Aegon, one of the world's leading financial services organizations, providing life insurance, pensions and asset management and Bennett, Coleman & Company, India's leading media conglomerate, have come together to launch Aegon Life Insurance Company Limited. This venture is dedicated to build a customer-centric business and provide a work environment that fosters excellence and innovation. This joint venture adopts a local approach with the power of global expertise.
Aegon Life launched its pan-India operations in July, 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. The fulfilment of this vision is based upon having a complete product suite, providing customised advice and enhancing the overall customer experience.
Aegon Life has launched a suite of products that are focused on providing the customer with the means to meeting their long-term financial goals. At the same time, product development has been founded on the tenet of providing the customer with great value. In 2015, the Indian Insurance Awards, honoured Aegon Life as the 'E-Business Leader', for the third year in a row, under the category of Overall Insurance Industry Awards.
Awards and Recognition
AEGON Life Insurance has been awarded the E-Business Leader Award for four years consecutively in 2013, 2014, 2015 and 2016. The E-Business Leader Award is given to insurers who have effectively managed online channels for lead generation, sales and marketing.
Key Highlights of Aegon Life Insurance
1 Crore Life Cover
Get 1 Cr Life cover @ ? 22*/day
Claim Settlement Ratio
Claim-settlement ratio of 89.78% for year 2014-2015
Grievances Resolved
94.68% Grievances Settled for year 2014-2015
To be eligible for Aegon Life Insurance
You should be at least 18 years old
You should be less than 65 years old
You should be either Salaried, Self- employed, a professional or have your own business
Aegon Life Insurance at a Glance
A maximum tenure of 75 years
Min Sum Assured: Rs 10 Lakhs
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Aegon Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Aegon Life Insurance Plans Details
- Aegon Life Insurance Term Plans:
- Aegon Life iTerm Insurance Plan - A life cover of Rs.1 Crore at as low as Rs.8100 per annum. This is the only term plan that offers illness benefit. This plan covers all forms of death including death by terrorist attack.
- Aegon Life Term Insurance Plan - This insurance plan does not provide any lump sum on death but ensures a payout every month equivalent to 3% of the sum assured.
- Aegon Life Easy Protect Insurance Plan - This term insurance plan protects your loved ones against all financial obstacles in the event of death of the policy holder. Also, this plan ensures a monthly earning for your family.
- Aegon Life iReturn Insurance Plan - The iReturn insurance plan ensures that you get all your paid premiums back in case the policy term expires and the policy holder survives.
- Aegon Life Endowment Plans:
- Aegon Life iGuarantee Insurance Plan - An insurance plan that is aimed towards wealth accumulation and guaranteed returns, with a guaranteed payout of 135% of the premium amount. The plan also entails tax benefits under Section 80C and 10D.
- Aegon Life Guaranteed Growth Insurance Plan - An insurance plan that provides a guaranteed payout of 150% of the premium amount and waives off payment of future premiums in case of the death of the life insured and makes annual payouts available to the nominee.
- Aegon Life Flexi Money Back Advantage Insurance Plan - An insurance plan with limited premium payment and longer coverage period, with payout options at regular intervals and encompasses bonuses and additions. Comes with rider options to allow for comprehensive coverage.
- Aegon Life Premier Endowment Insurance Plan - An insurance plan meant to boost savings through a guaranteed increase by addition of 5% of the cover amount every year during premium payment term, offering a lump sum payment at maturity or sum assured and accrued bonus as death benefit.
- Aegon Life Jeevan Shanti Insurance Plan - An insurance plan with life cover and flexible premium payment options that adds to the benefit amount of maturity or death benefit through bonus accrual every year.
- Aegon Life Money Back Advantage Insurance Plan-This is a participating money back insurance plan.
- Aegon Life Educare Advantage Insurance Plan- This is a participating life insurance plan. It provides financial assistance to you for educating your child.
- Aegon Life Guaranteed Income Advantage Insurance Plan- This is a traditional participating plan.
- Aegon Life Group Plans:
- Aegon Life Group Gratuity Plan - This plan is aimed at empowering the employer firms to avail a plan to fulfill the gratuity needs of the employees once they retire.
- Aegon Life Group Leave Encashment Plan - This plan can be availed by the employers to provide leave encashment to retiring employees. Since liabilities increase with time, so availing a plan to take care of such things is better than managing it at the eleventh hour.
