Aegon Life Insurance Company

10 min read

About Aegon Life Insurance Company

Aegon Life Insurance Company is a joint venture between India’s Bennett Coleman and Company and Aegon NV. While Bennett Coleman and Company is India’s leading media house, Aegon NV is an international company engaged in providing pension, insurance, and asset management services. Together these two companies provide their expertise to Aegon Life Insurance Company and have made it a leading insurance company in India.

Aegon Life Insurance Company offers a range of life insurance plans for its customers. You can opt for term plans, savings plans, unit-linked plans, or pension plans to fulfill your coverage needs. Aegon Life Insurance Company is credited with launching the first ever online insurance policy in India and now it offers various plans through the online mode.

Key highlights of Aegon Life Insurance Company

Here are some key statistics of the company which make it a credible life insurance provider in India –

Company headquarters  Mumbai, Maharashtra 
Existing customers  More than 3 lakhs
Established in  2008

 

Awards and achievements of Aegon Life Insurance Company

Founded in 2008, Aegon Life Insurance Company has won multiple awards and recognition till date. Here is a quick look at some of the awards which the company has received over the years –

  • Aegon Life Insurance Company was called one of the Best BFSI Brands in India in the year 2019
  • According to Mouthshut.com, Aegon Life Insurance Company was the most trusted life insurance provider in India
  • In the year 2017, ICC awarded the company with the eBusiness Leader recognition
  • Under the Asia Golden Star Awards held in the year 2018, Aegon Life Insurance Company won the Best Product Innovation award for its iTerm insurance policy
  • In the year 2017, Fintelekt also recognised Aegon Life Insurance Company as the eBusiness Leader in India

Why choose Aegon Life Insurance Company?

Here are some reasons which highlight the benefits of buying an insurance policy from Aegon Life Insurance Company –

  • The company offers a retirement calculator and an education calculator to help you estimate the corpus that you would need for important financial goals
  • The company uses a 2-step claim process of intimation and verification to settle its life insurance claims easily
  • The company offers a dedicated customer support center for all your feedback, grievances, and queries
  • The plans offered are comprehensive in their scope of coverage and appropriately priced so that you can afford them.

Types of life insurance plans offered by Aegon Life Insurance Company

Aegon Life Insurance Company offers the following types of life insurance policies for its customers –

A. Term insurance plans

Considered to be the essence of life insurance, term plans primarily cover the risk of premature death. You choose the sum assured and the policy term and in the case of death during the chosen tenure, term plans pay a death benefit to the family. This helps the family meet their financial needs in the absence of the breadwinner. Term plans come at very low premium rates so that you can opt for an optimal level of coverage for complete financial protection.

Aegon Life Insurance Company offers term insurance plans. Here’s Aegon’s term insurance plan that you can find at PayBima –

1. iTerm Plan

Awarded as the best-innovated product iTerm is a comprehensive term insurance policy that allows customization and flexibility and choosing the policy details. Here are the salient features of the policy –

  • There are three types of coverage variants under the policy – Life Protect, Protect Plus, and Dual Protect
  • Under the Protect Plus variant, the sum assured increases by 5% every policy year to ensure that you are optimally protected against rising responsibilities
  • All plans cover terminal illnesses and pay the sum assured if you are diagnosed with one
  • With the Critical Illness Rider allowed by the policy, you can get coverage against 36 major illnesses
  • Smokers can opt to quit their smoking habit and if they do so the plan would allow reduced premiums from the second policy year onwards
  • You can avail of the death benefit in a lump sum or in the form of monthly income. There is also an option to receive the benefit in a combination of lump sum and income.
  • Females and non-smokers get lower premium rates under the plan

Eligibility conditions

Entry age  18 years to 65 years
Maturity age  23 years to 70 years
Term of the plan 5 years to 20 years
Premium payment term Regular pay – throughout the term of the policy

Single premium – once

Limited premium – 5 years, 10 years, 60-entry age

Sum assured Minimum – Rs.25 lakhs

Maximum – no limit

Premium amount Depends on the sum assured and other coverage details 

 

B. Endowment assurance plans

Endowment assurance plans target savings along with insurance coverage. While a death benefit is paid in the case of premature death during the policy tenure, you can also enjoy a maturity benefit if the plan matures. Endowment plans are also called guaranteed return plans since the death or maturity benefit is usually guaranteed. Some endowment plans also offer bonus additions that enhance the benefits payable under the policy.

