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Aegon Life Insurance

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Aegon Life Insurance

Overview
Aegon Life Insurance Co. Limited has a chequered legacy of 173 years and is a globally acclaimed insurance, pension and fund management player. The company is currently the market leader in its segment in the United States along with having a strong presence across Asia, Europe and America. With a presence in 20 countries and a bouquet of products like child, retirement, investment and term plans among others, the company has forayed into India with the Times Group.

The Times Group is one of the country’s most respected and largest media houses with a reader base in millions and advertiser network of 25,000 organizations/entities.

Aegon Life Insurance at a glance
  • Claim Settlement Ratio of 97.11% in FY 2016-17.
  • Grievance redressal ratio of 98.39% in 2015-16
  • 1 crore life cover at just Rs.22 per day
  • Life coverage offered till 80 years of age
Aegon Life Insurance Co. Limited Term Plans
There are several Aegon Life Insurance Co. Limited term plans on offer. These include the Aegon Life Flexi Money Back Advantage plan where there is a sum assured along with survival benefits and loan facilities. There is also the Educare Advantage Insurance plan and the Guaranteed Growth Insurance Plan.

Documents needed to apply for Aegon Life policy
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph
Aegon Life Term Insurance plans
  • Aegon Life iTerm Insurance Plan: A cost effective online protection plan with option of life coverage till the age of 80 years. There is option to increase life coverage according to increase in requirements and an inbuilt terminal illness benefit.
  • Aegon Life iTermForever Insurance Plan: Along with complete protection for entire life, this plan offers facility to systematically increase the sum assured by paying additional premium to tide over inflation. There is lump-sum payment to nominee in case of unfortunate demise of the Assured and an option to pay premiums for limited duration.
  • Aegon Life iSpouse Insurance Plan: A single policy that protects both the primary holder and his/her spouse. Perfect for working couples who want regular payouts and have other dependents. It comes with an inbuilt accidental and terminal illness benefits.
  • Aegon Life iIncome Insurance Plan: An ideal plan for people who are the sole or major earning members of their family, and want their family continue to get regular income in their absence. In case of death of the assured, the beneficiary will get regular payment for up to 60 months.
  • Aegon Life iReturn Plan: Provides pure life cover like any other term plan, which guarantees return of all premiums paid in case the Assured survives till the end of the policy term. Inbuilt terminal illness benefit up to 25% of base sum assured (maximum Rs 100 lakh) to be paid at no extra cost on diagnosis of such an illness.
  • Easy Protect Insurance Plan: Ideal for people aged between 20-50 years who want to go in for a hassle free insurance without undergoing any medical examination and yet earn tax benefits.
1: Aegon Life iTerm Insurance Plan: A term insurance policy with a minimum policy term of 5 years and maximum term of 62 years. Minimum sum assured being Rs 25 lakhs with no upper limit.

Advantages and Benefits
  • Option of life coverage till the age of 80 years.
  • Flexible death benefit payout – Lump- sum, Monthly or combination of both
  • Option to increase life coverage according to increase in requirements
  • Inbuilt terminal illness benefit
  • Lower premium rates for women and non-smokers
  • Optional additional coverage of women specific critical illness, disability, accidental death and critical illness
Policy term Minimum – 5 years
Maximum – 62 years
Age at Entry Minimum – 18 years last birthday
Maximum – 65 years last birthday
Maturity Age Maximum – 80 years last birthday
Premium Payment Term Single Payment / Equal to policy term
Premium Payment Frequency Annual, Semi- Annual, Monthly, Single
Sum Assured Minimum – 25 lakhs
Maximum – No limit, subject to underwriting

2: Aegon Life iTermForever Insurance Plan: This plan provides complete protection to the entire family with the minimum sum assured under this plan being Rs 25 lakhs with no upper limit.

