All about Aegon Life Insurance Company

Aegon Life Insurance Co.Ltd started its operations in India in July, 2008 with a motive to help people to plan their life in a better way. Aegon Life Insurance is a joiny venture of Aegon, an international life insurance provider and Bennett, Coleman & Company, which is India’s largest media conglomerate. This company has its headquarters in Mumbai serving over 4.4 lakh customers across India.

The life insurance provided by Aegon Life are with a higher coverage at a very affordable cost. Aegon Life Insurance Co. is currently enjoying a very good market share.

Interesting facts about Aegon Life Insurance Company

• Aegon Life follows a multi-channel distribution strategy with a motive to help their customers plan a good life
• Aegon Life has its headquarters in Mumbai that serves 4.4 lakh customers in India
• Aegon’s roots go back 170 years
• Aegon Life Insurance won the E-Business Leader Award for 4 consecutive years since 2013 till 2016.
• Aegon has flourished in more than 20 countries
• To wow the customers, spread awareness, think ahead and their passion to perform are the 4 main values and vision

Benefits of Aegon Life Insurance Company

• Life cover – The plans offer 1 crore life cover
• Claim settlement ratio – This Company has a very good claim settlement ratio of 95.31% in 2015-2016. They claim settlement process is easy, quick and hassle-free
• Wealth creation – Aegon’s ULIP plans offer you a good return by investing a portion of the customers premium payments in the capital market, thus providing investment and protection
• Tax benefits: Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Types of Aegon Life Insurance Plans

There are different types of life insurance plans offered by Aegon Life Insurance Company. Each plan is unique and has competitive premium rates.

Let’s have a look at each of the plans offered by this esteemed company.

1. Term Insurance Plans
2. Aegon Life iTerm Insurance Plan

This plan can be bought through the website. The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 65 and the maturity age is 75 years
• You can buy this plan online through the company’s website.
• In case the insured gets diagnosed by any terminal illness, then 25% of the sum insured is paid immediately.
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time.
• Under the Single Pay option, the premiums can be paid in lump sum or can be paid for the entire duration under the Regular Pay option.

3.Aegon Life Easy Protect Insurance Plan

This is a plan that can be bought without any medical tests. The features of this plan are mentioned below:

• The minimum entry age is 20 years and maximum age is 50 and the maturity age is 60 years.
• The nominee receives an amount of Rs.10, 000 per month for 10 years in case of death of the insured
• Offers tax benefit under Section 80C and 10(10D) under the Income Tax Act for premiums paid and for any claim received.
• Offers option to pay through phone by credit card or cheque.
• 4.Aegon Life Term Insurance Plan

This plan offers dual benefit. The features are mentioned below:

• The minimum entry age is 20 or 30 years and maximum is 65 years and maturity age is 75 years.
• This is a dual death benefit plan under which a complete sum assured is paid in the first option and in the second option after death of the insured, the insurance company pays 50% of the total sum assured immediately to the nominee of the insured and the remaining amount is paid monthly as a regular income at 3%.
• Offers an inbuilt rider of Accidental death benefit wherein an additional sum assured is paid only during accidental death of the insured.
• Offers tax benefit under Section 80C and 10(10D) under the Income Tax Act for premiums paid and for any claim received.

 

5.Aegon Life iReturn Insurance Plan

This plan offers return of premium option on maturity of the term plan. The features are mentioned below:

• The minimum entry age is 18 years, maximum is 65 years and maturity age is 75 years.
• Here, the premiums paid by the insured are paid back on maturity of the term plan.
• In case of death of the insured, the sum insured is paid to the nominee.
• Offers liberty to pay premiums regularly or lump sum or for a limited term of 5 years.

6.Aegon Life iIncome Insurance Plan

This plan promises monthly income benefit. The features of the plan are mentioned below:

• The minimum entry age is 25years, maximum is 50 years and maturity age is 60 years.
• On death of the insured, an amount in lump sum is paid to the nominee post which, a monthly amount is paid for 5 years or till 60 years whichever is later.
• Offers both death and disability benefit. In case of disability all the future premiums are waived off but the monthly benefit yet continues.
• Available online for purchase
• Offers tax benefit under Section 80C up to Rs. 1.5 lakhs and any claim amount under Section 10(10 D).

7.Aegon Life iSpouse Insurance Plan

This plan covers both husband and wife under the same plan. The features are mentioned below:

• The minimum entry age is 21 years, maximum is 60 years and maturity age is 65 years.
• Available online for purchase
• Offers single coverage to both husband and wife under the same plan.
• A lump sum amount is paid either to the surviving spouse or to the nominee, in case of death of the insured.
• A regular monthly income is paid for up to 5 years after the demise of the insured.

