AEGON Life Insurance

Aegon Life Insurance Company Limited launched its operations in India in July, 2008 and since then has emerged as a strong player in the insurance industry. Aegon is one of the world’s leading providers of financial services. Currently, the company enjoys a good market share and has launched different types of life insurance products for meeting all the varied needs of individuals at attractive premium rates.

Insurance Plans

Aegon Life Insurance Company has a variety of insurance plans in its kitty for its customers who can choose any plan according to their needs and requirements. The plans provide the features of protection, savings, wealth appreciation, security of child’s future and retirement planning. The features of each plan are unique and the premium rate is also competitive making the competition at par with other insurance companies in the market. The types of plans that the company offers are:

• Term Insurance
• Health Insurance
• ULIPs
• Saving Plan
• Retirement Plan
• Child Plan
• Rural Plan
• Group Insurance Plans

Here are all the different types of insurance plans offered by Aegon Life.

Aegon Life Insurance Plans - Eligibility Criteria's

Term Insurance

A pure risk plan which provides benefits only if the insured dies during the chosen term of the plan. Term plans are very helpful for income protection need because by providing a high coverage at lower amount of premiums, the plans enable a policyholder to build a considerable emergency fund for the family in case he suffers premature death. The type of term plans offered by the company include:

Aegon Life iTerm Insurance Plans- This plan protects the family of the insurer at the time of his death at just a fraction of cost. The following are the features of this plan.

•   Cover amounting to Rs. 1 crore offered
• Payable premium is Rs. 8,100 p.a.
• Applicable to a male of 25 years of age.
• The insurer should be a non-smoker
• The cover if for a term of 2o years.
• The only term plan with terminal illness advantage
• Covers deaths in any form including attack by terrorists.

Aegon Life Easy Protect Insurance Plans- This type of plan helps the nominee to lead the same lifestyle even in the absence of the policy-holder. It ensures that the family gets assured monthly income in case of the death of the insurer. The following are the features of this plan:

• After the claim is accepted, the nominee gets an assured monthly amount of Rs. 10,000.
• This amount is offered for a period of 10 years.
• This plan does not include any medicals.
• Tax deduction benefits can be availed in this plan as per the tax law.

Aegon Life Term Insurance Plans- This plan helps the nominee after the death of the insurer in a lot of ways. They provide life cover to the family of the deceased and also offers monthly payouts that acts as income benefits. The following are the features of this plan:

• It offers the advantage of 2 deaths.
• It ensures regular monthly payouts in case of death benefit 2.
• The monthly payouts are offered for a period of 5 years.
• The monthly payout amounts to 3% of the cover amount.
• Benefit of inbuilt accidental death.
• Cover is offered up to the age of 75 years.
• Tax benefits can be availed as per the tax laws.

Aegon Life iReturn Insurance Plans- This plan only aims at offering protection in the form of cover and also the return of the premiums. The following are the features of this plan:

• It can be purchased online.
• Does not require any sort of paperwork.
• It is for people who are the sole earning member of the family with various financial burdens and those who have dependents.
• In case of death of the insurer, the cover amount is payable to the nominee.
• The premiums paid are returned to the insurer at the end of the policy term if the policy-holder survives.
• Multiple riders can be chosen.
• Tax benefits can be availed as per the tax law.

Aegon Life iIncome Insurance Plans- It is an online plan that ensures that the nominee gets continued payouts in case of the death of the insurer. The following are the features of this plan:

• It is an online plan.
• At the time of death, a lump sum amount is paid to the nominee.
• Monthly payouts offered up to the age of 60 years or 5 years whichever is later.
• It covers both death and disability of the insurer.
• Premium is waivered in the course of disability or critical illness.
• No paperwork required.
• Tax benefits can be availed as per the tax law.

Aegon Life iSpouse Insurance Plans-

• It can be bought online.
• No paperwork required.
• It is for working couple with financial liabilities.
• Both husband and wife can be covered under a single plan.
• Instant lump sum payment offered at the time of death.
• Regular monthly payouts up to 60 months.
• Inbuilt terminal illness benefit.
• Extra amount paid in case of accidental death.
• Tax benefits can be availed as per the tax law.

Health Insurance     

Health insurance plans offered by the company help in taking care of the medical expenses which the policyholder or his family might face in the event of any contingency requiring hospitalization. The different types of Health Insurance plans offered by Aegon Life are as follows:

Aegon Life iCancer Insurance Plans- This plan safeguards the insurer as well as his family against medical expenditure that might arise with the incidence of Cancer. It involves all sorts of cancer excluding only skin cancer. The following are the features of this plan:

• All cancer forms included with an exception of skin cancer.
• Financial pay-outs provided on all stages of cancer.
• It can be bought online.
• No paperwork required.
• Claim can be made on multiple cancers.
• After major stage, no payment of premium is required.
• Tax benefits can be availed as per the tax law.

