Aegon Term Life Insurance
  • Flexibility to choose Death Benefit
  • 99.25% claims settled in 2020-21
  • Special premiums for females
Aegon Life Term Insurance
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Aegon Life Term Insurance Plans

Aegon Life insurance (formerly known as Aegon Religare Life Insurance) commenced operations in July 2008. Aegon Life Insurance was the first company in India to offer Online Term Insurance Plans.

Aegon Life is one of the leading insurance companies providing financial services like life insurance, pension, and wealth management services. Moreover, Aegon Term Insurance has a dedicated customer support team that is committed to providing the best possible service to its customers.

Aegon Life is a company that is dedicated to helping our customers secure their long-term financial future.

Key Features of Aegon Life Insurance Company

Aegon Life Term Insurance offers an economical way of securing your family after you. Let's have a look at some of the brilliant features of the policy making it one of the best available term insurance plans in the domain.

  • Annual Premium: As per the IRDAI report 2020-21, Aegon Life Term Insurance recorded an annual premium of Rs. 526.07 Crores.
  • Solvency Ratio: The solvency ratio of the company helps an individual ascertain the company's ability to meet its long-term financial obligations. The Solvency Ratio of Aegon Life Term Insurance company for 2020-21 is 2.58. (As per IRDAI, it is mandatory for every life insurer to maintain a solvency ratio of 1.5).
  • Claim Settlement Ratio: The company has a good and reliable claim settling process with a CSR of 99.25%. (CSR as per IRDAI report of the year 2020-21). Aegon Life Term Insurance holds one of the highest claims settlement ratios amongst all the insurance companies.
  • Operating Network: Aegon Life Insurance is a global company and has a presence in over 20 countries. Their head office, however, can still be found in The Hague, the Netherlands. The company is headquartered in Mumbai, India, and serves 3 Lakh+ customers.
Aegon Term Insurance Key Features

Benefits of Aegon Term Insurance Company

  • Cost-effective: Aegon term insurance plans are cost-effective and cover your family for all their financial needs.
  • Flexibility : Aegon Life Term plans offer you the flexibility to select policy terms and premium payment terms as per your need.
  • Additional coverage with riders: Option to get additional benefit in case of death due to accident with Aegon Life AD Ride.
  • Freelook Period : If you are not satisfied with any of the terms and conditions of the policy, you may return the policy document to the Company for cancellation. On cancellation of the policy within the free-look period, the company shall refund premiums paid.
  • Tax Benefits: Tax benefits can be availed for premium payments of Aegon Term Plans under sections 80C and 10 (10D) of the income tax act 1961.

Aegon Life Term Insurance Plans

Aegon Life offers easy-to-purchase life insurance solutions to cater to your life insurance requirements.

Aegon Life Saral Jeevan Bima

It is an individual, pure risk, non-participating, a non-linked Term Insurance plan that serves as financial support for the dependents in case of the policyholder's death.

Unique Features

  • Simple and easy-to-understand plan
  • Cost-effective plan
  • Flexibility to select policy term

Aegon Life Term Plan Riders

  • Aegon Life Accidental Death Benefit Rider

    In case of the death of the Life Assured due to an accident during the rider term, an amount equal to the Rider Sum Assured is payable. This amount will be in addition to the death benefit under the Base Policy.

Calculate Aegon Term Insurance Premium

To calculate Aegon Term Insurance Premiums, policyholders can turn to Aegon Term Insurance Premium Calculator. It is an online tool that allows the policyholder to calculate their term plan premiums in advance.

Take a look below at some of the sample premiums of the Aegon Term plan:

Aegon Life Saral Jeevan Bima Plan

Sum Assured (in Rs.)15 Lakhs20 Lakhs25 Lakhs
Premium (in Rs.)6851,3783,030

*Premiums calculated for a 30-year old, non-smoker male. The chosen premium paying term and policy cover is of 10 years.

