Aegon Life Insurance

Aegon is one of the world's leading financial services organizations, provides life insurance, pensions, and asset management and Bennett Coleman & Company Limited, which is India's leading media conglomerate, has joined hands with the company to build Aegon Life Insurance Limited. This venture is committed to building a customer-centric enterprise and render a work environment which brings in excellence and innovation to the company. This joint venture uses a domestic approach with global expertise.

Aegon Life launched its pan-India operations in 2008 after a multi-channel distribution approach with a spirit to help people plan their life better. The fulfillment of this vision was dependent on having a complete product suite, giving customized advice and improving the holistic experience of the customers.

The company has launched a range of products which are focused on offering the customer with the medium for their long term financial goals. In 2015, Aegon Insurance was honored with Aegon Life as the 'E-Business Leader,' for the third time in a row.

Awards and Recognition: Aegon Life Insurance has received the E-Business Leader Award for four consecutive years.

Types of Aegon Life Insurance Plans

Aegon Life Term Plans are an excellent pick to ensure that your loved ones are provided for if you aren't around anymore. Aegon Term Insurance plans are cost-effective. The different types of Life Insurance Plans are:

Aegon Life iTerm Insurance Plan

Under this scheme, you can get a life cover of one crore for a premium of as low as 8100 rupees per annum. This insurance plan covers deaths of all nature including death due to a terrorist attack

Aegon Life iReturn Insurance Plan

This scheme doesn't give any lump sum amount but it ensures that a payout of at least 3% is provided each month

Aegon Life Term Insurance Plan

This plan secures your loved ones against all forms of financial obstacles if the policyholder dies. This scheme also ensures that the family of the policyholder receive a monthly earning each month

Aegon Life Easy Protect Insurance Plan

iReturn Insurance Plan ensures that the policyholder gets all the money that they deposited in the form of premiums if the policy owner survives.

Aegon Life iSpouse Insurance Plan

this policy protects the policyholder along with their spouse and it comes with features like terminal illness and sudden death cover.

Aegon Life iIncome Insurance Plan

This scheme provides a monthly income for five years for the family and it comes along with a disability cover. The cover waives off the premium payments if the policyholder dies

five years along with disability cover. This cover waives premium payments if the policyholder is suffering from any critical illness.

Plan type	Basic Sum Assured	Tenure
Aegon iTerm	Rs.25,00,000	5-62 years
Aegon iReturn	Rs.30,00,000	5,10,15 & 20 years
Aegon Term	Rs.10,00,000	10,15,20,25,30,35 & 40 years
Aegon Easy Protect	Rs.12,00,000	10 years
Aegon iSpouse	Rs.25,00,000	5-65 years
Aegon iIncome	Dependent on premium payments	60 years minus age at entry (entry age is 25 years)

Aegon Life Endowment Plans

The life endowment plans by Aegon ensure that the future of the policy holder's family is secure.

Aegon Life iGuarantee Insurance Plan

This scheme is aimed towards wealth accumulation and guaranteed returns and it comes with a guaranteed payout of 135% of the premium amount. This scheme can also provide you with tax benefits under Section 80C and 10D

Aegon Life Guaranteed Growth Insurance Plan

This insurance scheme gives a guaranteed payout of 150% of the premium amount and it waives off future payments if the policyholder has died. After the death of the policyholder, the nominee receives annual payouts

Aegon Life Flexi Money-Back Advantage Insurance Plan

This insurance plan has limited premium payment has a more extended coverage period. The payout options under this scheme are flexible and they also encompass bonus and other additions

Aegon Life Premier Endowment Insurance Plan

This insurance plan is meant to promote savings via a guaranteed increase by the addition of 5% of the cover amount each year throughout the premium payment term, and offering a lumpsum amount and other benefits on the death of the policyholder

Aegon Life Jeevan Shanti Insurance Plan

This plan has a life cover and the premium payments are highly flexible. The scheme also offers death benefit through bonus accrual every year

Aegon Life Money Back Advantage Insurance Plan

This scheme is a participating money back advantage insurance plan. This guarantees annual payouts after the death of the policyholder and the nominee can receive accrued bonus plus terminal bonus

Aegon Life Educare Advantage Insurance Plan

This scheme provides financial assistance in educating your child

Aegon Life Guaranteed Income Advantage Insurance Plan

It is a traditional insurance plan. This insurance plan provides guaranteed life cover for 85 years and helps the policyholder to live a comfortable life even after their retirement

Aegon Life ULIPs

ULIP or Unit Linked Insurance Plans are excellent financial tools that can provide twice as much life cover and also market linked investment

Aegon Life iMaximise Insurance Plan

This is one of the best schemes for reaping high benefits with minimal costs.

