Aegon Life Insurance

The success of Aegon Life Insurance Company Limited can be traced back to 2008 when Aegon, an international life insurance provider, tied up with the country’s biggest media conglomerate Bennett, Coleman & Company. An increasing number of customers are buying Aegon Life Insurance policies as they offer the highest coverage or sum assured in lieu of nominal premium rates. The company, currently headquartered in Mumbai, has served more than four lakh customers through its multi-channel distribution strategy across India, thus explaining its largest share in the country’s insurance market.

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The company has done away with the idea of employing agents to sell its policies, which explains its cheap insurance rates. The company’s unrelenting passion to perform and awe its customers have resulted in an increased customer base. Moreover, the company’s focus on its customers’ needs coupled with its ability to provide customised insurance solutions highlights its customer-centric approach.

Benefits of Buying Policy from Aegon Life Insurance Company

Buying a life insurance cover from Aegon Life Insurance Company has its own benefits that are listed below.

1. The premium rates are low, which means that one can opt for a life cover as high as Rs 1 crore without having to spend too much on paying the regular premium
2. The life cover as offered on the Life Insurances by the Aegon Company goes up to the age of 100 years with an added bonus of having to pay premiums only up to the age of 60 years.
3. The plans purchased have an easy return policy but only within the first 30 days. The premium paid will also be returned soon after.
4. The idea behind buying any policy is easy and quick claim settlement. Aegon Life Insurance Company boasts of a good claim settlement ratio (CSR) i.e. 95.67%. The high CSR value indicates that the company honors the claims made by its clients;
5. Tax benefits are inherent in any insurance policy that you buy. The premiums payable under any plan are eligible for tax deduction under Section 80C of the Income Tax Act 1961.

Aegon Life Insurance Plans

Whole Life Insurance Plans

Under this insurance, a specified premium is paid which builds up a cash value (the sum assured) payable to the nominee of the insured upon the latter’s absence.

The life insurance provided is:

Aegon iForever Insurance Plan

This insurance provides lifetime security and has added benefits for those with a healthy lifestyle, non-smokers and no family history of illnesses.

Term Insurance Plans

Commonly referred to as “pure” life insurance, this plan covers the death benefit and compensates the policyholder’s family. There are six different term insurances provided and they are:

Aegon Life iTerm Plans

Aegon Life iTerm Insurance Plan is cost-effective and gives concessions on premium for females, non-smokers; additional riders are also provided.

1. Life Protect Option: This plan provides a life cover along with a 100% payout in case of a terminal illness, and one can choose to increase their life cover at important stages of life.
2. Protect Plus Option: The life cover provided will increase by 5% each year and that too without affecting the premium.
3. Dual Protect Option: Alternatively, monthly income for over 60 years of age until maturity will be provided.

Aegon iTerm Plus Plan

Aegon iTerm Plus Insurance plans come with the following options:

1. Life Plus Plan Option: There are death benefits, terminal illness benefit, waiver of premium on permanent disability due to accident
2. Life and Health Plan Option: This plan covers costs incurred towards the treatment of 10 critical illnesses
3. Life and Health Plus Option: This plan covers about 36 critical illnesses.

Aegon Life Easy Protect Plan

This plan is a sustainable option and ensures protection at a fraction of the cost

1. There is no requirement for medicals
2. In case of death of the policyholder, the nominee will be paid Rs. 10,000 per month for about 10 years
3. The policy term goes up to ten years.

Aegon Life iReturn Insurance Plan

iReturn policy is online insurance that provides death and terminal illness cover in-built. The money invested is returned, i.e., the premiums invested after maturity

1. It offers the flexibility to pay premiums monthly, half-yearly, and yearly
2. 25% of the cover is returned if diagnosed with a terminal illness
3. Return-back policy is applicable.

Aegon Life Term Plan

1. Regular income of 3% of the cover amount is paid monthly
2. Life cover is up to the age of 75 years
3. The in-built accidental death benefit is also provided.

Unit Linked Insurance Plans

A combination of insurance and investment, this is a unit-linked product where the investor bears the investment risk. A part of the payable premium goes into equities and debt schemes. There are two major plans under the policy:

Aegon Life iMaximize Plan

It is an online Unit Linked Insurance that offers both protection and market-linked returns. It offers a triple benefit payout option that can cater to a child’s needs.

Aegon Life iInvest Plan

The minimum investment starts from Rs. 2000. Offers maximized investments because no allocation charges are deducted.

Aegon Life Future Protect Plus Plan

This is an ideal plan for those looking to gain from stock upsides and protecting the family with the life cover. It helps save taxes and invests in the stock market minus the risk of direct investment.

Aegon Life iMaximize Single Premium Plan

It helps in reaping investment benefits at optimum prices; there are no premium allocation charges, therefore, increases the availability of funds for more investments. It is an online investment.

Aegon Life Future Protect Plan

Aegon Life Future Protect Plan is similar to future protect plan. The death benefit Base Sum Assured and the fund value is provided. The risk is minimized on the returns when the policy matures.

Child Plan

Under this plan, the accumulated sum is used to ensure future support to the child during an unforeseen financial crisis.

