Aegon Life Insurance Overview

Initiated in the year 2008, Aegon Life Insurance Company Limited is a renowned name in India’s financial market. It is counted among the world’s leading insurance companies for providing innovative insurance solutions to its customers. As it is a company with a good market share, which has launched numerous insurance products, all Aegon Life Insurance plans are worthy of customers’ consideration. The life insurance plans offered by Aegon Life are designed keeping the various insurance needs of individuals in mind, while providing attractive premium rates.

Why Should You Choose Aegon Life Insurance?

Let’s know some interesting facts about Aegon Life Insurance that make its products stand out:

  • Life cover: The insured is provided a death cover of Rs. 1 crore which is payable to the family in case of his/her accidental demise.
  • Claim Settlement Ratio: The company has set a good rapport by maintaining a high claim settlement ratio of 95.31 in the year 2016. One may experience a fast and hassle-free claim settlement process.
  • Opportunity to Create Wealth: Unit Linked Insurance Plans offered by the insurer offers good returns by investing a portion of the annual premium paid in the capital market. In this way, it ensures monetary protection along with an investment options.
  • Avail Tax benefits: Under Section 80C and 10D of Income Tax Act, the policyholder can avail tax benefits for the premium paid annually.

Types of Plans Offered by Aegon Life Insurance

Aegon Life Insurance Company has introduced various insurance plans that ensure that its customers get the best benefits to cater to its customers’ needs. These plans are customer-friendly and customization. Aegon life insurance plans offer comprehensive protection, options for wealth creation, savings, security for the family and retirement planning. These plans offer unique features at competitive premium rates that have elevated the company to be a force to reckon with in the market. Let’s have a glance at the various types of insurance offered by the company:

Type of Insurance Plans
Term Insurance

iTerm Insurance Plan

· Easy Protect Insurance Policy

· Term Insurance Plan

· iTerm Forever Insurance Plan

· iTerm Plus Insurance Plan

· iReturn Insurance Policy

ULIPs iMaximise Insurance Plan

· Future Protect Insurance Plan

· iInvest Insurance Plan

· Future Protect Plus Insurance Plan

· iMaximise Single Premium Insurance Plan

Savings Plans Regular Money Back Insurance Policy

. iGuarantee Insurance Policy

. Jeevan Riddhi Insurance Plan

. Guaranteed Growth Insurance Plan

Retirement Plan Insta Pension Plan
Child Plan Rising Star Insurance Plan
Rural Plan Rural Term Insurance Plan
Group Insurance Plans Group Term Plus Plan

Group Gratuity Plan

Group Credit Shield Insurance Plan

Aegon Life Term Insurance Plan

Aegon Life’s Term Insurance Plan offers complete protection to your family with a life coverage and monthly pay-outs in your absence, which can act as an income benefit.

Plan Type Term Insurance
Entry Age Minimum: 20 years

Maximum: 65 years

Maturity Age 75 years
Plan Tenure 10/15/20/25/30/35/40 years, and entry age deducted from 75 years
Rider term Minimum: Equal to the policy premium payment tenure

Maximum: Not more than 30 years

Sum Assured

Minimum: Rs 10 lakh

No Limit on Maximum Sum Assured

Premium Payment Mode Monthly, semi-annual and annual
Key Benefits In case of death of the insured 50% of sum assured is paid right away and 3% of the cover amount will be paid monthly as an income.

If the insured dies during the grace period, the outstanding policy premium will be recovered from the death benefit.

If the insured dies in an accident, the family will be given with an amount equal to the Sum Assured up to the maximum limit of 1 cr.

No maturity and surrender benefit is provided

Life coverage offered up to the age of 75 years.

Aegon Life iTerm Insurance Plan

iTerm is an online term plan offered by Aegon Life Insurance, which provides financial safety to the insured’s family. It helps the policyholder build and provides an emergency fund to their families, in case of his/her accidental demise. Below are the policy details:

Plan Type Term Insurance
Entry age  18 to 65 years
Maximum Maturity Age  100 years
Plan Tenure 5 to 62 years, or term coverage fixed till the age of 100 years
Sum Assured  Minimum – Rs. 25 lakh

No maximum limit

Premium Payment Mode  Single/Annual/Semi-annual/Monthly
Key Features  Cost-effective

A lump-sum amount is paid to the family in the absence of the policyholder

Guaranteed amount offered in case of terminal ailments

Flexibility to increase the coverage

Key Benefits

Only plan with an inbuilt terminal illness benefit

Enjoy life cover up to the age of 100 years

Financial liabilities are covered by the policy with a death benefit.