Aegon Life iMaximise Single-Premium Insurance Plan

Like the name suggests, this scheme aims to reduce the burden on the policy holder by enabling a single premium payment for the whole policy

Aegon Life Future Protect Insurance Plan

If you wish to provide for your family financially and also gain from the upward trend of the market, the Aegon Life Future Protect Insurance Plan is perfect for you

Aegon Life Future Protect Plus Insurance Plan

This scheme can help you in saving tax as well along with providing you and your family with a life cover

Aegon Life Rising Star Insurance Plan

This scheme ensures that your family has a secure future and stable financial conditions even after the death of the policy holder

Aegon Life iInvest Insurance Plan

This Unit Linked Insurance Plan offers partial withdrawal after the fifth year of the policy. You can also earn loyalty units for increasing the fund value

Plan Type	Basic Sum Assured	Tenure
Aegon iMaximise	Less than 45 years on entry- higher of (10 times annualised premium) or (0.5 times policy term X annualised premium) 45 years and above on entry- 10 times annualised premium	15,20 & 25 years
Aegon iMaximise Single Premium	Below 45 years- 125% of single premium 45 and above years- 110% of single premium	Up to 50 years- 10 years Above 50 years- 5 years
Aegon Future Protect	20 times annual premium	15,20,25,30 & 35 years
Aegon Future Protect Plus	Below 45 years- higher of 10 times the annualised premium or (0.5 X policy term X annualised premium)] Above 45 years- higher of 7 times the annualised premium or (0.25 X policy year X annualised premium)	15,20 & 25 years
Aegon Rising Star	Below 45 years- higher of 10 times the annualised premium or (0.5 X policy term X annualised premium)] Above 45 years- higher of 7 times the annualised premium or (0.25 X policy year X annualised premium)	25 years
Aegon iInvest	Less than 45 years on entry- higher of (10 times annualised premium) or (0.5 times policy term X annualised premium) 45 years and above on entry- higher of (10 times annualised premium) or (0.25 times policy term X annualised premium)	10,15,20 & 25 years

Aegon Life Pension Plans

Aegon Life retirement plans are explicitly devised for meeting the requirements of an individual after their retirement. This plan ensures that an individual has a steady income until they reach an age of 85 years.

Aegon Life Guaranteed Income Advantage Plan

This plan ensures that an income of 7.5% of the sum is received by the policy owner until the individual reaches the age of 85

Aegon Life Child Plans

If you wish to protect the future of education of your children against these skyrocketing cost, then you can invest in the Aegon Life Child Plans

Aegon Life Educare Advantage Insurance Plan

This plan ensures that the ups and downs in education do not influence the education of your child in any form.

Aegon Life Rising Star Insurance Plan

This Insurance Plan is perfect for your children so that their education isn't compromised

Plan Type	Basic Sum Assured	Tenure
Aegon Rising Star	Below 45 years- higher of 10 times the annualised premium or (0.5 X policy term X annualised premium)] Above 45 years- higher of 7 times the annualised premium or (0.25 X policy year X annualised premium)	25 years

Aegon Life insurance Rural Plans

These insurance plans are designed for meeting the needs of the people who stay in rural areas. This scheme aims in providing insurance to the population residing in rural areas

Aegon Life Rural Term Insurance Plan

This scheme aims in providing maximum insurance benefits to the people who belong to rural areas. This insurance makes sure that the insurance needs of the people staying in rural areas are met at a lower cost

Plan Type	Basic Sum Assured	Tenure
Aegon Rural Term Insurance	50 times premium amount	5 years

Aegon Life Group Plans

This scheme is designed to provide monetary benefits to a group of individuals who work for companies, unions or associations

Aegon Life Group Gratuity Plan

This scheme is aimed at empowering the firms in availing plan which fulfills the gratuity requirements after they retire

Aegon Life Group Leave Encashment Plan

This scheme can be availed by the employers who wish to provide leave encashment to their employees. Since the liabilities for the company increases with time in offering the employees with paid leaves, it is a better strategy for a company to have a leave encashment plan instead of managing it at the eleventh hour

Aegon Life Group Credit Life Plan

The Aegon Group Credit Life Plan includes all the employees with respect to their insurance needs or loan liability so that their family members don't face any trouble when the employee isn't around.