- Aegon Life Group Credit Life Plan - The Group Credit Life Plan covers all the employees of a group with respect to their insurance needs as well as any loan liability that they might have so that their family members are spared any trouble in case they are not around.
- Aegon Life Group Term Plan -This is the best plan to safeguard the monetary needs of your dependents. In case of the sad demise of any of the family member, the sum assured for the nominee is paid to the family.
- Aegon Life ULIP Plans:
- Aegon Life iMaximize Insurance Plan - This ULIP plan from Aegon Life is best for reaping highest benefits at the most optimum cost.
- Aegon Life iMaximize Single Premium Insurance Plan - As the name itself suggests, this ULIP plan aims to ease the burden on the policy holder by allowing single premium to be paid for the whole policy.
- Aegon Life Future Protect Insurance Plan - If you want to protect your family as well as gain from the upward trends of the market then this plan is ideal for you.
- Aegon Life Future Protect Plus Insurance Plan - Cover your life as well as save tax through this ULIP insurance plan from Aegon Life.
- Aegon Life Rising Star Insurance Plan - This plan ensures a secure and bright future for your children at every important milestone as well as keeps you covered for life.
- Aegon Life Pension Plans:
- Aegon Life Guaranteed Income Advantage Plan - This plan assures an income of 7.5% of the sum assured till the policy holder attains the age of 85.
- Aegon Life Child Plans:
- Aegon Life Educare Advantage Insurance Plan - This is the best plan to ensure the ups and downs in the education sector do not influence your child’s education in any way.
- Aegon Life Rising Star Insurance Plan - The Rising Star Insurance Plan is the best for your children so that they never have to compromise with their education as well as their important milestones, no matter what happens.
- Aegon Life insurance Rural Plans:
- Aegon Life Rural Term Insurance Plan - These rural plans aim to provide maximum insurance benefits to the people from rural background so that their insurance needs are met at a lower cost.
Aegon Life Term Plans are reliable and a good option for ensuring your loved ones are provided for in case you are not around anymore. These term insurance plans are cost-effective and can be availed at lower costs.
Aegon Life offers endowment plans to ensure that your future and your family’s future is secure.
These are insurance plans that have been designed to render monetary benefit to a group of individuals, mostly employees of a company or a union or an association.
The ULIP plans from Aegon Life are great financial tools that provide double protection of life cover as well as market linked investment.
The retirement plan from Aegon Life is designed specially to meet the needs of an individual after his regular income is curtailed due to retirement. This plan ensures a guaranteed continuous income up to the age of 85 years.
If you are looking for a secure future for your child and protect his/her education against the skyrocketing education cost, then these plans from Aegon Life are worth going for.
These are low-cost insurance plans designed to meet the insurance needs of people from the rural areas. This scheme aims to bring the rural population too under the umbrella of insurance.
Aegon Life Insurance FAQs:
- Q. Is it possible to increase the Sum Assured in an Aegon Life insurance policy?
A. Yes, you can increase the Sum Assured by submitting a duly signed request for the same.
- Q. Can I add or remove a rider from the policy?
A. Yes. You can add or remove riders. In order to add a rider to the policy, you must submit a duly signed request letter for the same. To remove a rider, you can call their hotline. Do remember to keep your policy number and T-PIN handy.
- Q. What is a T-PIN ID?
A. The T-PIN ID is a 4 digit number assigned to you in addition with your policy number, and must be used while giving policy service requests over the IVR system on the telephone. T-PIN stands for Telephone Personal Identification Number.
- Q. How do I switch funds in my ULIP policy?
A. You can either:
- Submit a requisition form.
- Use the customer portal.
- Call the company.
- Q. What is the process to apply for duplicate policy documents?
A. To apply and receive duplicate policy documents, submit a duly signed requisition letter or endorsement form with an indemnity bond on Rs.200 stamp paper.
- Q. How do I avail the ECS facility?You can avail the ECS facility by using the following steps:
- Fill out the ECS mandate.
- Submit the filled out mandate with a cancelled cheque to the company.
- Q. What is the process for changing the nomination in the policy?
A. Submit an endorsement form, or call the toll free number and inform the company.
- Q. What is the claim process with Aegon Life?
- Step 1: Intimate the company.
- Step 2: Aegon pays out Fund Value.