Unit Linked Plans 

1. Aegon Life iMaximise Insurance Plans

The features of this plan are mentioned below:

• The minimum entry age is 7 years and maximum age is 55 and the maturity age is 70 years
• The maximum sum assured for this plan is 10 times the annualized premium
• The policy term can be for 15/20/25/ years
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time.
• Offers investment maximization
• Nil premium allocation charges
• Offers facility to buy the plan online
• Offers choice of 3 investments funds, however the premium can be paid only once

 

2. Aegon Life Future Protect Insurance Plan

The features of this plan are mentioned below:

• The minimum entry age is 7 years and maximum age is 50 and the maturity age is 65 years
• The maximum sum assured for less than 45 years is 10 times the annualized premium and for more than or equal to 45 years 7 times the annualized premium
• The policy term can be for 10/20/25/30/35 years
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time.
• Offers amount gain option if the market inflates.
• In case of death of the insured, the insurance company pays the sum assured to the nominee. In case the insured outlives the policy, the insurance company pays a lump sum amount to the insured.
• Offers partial withdrawal of funds option

3. Aegon Life Rising Star Insurance Plan

The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 48 and the maturity age is 65 years
• The maximum sum assured for less than 45 years is 10 times the annualized premium
• The policy term can be for 25 years
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time
• Offers financial security to the insured’s children
• In case of death of the insured, the insurance company pays the sum assured to the nominee. In case the insured outlives the policy, the insurance company pays a lump sum amount to the insured.
• Offers partial withdrawal of funds option
• The funds in this unit-linked plans are balanced automatically

 

4. Aegon Life Future Protect Plus Insurance Plan

The features of this plan are mentioned below:

• The minimum entry age is 7 years and maximum age is 50 and the maturity age is 70 years
• The maximum sum assured for less than 45 years is 10 times the annualized premium
• The policy term can be for 15/20/25 years
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time
• The funds in this unit-linked plans are balanced automatically
• In case of death of the insured, the insurance company pays the sum assured to the nominee. In case the insured outlives the policy, the insurance company pays a lump sum amount to the insured.
• Offers protection of investment option

 

5. Aegon Life iMaximise Single Premium Insurance Plans

The features of this plan are mentioned below:

• The minimum entry age is 8 years and maximum age is 60 and the maturity age is 65 years
• The maximum sum assured is 125% of the single premium amount
• The policy term can be for 10 years
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time
• Nil premium allocation charges
• Offers facility to buy the plan online
• Offers choice of 3 investments funds, however the premium can be paid only once

• Savings Plan

1. Aegon Life Regular Money Back Insurance Plan

The features of this plan are mentioned below:

• The maximum entry age is 55 years and the maturity age is 75 years
• The policy term can be for 20 years
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time
• Offers funds during regular intervals for important phases in life
• Offers regular guaranteed income
• Offers loan for unforeseen situations
• Offers flexible premium payment option

 

2. Aegon Life iGuarentee Insurance Plan

The features of this plan are mentioned below:

• The minimum entry age is 12 years and the maximum entry age is 50 years and maturity age is 56 years
• The policy term can be for 6 years
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time
• The maximum sum assured is 10% of the annualized premium
• Offers guaranteed annual payouts for 6 years. This is considered from the end of policy term
• No medical test required
• Helps to accumulate wealth for important milestones

 

3. Aegon Life Jeevan Shanti Insurance Plan

The features of this plan are mentioned below:

• The minimum entry age is 8 years and maximum age is 50 and the maturity age is last birthday of the life assured
• The maximum sum assured for this plan is based on the age of the insured
• The policy term is 10 years
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time.
• Offers regular savings with life cover
• Offers systematic monthly savings
• Offers lump sum payout at maturity
• Offers flexible premium payment option

 

4. Aegon Life Guaranteed Growth Insurance Plan

The features of this plan are mentioned below:

• The minimum entry age is 8 years and maximum age is 50 and the maturity age is 60 years
• The maximum sum assured for this plan is 10 times the annualized premium
• The policy term is 10 years
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time.
• Offers assured returns on annualized premiums
• Helps to accumulate wealth for important milestones
• Offers guaranteed returns

Retirement plans

1. Insta Pension Plan

The features of this plan are mentioned below:

• The minimum entry age is 50 years and the maximum age is 75 years
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time
• It is an annuity plan that offers immediate pension for your basic needs
• The annuity payout mode can be annual or monthly
• Offers continuous income post your retirement

 

1. Group Insurance Plans

 

