• Aegon Life Flexi Money Back Advantage Insurance Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    Overview

    An Aegon Life insurance plan that enables you to systematically save money while also providing the benefits of comprehensive life insurance cover, the Aegon Life Flexi Money Back Advantage Plan also makes it possible for you to liquidate small parts of your investment at regular intervals.

    Eligibility Conditions of Aegon Life Flexi Money Back Advantage Insurance Plan

    Entry age

    • The minimum entry age is 7 years.
    • The maximum entry age is:
      • 60 years for a 14 year policy term.
      • 58 years for a 17 year policy term.
      • 54 years for a 21 year policy term.

    Maximum maturity age

    • 75 years.

    Key Features of Aegon Life Flexi Money Back Advantage Insurance Plan

    Type

    Participating money back insurance plan.

    Sum assured

    Rs.1,00,000 minimum.

    Coverage

    Death Benefits: The death benefit of this policy is the higher of:

    • Sum Assured with accrued bonuses, or
    • 10 times the base annualized premium
    • The total death benefit is subject to minimum 105% of the Base Premiums paid up.

    Maturity Benefits: If the life insured duly pays all premiums on time and survives till the end of the policy term, he/she is entitled to:

    • 40% of the Sum Assured (which is the last instalment of the Money Back Payout + accrued bonuses and terminal bonuses).

    Periodic Survival Benefits: A set percentage of the Sum Assured will be payable to the policyholder as a periodic survival benefit. The benefit will depend on the Policy term that’s been opted for.

    Basis

    Individual.

    Premiums

    The premiums are determined by your age, premium payment mode, policy term and Sum Assured option chosen.

    Premium payment term

    • 10 years for 14 year policy term.
    • 12 years for 17 year policy term.
    • 15 years for 21 year policy term.

    Premium paying modes

    There are four premium paying modes to choose from:

    • Monthly
    • Half-yearly
    • Yearly

    Policy term

    14, 17 years or 21 years.

    Reinstatement

    All policy benefits can be reinstated within 2 years of the defaulted premium. For reinstatement, the following will be required:

    • Evidence of insurability.
    • All overdue premiums to be paid up, plus an interest rate which the company will decide from time to time.

    Bonuses

    • At the end of every financial year, the company will declare a simple reversionary bonus.
    • The bonus accrues on the policy anniversary that falls in the next financial year.
    • Bonus will be paid on Date of Maturity or on the death of the life insured.
    • Bonuses are guaranteed once declared.

    Loan

    • A loan can be availed against the policy from the 4th policy year onwards.
    • Minimum loan amount: Rs.5,000.
    • Maximum loan amount: Not more than 60% of the Surrender Value.
    • Interest charged on loan is decided by the company every so often, but will not exceed yield to maturity on a 10 year G-Sec plus 4%.

    Other features

    • Free look period: The free look period is 15 days from the date you receive the policy document, or 30 days in case the policy was purchased through distance marketing channels.
    • Grace period: The grace period for this policy is 30 days from the due date of the premium, or 15 days if the premium payment mode is monthly.
    • A policy can be reinstated within 2 years of it lapsing.
    • Surrender Benefit: After they payment of the first full years premium, the policy acquires a surrender value. The Guaranteed Surrender Value or GSV is:
    • GSV of Sum Assured = (Applicable GSV Factor) x (Total amount of premiums paid) – Guaranteed payouts already paid, plus
    • GSV of Bonus = (Applicable GSV Factor) x (Accrued bonus)

    Add-on covers / Riders

    Aegon Life ADDD Rider: This rider carries a benefit that becomes payable when:

    • The policyholder dies due to an accident.
    • The policyholder has lost limb(s) or eye(s) due to accidental dismemberment, etc.
    • The policyholder is permanently totally disabled due to an accident.

    Benefits and Advantages of Aegon Life Flexi Money Back Advantage Insurance Plan

    • Liquidity – get cash back at regular intervals.
    • Additional protection through the Aegon Life ADDD rider.
    • Limited premium payment term.
    • Insurance coverage continues even after the premium payment term is completed.
    • Income tax benefits.
    • Flexibility to choose between policy terms.
    • Loan facility.
    • Benefit amount increases over time through bonus accrual.

