.
  • Annuity Payout Mode: To provide more comfort to the insured, the play has comes out with multiple annuity payout modes. Different modes are there so that you can choose the appropriate one.

Eligibility of Aegon Life Insta Pension Plan

Entry AgeMinimum- 50 Years, Maximum- 85 Years
PremiumMinimum 1 lakh, Maximum- No limits
Premium Paying TermSingle Term
Entry Age of SpouseMinimum- 50 Years, Maximum- 85 Years

Why Aegon Life Pension Company?

Aegon Life Insurance Company is one of the most preferred life insurance companies. The company carries the experience of many years in the same domain and offering multiple plans cater to different needs of yours.

  • The company is a trusted platform to invest in life insurance products at affordable prices.
  • The company carries a good claim settlement ratio of 96.45% that is quite attractive.
  • It comes out with the quick renew option that makes it a lot easier.
  • Offers a wide range of life insurance products ranging from basic life to retirement plans.
  • It has 30 million customers, more than 29,000 employees and manages investments worth 743 billion Euros.
  • The company has won several awards for its amazing and on-time services.

Why Pension Plan?

Pension is important to secure your post-retirement days. It will allow you to live your life independently ever after retirement. With the same, you don't have to ask for money from any other person. It will be enough to deal with all your expenses. Below are a few more options that represent the importance of pension plans.

  • Automated Long-term Savings
    Regardless of whether you choose- one-time lump sum payment or more than one small payment method, you may be assured of long-term financial savings. Unlike endowment insurance, pension plans focus on growing an Annuity which can be in addition, invested to generate a regular cash float once you retire.
  • Reduce Impact Of Inflation
    Pension plans are designed to negate the disastrous effect of inflation. The plan will provide a lump sum payment at retirement amounting to almost one-third of the corpus collected and the stability fee of the corpus may be applied to generate stable income for recurring costs.
  • Different Hit For Parents
    One has several alternatives depending on one's retirement age and retirement plans. One will pay a massive lump sum amount of Rs. 5 lacs and begin receiving the annuity payments right away. Or, you'll move in for a Deferred Annuity plan, thereby permitting the corpus to earn greater hobby before the payout starts to evolve.
  • Conventional Or ULIP- Choice Is Yours
    You could pass in for pension plans in order to invest your funds in not just ultra-safe government securities, however, riskier debt and fair investments as properly. This boom in chance can be balanced with the aid of a considerable boom in the returns generated through the funding. This will ensure you have got a huge corpus to your hand at your retirement age so that it will help you preserve your way of life without any headaches or loss of independence.
  • Insurance Can Be Blended With The Pension Policy
    You can cross in for pension plans as a way to provide the lump sum payout upon retirement or loss of life of the individual, whichever takes place in advance. This means the pension coverage can be used to strengthen your life insurance coverage as well.
  • Choice Of Enhancing Nature Of Protection The Use Of Riders
    The pension coverage may be tweaked to receive lump-sum payouts in the event of critical ailments or disabilities because of accidents. The coverage may be used to bolster one's longtime healthcare-related cover as well.

How To Calculate Returns on Pension Plan?

There is no doubt in saying that you need to invest your money strategically to make savings for your retirement years. Savings play an important role to secure your post-retirement years. Investment in pension plans should be done in advance. With the same, at the time of retirement, you must be having sufficient funds.

To understand the calculation, let's take an example:- Suppose if your age is 30 and you want to retire at 55, so accordingly, you have 25 years in hand to plan your retirement. You expect to live till 80 years. According to the same, the total corpus you require would be

Existing total Investment and savings10000000
Life expectancy80 years
Retirement age 55 years
Your current age30 years
The annual rate of return10%
Expected expense50000
Monthly expenses30000
Inflation rate 7%

With the help of an online pension calculator, you can easily come to know about monthly savings, current needs, and required sum among others.

FAQs

Your annual statement of pension shows how your pension is performing and what you can expect when you retire. You need to check it and ensure that your savings are on track.

The main areas where you must focus are

  • Pension Contributions
  • Investment Performance
  • Projected Retirement Income

Guaranteed minimum pension (GMP) is a defined benefit. This means there is a specific pension amount and is payable at age 60(females) and 65(males). The amount payable will be calculated by HM Revenue & Customs (HMRC) and does not depend on investment return.

You can easily log in to your e-portal with your details that include policy number and policyholder date of birth as well. For the offline portal, you can visit the branch office to drop the cheque.

The company settled the claim in three steps mentioned below

  • Intimation and Registration
  • Fund value payment
  • Settlement Payout
  • E-settlement through Neft is also available

In a case where you are not satisfied with the policy then you can fill the surrender form along with the policy's document and submit the same in any branch office along with the cancellation charges. It will take 30 days to process the refund in your bank account.

No customers cannot avail loans against your Insta Pension Plan

As soon as possible. You must plan in its early 30's or as soon as possible. As soon as you start the more you will get.

Yes, service tax would be charged according to the prevailing tax.

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Last updated on 04-11-2019