PayBima offers the following endowment policy of Aegon Life Insurance Company –

1. POS Guaranteed Returns Insurance Plan (POS GRIP)

As the name suggests, POS Guaranteed Returns Insurance Plan allows guaranteed benefits on survival or death. Here are the salient features of the policy –

  • The plan offers guaranteed additions throughout the policy tenure that enhances the corpus that you receive on death or maturity
  • On maturity, 225% to 325% of the sum assured is guaranteed depending on the policy term that you choose
  • The plan also pays a loyalty booster after it matures. This further adds to the maturity benefit
  • You have to pay premiums only for a limited period while the coverage continues longer
  • The plan can be easily bought by filling up a simple proposal form and a short medical questionnaire 

Eligibility conditions

Entry age  1 year to 50 years
Maturity age  18 years to 65 years
Term of the plan 10 years to 20 years
Premium payment term Limited premium – 5 years, 7 years, or 9 years
Sum assured Minimum – Rs.25 lakhs

Maximum – no limit

Premium amount Minimum – Rs.10,000 per annum

Maximum – Rs.1 lakh per annum

 

Other life insurance plans offered by Aegon Life Insurance Company

Besides term and endowment plans, Aegon Life Insurance Company also offers the following types of policies –

C. Money-back insurance plans

Money-back plans are those that are like endowment policies but they pay parts of the sum assured during the policy tenure. As such, you can get liquidity from money-back plans. A percentage of the sum assured is paid at specific intervals which are defined when buying the policy. When the plan matures, the remaining sum assured is paid. In the case of death, however, no deduction is made for the money-back benefit paid by the plan. The full death benefit is paid to secure the insured’s family. 

D. Pension plans

Pension plans are those that help you plan for your retirement and a financial corpus after that. There are two types of policies – deferred pension plans and immediate pension plans. If you want to build up a retirement corpus, you can choose to invest in deferred pension plans. However, if you are retiring or have retired and you want a source of income, you can invest your retirement corpus into an immediate annuity policy and receive lifelong incomes.

E. Unit linked insurance plans

Unit-linked insurance plans are designed for policyholders looking to earn market-linked returns on their investment. Under these plans, the premium is directed towards specific funds which are chosen by the policyholder. These funds, on the other hand, invest in market-linked instruments allowing you the benefit of capital appreciation. The added insurance coverage is an additional benefit that you can avail of from ULIPs.

How to buy Aegon Life Insurance plans?

Being the inventor of online life insurance policies, Aegon Life Insurance Company allows you the facility of buying the policy online. PayBima, on the other hand, is an online insurance marketplace that allows the easy purchase of Aegon Life Insurance plans. Here are the steps of buying Aegon Life Insurance policy through PayBima –

  • Specify the coverage-related details

Before you buy the policy, you need to find out the plans available and their respective premium rates. So, visit www.paybima.com and choose the type of life insurance policy that you need to buy. Then provide the details required in the information fields so that PayBima can find suitable plans matching your requirements.

  • Compare and choose the desired plan

When you submit your details, PayBima collates all the suitable life insurance policies that you can choose from. Compare the available plans on the basis of their coverage and premium rates. Then choose a policy that is the most suitable for your needs.

  • Fill an online proposal form

There would be an online proposal form that you would have to fill and submit so that the insurer receives your intention to buy the plan. Fill up the proposal form, carefully, stating all the correct and relevant details asked in it. Once the form is filled, submit it online so that it can be sent to the insurer for underwriting.

  • Submit the documents needed to buy the policy

Your documents are needed by the insurer to check and verify your details. These documents help the insurer underwrite and issue your policy. The documents which would be needed are as follows –

  • Copy of an identity proof
  • Copy of an address proof
  • Copy of an age proof
  • Copy of an income proof
  • Passport size photographs of the policyholder and the insured (if different)
  • Go for health check-ups, if deemed necessary

Under Aegon’s term plan, a medical check-up might become necessary if you are old, have medical illnesses, or if you opt for a high sum assured. You would, thus, have to undergo a health check-up based on which the insurer would assess your health risk and then issue the policy. 

  • Pay the required premium online

When all the formalities are done and the policy is finalized, you would have to complete the premium payment so that the policy can be issued. PayBima allows you different digital payment channels which are secured and encrypted so that you can pay the premium of your policy online in a hassle-free and safe manner.

