Aegon Life Insurance

Aegon Life Insurance Co.Ltd started its operations in India in July, 2008 with a motive to help people to plan their life in a better way. Aegon Life Insurance is a joint venture of Aegon, an international life insurance provider and Bennett, Coleman & Company, which is India’s largest media conglomerate.

In a short span of time, Aegon is serving more than 4.4 lakh customers

This company has its headquarters in Mumbai serving over 4.4 lakh customers across India. The life insurance provided by Aegon Life are with a higher coverage at a very affordable cost. Aegon Life Insurance Co. is currently enjoying a very good market share.

Interesting facts about Aegon Life Insurance Company

Aegon Life follows a multi-channel distribution strategy with a motive to help their customers plan a good life
Aegon Life has its headquarters in Mumbai that serves 4.4 lakh customers in India
Aegon's roots go back 170 years
Aegon Life Insurance won the E-Business Leader Award for 4 consecutive years since 2013 till 2016.
Aegon has flourished in more than 20 countries
To wow the customers, spread awareness, think ahead and their passion to perform are the 4 main values and vision

Benefits of Aegon Life Insurance Company

Life cover – The plans offer 1 crore life cover
Claim settlement ratio – This Company has a very good claim settlement ratio of 95.67% in 2017-2018. They claim settlement process is easy, quick and hassle-free
Wealth creation – Aegon’s ULIP plans offer you a good return by investing a portion of the customers premium payments in the capital market, thus providing investment and protection
Tax benefits - Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Types of Plans from Aegon Life Insurance

There are different types of life insurance plans offered by Aegon Life Insurance Company. Each plan is unique and has competitive premium rates. Let's have a look at each of the plans offered by this esteemed company.

1. Term Insurance Plans

a.) Aegon Life iTerm Insurance Plan

This plan can be bought through the website. The features of this plan are mentioned below:

The minimum entry age is 18 years and maximum age is 65 and the maturity age is 75 years
You can buy this plan online through the company’s website.
In case the insured gets diagnosed by any terminal illness, then 25% of the sum insured is paid immediately.
Tax benefits under Section 80C and 10(10D) under the Income Tax Act is provided if the premiums are paid on time.
Under the Single Pay option, the premiums can be paid in lump sum or can be paid for the entire duration under the Regular Pay option.

b.) Aegon Life Easy Protect Insurance Plan

This is a plan that can be bought without any medical tests. The features of this plan are mentioned below:

The minimum entry age is 20 years and maximum age is 50 and the maturity age is 60 years.
The nominee receives an amount of Rs.10, 000 per month for 10 years in case of death of the insured
Offers tax benefit under Section 80C and 10(10D) under the Income Tax Act for premiums paid and for any claim received.
Offers option to pay through phone by credit card or cheque.

c.) Aegon Life Term Insurance Plan

This plan offers dual benefit. The features are mentioned below:

The minimum entry age is 20 or 30 years and maximum is 65 years and maturity age is 75 years.
This is a dual death benefit plan under which a complete sum assured is paid in the first option and in the second option after death of the insured, the insurance company pays 50% of the total sum assured immediately to the nominee of the insured and the remaining amount is paid monthly as a regular income at 3%.
Offers an inbuilt rider of Accidental death benefit wherein an additional sum assured is paid only during accidental death of the insured.
Offers tax benefit under Section 80C and 10(10D) under the Income Tax Act for premiums paid and for any claim received.

d.) Aegon Life iReturn Insurance Plan

This plan offers return of premium option on maturity of the term insurance. The features are mentioned below:

The minimum entry age is 18 years, maximum is 65 years and maturity age is 75 years.
Here, the premiums paid by the insured are paid back on maturity of the term plan.
In case of death of the insured, the sum insured is paid to the nominee.
Offers liberty to pay premiums regularly or lump sum or for a limited term of 5 years.

e.) Aegon Life iIncome Insurance Plan

This plan promises monthly income benefit. The features of the plan are mentioned below:

The minimum entry age is 25years, maximum is 50 years and maturity age is 60 years.
On death of the insured, an amount in lump sum is paid to the nominee post which, a monthly amount is paid for 5 years or till 60 years whichever is later.
Offers both death and disability benefit. In case of disability all the future premiums are waived off but the monthly benefit yet continues.
Available online for purchase
Offers tax benefit under Section 80C up to Rs. 1.5 lakhs and any claim amount under Section 10(10 D).

f.) Aegon Life iSpouse Insurance Plan

This plan covers both husband and wife under the same plan. The features are mentioned below:

The minimum entry age is 21 years, maximum is 60 years and maturity age is 65 years.
Available online for purchase
Offers single coverage to both husband and wife under the same plan.
A lump sum amount is paid either to the surviving spouse or to the nominee, in case of death of the insured.
A regular monthly income is paid for up to 5 years after the demise of the insured.