Enjoy tax benefits on the premium paid annually

Secures the family with a cover of Rs 1 crore at just Rs. 462/month

It offers flexibility to choose death benefit pay-out

Lower premium rate offered for women and non-smokers

Optional additional coverage for accidental death, critical illness

 

Aegon Life iTerm Plus Insurance Plan

This is a comprehensive plan where you can meet your insurance needs by choosing from four different plan options (Life Plan, Life Plus Plan, Life & Health Plan, Life & Health Plus Plan) with varied in-built benefits like critical illness cover and accidental cover. iTerm Plus Insurance Policy covers the policyholder up to the age of 80 years.

Plan Type Term Insurance
Entry age  18-65 years
Maximum Maturity Age  80 years
Plan Tenure Minimum – 5 years

Maximum – 62 years

Sum Insured Death benefit Rs. 25 lakh

Accidental death benefit: Rs. 50,000

Critical illness benefit: Rs. 5,00,000

Key Benefits Life Plan– Offers death benefits and accidental death benefits

Life Plus Plan-The premium can be waived off in case of Permanent Accidental Disability. It offers Death benefits+ Terminal Ailment benefits

Life & Health Plan– Death benefit, terminal illness benefit along with critical illness benefit that covering 10 critical ailments

Life & Health Plus Plan– It provides death benefits, terminal illness benefit, critical illness benefit covering 36 critical illnesses.

Cost-effective

Lump-sum amount is paid to the family in the absence of the policyholder

Guaranteed amount is offered in case of terminal ailments

Flexibility to increase the coverage

Key Features Women and non-smokers can avail the plan at a lower premium

Avail tax benefits for the premium paid

Wavier of future premium in the event of Permanent Disability and Critical Illness

The policyholder can increase the policy coverage as per the requirement of the stages of life

Avail the insurance coverage up to the age of 80 years.

Option to select coverage for 10 or 36 critical illnesses.

Aegon Life Easy Protect Insurance Plans

This policy helps the family of the insured to sustain the same lifestyle even in his/her absence. It provides financial security by offering a monthly income to the family in the unfortunate event of the insured’s demise.

Plan Type Term Insurance
Entry Age  Minimum: 20 years

Maximum: 50 years

Maximum Maturity Age  60 years
Plan Tenure   10 years
Sum Assured  Rs. 12 lakh
Premium Payment Mode  Annual
Premium Payment Term  Same as policy term
Key Benefits   In case of the sudden death of the insured, the insurance company will pay Rs. 10,000 per month to the nominee.

No medical test is required to avail the plan

The insured can claim tax benefits for the premium paid u/s 80C and the policy benefits u/s 10 (10D) on Income Tax Act, 1961.

The insured will be covered from day 1.

Key Features A grace period of 30 days is offered in case the insured forgets the renewal date.

In case of death during the grace period, if there are outstanding dues, the same will be recovered from the first policy pay-out.

Free look period of 15 to 30 days is offered within which the insured can discontinue the policy in case he/she is not satisfied with it.

 

Aegon Life iReturn Insurance Plans

The plan offers death benefit along with money back facility. Under this plan, the policyholder receives the paid premium at the end of the policy tenure, on survival of the policy tenure.

Plan Type Term Insurance
Entry Age Minimum: 18 years

Maximum: 65 years

Maturity Age  75 years
Plan Tenure  5, 10, 15, 20 years
Rider term  Minimum: 5 years

Minimum: Equal to the policy premium payment tenure

Sum Assured  Rs 30 lakh to 4 crores.
Premium Payment Mode  Single lump-sum or monthly, half-yearly or annually
Premium Payment Term  Same as Plan tenure
Key Benefits If the policyholder dies during the policy tenure, the insurer will pay an amount up to higher of the sum assured or

105% of the policy premiums paid

or

10 x the annual premiums.

Additional coverage offered against critical illness or accidents in riders.

If all the premiums are paid until the end of the policy tenure, the insurance company will return the entire premium amount paid

In case the insured person is diagnosed with any terminal illness, 25% of sum assured will be paid and future premiums will be waived. In such cases, the death benefit will be reduced up to the amount paid towards terminal illness.

A grace period of 30 days is offered in case the insured forgets the renewal date.

In case of death during the grace period, if there are outstanding dues, the same will be recovered from the death benefit.

Free look period of 30 days is offered within which the insured can discontinue the policy in case he/she is not satisfied with it.

Maturity or surrender benefit is offered.

The premium will be waived off if the insured is diagnosed with terminal illness.

Offers tax benefits.

The policy is easily available online.

Aegon Life iTerm Forever Insurance Plan

It is a non-linked, non-participating whole life insurance plan.

