One of the most awarded insurance companies in the country, Aegon Life Insurance, with a claim settlement ratio of 95.67% (17-18) offers easy-to-purchase life insurance solutions to cater to your life insurance requirements.
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.
Different Types of Aegon Life Insurance Plans:
Aegon Life Insurance Term Plans:
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 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 iReturn 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 Term 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 Easy Protect 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 iSpouse Insurance Plan- this policy provides protection for the primary holder as well as his/her spouse and comes with features such as in-built terminal illness and accidental death cover.
- Aegon Life iIncome Insurance Plan- this plan provides coverage as well as a monthly income for 5 years in addition to providing disability cover. It also waives premium payments in case of a critical illness diagnosis.
| 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 being 25 years) |
Aegon Life offers endowment plans to ensure that your future and your family’s future is secure.
- 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.
The ULIP plans from Aegon Life are great financial tools that provide double protection of life cover as well as market linked investment.
- Aegon Life iMaximise Insurance Plan - This ULIP plan from Aegon Life is best for reaping highest benefits at the most optimum cost.
- Aegon Life iMaximise 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 - 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 iInvest Insurance Plan- this unit-linked plan provides partial withdrawals after the 5th policy year as well as loyalty units to increase fund value and two portfolio strategies to choose from.
| 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 retirement plans are 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.
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:
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.
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.
| 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 |
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 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.
| Plan Type | Basic Sum Assured | Tenure |
|---|---|---|
| Aegon Rural Term Insurance | 50 times premium amount | 5 years |
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.
- 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 Group Credit Shield Insurance Plan- this plan provides insurance as well as outstanding loan coverage to employees, with the option to continue the insurance policy after it lapses.
| 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 years |
How to Claim Insurance Through Aegon Life Insurance:
Insurance policies are taken as a way to secure yourself in the event that any untoward situation takes place. If such a situation arises, the policyholder’s dependents or nominees can file a claim and receive compensation as per the terms outlined in the specific policy.
Filing a claim can be done in a matter of a few simple steps for an policy, making the process convenient and hassle-free.
The steps are outlined below:
Claim Intimation: the first step when filing a claim is notifying the insurance company of the claim. When filing a claim through Aegon, a filled-in claim form and the relevant documents are to be included.
There are different types of claim forms and associated documentation depending on the manner of claim being filed.
The types of forms are listed below:
- Natural/accidental death claim form.
- Accidental disability/dismemberment claim form.
- Critical illness/women’s critical illness claim form.
- Terminal illness claim form.
Based on the type of claim, the relevant claim form is to be submitted to any Aegon Life Insurance branch along with the attached supporting documents such as hospital certificates, physician statement, death certificate or any other as applicable.
Payment of Fund Value: this step is applicable for death claims. Once Aegon receives the documentation, the fund value of the policy would be paid out to the beneficiaries.
Settlement Payout: once the documentation and claim form is received, the verification of the documents will be initiated. If any other additional documentation is required, the same will be requested and on receipt, the verification will be completed.
Once the documents have been verified, any other clauses or riders attached to the policy will be examined and adjustments to the policy settlement made.
If the documents are found to be in order, the settlement will be released in favour of the beneficiary or policyholder depending on the type of claim.
The settlement will be released through NEFT (National Electronic Funds Transfer) to beneficiaries, ensuring complete transparency and reducing the possibility of fraud or any financial discrepancy.
Aegon Life Insurance’s claims settlement process, as described above, is a clear and concise one that enables the policyholder or their beneficiaries to file a claim with minimum hassle.
Aegon Life Insurance Claim Settlement Ratio:
The claim settlement ratio for Aegon Life Insurance indicates the percentage of claims the company has settled against the number of claims it has received in a financial year.
The claim settlement ratio for Aegon Life Insurance for the past two financial years is given in the below table:
| Year | 2013-14 | 2014-15 | 2015-16 | 2016-17 | 2017-18 |
| Claim Settlement Ratio (%) | 81.00 | 89.73 | 95.31% | 97.11% | 95.67% |
| Total Premium (in crores) | 453 | 559.3 | 501.6 | 450.72 | 531.21 |
Documents Required for Aegon Life Insurance:
When buying a life insurance policy, there are a set list of documents that have to be submitted along with the application form. These documents are to establish the policyholder’s identity and address for verification and settlement purposes.
The documents that are to be submitted along with the application form are listed below:
- Passport size photograph.
-
Proof of residence: Any one of the below mentioned documents are to be submitted towards proof of residence.
- Bank account or post office account statement.
- Property tax or municipal tax receipt.
- Utility bills (electricity, gas, telephone) not more than 2 months old.