1. Aegon Life iMaximize Plan
2. Aegon Life Rising Star Insurance Plan

The provisions provided will provide for children’s all-important milestones and secures their future. It helps in investing in the equity market as well.

Retirement Plan

Life insurance is not entirely a retirement plan but does provide some provisions for the same. The plan provided ensures financial independence, annuity options, lifetime income, and double payout mode.

Aegon Life Insta Pension Plan

This is an annuity plan with an immediate pension. The pension helps take care of the basic needs. As per the plan, the annuity payout is provided to the policyholder and spouse.

Savings and Investment Plan

The policy helps double the savings to meet any financial needs in future.

Jeevan Riddhi Insurance Plan

This insurance plan is specially designed for individuals looking to accumulate savings over the years. It offers guaranteed additions of 5% of the sum assured for every year of premium payment. Bonus can also accrue every year. At maturity, you’ll get a lump sum amount.

And if you die during the policy term, your nominees will receive the financial support to carry on with their lives without any worry. Besides, you can apply for a loan against this policy to meet your financial requirements. The loan amount will depend on how much surrender value the policy may acquire. Usually, the loan remains at around 70-90% of the surrender value.

POS Guaranteed Return Insurance Plan

It’s a non-linked, non-participating life insurance plan that offers a guaranteed lump sum amount on maturity. The lump sum amount, which equals 225-325% of the basic sum assured, remains unaffected by market fluctuations. Should you die during the policy term, your nominees will get the much-needed financial support. 10% of the basic sum assured is added every year throughout the policy term. Loyalty boosters equaling 25% of the basic sum assured are payable at maturity. The tax benefits on premium payable make this plan sound even good for policyholders.

Aegon Life iGuarantee Plan

Assured sum returns are provided, payouts for the first six years along with the assured sum are provided in the absence of the insured.

Money-Back Policy

Life coverage on offer provides maturity benefits which can be paid in instalments instead of a lump sum.

Aegon Life iReturn Policy

A death benefit is provided along with an in-built terminal illness cover. It has a money-back policy as well.

Aegon Life Insurance Claim Process

Claims can be requested in case of unforeseen death of the life assured or when the policy matures (for some policies):

1. You will be required to send the claim request to the company as early as possible. This should mostly be done by the nominee. However, close family members or the handling agent can do so too.
2. This can be done online or by visiting the company/ branch.
3. Make sure to clearly mention the date, place, and the cause of death. The agent will help you with this step.
4. Submit all the necessary documents as specified below.

Documents Needed to Process a Claim

For a Death Claim, the documents required are:

1. A duly filled form provided by the company
2. The Death certificate from the authorized doctor
3. Original policy
4. If any deeds of assignments or reassignments
5. Legal evidence in case of absence of assigned policy or nominated policy
6. Form of discharge and
7. Other medical documents like medical attendant’s certificate, hospital certificates etc.

For a Maturity Claim

Some insurance can be claimed even after maturity with the return-back policy. Here’s how:

1. The initiative is commonly taken by the company; it will intimate you about the maturing policy.
2. Moreover, the insurer will send a discharge voucher across before two to three months to the actual maturity; this voucher will include all the necessary details about the amount payable.
3. You have to sign the voucher and get it attested and send it to the company again along with the original bond.
4. The duly filled form if necessary.

Awards Won by Aegon Life Insurance Company

Hard work deserves recognition and action surely speaks far louder than words. Some of the prestigious awards that been awarded to Aegon Life Insurance Company till date:-

Aegon Life Insurance Contact Details

Summary

Aegon Life Insurance Company provides much reasonably priced insurance plans with attractive features to keep your family financially secured indefinitely. This new-age life insurance company is dedicated to a policyholder’s long-term financial security at a low-cost premium because of the absence of external agents; this makes the entire experience transparent and trustworthy. Make sure to go through all the terms and conditions and compare and contrast the insurances before purchasing.

FAQs

What are the online modes available for premium payment towards Aegon Life Insurance policies?
You may choose to pay the premiums by any payment mode including Debit Card / Credit Card / Internet Banking etc. depending on your choice.

How do I get my Aegon Life Insurance policy canceled?
To cancel your insurance policy, you will need to visit the company’s nearest branch and submit a request for form duly filled and signed by you.

Can I increase or decrease my life cover during the policy period?
Once you have bought the policy from Aegon Life Insurance Company or any other, it is not possible to apply for any change in the amount of sum assured or the policy’s life cover.

At what age should I buy a life insurance policy?
There is no particular age at which one should buy a life insurance policy. Buying a life insurance policy means that you are planning to financially secure your loved ones’ future. A life insurance policy is a contract between a life insurance company and its customer wherein the former is liable to pay a predetermined amount to its customer’s nominee(s) in the event of death, disability or disease. However, buying a life insurance policy is advisable

1. After you get married
2. When you have kids
3. When you take a home loan to buy a house
4. When you take personal or business loan

How can I buy life insurance from Aegon Life Insurance Company?
It’s simple. Just log on to the site of the insurance company, compare the various plans available and choose accordingly. Alternatively, you may choose to log on to wishpolicy.com and view the insurance plans sold by different companies, compare the various benefits and features and pay for the one that suits your needs. The purchase method is completely online, which means that the customer is saved from the hassle of submitting physical documents or paying premiums in cash or cheque.