    How Does the Plan Work?

    Once you chose a policy term and decide on the policy sum assured based on your financial requirements, your annualised premium will be calculated. Once you start paying premiums for the chosen Premium Payment Term, your policy and life insurance cover is in effect.

    Let’s Understand This With an Example.

    Mr. Babu, a 35 year old software developer, wants a supplementary income and insurance cover in case the worst should come to pass. He requires his investment to give him regular payouts at regular intervals to meet his milestone expenditures like tuition fees, jewellery for weddings, etc.

    Mr. Babu opts for this plan, and pays his premiums regularly. He’s in good health, and chooses a 21 year Policy Term with a 15 year Premium Paying Term for a Sum Assured cover amount of Rs.5,00,000. His annualized premiums is Rs.52,920.

    If he survives till the end of the Policy Term, Mr.Babu will be paid Rs.6,00,000 (120% of the Sum Assured) + Bonus of Rs.7,29,150 (at 8%) or Rs.4,09,000 (at 4%).

    If he dies in 5 years after taking the policy, he will have received Rs.50,000 at the end of the 4th policy year (which is 10% of the Sum Assured), and on his death, his family will receive Rs.5,29,200 (which is 10 times the annualized premium) + Bonus of Rs.1,70,750 (at 8%) or Rs.95,000 (at 4%).

    Riders

    Aegon Life ADDD Rider: This rider carries a benefit that becomes payable when:

    • The policyholder dies due to an accident.
    • The policyholder has lost limb(s) or eye(s) due to accidental dismemberment, etc.
    • The policyholder is permanently totally disabled due to an accident.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    AEGON Life Flexi Money Back Advantage Insurance Plan Reviews