Aegon Life Group Term Plan

This is the soundest plan to safeguard the monetary requirements of your dependents. In case any of your family members dies, the sum that is assured for the nominee is paid to the family members.

Aegon Life Group Credit Shield Insurance Plan

This insurance plan provides insurance along with loan coverage to the employees. The policy holder can continue with the policy even after it expires if they wish

Plan Type	Basic Sum Assured	Tenure
Aegon Group Credit Life Insurance	Rs.50,000 per member	2-10 years
Aegon Group Term Plan	Rs.5,000 per member	1 year renewable
Aegon Group Leave Encashment	Rs.1,000 per member	1 year-attainment of 75 years
Aegon Group Gratuity	Rs.1,000 per member	1 year-attainment of 75 years
Aegon Group Credit Shield	Rs.5,00,000 for home loans Rs.50,000 for other loans	2-30 ye

 

How Can You Get Insurance Through Aegon Life Insurance

Taking insurance policies is a way of securing yourself and your dependents if any bad situation is faced by the family. The policyholder's dependents or his/her nominees can file a claim to receive compensation according to the terms that are outlined in the policy

For Aegon Life Insurance policy, filing a claim can be done in a few simple steps. The steps are described below:

Claim Intimation

The first step while filing a claim is to notify the insurance company about the claim. While filing the claim through Aegon, the form along with all the relevant documents must be included.

There are different kinds of claim forms and associated documentation which depends on the manner in which the claim is being filed

The types of forms are listed below:

• Accidental disability/dismemberment

• Natural/accidental death claim form

• Critical Illness claim form

Terminal illness claim form

Based on the type of claim the claim form should be submitted to any of the Aegon Life Insurance branches along with the necessary documents like the hospital certificates, physician statement, death certificate

Payment of the Fund Value

This step is only applicable in case of death claims. After Aegon receives the documentation, then they can find the fund value of the policy which needs to be paid out to the beneficiaries.

Settlement Payout

Once the documentation and the claim amount is received, the document verification procedure is initiated. If any additional documentation is required, then it is intimated by the Aegon officials

After the documents have been verified, any other clauses that are attached to the policy are examined and the adjustments in the policy settlement are made.

After verification of the document, the settlement is released in favor of the beneficiary depending on the type of claim

Settlement is released through NEFT to the beneficiaries which ensures transparency, reducing the possibility of fraud and the customer experiences minimum hassle.

Aegon Life Insurance Claim Settlement Ratio

The claim settlement ratio for Aegon Life Insurance shows the percentage of claims that the company has settled as compared to the number of claims that it has received in a financial year

The claim-settlement ratio for Aegon Life Insurance is given below:

Year	2013-14	2014-15	2015-16	2016-17
Claim Settlement Ratio (%)	81.00	89.73	95.31%	97.11%
Total Premium (in crores)	453	559.3	501.6	450.72

Documents Required for Aegon Life Insurance

For an individual who wishes to apply for life insurance, they need to provide an application form along with some necessary documents. These documents are used to verify the individual's identity and his/her credentials mentioned in the form. The documents that an individual must submit along with the application form are listed below:

• Passport size photograph

• Residence Proof

• Bank Account Statement

• Property tax or Municipal tax receipt

• Utility Bills

• Allotment Letter or Accommodation Letter from the central, state or financial institutions or any other listed companies

• Rental Agreement

• Identity Proof

• Passport

• PAN Card

• Voter's ID

• Driving Licence

• Aadhar Card

• Job Card issued by NREGA

How Can You Check Aegon Life Insurance Policy Status

Policyholders who apply for the Life Insurance Policy to check the status of their policy through different avenues and access information linked to the policy

Checking Policy Status Online

• The policyholders of Aegon Life Insurance could check the status of the policies online after visiting the Aegon Life Insurance portal

• Click on Policy option on the homepage to access the status of an Aegon Life Insurance Policy

Checking Policy Status Offline

Aegon Life Insurance policy holders can check the status of their policy offline by calling the toll free number that is provided by Aegon Life Insurance. The policyholders are required to give information such as their name, policy number, date of birth, etc.

Aegon Life Insurance Online Payment

Life Insurance Policies are usually taken for longer tenures and they give the customers linked with premium payments. The customers can make payments for the premiums on monthly, half-yearly, annually or quarterly basis.

