Overview
In today's fast-paced and uncertain world, having a reliable life insurance policy is essential to protect your loved ones and secure their financial future. Aegon Life Insurance, a leading insurance company, offers a diverse range of comprehensive life insurance products designed to meet the specific needs of individuals and families.
Aegon Life Insurance, previously named Aegon Religare Life Insurance Company, is an Indian life insurance company started in 2008. The company is situated in Mumbai, India, and provides individual and group life insurance online and offline. Aegon Life Insurance is a joint venture between Dutch Aegon N.V. (a multinational company specializing in insurance, pensions, and asset management, and The Times Group (also known as Bennett Coleman & Co. Ltd.), among India's foremost media conglomerates.
With an emphasis on customer-centricity, financial stability and innovative solutions, Aegon Life Insurance has gained the trust of millions of customers across the country. In this page, we will explore various aspects of Aegon Life Insurance, including its history, product offerings, key features, customer service and claims process. Ultimately, you will better understand why Aegon Life Insurance is a reliable partner in ensuring financial security for you and your loved ones. Aegon Life Insurance has received several notable awards and recognition for its commitment to excellence in the insurance industry. Here are some of the awards and recognition the Aegon Life Insurance company won:
- Aegon Life Insurance won two “Best-in-class Enterprise Security and Cloud Technology” awards at the Express Computer BFSI Technology Awards 2023.
- Analytics India magazine certified Aegon Life Insurance as the “Best Firm for Data Scientists” in 2023.
- Aegon Life Insurance was Recognized as an industry leader for “Best Customer Experience” at the Banking Frontiers InsureNext Awards 2023.
Aegon Life Insurance Company Specification
Below are the key specifications of Aegon Life Insurance Company.
|
Particular |
Specifications |
|---|---|
|
Claim Paid Percentage (2021-22) |
99.03 |
|
Group Death Claim Paid Percentage (2021-22) |
100 |
|
Branches in India |
4050 |
|
Solvency Ratio (2021-22) |
2.97 |
|
Market Share (2021-22) |
416.46 Crore |
*Data has been sourced from the annual report of IRDAI 2021-22
Key Features of Aegon Life Insurance
Aegon Life Insurance offers several key features that make it a reliable and trustworthy option for individuals and families seeking comprehensive life insurance coverage. Some of the key features of Aegon Life Insurance are:
Tailored Coverage Options
Aegon Life Insurance understands that each individual has unique insurance needs. That's why they offer different life plan options to meet different needs. Whether you are looking for term insurance, ULIP, pension plan, or savings and protection plan, Aegon offers customizable policies that suit your financial goals and aspirations.
Digital-first Approach
Aegon Life Insurance embraces the digital age to make insurance accessible and convenient for its customers. Their digital-first approach lets you easily search, buy and manage your policies online. From online application processes to instant policy issuance, Aegon leverages technology to deliver a seamless insurance experience.
Comprehensive Riders for Enhanced Protection
Aegon Life Insurance offers a variety of riders that allow you to increase your coverage according to your specific needs. These riders protect against critical illnesses, sudden death, disability and more. By adding riders to your policy, you can customize it to provide comprehensive protection for you and your loved ones.
Transparent Claim Settlement Process
Aegon Life Insurance is committed to ensuring a transparent claim settlement process. They strive to settle claims hassle-free with a dedicated team that assists policyholders and beneficiaries throughout the process. Aegon Life Insurance focuses on quick and efficient claim settlement and providing peace of mind to policyholders, knowing that their loved ones will be cared for when they need it most.
Innovative Solutions for Changing Needs
Aegon Life Insurance continues to innovate to meet the evolving needs of its customers. They develop and offer innovative insurance solutions that adapt to changing times, ensuring that their policies remain relevant and effective in meeting policyholders' growing financial goals and aspirations.
Strong Financial Stability
Aegon Life Insurance is part of the Aegon Group, a multinational insurance, pensions and asset management company with a strong global presence. This association brings financial stability, reliability and expertise to Aegon Life Insurance. Policyholders can be confident that their insurance needs are well managed by a financially secure and reliable institution.
High Claims Settlement Ratio
Aegon Life Insurance has achieved a high claim settlement ratio of 99.03% for FY 2021-22, according to the latest report by the Insurance Regulatory and Development Authority of India (IRDAI). It provides financial assurance to policyholders that their claims will be settled in times of emergencies.