Aegon Life Saral Jeevan Bima Plan (premium paying term and policy cover of 10 years)

Sum Assured (in Rs.)15 Lakhs20 Lakhs25 Lakhs
Premium (in Rs.)483518648

*Premiums calculated for a 30-year old, non-smoker male. The chosen premium paying term and policy cover is of 10 years.

How To Buy Aegon Term Insurance Plans?

Aegon Life allows you to buy a term insurance plan in simple steps online via their website.

Steps to buy from Aegon Life Insurance company

  • Visit the official website of Aegon Life Insurance Company.
  • Click on ‘Plans’ on the navigation bar and select ‘Term Insurance Plans’.
  • Click on the ‘buy now button and fill in the required details.
  • Tap on 'next' and select a plan as per your requirements.
  • Select the cover option you want and make your payment.

Steps to buy from PolicyX.com

  • Fill out the form given at the top of this page with the necessary details.
  • Select your income and city. Click on 'Proceed'.
  • Update your education and occupation details.
  • Choose your preferred plan and click on 'Buy this plan'.
  • Select policy term, premium period, and riders (if required) and then proceed to do the payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

How to File Aegon Term Insurance Claims?

Filing a claim for Aegon Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online in 3 easy steps. To file a claim for Aegon Life Term Plan, you need to follow the below-mentioned steps.

1. Claim Intimation

You can visit their official website Aegon Life and click on “Register Claim” and fill in the necessary details.

  • Name of the policyholder
  • Policy number
  • Date of death/event of the life assured
  • Nominee name
  • Cause of death
  • Contact details

A claim reference number/intimation number will be provided to you upon successful registration of the claim.

2. Document Submission

Submit the necessary documents requested by the company to process the claim. In the case of natural death-

  • Death claim form.
  • Death certificate.
  • Original policy documents.
  • Claimant's identity & residence Proof.
  • Medical records at the time of death & past illnesses.
  • Account details of the nominee.

In the case of unnatural death (Accidental death/Murder/Suicide)-

  • Death claim form.
  • Death certificate.
  • Original policy documents.
  • Claimant's identity & residence proof.
  • FIR, police inquest report.
  • Post mortem report.
  • Account details of the nominee.

3. Claim Settlement

After receiving all the documents and claim forms, the company will verify the details as per their norms. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over call or email.

How to Contact Aegon Life Insurance Company?

No worries. The experts @PolicyX.com are always available to assist you.

Aegon Life Insurance Company, A-201, 2nd Floor, Leela Business Park, Andheri-Kurla Road Andheri-East Mumbai- 400059

customer.care@aegonlife.com

1800-209-9090 (Available from 9:00 am to 7:00 pm IST)

Aegon Term Insurance: FAQs

1. What are the documents required to surrender an Aegon Life Term plan?

If you reside in a city where there are no existing branches of the company, you need 5 documents via courier to the Head Office. These are:

  • Original policy document
  • Self-attested Pan Card Copy
  • Cancelled Cheque
  • NEFT Form
  • Application Letter

2. What happens if I do not nominate a person to receive the benefits after my death or in case the nominee also dies at the same time?

An Open Title claim can be registered in such cases. The Claimant has to submit a Succession Certificate, which is issued by a competent court. If the company has accepted the claim but is waiting for the issued proof, it has the authority to hold the money till the proof is submitted.

3. I am 30 years old and my annual salary is around Rs. 5 lakh, how much of term insurance cover should I buy?

If you are around 30, you can work 30 years more. Your current annual salary is around Rs. 5 lakh, but you will get an increment every two years or so. Hence, you could look at a term insurance amount of Rs. 1 crore. Just keep the growing inflation rate in mind.

4. Is the Gender of the Insured Important while buying Term Insurance?

Yes. The average Indian woman lives longer than the average Indian man, therefore, the term life insurance premium for women is lower as compared to men of the same age.