Advantages and Benefits
  • Facility to systematically increase the sum assured by paying additional premium to tide over inflation.
  • Lump-sum payment to nominee in case of unfortunate demise of the Assured
  • Facility to increase life cover according to a systematic pre-planned schedule or on key life milestones by paying additional premium
  • Lower premium rates for women and non-smokers
  • No maturity benefit
  • It is a non-linked and non-participating plan
Policy term Full Life
Age at Entry Minimum – 18 years last birthday
Maximum – 65 years birthday if premiums paid for full life
55 years last birthday if premiums are paid till 60 years age last birthday
60 years last birthday if premiums are paid till 65 years of age last birthday
Premium Payment Term Regular payment – Premiums paid for whole life
Limited payment –
Option 1 – Payment till 60 years of age last birthday
Option 2 – Payment till 65 years of age last birthday
Premium Payment Frequency Annual, Semi- Annual, Monthly
Sum Assured Minimum – 25 lakhs
Maximum – No limit, subject to underwriting

3: Aegon Life iSpouse Insurance Plan: A perfect plan for working couples who want regular payouts in which minimum sum assured is Rs 25 lakhs and there is no maximum limit.

Advantages and Benefits
  • A single policy that protects both the primary holder and his/her spouse.
  • Perfect for working couples who want regular payouts and have other dependents.
  • Inbuilt accidental death and terminal illness benefits
  • Provides regular income to your family
  • Joint life riders cover the following four critical illnesses
  • Option to attach or detach riders at any time
Policy term Minimum: 5 years
Maximum: 65 years minus higher of the entry age of the two
Age at Entry Minimum – 21 years completed
Maximum – 60 years completed
Premium Payment Term Same as policy term
Premium Payment Frequency Annual, Monthly
Sum Assured Minimum – 25 lakhs
Maximum – No limit
Maturity Age 65 years completed

4: Aegon Life iIncome Insurance Plan: A perfect plan for those sole bread earners of the family who are between 25 and 50 years of age at the time of entry

Advantages and Benefits
  • Benefit of premium waiver in case of disability.
  • In case of death of the assured regular payment for up to 60 months
  • Option to make the plan more comprehensive by adding riders covers for the following 4 illness
  • Increasing monthly income up to the age of 60 years or for a period of 5 years, whichever is later
Policy term 60 years minus entry age
Age at Entry Minimum – 25 years completed
Maximum – 50 years completed
Premium Payment Term Same as policy term
Premium Payment Frequency Annual, Semi-Annual, Monthly
Initial Monthly Income Minimum – Rs 30,000
Maximum – No limit
Maturity Age 60 years completed

5: Aegon Life iReturn Plan: A plan that not only provides life cover like any other Term Plan but also ensures that if you survive till the end of your policy term you get back the amount of all your premiums.

Advantages and Benefits
  • Inbuilt terminal illness benefit up to 25% of base sum assured (maximum Rs 100 lakhs) to be paid at no extra cost on diagnosis of such an illness.
  • Special rider covers exclusively for women pertaining to critical illness affecting women.
  • You can choose between various Policy Term options to suit your protection requirement
Policy term 5, 10, 15 and 20 years
Age at Entry Minimum – 18 years completed
Maximum – 65 years completed
Premium Payment Term Single/ 5 years/ Equal to policy term
Premium Payment Frequency Single, Annual, Semi-Annual, Monthly
Sum Assured Minimum – Rs 30 lakhs
Maximum – Rs 4 crore
Maturity Age Maximum 75 years completed

6: Aegon Life Easy Protect Insurance Plan: Ideal for people aged between 20-50 years who want to go in for hassle free insurance without undergoing any medical examination and yet earn tax benefits.

Advantages and Benefits
  • In case of your death, your nominee to receive Rs 10,000 per month for a period of 10 years after acceptance of claim
  • Free look–in period in which you can return the policy
  • No medical test required to take this policy
Policy term 10 years
Age at Entry Minimum – 20 years completed
Maximum – 50 years last birthday
Premium Payment Term Same as policy term
Premium Payment Frequency Annual
Sum Assured Rs 12 lakhs
Maximum Maturity Age 60 years last birthday
Minimum premium Rs 2021