Plan Type Term Insurance
Entry Age Minimum: 18 years

Maximum: 65 years

·         Plan Tenure  For whole life
·         Sum Assured Minimum: Rs 25 lakh

No Maximum limit

Premium Payment Mode Monthly, Semi-annual and Annual
Key Benefits The insured can pay the premium for a limited duration

One can boost the basic cover amount by opting for rider options like critical illness and accidental cover.

Avail tax benefits on the premium paid u/s 80C

Women and non-smokers can opt this plan with a lower premium.

The provides complete protection for whole life

Option to increase the sum assured whenever in need.

Aegon Life Insurance – ULIPs Plans

United Linked Insurance Plans or ULIPs are plans that offer the dual benefit of life coverage as well as investment opportunities. For those who want to earn investment benefits, ULIPs are the best bet. Among the various ways to sustain financial security, investment and insurance are the most popular. In a ULIP, a portion of the insured’s money is invested in term insurance, while the other portion is utilised in stocks, mutual funds, or bonds, to help you meet your long-term financial goals. The returns earned on a ULIP is free from taxation. Aegon Life Insurance Company has introduced a number of ULIP plans that you could select from. The various types of ULIP plans offered by the insurer are as follows:

Aegon Life iInvest Insurance Plan

This ULIP is best suited to manage your funds efficiently. Under this plan, one can invest in six different funds including the accelerator fund, stable fund, secure fund, debt fund, blue-chip equity and opportunity. While each fund caters to different risk levels, the opportunity fund offers an opportunity to generate long-term wealth, by allowing the policyholder to invest in mid-caps.

Plan Type ULIP
Entry Age Minimum: 7 years

Maximum: 55 years

Maximum Maturity Age  70 years
Plan Tenure  10, 15, 20, 25 years
Rider term  Minimum: 5 years

Minimum: Equal to the policy premium payment tenure

Sum Assured When entry age is lower than 45 years: Higher of

(10 X Annual Premium)

OR

(0.5 X Policy Term X Annual Premium)

When entry age is 45 years or more: Higher of

(10 X Annual Premium)

OR

(0.25 X Policy Term X Annual Premium)

Premium Payment Mode Monthly and annually
Premium Payment Term 5 years/7 years/10 years/ equal to the plan term
Key Benefits  Avail total fund value on maturity.

Insured can enjoy Loyalty Benefits for complete payment of premium in case of policy terms of 15/20/25 years.

The insured can alter the premium share to be applied to his/her future premiums and Top-Ups.

Avail tax benefits for the premium paid.

If not satisfied with the plan, the insured can discontinue and return the plan within 30 days from the policy initiation date.

It is possible to switch from ‘Lifestyle Portfolio Strategy’ to ‘Self-Managed Portfolio Strategy’ at any point of time.

The policy comes with a partial withdrawal benefit.

It offers investment choices according to the insured’s risk appetite.

With a top-up plan, the insured can boost the Sum Assured.

 

 

 

Aegon Life iMaximize Insurance Plan

This cost-effective plan comes with triple benefits. By choosing a higher sum assured, one can obtain additional savings and income benefits. Furthermore, the financial future of one’s kids is taken care of in case of the accidental demise of the parent.

Plan Type ULIP
Entry Age Benefit Option I Benefit Option II

 

Minimum: 7 years

Maximum: 55 years

 

Minimum: 18 years

Maximum: 50 years

 

 

 

Maximum Maturity Age Benefit Option I Benefit Option II

 

70 years 65 years
Premium Payment Term Benefit Option I Benefit Option II

 

5 years/7 years/10 years/15 years/ equal to the plan term 10/15/equal to the plan term
Sum Assured Minimum: 7 times of the annual premium

Maximum: 10 times of the annual premium

Premium Payment Mode
Death benefits can be availed in case of the accidental demise of the insured

Under Benefit 1: Higher of Sum Assured or Fund Value;

Under Benefit 2: Sum Assured + Additional Savings Benefit + Income Benefit

In case of top-up plan, the higher value of top-up is offered.

One can switch from one investment fund to another, with up to 4 free switches in a year.

Option to top-up your premium anytime to boost the Sum Assured

Avail tax benefits under Section 80C and 10(10D) of the

Income Tax Act, 1961.

The policy can be discontinued within 30 days from the date of policy initiation, if you’re not happy with the plan.

On maturity, total fund value is returned.

In case of death, all the future premiums will be waived off.

Under Additional Savings Benefits, if the insured dies, the insurer will deposit an amount equivalent to the policy premium towards insured Unit Fund.

 

Aegon Life iMaximize Single-Premium Insurance Plan

With this insurance plan, the policyholder needs to invest only once and can earn profitable returns for a long time. It allows the insured to choose from six different unit-linked funds and invest.