5. What if the premium of my term insurance is not paid?

If the premium remains unpaid for more than a month after the due date (that is the 'grace period'), the plan will lapse. In such a situation, your beneficiary will not receive anything from the term life insurance policy and will be considered as 'lapsed'.

6. What happens to the due premium if the insured dies before paying it?

If the insured dies during the plan tenure (before he/she can pay the premium), the due premium will be deducted from the death benefit.

7. Are there no monetary benefits of investing in term insurance?

Apart from insuring your family, term insurance plans offer various tax benefits. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the amount that your loved ones get in your absence will be tax-free.

8. Can I buy 2 term insurance policies?

You can buy as many term insurance plans as you want to fulfil your insurance needs. You can even nominate different beneficiaries for both the insurance plans.

9. Can life insurance claims be rejected?

Yes, the insurer can reject a life insurance claim on grounds of-

  • Misrepresentation of actual information
  • Non-disclosure of correct information
  • Fraud

10. Can I make changes to my Aegon life term plan after I buy it?

No, once an Aegon term plan is purchased, the terms and premium amount cannot be changed.

11. Is Aegon life term plan covered terrorist attacks?

Yes, the Aegon term plan covers death caused by the terrorist attacks. The policyholder's nominee or legal heir can claim the death benefit.

12. How can I check the status of my Aegon Life Term Insurance Policy?

You can check the status of your Aegon Life Term Insurance policy by calling the toll-free number or sending an email to the company.

13. What is the grace period for Aegon life iterm insurance plan?

Customers who do not pay their premiums on time are given a 30-day grace period to do the same.

14. Can I change the sum assured in my policy at a later date?

To change your sum assured, you need to submit a duly signed request to the company.

15. What is the ideal coverage for Aegon Life Term Plan?

The ideal coverage for your Aegon Term plan will solely depend on your needs and requirements. Evaluate your responsibilities, liabilities and of course budget, and then choose your ideal plan coverage.

16. My mother is again diagnosed with Covid-19. Will she still be eligible to avail of coverage under her Aegon Life Term Insurance Plan?

No, the policy covers hospitalization due to diagnosis of Covid-19 only for the 1st time.

17. In what time does the beneficiary need to report their Aegon Life Term Insurance plan claim after the date of the event?

All claims including death claims should be intimated as soon as possible. In case of any sort of delay in reporting the claim the reason for the same should be justified in writing by the claimant.

Aegon Term Insurance Reviews

Read what our customers have to say about Aegon term insurance company

Customer Review Image

Yash Pratap Singh

Chennai

May 26, 2022

One of the best term insurance companies. I lost my wife to Covid. Glad that we had decided to buy Term Insurance from Aegon Life Insurance. After completing the formalities and documentation, ...

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prem khanna

Jaipur

February 24, 2022

I am here to write my experience with aegon insurance company. I always got satisfactory support from the company and their customer care people. They are educated and polite.

Customer Review Image

Rashmi Chkrworty

Chennai

September 30, 2021

One of the best term insurance companies. I lost my husband to Covid. Glad that we had decided to buy Term Insurance from Aegon Life Insurance. After completing the formalities and documentatio...

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Satendar Singh Sodhi

Nagpur

September 30, 2021

Aegon Life Insurance is a name that I would recommend to everyone. With so many plans available, it is definitely one of the best you can buy.

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Sudhir Kumar Jha

Dehradun

September 20, 2021

Plans of Aegon have very very good features... and the companies customer support team is very polite and helpful,

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Ramesh

Coimbatore

September 16, 2021

I bought my life insurance plan from Aegon after my uncle suggestion, and I am super satisfied with the plan

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Sanjeev

Delhi

September 16, 2021

Bahut hi badhiya company hai, gazab ke plans hai, muje bahut ache lage. aage bhi sabko boluga lene ke liye.

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yogesh malhotra

Pune

September 15, 2021

bahut acha customer support hai...kaafi achi tarah samjhaya plan aur meri har sawaal ka bht ache se jawab diya, I am impressed