Lapse and revival of the policy

Regular and limited premium insurance plans require you to pay the premium at specified intervals, called the premium due date. A grace period of 15 or 30 days (depending on your premium payment frequency) is also allowed beyond the due date so that you pay the premium and continue with the coverage. However, if you don’t pay the premium within the due date or the grace period, the policy would lapse. When it does, you would lose out on the coverage benefits.

However, Aegon Life Insurance Company allows the revival of lapsed policies. You can pay the outstanding premiums and interest on them and revive the policy easily. In some cases, Aegon Life Insurance Company might require a declaration of good health before the policy is revived. Complete the revival formalities and you can enjoy uninterrupted coverage from the plan.

PayBima also helps you with the revival of your life insurance policies. You can simply give a call at 800 267 67 67 or email PayBima at paybima.care@mahindra.com. Once informed, PayBima would reach out to you and help you revive the lapsed policy easily.

How to make a claim in an Aegon Life Insurance policy?

Making a claim for your Aegon Life Insurance policy is also a simple affair. Maturity claims are handled by the insurer itself. You just have to complete the documentation and the claim would be credited to your bank account.

In the case of a death claim, however, the following steps would help you file a successful claim on Aegon Life Insurance Company –

  • Intimation 

The first step in initiating the claim process is to inform the insurance company. Call up Aegon Life Insurance Company at its toll-free number 1800 209 9090 and the company would guide you with the claim settlement process.

  • The claim form

The claim form informs the insurer about the claim-related details and is important. The claimant should, therefore, fill up the claim form and submit it to furnish all the details of the claim. 

  • Documentation

The last step is submitting all the documents of the claim to the insurance company. For a death claim, the following documents are usually needed –

  • The claim form
  • The policy document
  • The identity proof of the claimant
  • Death certificate of the insured
  • If the insured died in an accident, additional documents like the post-mortem report, police FIR, police inquest report, etc. would be needed
  • If the insured died due to medical complications, the hospital records, prescriptions, doctor’s reports, etc. would be needed
  • The bank account details of the claimant would be needed to transfer the claim directly 

Review of Aegon Life Insurance Company

Let’s review Aegon Life Insurance Company and understand the parameters on which it delivers a good experience to its customers –

  • The company believes in maximum claim settlements. As such, in the financial year 2020-21, the company settled 99.25% of the claims presented on it
  • The term plan allows optional riders to enhance the scope of coverage of the policy
  • The endowment plan allows you to buy the policy instantly without an elaborate buying process
  • You can buy, renew, revive, and even make a claim on your life insurance policy online. 

Frequently Asked Questions

Q: What is the grace period allowed for different premium payment frequencies?

The grace period for annual, quarterly, and semi-annual premium payment modes is 30 days. For the monthly premium payment mode, however, the grace period is limited to 15 days.

Q: Can I increase the sum assured after I buy the policy?

The POS GRIP policy does not allow the sum assured enhancements after you have bought the policy. However, in the case of term insurance plans, some plan variants allow an increase in the sum assured either automatically or at specified life events.

Q: Why do non-smokers pay a lower premium?

Non- smokers do not have the health risk associated that smokers have due to their smoking habits. Thus, non-smokers are considered relatively healthy and are charged a lower rate of premium. 

Q: What tax benefit is allowed on the premium paid for Aegon Life Insurance plans?

The premium that you pay for term, endowment, money back, or unit-linked plans is allowed as a deduction under Section 80C. This deduction lowers your taxable income by a maximum of Rs.1.5 lakhs and helps you save tax. However, the deduction for the premium would be allowed on the lower of the following amounts –

  • Rs.1.5 lakhs
  • The actual premium paid
  • 10% of the sum assured

Moreover, in the case of pension plans, the premium paid is allowed as a deduction under Section 80CCC. The limit is Rs.1.5 lakhs which includes the limit of Section 80C.

Q: Would the death benefit be taxed?

No, the death benefit is always tax-free in the hands of the claimant.

SHARE THIS ON
Author Bio
Author Image

Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.

Licenced by IRDAI License No. 261; License Validity : 17-05-2022; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2022 Mahindra Insurance Brokers. All Right Reserved.

SPEAK TO AN EXPERT