Solvency Ratio
Solvency ratios of a life insurance company help you identify the financial health to pay off loans and meet other long-term and short-term financial obligations. As per the latest annual report of the Insurance Regulatory and Development Authority of India (IRDAI), Aegon Life Insurance has a solvency ratio of 2.97 in the year 2021-22.
Benefits of Aegon Life Insurance
Aegon Life Insurance offers many benefits, making it a preferred choice for individuals seeking comprehensive life insurance coverage. With its customer-centric approach and commitment to financial security, Aegon Life Insurance offers many benefits to policyholders. Here are some of the key benefits:
Wide Range of Insurance Products
Aegon Life Insurance offers diverse insurance products to meet different needs and financial goals. Whether you are looking for pure protection with term insurance, long-term savings and investment solutions with ULIPs, or retirement planning with pension plans, Aegon has a wide range of offerings to meet your needs.
Financial Protection for Your Loved Ones
One of the primary benefits of Aegon Life Insurance is financial protection for your loved ones in case of an unfortunate event. By taking an Aegon life insurance policy, you can ensure that your family members are financially secure and can maintain their standard of living even in your absence.
Customizable Coverage
Aegon Life Insurance understands that everyone's insurance needs are different. To address this, they offer customizable coverage options. You can customize your policy by selecting the sum assured, policy term and premium payment frequency to suit your financial situation and future goals. This flexibility allows you to design a policy that suits your specific needs.
Additional Riders for Enhanced Coverage
Aegon Life Insurance allows you to enhance your coverage by adding riders. These riders provide additional benefits like critical illness coverage, accidental death benefits, disability coverage, etc. Choosing these riders can enhance your policy coverage to address specific risks and ensure comprehensive protection.
Tax Benefits
Aegon Life Insurance policies offer tax benefits as per the prevailing tax laws. The premium paid for your policy may be eligible for tax deduction under Section 80C of the Income Tax Act. Additionally, the maturity proceeds or death benefit received from the policy can be tax-free under Section 10(10D). These tax benefits can help you save on your overall tax liability while securing your financial future.
Hassle-Free Claim Settlement
Aegon Life Insurance is committed to ensuring a smooth and hassle-free claim settlement process. Their dedicated claims team assists the beneficiaries and tries to settle the claims promptly. This efficient claim settlement process provides peace of mind to policyholders, knowing their loved ones will receive the financial support they need during challenging times.
Online Presence
Aegon Life has an informative and well-designed website and mobile app that allows customers to buy plans, pay premiums, track policies, raise claims and connect via chatbot anytime, anywhere. It provides convenience and ease, especially for the tech-savvy young generation.
Strong Investment Performance
Aegon Life has consistently delivered strong investment returns on its Partnership and ULIP plans due to prudent fund management and a strong risk management framework. This helps policyholders to meet their corpus goals.
Customer Support
Aegon Life Insurance places a strong emphasis on customer satisfaction. They have a dedicated customer support team that is immediately available to resolve queries, provide guidance, and assist at every step of the insurance journey. Whether you need help understanding policy features or need assistance with policy servicing, Aegon's customer support is there to assist you.
No Medical Exams
Aegon Life Insurance offers some term insurance plans that do not require any medical examination to purchase.
Life Insurance Plans Offered by Aegon Life Insurance
Aegon Life Insurance offers a range of life insurance plans designed to meet various financial goals and protection needs. Here are some of the key life insurance plans offered by Aegon Life Insurance:
Aegon Life Term Plans
|
|
iTerm Prime |
Coverage Benefits
- Life Cover
- Affordable Premium
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 65 Years
|
|
iTerm Comfort |
Coverage Benefits
- Tax Benefit
- Special Exit Value
- Flexible-Premium Payments
Eligibility Criteria
Entry Age: 18 Years to 65 Years
|
|
Saral Jeevan Bima |
Coverage Benefits
- Tax Benefit
- Flexible Plans
- Life Cover
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Aegon Life Savings Plans
|
|
iGuarantee Max Savings |
Coverage Benefits
- Life Cover
- Loyalty Boosters
- Tax Benefits
Eligibility Criteria
Entry Age: 3 Months to 50 Years
Aegon Group Insurance Plans
|
|
Aegon Group Term Plan |
Coverage Benefits
- 4 Benefit Option
- Multiple Premium Payment Frequency
- Tax Benefits
Eligibility Criteria
Entry Age: 14 Years to 85 Years
|
|
Aegon Group Health Plan |
Coverage Benefits
- Personal Accident Cover
- Major Illnesses Covered
- Covid-19 Coverage
Eligibility Criteria
Entry Age: 14 Years to 65 Years
|
|
Aegon Group Credit Protection Plan |
Coverage Benefits
- 180 months Moratorium Period
- Comprehensive Protection
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 69 Years
|
|
Aegon Life Group Credit Safety Insurance Plan |