For those people who wish to make the payment periodically, making the premium payments on time.

You can follow the process described below to make the payment online:

• Visit the Aegon Life Insurance website

• Click on Renew Online

• Enter date of birth of the policyholder and the policy number

• The amount that the policy owner is required to pay will be displayed on the screen.

• You can make the payment through credit card, debit card or net banking

• An acknowledgment will be displayed on the screen after the payment has been made. The receipt is also sent to the registered email address.

Aegon Life Insurance Premium Calculator

Usually, a life insurance policy has a significant amount as the premium due to the comprehensive coverage and the length of the cover. Due to the high amount of premium involved the individuals require to know the amount that they need to pay for the premium payments. Hence the individuals need to know the amount that they will be required to pay a premium over the course of the entire policy term. Aegon Life Insurance has made it possible for its customers to calculate their premium calculator.

The premium calculator can be used to calculate the amount of premium payable throughout the duration of the policy.

Individuals need to insert information such as age, policy number, duration of the policy, etc. The calculator can compute the amount that can be paid as premium throughout the policy.

Aegon Life Insurance Customer Care

Founded with the goal of providing customers a superior customer experience, Aegon Life has become popular in the Insurance industry. The insurance company is famous because of its affordable plans. This insurer offers a vast range of life insurance policies which suit the diverse needs of people who belong to different backgrounds, along with giving dedicated customer support to all the policyholders. The insurer has set up various channels through which they can use to reach the diligent customer care service of Aegon Life. Customers can use the SMS services provided by the company for carrying out requests such as getting the premium details, acquiring the TPIN or IVR etc.

Aegon Life also has an IVR self-service system for cutting down on the response time to enable customers for getting information without having to get in touch with the customer support system. The IVR service system can be used by the customers for carrying out the requests such as

• Finding out the premium payment frequency

• Carrying out the requests linked with nomination

• Opting out of the rider attached with the policy

• Getting the premium payment details

• Switching funds

• Premium redirection

• Automatic rebalancing

• Invest protect option

Aegon Life Insurance FAQs

Can I increase the Sum Assured in an Aegon Life insurance policy?

Yes, you can raise the Sum Assured by submitting a duly signed request at your home branch.

Is it possible to add or remove a rider from the policy?

Yes. You can add or remove riders. For adding a rider to the policy, you should submit a duly signed request letter at the home branch. To remove a rider, you can call Aegon Life customer care. You must remember to keep your policy number and T-PIN handy.

What is a T-PIN ID?

T-PIN stands for Telephone Personal Identification Number. T-PIN ID is a four-digit number designated to you along with your policy number, and it must be used while providing policy service requests over the IVR system.

How Can I switch funds in my ULIP policy?

You can follow one of these methods to switch funds  in your ULIP:

• Submit a requisition form.

• Use the customer portal.

• Calling the company.

What is the method to apply for duplicate policy documents?

To apply and receive duplicate policy documents, you'll be required to submit a duly signed requisition letter with a bond on a stamp paper.

How can I avail the ECS facility?

You can avail the ECS facility by filling out the ECS mandate and then submitting it along with a canceled cheque to the company.

What is the method for changing the nomination in the policy?

You can submit an endorsement form, or call the toll free number and notify the company.

What is the claim procedure with Aegon Life?

The simple procedure followed to make a claim at Aegon Life insurance is to first inform the company by contacting them on their toll-free number. The company will give an estimate of the Fund Value. The benefits are paid out and the claim is settled after that.

How can I check the claim status?

You can easily check the claim status by contacting the company or sending them a mail.

What is the death claim intimation process?

To intimate the company regarding a death claim, you must fill out the claim form and submit the necessary documents such as the death certificate and policy documents at the nearest Aegon Life branch.

How can I surrender my Aegon life insurance policy?

If you wish to surrender your  Aegon life insurance policy, you'll be required to fill in a 'Policy Surrender Form' and pay the policy surrender fee, if it's applicable.

What are the premium payment alternatives available for an Aegon Life Insurance policy?

You can pay your Aegon Life Insurance premium through any of these mediums:

• Net banking.

• Debit/credit card.

• Cheque.

• Through standing orders.

Can I revive a lapsed Aegon Life Insurance policy?

Yes. You can revive a lapsed Aegon Life Insurance policy by sending an email/letter to the company and making the premium payment.