- Step 3: Settlement is done and benefits are paid out.
- Q. How can I check the claim status?
A. You can check the claim status by calling the company or emailing them.
- Q. What is the death claim intimation process?
A. To intimate the company about a death claim one must submit filled out claims forms and related documents at the nearest Aegon Life branch office.
News About Aegon Life Insurance
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Aegon Religare Life Insurance Changes Name to Aegon Life Insurance
Aegon Religare Life Insurance Company, the private player, has changed its name to Aegon Life Insurance Company Ltd. Following Religare’s exit from the joint venture. The company’s management team will remain the same and customers, employees and partners will also receive the same level of commitment from the company as they did before Religare’s departure, revealed the company in an official statement. Aegon is also expected to enrich customer’s experience with the company through digitisation and simplification. All policyholders who have already taken out policies from the company will continue to receive the benefits without any changes in the terms and conditions of their policies.
8th December 2015
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A Trifecta of Online Insurance Plans by Aegon Religare Life
Aegon Religare Life, the pioneer in online life insurance has launched three new plans which would be online exclusive. These three plans are iIncome, iSpouse and iCancer. All the three plans can be availed in less than 20 minutes by visiting the online portal of Aegon Religare.
iIncome is aimed at people who would want to have an uninterrupted stream of income for the household for a fixed period in the case of the unfortunate demise of the insured. This plan is a non-linked, non-participating term assurance one. iSpouse is a joint life term assurance plan intended for working couples and ICancer is meant for protection against cancer, all stages inclusive.
All the three plans are aimed at the ever-growing market for need-based products. The core of all these plans is basically to alleviate the financial stress after any unfortunate incident. While the iIncome plan comes as a much needed respite after a familial shock, the iSpouse is intended to reduce the suffering in case of the untimely demise of a spouse. iCancer is an offering that basically is a statement of understanding from the insurer that the financial aspect of the dreaded ailment can be dealt with effectively and the family or the patient can focus on the treatment.
Variable sums are available as assured amounts and the entry into these plans ranges from 18 years-25 years. With a provision for tax deductible benefits, these three online plans might be what the market requires.
17th August 2015
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Aegon Religare Life to enhance product offerings with riders
Private life insurance major, Aegon Religare Life Insurance Co. Ltd., is set to launch riders as add-ons to its existing life insurance offerings. The company aims to enhance coverage and value offered to customers through this move. The main aim of these riders is protection. Through the riders the company aims to cover loss of income, critical illness protection, joint life coverage etc. These riders can be added on to both savings and protection plans.
The motivation for this move comes from a strong demand for riders in the company’s online segment. The two most popular rider products are those that offer premium waivers for critical illnesses and accidental death benefits. The company has witnessed more customers opting for riders when buying policies online as compared to through traditional modes; about 1.31 times higher.
In addition to launching new riders, first online and then through traditional modes, Aegon Religare Life is also set to launch a new pension product later in the year.
5th May 2015
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Aegon Religare Launches the #NothingWillHappen Campaign
Aegon Religare Life Insurance has launched a brand new campaign called the #NothingWillHappen campaign. It will consist of a series of four videos that will look at how Indians view life and death and will be released via digital media only. There will be no television release for these videos. The primary goal of the campaign is to promote one of their products, the iTerm plan but the company hopes that the campaign will have a far-reaching effect and motivate people to buy insurance.
The company believe that there are people who are aware of life insurance products but are not buying them and this campaign may motivate them to do so. The campaign has been created by the advertising agency Infectious and will employ the services of Atul Khatri, the stand-up comedian. The plot of the videos is going to poke fun at people not buying insurance and remind them of the protect life insurance provides.
23rd March 2015
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Aegon Religare Terms Budget 2015 ‘Futuristic’ and ‘Realistic’
The recently released government budget for 2015 promises to be one that is futuristic in terms of vision, while also being realistic number-wise, according to a statement from Saibal Ghosh, CIO at Aegon Religare Life Insurance.
The budget has been called as a true showing of federalism, and the company welcomed it saying greater tax-sharing with states will improve accountability for regional growth on states’ parts.