Plan Type ULIP
Entry Age ·         Minimum: 8 years

·         Maximum: 65 years

Maximum Maturity Age ·         Minimum: 18 years

·         Maximum: 65 years

Plan Tenure ·         5 years, 10 years
Minimum Sum Assured ·         125% of Single Premium, if insured is below the age of 45 years at entry

·         110% of Single Premium if the insured’s age is equal to or greater than 45 years

Maximum Sum Assured ·         10 x Annual Premium, insured is up to the age of 35 years

·         For ages above 35, refer to details of Minimum Sum Assured

Key Benefits ·         In case of the unfortunate death of the insured person, the beneficiary receives the higher of

Sum Assured

Or

Fund Value

Or

105% of all the premiums paid.

·         Higher of top-up fund value is offered if any top-up fund exists.

·         Total fund value is returned to the insured at the maturity.

·         After 5 policy years, one can withdraw the policy partially, which is 20% of the fund value.

·         It is easy to switch your investments from one fund to another.

·         Boost your Sum Assured with a top-up plan

Aegon Life Future Protect Insurance Plan

 This policy allows the insured to multiply the money from varied investments. It also offers life coverage and best suits investors with a low-risk appetite.

Plan Type ULIP
Entry Age ·         Minimum: 7 years

·         Maximum: 50 years

Maximum Maturity Age ·         65 years
Plan Tenure ·         15/20/25/30/35 years
Sum Assured ·         Higher of 10 times of Annual Premium for entry below the age of 45 years

·         Higher of 7 times the Annual Premium, if the age is equal or greater than 45 years

Maximum Sum Assured ·         20 x Annual Premium
Key Benefits ·         In case of an unfortunate death of the insured person, the beneficiary receives higher of

Sum Assured

or

Fund Value

or

105% of all the premiums paid.

·         Higher of top-up fund value is offered if any top-up exists.

·         Total fund value is returned to the insured at the maturity.

·         After 5 policy years, one can withdraw the policy partially, which is 20% of the fund value.

·         It is easy to switch your investments from one fund to another

·         Boost the Sum Assured with a top-up plan

Aegon Life Future Protect Plus Plan

It helps the insured generate a sufficient pool of funds for the future, as well as provides him/her with risk coverage.

Plan Type ·         ULIP
Entry Age ·         Minimum: 7 years

·         Maximum: 50 years

Maximum Maturity Age ·         70 years
Plan Tenure ·         15/ 20/ 25 years
Premium Payment Mode ·         Yearly, Half-yearly, Monthly
Sum Assured as per Age on Entry Maximum:

·         Higher of 10 times of the annual premium if below 45 years

·         Higher of 7 times of annual premium if equal to or above 45 years

Minimum:

·         18 times of annual premium if below 45 years

·         10 times of annual premium if above or equal to 45 years

Key Benefits ·         Can boost life insurance coverage in terms of Sum Assured and Fund Value of the base policy payable, in case of a sudden death of the insured.

·         Flexibility to select the life insurance coverage amount as per your need.

·         Option to increase the life protection level during the policy tenure.

·         The policy helps in wealth creation for future financial needs, by contributing money systematically.

·         ‘Investment Protect’ option to gain from the investments with low-risk returns.

·         It offers multiple fund options to suit your investment

·         Partial withdrawal is possible after 5 years of the policy.

·         Avail tax benefits as per the prevailing laws of Income Tax Act, 1961

Thus, ULIP plans not only help the insured to safeguard the future by investing money and providing life coverage, but also work towards the better growth of the invested money.

Aegon Life Insurance – Savings Plans

Aegon Life insurance has introduced a range of savings plans that come with added benefits like money back at frequent intervals, bonus pay-outs, and a boost in savings etc. These plans are not linked to the share market, however, they offer life coverage and assured returns as well. These plans include:

Aegon Life Regular Money Back Insurance Plan

This plan offers guaranteed pay-outs for 10 years and a life cover above the premium payment term.

Entry Age ·         Minimum- 7 days

·         Maximum:

55 years (for 7 & 10 year plans)

60 years (for single pay plan)

Maturity Age ·         75 years (for 7 & 10 year plans)

·         80 years (for 7 & 10 year plans)

Policy Tenure ·         20 years
Premium Paying Term ·         Single/7 years/10 years
Premium ·         Minimum:

7&10 years- Rs. 12,000/PA

Single Pay – Rs. 1 lakh

·         Maximum: No limit

Sum Assured ·         Depend on the insured’s age, the premium amount and the policy premium payment term.
Benefits ·         Offers life coverage

·         One can apply for a loan against this policy

·         There is flexibility to choose the premium payment term

·         Option for additional benefit in case of disability

·         It guarantees pay-out for 10 years.

·         By accumulating the provided bonus every year, one can increase the benefit

·         The insured can avail tax benefit for the premium paid annually.

