Aegon Life Insurance
Aegon Life Insurance Company was formerly called Aegon Religare Life Insurance Company. Aegon was founded in 2008 and offers both individual and group insurance through online and offline platforms. Aegon Life is a joint venture of the Dutch multinational insurance provider Aegon N.V. and The Times Group, which is also known as Bennett Coleman & Co. Ltd., and is one of India’s largest media houses. Aegon’s stake in the venture is 49% as of 2015, while 44% stake is with Bennett Coleman & Co. Ltd.
Aegon Life’s services include term life insurance, investment, and savings. It has over 25 products in the market, which includes group plans; a term plan that is specific to rural areas and several other online products. Aegon life insurance has over 30 million customers and 29,000 employees across the world, and manages investments of over 743 Billion Euros. While Aegon life insurance is 173 years old, the Times Group is 179 years old, and since they have been in business for so long, their reputations do not need a description.
Aegon Term Insurance Plans
Term insurance is unlike any other life insurance policy, since it provides coverage at a much less premium.
To meet the diverse needs of its customers, Aegon life offers the six Term Insurance plans.The features of the aforementioned Aegon Term Insurance Plans are given in the below.
|Policy||Eligibility (Min – Max)||Policy Term (Min – Max)||Death Benefit (Min – Max)|
|Aegon Life iTerm Insurance Plan||18 – 65 years||5 – 62 years||Rs. 25 Lakh – No lImit|
|Aegon Life iTerm Plus Insurance Plan||18 – 65 years||5 – 62 years||Death Benefit – Rs. 25,00,000|
|Accidental Death Benefit – Rs. 50,000|
|Critical Illness Benefit – Rs. 5,00,000|
|Maximum – No Limit (Subject to Underwriting)|
|Aegon Life iReturn Insurance Plan||18 – 65 years||5/10/15/20 years||Rs. 30 lakh – 4 Crore|
|Aegon Life Term Insurance Plan||20 – 65 years||10/15/20/25/30/35/40 years||Rs. 10 Lakh – No lImit|
|Aegon Life Easy Protect Insurance Plan||20 – 50 years||10 years||Rs. 10,000, to be paid every month for 10 years|
|Aegon Life iTerm Forever Insurance Plan||18 – 65 years||Life Term||Rs. 25 Lakh – No lImit|
Aegon Term Insurance Riders
To ensure the absolute security of their customers, Aegon Life offers the following Riders/add-ons that can be paired with the aforesaid term Insurance Plans.
Aegon Accidental death Rider
It provides accidental death benefit. If the insured passes away due to an accident, the rider pays a sum equal to or more than the Basic Sum Assured to the nominee.
Aegon Disability Rider
This rider provides financial protection in case of a disability – something that doesn’t come knocking. Thus, this rider offers a certain percentage of the sum assured for a policy-specified period in case a disability occurs.
Aegon Critical Illness Benefit Rider
In case the insured person is diagnosed with a critical illness, this rider provides a lump sum amount.
This is really useful since this amount can offer financial help to meet crucial expenses that come with a long-term or terminal disease.
Aegon Income Benefit Rider
The income benefit rider is really useful since it ensures that the beneficiary receives a steady flow of income upon the death of the life insured.
With this rider, the beneficiary receives an additional percentage of the Basic Sum Assured for a specified number of years.
Aegon Waiver of Premium Rider
This rider is very useful if you cannot continue with regular payment of premiums for your policy due to a disability.
In such a situation, this rider ensures that your policy does not get terminated, but all your future premiums get waived and your policy continues to be active.
Aegon Term Insurance Benefits
Apart from the usual Death Benefit that is guaranteed under Aegon Term Insurance Plans, the following benefits are also offered:-
In case the customer does not pay the premium within the specified period, the policy does not lapse since there is a Grace Period.
The Grace Period for payment of premium in monthly mode is 15 days while for all other modes it is 30 days.
In case premium is not paid even in the Grace Period, the policy will lapse. But it is possible to revive a lapsed policy.
Revival of the lapsed policy is possible within two years from the due date of the first premium that went unpaid.