- Letter of allotment or accommodation from State or Central government, financial institutions or listed companies.
- Rent agreement.
-
Proof of identity: Any one of the below mentioned documents are to be submitted towards proof of identity.
- Passport.
- PAN card.
- Voter’s identity card.
- Driving licence.
- Job card issued by NREGA, signed by a State Government officer.
- Aadhaar card.
How To Check Aegon Life Insurance Policy Status:
Policyholders who apply for an Aegon Life Insurance policy can check the status of their policy through multiple avenues in order to track their policy status and access information pertaining to the policy.
Checking Policy Status Online:
Aegon Life Insurance policyholders can check the status of their policies online by visiting the Aegon Life Insurance website and signing in to the customer portal.
On the homepage, click on the ‘Policy’ option to access the current status of an Aegon Life Insurance policy.
Checking Policy Status Offline:
Aegon Life Insurance policyholders can also check their policy status offline by calling on the toll free number provided by Aegon Life Insurance. Policyholders will have to provide certain information such as their name, policy number, and date of birth as identification.
Aegon Life Insurance Online Payment:
Life insurance policies are generally taken out for longer tenures, with options regarding premium payments. Aegon Life Insurance offers its policyholders the option of paying premiums monthly, quarterly, half-yearly, annually or in a lump sum.
For those who opt to pay periodically, making the premium payments on time is important so as to avoid a late fee.
To make the premium payment process easier and more convenient for its policyholders Aegon Life Insurance has introduced online premium payments. In this way, policyholders can initiate their premium payments wherever they are instead of having to visit a bank or the branch office to make the payment in person.
Making a payment online can be done by following the below process:
- Visit the Aegon Life Insurance website and click on the ‘Renew Online’ option on the homepage.
- Enter the policy number and date of the birth of the policyholder.
- The amount to be paid will be displayed on screen.
- Initiate the payment process through the options provided- credit card or debit card or net banking.
- Once the payment is made, an acknowledgement will be displayed on screen and a receipt will be emailed to the official email address.
Aegon Life Insurance Premium Calculator:
A life insurance policy usually has a significant amount as a premium owing to the comprehensive coverage and the length of the cover. As a result, many individuals might like to know the figure they would have to pay towards premium payments over the course of the policy term.
Aegon Life Insurance has thus made provision for this through their premium calculator. Available on their website, the premium calculator will calculate the amount to be paid towards premiums over the duration of the policy selected.
Individuals have to merely enter certain variables such as their age, annual income, policy chosen, gender, etc. The calculator will then compute the exact amount to be paid as premium over the course of the policy.
Aegon Life Insurance Customer Care:
Established with the objective of providing customers with a superior insurance experience, Aegon Life has carved a name for itself in the insurance industry over the years. The insurer is counted among one of the most popular life insurance provider owing to the well-appointed and affordable plans which they offer. The insurer offers an extensive range of life insurance policies which suit diverse needs, along with providing dedicated customer support to all policyholders. The insurer has set up multiple channel using which customers can get in touch with trained personnel from the customer support team to have their queries or concerns put to rest. Customers can instantly get in touch with a customer service executive by dialling on the given helpline numbers or by sending an email on the designated customer care email ID. Additionally, customers can also get details regarding their policy using the SMS service set up by the insurer wherein a pre-defined message has to be sent to a designated number.
The SMS service can be used to carry out requests such as getting premium due details, generate TPIN for IVR, get details about fund value, request for a call back, request for a premium receipt, get details on new products, find out about the current status of their policy, and get a unit statement. Furthermore, Aegon Life has set up an IVR Self-service system to cut down on the response time and enable customers to get information without having to get in touch with the customer support team. With the IVR Self-service option, customers can carry out requests such as change their premium payment frequency, change their policy nomination, opt out of a rider attached with the policy, get premium payment details. They can also use this service to know more about switching funds, premium redirection, auto rebalancing, invest protect option, and more.
Know More About: Aegon Life Insurance Customer Care Number
Aegon Life Insurance FAQ’s:
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.
How do I surrender my Aegon life insurance policy?
If you wish to surrender your life insurance policy, you will have to fill in a policy surrender form (available on the website) and pay the policy surrender fee, if applicable.
Q. What are the premium payment options available for an Aegon Life Insurance policy?
A. You can pay your Aegon Life Insurance premium through any of the below option:
- Net banking.
- Debit/credit card.
- Cheque.
- In cash (at the branch).
- Through standing orders.
Q. Can I revive a lapsed Aegon Life Insurance policy?
A. Yes, you can revive a lapsed Aegon Life Insurance policy by notifying the company through an email/letter and making the premium payment.