Coverage Benefits
- Credit Life Scheme
- Comprehensive Financial Protection
- Tax Benefit
Eligibility Criteria
Entry Age: 18 Years to 69 Years
|
|
Aegon Life Group Micro Insurance Plan |
Coverage Benefits
- Multiple Cover Options
- Comprehensive Financial Protection
- Credit Life Scheme
Eligibility Criteria
Entry Age: 18 Years to 69 Years
Other Plans
|
|
Akhil Bhartiya Term Plan |
Coverage Benefits
- Flexible premium payment options
- Death Benefit
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 45 Years
|
|
Aegon Life Insta Pension Plan |
Coverage Benefits
- Tax Benefit
- Lifetime Income
- Annuity Payout Options
Eligibility Criteria
Entry Age: 50 Years to 85 Years
|
|
Aegon Life Saral Pension |
Coverage Benefits
- Lifetime Pension
- Joint Life Annuity
- Tax Benefits
Eligibility Criteria
Entry Age: 40 Years to 80 Years
|
|
Aegon Life Jeevan Riddhi Insurance Plan |
Coverage Benefits
- Guaranteed Additions
- Bonus Accrual
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 60 Years
|
|
Aegon Life Regular Money Back Insurance Plan |
Coverage Benefits
- Life Cover
- Guaranteed Payouts
- Regular Income
Eligibility Criteria
Entry Age: 7 Days to 60 Years
|
|
Rural Term Insurance Plan |
Coverage Benefits
- 5 Year Life Insurance Cover
- Death Benefit
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 45 Years
How to Choose the Right Aegon Life Insurance Policy?
Choosing the right Life Insurance policy is an important decision that can significantly impact your financial security and the well-being of your loved ones. Here are some important steps to help you choose the right policy for your needs:
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Assess Your Coverage Needs
Evaluate your coverage needs by considering factors such as your current financial obligations, future financial goals, outstanding loans and your dependents' needs. This evaluation will help you determine the appropriate amount of life insurance coverage needed to protect your loved ones adequately.
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Understand Policy Types
Understand the different types of life insurance policies offered by Aegon Life Insurance, such as Term Insurance, ULIP, Pension Plan, Savings and Protection Plan and Child Plan. Understand each policy type's features, benefits, and limitations to determine which policy best matches your financial goals and risk tolerance.
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Evaluate Policy Features
Carefully review the features and benefits of the policy. Always check the optional riders for enhanced coverage, flexibility in premium payment, maturity benefits, loyalty additions and tax benefits. Consider how these features align with your specific needs and financial objectives.
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Consider Premium Affordability
Evaluate the premium amount of each Aegon Life Insurance policy. Make sure the premium payment is affordable and sustainable in the long run. Remember that stopping premium payments may lapse the policy, resulting in loss of coverage. Choose a policy with a premium that comfortably fits into your budget.
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Read Policy Terms and Conditions
Read and understand the terms and conditions of the policy thoroughly before deciding. Pay attention to details like policy terms, exclusions, claim settlement process, surrender value, policy revival option and grace period for premium payment. Ensure you understand what the policy covers and any applicable limitations or conditions.
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Seek Professional Advice
If you're still determining which Aegon Life Insurance policy best suits your needs, consider seeking guidance from RenewBuy’s POSP Advisor. They can assess your specific situation, provide personalized recommendations, and help you make an informed decision based on your financial goals and risk tolerance.
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Compare Multiple Policies
It is always recommended to compare multiple Aegon Life Insurance policies before making a final decision. Compare the features, benefits, premiums and terms of different policies to identify the best value and match your needs.
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Check the Company's Reputation
Research and evaluate the reputation and reliability of Aegon Life Insurance as a company. Consider factors such as their claim settlement ratio, customer reviews, financial stability and the quality of their customer service. Choosing a reliable and trustworthy insurance provider is essential for a smooth policy experience.
Aegon Life Insurance Tax Benefits
Aegon Life Insurance offers a variety of life insurance plans that provide financial protection and security to individuals and their families. These plans offer a lump sum payment to the beneficiaries in the event of the insured person's death and provide various tax benefits under the Income Tax Act of 1961. Here are the significant tax benefits of Aegon Life Insurance plans:
Tax Deduction on Premiums
The Aegon Life Insurance Plan premium is eligible for tax deduction under Section 80C of the Income Tax Act. This means individuals can claim deductions up to Rs. Rs 1.5 lakh from their taxable income for the premium paid. This deduction can significantly reduce the tax liability of individuals, making life insurance more affordable.