Free Look Period
In case the user is not satisfied with the policy, they can return the policy within 30 days of receiving the policy. This is called ‘free-look period’ of the policy.
For the policy-holders who avail the Single Premium Payment feature for their policy, there is a special benefit included in the Surrender Value.
The Surrender Value paid is 70% of the single premium paid by the buyer, excluding any other charges or taxes.
Option to attach or detach Riders
Policyholders can make requests to attach riders to their policy, or detach existing riders from the policy. This will affect the premium that is paid by the policy-holder.
The various Aegon Term Insurance Plans offer tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961, on the paid premiums as well as the received benefits.
How to Buy Aegon Term Insurance ?
Aegon Life Term Insurance Plans can be bought in the following ways:
Online Purchase Procedure
Aegon Life Company offers specific plans which are available online only.
To purchase these, the customer needs to log into the company’s website, choose the required plan, choose the suitable coverage and provide the details.
The premium will be determined using the details as filled by the applicant.
The customer then needs to pay the premium online through credit card, debit card or net banking facilities to make sure the policy is issued.
Some of Aegon Life Term Insurance Plans can also be bought through the phone. These requires making the payment through a credit card or a cheque.
Aegon Life Term Insurance Plans which are not available online can be purchased from the company agents or brokers, or from banks.
This further means assistance from intermediaries which means the application procedure is simplified for the applicant.
Aegon Term Plans Online Purchase Procedure
Aegon Life Term Insurance Plans can be purchased online with ease by following the steps given below.
Step 1: Find the policy of your choice.
Step 2: Check the Sum Assured and calculate premiums accordingly.
Step 3: Fill in your personal details. These will include:
- Your name
- Date of birth
- Smoking/non-smoking status
- Your City of Residence
- Your annual income
- Your phone number
- Email address
Step 4: Select the riders of your choice to customize your plan.
Step 5: Add Nominee/Beneficiary details in your policy
Step 6: Share medical and lifestyle details.
Step 7: Provide necessary documents such as
- Proof of identity
- Proof of residence
- Age Proof
- Proof of Income
Step 8: Receive the policy documents upon issue of policy (subject to the documents uploaded and medical exam)
Aegon Term Plans FAQ’s
Ques 1. How to pay premiums? What are the modes of payment available?
Ans. There are six modes of payment, as offered by Aegon Life Insurance. These are:
- Credit Card
- Internet banking
- Pay via phone app
- Pay at Aegon Life branches
The option of making the payment using cash or cheque is available in the branch offices of Aegon Life.
IVR as a method of payment is also available if one keeps the credit card information ready, along with their date of birth.
Ques 2. How can I check the policy status for my Aegon term insurance plan?
Ans. You can check the policy status of your Aegon Life term insurance plan with ease using the given means.
To check the policy status of your Aegon Life term insurance plan online, log into the Aegon Life website using your Customer ID and password to check the policy status.
Ques 3. What is the policy renewal process for my Aegon term insurance plan?
Ans. There are two ways to renew your Aegon Life term insurance plan: Online and Offline.
ONLINE – You can renew your Aegon Life term insurance plan online by logging into the e-portal
You will require the valid details for this. These are
(a) Policy number, and
(b) Policyholder’s date of birth.
OFFLINE – For the offline mode, you can approach any of the Aegon Life branch offices and drop your cheque there.
Ques 4. What is the company’s process to settle claims?
Ans. The company offers a three-step process for claim settlement. This simple process involves the following:
Step 1: Claim intimation and registration.
Step 2: Payment of fund value
Step 3: Settlement Payout
E-settlement facility via NEFT mode option is also available with the company
Ques 5. What is the policy cancellation process for Aegon Life term insurance?
Ans. In case you are not satisfied with your existing policy, you can fill the surrender form and the policy documents, along with the cancellation charges, and submit these at any of the branch offices of Aegon Life.
The policy cancellation takes 30 days to process and the refund will be deposited in your bank account.
For new policyholders, a grace period of about 15 days is given, wherein you have the option of cancelling the policy and receiving back the premium. This is different from the Grace Period offered by Aegon Life, which is only applicable to specific policy options.