  • Page 1 of 8 1 2 3 4 5
    • Aegon Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold the AEGON LIFE term insurance policy around a year ago. The customer support service and the response is good with the AEGON LIFE and I get good plan benefits and the policy coverage with this policy and I am satisfied using this AEGON LIFE insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • Aegon Life Life Insurance
      "Poor Service"
      0.5 1.0/5 "Really Bad"
      I have a term insurance Policy with the Aegon life. I canceled this policy. There was a mess with the payments and documentations. I will not recommend their services to anyone. They need to treat their customer in a smooth manner. Overall it was not a good experience with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2018
    • Aegon Life Life Insurance
      "Awesome Service"
      0.5 5.0/5 "Blown Away!"
      I've a Term life insurance policy with Aegon Life. They deliver Fantastic service. Customer service is awesome and their Responses are prompt. They offer Professional services, the way they respond. Overall I am impressed with the services provided by Aegon life.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2018
    • Aegon Life Life Insurance
      "Good Term Policy"
      0.5 3.5/5 "Pretty good"
      Tool this term life insurance from Aegon. Overall policy is good but customer support is not good. Incorrect email entered in the policy document and as a result I have to chase after Insurance company to change thw details. That whole process took almost a month.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 30, 2018
    • Aegon Life Life Insurance
      "Life insurance with AEGON"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from AEGON LIFE and the premium amount is 13600. The total maturity period is for 40 years. They do provide accidental benefits and illness coverage up to 20 lakhs. after death they will give provide 1 core to the family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2018
    • Aegon Life Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      I have a term plan insurance with Aegon. Compared to other companies it was good. It was recommended by friend. The response was not immediate. I used to pay yearly 18K through online. It was taken recently 8 months back. The policy coverage and benefits are good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 13, 2018
    • Aegon Life Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Aegon Life insurance service is good. I have taken one policy with Aegon for the term period of 15 years. The new schemes and offers are good they use to update me regularly. It was totally a excellent service from Aegon Life insurance service.
      Was this review helpful? 0
      , kanpur
      Reviewed on Mar 03, 2018
    • Aegon Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance with Aegon Life,the premium amount is 36,000 paid per annum,the policy is for 15 years,the total policy coverage is 4.6 lakhs,plan name is Maxima,its a kind of investment policy,the process took almost two days of time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 26, 2018
    • Aegon Life Life Insurance
      "Good for Me and My Family"
      0.5 5.0/5 "Blown Away!"
      Last three month back I purchase Aegon life through online channel. The plan benefits are good, I get the maturity benefits of Rs. 34 lakhs after 25 Years . In case of any loss, my nominees get the amount of Rs. 7.50 lakhs. I make monthly premium around Rs. 5000 monthly month its fine.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • Aegon Life Life Insurance
      "Good Coverage for family"
      0.5 4.0/5 "Great!"
      I took life insurance from Aegon before three years, at the time I came across it. Hence I availed that term insurance for my family, the premium was around Rs. 30k per annum but I am not sure about the tenure. I have selected sum assured which is suitable for family. I do have critical illness cover.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 08, 2018
    • Aegon Life Life Insurance
      "Best"
      0.5 4.0/5 "Great!"
      I do have life insurance policy with the Aegon life insurance company. I feel that they are good too. I have not experienced their claims till now. Plan benefits are fine one with the Aegon life insurance company and everything is good one with them till now.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 07, 2018
    • Aegon Life Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with AEGON.I pay a premium of 1.7 lakhs per annum as i hold four policies with them, i get a policy coverage of 1.25 crores.I don't have a claim experience with them.The premium is paid through online.The website is easy to understand.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 21, 2017
    • Aegon Life Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken term insurance with Aegon 3 months back. The plan benefits and policy coverage are good. They charging lower premium compared to others. I pay monthly around 820 rupees through online banking. Incase of any death they will give 1 crore. For accidents it will be 1.37 crores.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 04, 2017
    • Aegon Life Life Insurance
      "Life insurance"
      0.5 4.0/5 "Great!"
      AGEON religare is good, where we can use the amount of life coverage but they take very meager premium. The benefits are like are the best coverage, The tenure i guess is 60 years. Re payment options are good as i make the payment on a yearly basis . Further, I make the payment through online.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 22, 2017
    • Aegon Life Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Aegon Religare and I have gone it through an agent. It came in few days of time, also I am happy with them till now. I have not much experienced with them about their policy and the coverage.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2017
    • Aegon Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life insurance from AEGON LIFE. The total policy period is for 80 years. The monthly premium amount is 1158.Its a term insurance.Only after my death my family will be get benefited. I have linked my credit card with insurance policy were it will be auto deducted.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 10, 2017
    • Aegon Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      Got the Aegon Life insurance policy for past 15years. I pay the premium through online. I pay around Rs,15,000 per year. The customer support is good with Aegon life . The plan benefits and the coverage is good with this policy. This policy has the tenure of 15years, still 7more years are left to maturity.
      Was this review helpful? 0
      , karaikudi
      Reviewed on Nov 06, 2017
    • Aegon Life Life Insurance
      "Awesome!!"
      0.5 5.0/5 "Blown Away!"
      Around 5 years ago I got the Life insurance policy with Aegon life . I pay Rs,5000 towards this policy in every 6 months once. This policy has the tenure of 15 years. the plan benefits and the coverage is good with this policy. I would say the Aegon life insurance policy is a good policy to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 02, 2017
    • Aegon Life Life Insurance
      "Good policy"
      0.5 2.0/5 "Expected more"
      Around 5years ago I got the Life insurance policy with Aegon life . I pay Rs,5000 towards this policy in every 6months once. This policy has the tenure of15years. the plan benefits and the coverage is good with this policy. I would say the Aegon life insurance policy is a good policy to use.
      Was this review helpful? 0
      , bareilly
      Reviewed on Oct 30, 2017
    • Aegon Life Life Insurance
      "Good Insurance"
      0.5 4.5/5 "Excellent!"
      Through online channel I have taken life insurance, comes term insurance from Aegon life, I took the policy cover of Rs. 1.4 crore, my family will get the reimburse amount on monthly basis . I am paying low premium it has good protection for the nominees.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 20, 2017
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