Aegon Life Guaranteed Growth Insurance Plan

This plan offers an assured return of 150% on the premium paid by the insured annually. This plan is for those who want to accumulate wealth and guaranteed returns.

Entry Age ·         Minimum 8 years

·         Maximum: 50 years

Maturity Age 60 years
Policy Tenure 10 years
Premium Paying Term 8 years
Minimum Premium 8 – 35 years: Rs. 20,000

36 – 45 years: Rs. 30,000

46 – 50 years: Rs. 40,000

Maximum Premium 8 – 35 years: Rs 3 lakh

36 – 45: Rs 2 lakh

46 – 50: Rs 1 lakh

Sum Assured 10x annual premium
Benefits ·     This plan offers guaranteed 150% of the annualised premium every year.

·    Limited premium payment term

·    Future premiums will be waived off in case of death of the insured during the policy tenure.

·         Avail tax benefit

Aegon Life iGuarantee Insurance Plan

Aegon Life iGuarantee Insurance Plan offers guaranteed returns at the right time, so you can reach your financial milestones as you planned. One can avail this plan online and avoid the hassle of tedious paperwork.

Entry Age ·         Minimum: 12 years

·         Maximum: 50 years

Maturity Age ·         56 years
Policy Tenure ·         6 years
Premium Paying Term ·         6 years
Premium ·         Rs. 48,000 if insured below 40 years old

·         Rs. 60,000 if insured 40 years old or more

Sum Assured ·         Rs. 2.50 lakh
Benefits ·         This plan offers guaranteed returns of 135% annualised premiums every year.

·         No medical required

·         In case of the sudden demise of the insured, 10 times the annual premium will be paid as Sum Assured.

·         Premium paid is eligible for tax benefits

Aegon Life Jeevan Riddhi Insurance Plan

If someone is looking for a savings cum protection plan that gives an extra boost to your savings, this plan is the right choice. This plan offers 5% guarantee on the extra sum assured during the time of premium payment. Moreover, the insured’s family is financially covered under the death benefit offered by this plan.

Entry Age ·         Minimum: 18 years

·         Maximum:

55 years (Limited Pay Option)

60 years (Single Pay Option)

Maturity Age ·         70 years
Policy Tenure ·         Limited Pay: 12 years to 20 years

·         Single Pay: 10 years

Premium Paying Term ·         Single payment/5 years
Premium Minimum Maximum

 

12 to 16 years

 

Rs. 15000/pa No limit, subject to the policy final print

 

17 to 20 years Rs. 12000/pa
Sum Assured ·         Differs as per the age of the insured.
Benefits ·         Lump-sum payment is offered at the time of maturity

·         Additional 5% of sum assured is guaranteed for every paid premium year

·         The insured can avail a loan against this plan

·         The premium will be waived off upon disability

·         One can choose the policy term and premium payment term as per his/her convenience.

·         Accidental death cover, up to 50% of sum assured

·         Avail bonus every year.

Aegon Life Insurance – Pension Plans

Not everyone gets pension benefits when they retire. However, everyone wants to and must secure their retirement phase. How would you feel if we said that you can spend money exactly the way you do today, even after your retirement? Great, right?

After all, why should retirement take all the fun and freedom away? With Aegon Pension Plan, you can ensure financial safety during your golden days.

By putting in a little effort today, you can secure a better future. The guaranteed retirement plans of Aegon life insurance ensure your independence and joy after you retire. It also assures 7.5% of the income of the money until the insured turns 85 years old. The retirement policy offered by the insurer includes:

Aegon Life Insurance Insta Pension Plan

It is an annuity plan that offers immediate pension to look after the basic needs of the policyholder. It pays a continuous amount as income post-retirement for the rest of his/her life. This way, the insured can maintain his/her preferred lifestyle even after retirement as well.

Entry Age ·         Minimum 50 years

·         Maximum: 75 years

Entry Age of Spouse ·         Minimum 50 years

·         Maximum: 75 years

Premium paying term ·         Single
Premium ·         Minimum: 1,00,000

·         Maximum: No limit

Benefits ·         This plan offers a source of income for a lifetime based on the annuity pay-out

·         It secures the retirement days by paying a regular amount for one’s lifetime

Aegon Life Insurance – Child Plans

As a parent, you want to protect your child’s future, but the growing cost of quality education has become a matter of concern. Though other requirements may change with the age of a child, there is one constant need from childhood to youth and that’s education. As this is a significant necessity that you shouldn’t compromise on, Aegon Life Child Plan helps you secure the future of your child by bearing the educational expenses. The child plans offered by Aegon include:

Aegon Life Rising Star Insurance Plan

If you want to secure the future of your child and also invest in equity, then this plan is for you. It ensures that the educational future of the child is secure in case of your absence. The features and benefits of the plan are mentioned below:

Entry Age ·         Minimum 18 years

·         Maximum: 48 years

Maturity Age ·         65 years
Policy tenure ·         Till the child reaches 25 years of age.
Sum Assured ·         18 x Annual Premium in case the parent’s age is less than 45 years.

