9 min read
Updated on Sep 09, 2022
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.
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|
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 –
Here are some reasons which highlight the benefits of buying an insurance policy from 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 –
|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 –
|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
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.
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 –
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.
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.
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.
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 –
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.
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.
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 email@example.com. Once informed, PayBima would reach out to you and help you revive the lapsed policy easily.
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 –
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 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.
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 –
Let’s review Aegon Life Insurance Company and understand the parameters on which it delivers a good experience to its customers –
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.
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.
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.
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 –
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.
No, the death benefit is always tax-free in the hands of the claimant.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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