Tax-Free Maturity Benefits
Maturity benefits received from Aegon Life Insurance Plan are completely tax-free under Section 10(10D) of the Income Tax Act. This means that individuals do not have to pay any tax on the amount received at the time of policy maturity. This tax exemption makes Aegon Life Insurance Plan an attractive investment option for individuals who want to build a corpus for their future financial goals.
Tax-Free Death Benefits
Death benefits paid to beneficiaries under the Aegon Life Insurance Scheme are also exempt from income tax under Section 10(10D) of the Income Tax Act. This means that the beneficiaries do not have to pay any tax on the amount received in the event of the insured person's death. This tax exemption ensures that beneficiaries receive the total death benefit amount without any deduction.
Tax Benefits for Critical Illness Riders
Aegon Life Insurance plans also offer Critical Illness Riders that provide additional coverage against specified critical illnesses. The premium paid for these riders is also eligible for tax deduction under Section 80D of the Income Tax Act. Additionally, lump sum payment received on critical illness diagnosis is tax-free under section 10(10D) of the Income Tax Act.
Tax Benefits for Accidental Death Riders
Accidental death riders offered by Aegon Life Insurance plans provide additional coverage in case of accidental death. The premium paid for these riders is eligible for tax deduction under Section 80C of the Income Tax Act. The lump sum payment received in case of accidental death is also tax-free under Section 10(10D) of the Income Tax Act.
Aegon Life Insurance Buying Process
Aegon Life Insurance offers a simple and hassle-free buying process. You can buy Aegon Life Insurance in two ways, i.e., from Aegon Life Insurance's official website and RenewBuy.com. Read below to check the buying process of Aegon Life Insurance in detail.
Buy from RenewBuy.com
- Visit the official site of "RenewBuy."
- Select the "Life Insurance Plan" tab.
- Select the "Best Life Insurance Companies in India" tab.
- The next tab will show you all the life insurance companies.
- Click on the "Aegon Life Insurance" tab.
- Select the desired Aegon Life Insurance plan.
- Fill in all the required information.
- Click on "Buy Now".
- Proceed with the payment.
Buy From the Official Website of Aegon Life Insurance
- Visit the Aegon Life Insurance official website.
- Click on the “All Plans” tab from the menu section.
- Select the desired Insurance plan.
- Fill in the required details.
- Click on the "Buy Now" button.
- Your life insurance policy document will be sent to your registered e-mail address.
Aegon Life Insurance Claim Process
Aegon Life Insurance offers a quick, simple and hassle-free claim process. You just have to register your claim, and Aegon’s claim team will verify the claim statement and claim documents. If everything is fine, Aegon Life Insurance will settle your claim without any delays. Below, we have mentioned the Aegon Life Insurance claim process in detail:
- Claim Intimation: The policyholder or nominee should immediately inform Aegon Life Insurance. Contact their customer care helpline or visit their official website to start the claim reporting process. Provide the necessary details like policy number, name of the insured and a brief description of the claim.
- Documentation: Submit the required documents to support the claim. These typically include the original policy document, claim form(s), death certificate (in case of a death claim), medical records (if applicable), address proof, a cancelled cheque and any other relevant documents as specified by Aegon Life Insurance.
- Claim Assessment: Aegon Life Insurance will review the submitted documents thoroughly to assess the claim's validity. Their claims team may request additional information or documents to process the claim efficiently if required.
- Claim Settlement: Aegon Life Insurance will initiate the claim settlement process once the claim is validated. The settlement can be in the form of a lump sum payment or per the specific policy's terms and conditions.
- Claim Disbursement: Once the claim is approved, Aegon Life Insurance will disburse the claim amount to the policyholder or nominee through the selected mode of payment, such as bank transfer or cheque.
Aegon Life Insurance Contact Details
To contact Aegon Life Insurance, you can use the following contact details:
Address:
A - 201, 2nd Floor, Leela Business Park, Andheri-Kurla Road, Andheri (E), Mumbai - 400059.
Tel:+91 226118 0100
Toll-free no: 1800-209-9090 (9 am to 7 pm, Mon to Sat)
Email:
customer.care@aegonlife.com
Website:
www.aegonlife.com