·         10 x Annual Premium in case the parent’s age is 45 or more than 45 years.

Benefits ·         In case the insured person dies during policy tenure, the future premium will be waived off and 105% of the paid premiums will be paid as the death benefit immediately.

·         On maturity, the insured can avail maturity benefit as well. However, there will be no benefit payable before the policy matures.

·         Avail tax benefit as per the existing Income Tax Act.

·         Auto-rebalancing of fund

·         The insured can withdraw partially from the policy.

Aegon Life Insurance – Rural Plan

This plan is designed for the rural population who can avail this plan at a low premium rate. Aegon Life’s Rural Term Insurance Plan is well-known as single premium plan, where the insured can enjoy the policy benefits up to 5 years by paying the premium for one time only.

Entry Age ·         Minimum 18 years

·         Maximum: 45 years

Maturity Age ·         50 years
Policy tenure ·         5 years
Sum Assured ·         50 times to the single premium
Premium Payment Term ·         Single Premium
Benefits ·         In case the insured person dies during policy tenure, the sum assured will be paid by the insurer to the beneficiary.

·         A lump-sum amount as a surrender benefit will be paid in case the insured wants to discontinue the policy.

·         Avail tax benefit as per the existing Income Tax Act.

·         No benefit offered for survival.

 

Aegon Life Group Insurance Plans

Group life insurance policies by Aegon Life Insurance provide coverage to a group of people who belong to a common group or organisation. The various plans under group insurance plan include:

·         Aegon Life Group Gratuity Plan- This plan provides a death benefit to the insured. It also has come with investment options.
·         Aegon Credit Shield Life Plan- The group members are facilitated with life cover as well as sufficient coverage for outstanding loans at a reasonable price.
·         Aegon Life Group Term Plus Insurance Plan- This plan offers life insurance to employees of an organisation. In case of a sudden death of the insured person, the amount devoted towards sum assured will be paid to the nominee.

Let’s get some detailed information about these plans:

Aegon Life Group Gratuity Plan

Entry Age ·         Minimum 18 years

·         Maximum: 74 years

Maturity Age ·         75 years
Policy tenure ·         Minimum – 1 year,

·         Maximum-no limit

Sum Assured ·         Minimum: Rs. 1,000 per member

·         Maximum: as mentioned in the policy

Minimum Group Size ·         25 members
Benefits ·         The policy offers multiple investment options

·         The accrued gratuity amount will be paid in case of a sudden death of the insured.

·         As per the Income Tax Act, 1961, one can avail tax benefits on this plan.

·         Option to switch to various funds at any time provided to the insurer.

·         The insured can achieve better fund management through quarterly disclosure of the portfolio of the fund.

 

Aegon Credit Shield Life Plan

Entry Age Benefit Option 1 Benefit Option 2
Maximum: 65 yrs Maximum: 60 yrs
Entry Age Under Education Loan benefit

 

·         Option 1- 14 years

·         Others: 18 years

Maturity Age 75 years 65 years
Minimum Sum Assured Rs. 5 lakh
Maximum Group Size ·         Minimum 50

·         Maximum- no limit

Policy Term ·         Maximum 30 years
Premium Pay Term ·         Level Sum Assured: Single pay or equal to policy tenure

·         Decreasing Sum Assured: Single pay or limited pay

Benefits ·         Coverage offered for various loans

·         Life-insurance coverage offered for both borrower and co-borrower

·         Moratorium period is offered up to 7 years

·         Insured can choose from two plans benefits- coverage only in case of death of the insured or coverage in case of death and specific critical illness as well.

·         Insured is free to choose either level or decreasing sum assured.

 

Aegon Life Group Term Plus

Entry Age ·         Minimum: 14 years

·         Maximum: 85 years

Maturity Age ·         Death Benefit: 86 years

·         Accidental Death Benefit: 75 years

Sum Assured ·         Rs. 5 lakh
Maximum Group Size ·         10/20/50
Policy Term ·         1 year (Renewable)
Premium Pay Term ·         Annual/Half-yearly/Monthly
Benefits ·         In case of the sudden demise of the insured, the sum assured will be paid to the nominee.

·         One can add or exclude members on a monthly basis

·         Additional protection for the employees against accidental death.

·         Tax benefits can be availed by the employer

·         Life coverage offered up to the age of 85 years.