1. Aegon Life Group Term Plan

The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 59 and the maturity age is 60 years
• The maximum sum assured for this plan is Rs.5000
• The policy term is 1year renewable
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time.
• Sum assured is paid to the nominee in case of death of the member
• Offers flexibility to include or exclude members on a monthly basis
• Premium payment frequency can be monthly, quarterly, half-yearly or yearly

 

2. Group Leave Encashment Plan

The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 74 and the maturity age is 75 years
• The maximum sum assured for this plan is Rs.1000
• The policy term is 1year renewable
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time.
• Offers benefits to the employees like leave encashment payable in the future
• Offers multiple investment options to invest in group debt and equity fund
• Offers flexibility to switch between various funds
• Offers contribution redirection
• Offers transparency by disclosing the portfolio on quarterly basis

 

3. Aegon Life Group Gratuity Plan

The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 74 and the maturity age is 75 years
• The maximum sum assured for this plan is Rs.1000
• The policy term is 1year renewable
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time
• Offers gratuity to the employees
• Offers multiple investment options to invest in group debt and equity fund
• Offers flexibility to switch between various funds
• Offers contribution redirection
• Offers transparency by disclosing the portfolio on quarterly basis

 

4. Aegon Life Group Credit Life Plan

The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 55 and the maturity age is 65 years
• The maximum sum assured for this plan is Rs.50,000
• The policy term is 24 months(single), 60 months(regular), 90 months(limited)
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time
• In case of death, sum assured is paid to the nominee
• Offers benefits like level sum assured and decreasing sum assured

Health Insurance

1. Aegon Life iCancer Insurance Plan

The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 65 and the maturity age is 70 years
• The maximum sum assured for this plan is Rs.50 lakh
• The policy term is 5 year minimum and maximum is 70 years minus entry age
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time
• Covers all types of cancer
• Covers all stages of cancer
• Offers 150% of the sum assured minus any previous claim payable in case of critical stage of cancer, 25% of sum assured minus any previous claim payable in the minor stages, 100% of the sum assured minus any previous claim payable in case of major stages
• Offers premium waiver benefit post approval of a claim under the major stage cancer benefit

 

• Rural Insurance Plan

 

1. Rural Term Insurance Plan

The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 45 and the maturity age is 50 years
• The maximum sum assured for this plan is 50 times of the sum assured
• The policy term is 5 year
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time
• In case of death of the insured, the insurance company pays the sum assured to the nominee. In case the insured outlives the policy, there are no maturity benefits payable. In case of surrender of the policy, the policy requires surrender value post 1 year completion

 

• Child Plans

 

1. Aegon Rising Star Insurance Plan

The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 48 and the maturity age is 65 years
• The minimum sum assured for <45 years is 10 times the annualized premiums and for >=than 45 years is 7 times the annualized premium. The maximum sum assured for <45 years is 18 times the annualized premiums and for >=than 45 years is 10 times the annualized premium.
• Offers auto rebalancing of funds
• The policy term can be for 25 years
• Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time
• Offers financial security to the your children during important milestones in life
• Offers partial withdrawal facility
• In case of death of the insured, the insurance company pays the sum assured to the nominee. In case the insured outlives the policy, the insurance company pays a lump sum amount to the insured.
• Offers partial withdrawal of funds option
• The funds in this unit-linked plans are balanced automatically

 

Claim Process

The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process:

1. Claim Intimation: The nominee of the insured needs to intimate the claim to the insurance company by filling a claim form completely. Necessary documents needs to be attached along with the claim form. They are mentioned below:

• Terminal illness claim form
• Critical illness claim form
• Accidental disability form
• Natural/Accidental death form

The nominee needs to ensure that the form is filled based on the type of claim and submitted to the AEGON Life office along with the doctor’s certificate, death certificate, physician statement etc.

2. Fund value payment: On receiving the documents, the fund value of the plan is paid to the nominee of the policy. This process happens only during death claim.
3. Settlement payout: The insurance company would verify the documents once received. In case of any more documentation, the verification process would be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are found right as per the requirement, then the funds would be released in the nominee’s favor.

 

The payment is done via NEFT (National Electronic Fund Transfer) to the nominee. The insurance company ensures complete transparency to reduce any possible frauds and financial discrepancy.

Review

Aegon Life Insurance Company offers an array of reasonably priced life insurance policies. Their insurance plans are made-to-measure to shield you against the mounting financial outlays post death. They boast of a highest claim settlement ratio amongst private insurers. Hence, if you are scouting for an insurer who will deliver dependability, competence and brilliant post sales services in consort with the products specific to your requirements, Aegon Life Insurance is a won over alternative.

 

Aegon Life Insurance Company Details

Customer service number: 1800-209-9090 (toll-free)

Corporate number: 022-61180100/ 022-67292929