Also, by incentivising sanitation, housing, health, and insurance, the government has expanded the social security umbrella for the poor, and has identified the route for greater inclusiveness in growth in future. Infrastructure has also seen sufficient push in the budget. There have, however, been no changes to incentivise household savings – something that has seen a downward curve in recent times. All in all, the budget can be termed as being realistic in numbers while being futuristic in its vision.
3rd March 2015
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Aegon Religare On Path To Profitability
Aegon Religare is on a strong growth path to achieving planned break-even levels in the year 2017-2018. The life insurance company which began operations in the year 2008, had set a 7-year time frame within which it would break-even. The company’s growth trajectory has been tremendously positive since its inception and is expected to continue into the coming years.
Some factors contributing to this are the company’s introduction of new products and cost control strategy. By maintaining low allocation charges, Aegon Religare’s policies are not heavily loaded on issue. This makes these policies more attractive to potential customers thereby relaxing the company’s distribution requirements resulting in lower distribution costs. The company is also capitalising on the online insurance space and recently launched two new online policies, one of which is a Ulip. Ulips are expected to perform well given excellent market rallies over the last year; expected to continue in coming years.
Many life insurance companies which commenced operations before Aegon Religare were finding it hard to break-even owing to higher sales that stressed available capital funds required to cover risks.
With new reforms introduced with the passing of the Insurance Ordinance, the insurance industry is expected to grow at a rate of 15%. Capital infusion will also be easier with FDI limits being upped to 49% under the new Ordinance from 26% under the old law.
The company collected about Rs.316 crores in premium in the year so far and hopes to close the year at Rs.565 crores.
12th January 2015
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New Online Policies from Aegon Religare Life Insurance
Aegon Religare Life Insurance in a move to create a niche for itself has signed up the communications agency Infectious. This means all the new ads you see about Aegon Religare Life Insurance will be from Infectious which also includes the marketing communications.
Aegon Religare Life Insurance has introduced two new online life insurance plans. A ULIP called iMaximize and a return-on-premium plan called iReturn.
This move comes at a time when competition has been hitting up in the online term life insurance space. Competition has driven insurers to innovate and reduce policy prices in order to garner business from potential customers who are increasingly leaning towards Online policies owing to their affordable prices and easy accessibility.
The last quarter of the financial year ending March 2015 usually sees a spike in the number of policies issued as people make last minute bids to reduce their tax liability before filing returns.Ulips are making a comeback with more insurance companies throwing them into their product mix given attractive returns from equity markets that are expected to continue in the coming year. An attractive feature of new Ulips is the absence of charges for premium allocation and other services making a greater portion of premium paid available for investment and life coverage. The iMaximize plan has the additional benefit of a terminal illness cover for enhanced coverage.
Aegon Religare stands to gain from strengthening its position in the online life insurance space which accounts for 20% of all its policy sales.
9th January 2014
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Aegon Religare Life Insurance gets Infectious
Aegon Religare Life Insurance in a move to create a niche for itself has signed up the communications agency Infectious. This means all the new ads you see about Aegon Religare Life Insurance will be from Infectious which also includes the marketing communications.
Aegon Religare Life Insurance has already proved its mettle by being the first one to launch an all-out online insurance plan called the, iTerm Plan. This path breaking innovation made it the ‘E-Business Leader’ not only for the first time but also for the second year in a row at the Indian Insurance Awards and that too in the highly competitive group of Overall Insurance Industry Awards.
The company firmly believes the off-beat insurance plan and an equally path-breaking communication strategy as the reason for the success. Who does not remember the ‘Kum Insurance Lene ki Bimari’ campaign as well which also won accolades?
Yateesh Srivastava, Chief Operating Officer, ARLI, said that the company too believes in a new and fresh approach to reach the audience and expects to carry on with the same fervor with Infectious on board.
10th December 2014
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Religare to Divest Life Insurance Stake
Aegon Religare Life Insurance Co. Ltd. is soon to lose Religare Enterprises Ltd. (REL) as a strategic partner post the latter’s announcement to divest its stake (44%) in the life insurance business. This move comes off the back of Religare’s decision to strengthen focus on its core segments, including health insurance. Religare will make its exit as soon as a new partner is identified as a replacement. In light of new norms, aimed at raising FDI in the insurance sector to 49%, the new shareholder could well be a foreign player.
Aegon Religare Life Insurance Co. Ltd is currently a joint venture between REL, Aegon and Bennett, Coleman and Co. Ltd.
30th September 2014