·         Flexibility of choosing monthly pay-outs

 

How to Claim Aegon Life Insurance Policy?

Aegon life insurance offers a three-step claim process to ensure easy settlements with no hassles that are resolved in no time. So, let’s find out the steps of claiming Aegon Life Insurance Policy.

Step 1. Claim Intimation and Registration

Submit the duly filled and signed claim form, along with other relevant documents supporting the claim, at your nearby Aegon Life branch or register the claim by calling the toll-free number of the insurer.

Documents Required:

Natural / Accidental Death Claim

  • Claim form
  • Certificate of the employer, in case of death claim
  • Attendant doctor’s statement in case of both natural death claim and accidental death claim
  • Hospital diagnosis certificate in case of both natural death claim and accidental death claim

Accidental Disability / Dismemberment claims forms

  • Claim form
  • Hospital diagnosis certificate / APS
  • Certificate of employer – ADDD claim

Critical illness / Women Critical illness claim forms

  • Claim form
  • Attendant doctor’s statement
  • Hospital diagnosis certificate
  • Certificate of employer – CI claim

Terminal Illness claim form

  • Application form
  • APS / Specialist certificate
  • Certificate of employer – TI claim

Step 2 – Payment of Fund Value

Aegon life Insurance ensures immediate financial support to the devastated family in case of the sudden demise of the insured. As per its feature, the insurer provides the immediate pay-out to the nominee as on the date of intimation of death or upon submission of all required documents mentioned in the Aegon life Insurance policy document.

Step 3 – Settlement/ Benefit Payout

Once the insurer receives the documents from insured’s end, they will commence the claims process right away. The insurer may ask for further clarifications or requirements, if any. Upon verification of all submitted documents, if the documents are found to be in order, the insurer will release the claimed amount against death/disability benefit/ rider benefit to the nominee, subject to other policy terms and condition.

Electronic Claim Settlement

To make the claim process hassle-free and fast, Aegon Life Insurance has made National Electronic Fund Transfer (NEFT) available for its customers, wherein the settled amount is directly transferred to the claimant’s account. For this, the nominee needs to update Aegon Life Insurance with his/her bank details for reimbursing the claimed amount via NEFT at the time of registering the claim.

Aegon Life Insurance Policy Status

Policy seekers who have applied for Aegon Life Insurance plan can check the policy status through multiple ways in order to track the policy. Here are the ways:

Checking Policy Status Online:

By visiting the official website of the insurer, one can easily track its policy status. It requires the person to sign in to the customer portal of Aegon Life Insurance. Then click on the ‘Policy’ option available on the home page and access the current status of the applied policy.

Checking Policy Status Offline:

One can check their policy status by calling on the toll-free number provided by the insurer as well. The insured will have to provide certain information such as name, policy number, date of birth etc. to access information about the policy status.

Aegon Life Insurance Renewal

Policy renewal is necessary to avail the benefits without any interruption. One has to renew his/her policy annually or within the given tenure by paying the premium. Let’s check the renewal process of Aegon Life Insurance

Online Payment

Life insurance policies are usually taken for a long tenure with multiple options regarding payment of premium. Aegon Life Insurance provides its customers with options for paying the premiums monthly, quarterly, half-yearly and annually or in a lump sum. However, those who choose to pay the premium periodically, should keep in mind that it is important to pay it on time to avoid late charges.

To make the renewal process convenient, Aegon Life Insurance has introduced online payments, wherein the insured can initiate the payment process as per his/her convenience. It can be done without visiting the branch of the insurer, which also saves time.

Steps to Follow while Doing Online Payment

  • Visit the official website of Aegon Life Insurance Company and click on the ‘Renew Online’ option available on the homepage.
  • You’ll need to fill the renewal form by mentioning policy number and date of birth
  • Calculate the premium amount or you can check for various insurance quotes by using insurance premium calculator.
  • If you want to continue with the same policy and insurer, then pay the premium amount through the payment options provided- which are usually Credit Card/Debit Card or NetBanking.
  • Upon payment, an acknowledgement will be sent by the insurer to your mail id.

Offline Payment

Insured can renew the policy by offline by visiting the nearest branch of Aegon Life Insurance and pay the premium.

Aegon Life Insurance Policy Premium Calculator

Life insurance may cost you a sizeable premium owing to the fact that the policy will offer comprehensive coverage and the lengthy duration of the coverage. Therefore, many of us might like to know the exact figure to be paid as a premium over the tenure of the policy.

By making the premium calculator accessible to its customers, Aegon Life Insurance has enabled the insured to calculate their premium at the time of buying a plan.

To access the calculator, one needs to visit the website, enter certain information such as age, policy type, annual income, gender etc. The calculator will calculate the premium amount to be paid for the policy tenure. This way the insured can have a rough idea of overall pay-out annually.

Aegon Life Insurance Customer Care

Founded with the aim of providing customers with an excellent insurance experience, Aegon Life has made a reputation for itself in the market. It is counted among the most famous insurance service providers, owing to the service and various products it offers. The insurer offers a wide range of life insurance policies, with a dedicated customer support team. It has designed multiple channels using which customers can get in touch with trained personnel, who will guide them and put their queries to rest. Customers can instantly connect to a customer care executive of Aegon Life by dialling the toll-free number or sending a mail at the email id of the customer care. Moreover, customers can also get in touch with by using the SMS service set up by the insurer.

The SMS service is helpful when getting details regarding premium due, generating T-Pin (Telephone Pin) for IVR (Interactive Voice Response), information about the fund value, requesting a premium receipt, requesting a call back, details of the new products launched by the insurer, to know the current status of the policy or getting a statement.

IVR self-service is helpful in reducing the response time which enables customers to get information without a customer support team. With the IVR facility, the insured can request to change the premium payment frequency, change their nomination, to opt for a rider benefit, or to get premium payment details. The policyholders can also use this facility to know more about how to switch funds, auto-rebalancing, premium redirection, invest protect option and so on.

Documents Required for Aegon Life Insurance

At the time of buying life insurance policies from Aegon Life, one has to submit certain documents along with the policy application form. The documentation is required to know the insured’s identity and address for verification and claim settlement purpose.

The documents include:

  • Photograph (passport size)
  • Any of the below-mentioned proof of residence-
  • Existing bank account statement or statement of post office account
  • Property tax or receipt of municipal tax
  • 2 months old Utility bills like electricity bills, gas bills or telephone bills
  • Letter of allotment received from State or Central government, financial institutions or listed companies
  • Rent agreement

Proof of identity:

The insured needs to submit any of the below-mentioned documents as proof of identity-

  • Passport
  • PAN card
  • Election card
  • Driving Licence
  • Job card issued by NREGA, signed by a State Government officer
  • Aadhaar card

Aegon Life Insurance FAQ’s

Can I increase the Sum Assured of Aegon Life insurance policy offered at the time of buying the plan?

Ans. Yes, you can increase the Sum Assured. To do so, you’ll have to submit a request form duly signed by you.

Are rider options available?

Ans. Yes, one can add or remove riders. In order to opt for a rider option, one must submit a request form. To remove a rider, one can call on the customer care number and provide the policy number and T-Pin for further reference.

What is a T-PIN ID?

Ans. Stands for Telephone Personal Identification Number, T-Pin is a four-digit number assigned by the insurer at the time of buying a plan. It is used while applying for policy services over the IVR system on the telephone.

How do I switch funds in my ULIP policy?

Ans. You can either:

  • Fill a requisition form and submit it asking for the same.
  • Use the customer care portal
  • Call the company

Can I ask for duplicate policy copy? What procedure must be followed to apply?

Ans. Yes, you can. To apply for duplicate policy copy, you need to submit a filled and duly signed application form with an indemnity bond on Rs. 200 stamp paper.

What is the process to avail ECS facility.

Ans. You can avail the ECS facility by using the following steps:

  • Reach out for the ECS mandate
  • Submit the filled mandate with a canceled cheque to the insurer

How can I change the nomination in the policy?

Ans. To change the nomination, submit an endorsement form, or call the toll free number and inform the insurer.

How can I claim my Aegon Life Insurance policy?

Ans. The claims are settled by Aegon Life Insurance in 3 steps-

Step 1: Inform the insurer

Step 2: Aegon verifies the claim.

Step 3: Settlement is processed and claim amount is paid to the insured.

How can I check the claim status?

Ans. You can check Aegon Life Insurance claim status by calling the company or emailing them. Keep your reference number and policy number handy at the time of calling.

What is the process for death claim intimation?

Ans. In case of a death, the insured must intimate the insurance company by submitting the claim form and related documents at the nearest branch of Aegon Life.

What is the process to surrender your Aegon life insurance policy?

Ans. In case you want to surrender your Aegon Life Insurance, you’ll have to fill and submit a policy surrender form and pay the surrender fee. You can download the form from the official website of the insurer.

What are the payment options available for paying the premium for Aegon Life Insurance policy?

Ans. One can pay the premium for Aegon Life Insurance via any of the below-mentioned options:

  • NetBanking
  • Debit/credit card
  • Cheque
  • In cash (at the branch)
  • Through standing orders

Is it possible to renew a lapsed insurance policy?

Ans. Yes, one can renew a lapsed policy by requesting the insurer to do the same and paying the required premium amount.

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