ULIPs

ULIPs provide options of funds that depend on how much risk the policy-holder can sustain. It provides double benefit of life cover as well as investments that are connected to the markets. It does not involve any allocation charges and the returns on maturity are also tax-free. The different types of ULIPs are as follows:

• Future Protect Plus Insurance Plan- This plan offers life cover to the nominee. In case of death, cover amount is enjoyed by the nominee and in case of survival, a lump sum amount is payable to the insurer. This plan has an option of the protection of investment and the funds are balanced automatically. Tax benefits can also be enjoyed.
• Rising Star Insurance- This plan makes sure that the future of the children of the insurer are secured. In case of death, cover amount is enjoyed by the nominee and in case of survival, a lump sum amount is payable to the insurer. The funds are balanced automatically and also have an option of partial with-drawl of funds. Tax benefits can also be availed to.
• Future Protect Insurance Plan- This plan provides amount gain option in case of market inflation. In case of death, cover amount is enjoyed by the nominee and in case of survival, a lump sum amount is payable to the insurer. The funds are balanced automatically and also have an option of partial with-drawl of funds. Tax benefits can also be availed to.
• Aegon Life iMaximise Single Premium Insurance Plan- This plan helps the insurer to reap the advantages of investment maximisation. It does not involve any premium allocation charges and can be bought online. It offers a choice of 3 investment funds with premium payable only once. Tax benefits can also be availed and also involves partial with-drawl facility.

Savings Plan

These plans are not linked to the market. They offer coverage on life and assured returns. The different types of savings plan are as follows:

• Aegon Life Flexi Money Back Advantage Insurance Plan- This plan helps the policy-holder to get back the money that was invested by him at regular intervals of time..
• Aegon Life Guaranteed Growth Insurance Plan-It is a type of life insurance plan that offers an assured return of 150% on the premiums that are paid annually.
• Aegon Life iGuarantee Insurance Plan- This plan is a type of investment plan that offers assured returns on the investments.
• Aegon Life Premier Endowment Insurance Plan- This plan is a type of protection plan that gives extra benefits on the savings of the policy-holder
• Aegon Life Jeevan Shanti Insurance Plan- This plan helps the insurer to save some amount of money on a regular basis and also offers coverage on the life. 
• Aegon Life Jeevan Shanti Insurance Plan-This plan helps the insurer to save some amount of money on a regular basis and also offers coverage on the life.

Retirement Insurance Plans

Retirement plans take care of the retirement funding of the individual by providing him a regular flow of income post retirement in the form of annuity payouts. These plans are also called pension plans and Aegon Life offers one type of pension plan which is:

• Aegon Life Guaranteed Income Advantage Insurance Plan- It is a type of savings plan that assures guaranteed return of 7.5% of the sum assured till the insurer attains the age of 85 years. Again tax benefits can also be availed as per the tax law.

Pension Plans

Retirement Plans are also called Pension Plans. It assures the policy-holder a guaranteed income of 7.5% of the money assured till the insurer becomes 85 years old. It helps the policy-holder to live a tension-free life even after their retirement. The retirement plan offered by Aegon Life is:

• Aegon Life Guaranteed Income Advantage Insurance Plan- It is a type of savings plan that assures guaranteed return of 7.5% of the sum assured till the insurer attains the age of 85 years. Again tax benefits can also be availed as per the tax law.

Child Plans

Child plans offered by Aegon Life help the children of the insurer by savings money for their future. The different types of child plans are as follows:

• Aegon Life EduCare Advantage Insurance Plan- This plan helps the insurer by securing their child’s future against many educational expenses. It offers the insurer the lump sum amount at the end of the last four policy years in order to settle the recurring college fees. The premium payment term is also limited and tax benefits can also be availed as per the tax law.
• Aegon Life Rising Star Insurance Plan-It undertakes the task of securing the future of the insurer’s child against any uncertain circumstance that might arise in the future. It offers higher cover amounts, waiver of premiums and the payment of fund value to the nominee at the time of the insurer’s death. The funds are balanced automatically and also have an option of partial with-drawl of funds. Tax benefits can also be availed to.

Rural Plans

Rural plans as mandated by law are designed to provide insurance coverage to the rural population of the country at low rates of premiums. The company offers the following type of rural plan:

• Rural Term Insurance Plan- It is a special plan that involves only a single payment of the premium for the term of 5 years. In case of death of the insurer, the sum assured is provided to the nominee and no benefit can be enjoyed by the insurer on survival. On death the policy terminates and tax benefits are also available under the plan.

Group Insurance Plans

Group Insurance plans are special plans which provide coverage to a group of people registered under a common group. The plans under the Group Insurance category offered by the company are:

• Aegon Life Group Gratuity Plan- This plan offers death benefit option to the insurer with an added advantage of more than one investment options.
• Aegon Life Group Leave Encashment Plan-the plan offers employees working in an organization the benefit of leave encashment and comes as a unknit linked plan.
• Aegon Life Group Credit Life Plan- This plan offers a group of members the cover for life as well as sufficient cover for the outstanding loan at a really affordable price.
• Aegon Life Group Term Plan- This plan offered life insurance to the employees. In case of his death, the sum assured id provided to the nominee.

Aegon Life Insurance - Latest News

Aegon Life insurance looking deep into business

Aegon Religare Life Insurance Company, the private player is renamed as Aegon Life Insurance Company Ltd. The administration group of the organization will stay unaltered and will stay focused on each of its clients, employees and affiliates with focus on customer service though digitisation. Aegon Life Insurance Company believes, every current policyholder will keep on maintaining the advantages with no adjustment in the terms and conditions of the policy issued by Aegon Religare Life Insurance Company Ltd.

Aegon Life Insurance Co Ltd is confident of winning breakeven financial year by 2018. The chief Distribution Officer, Amit Kumar Roy believes that they are on course to accomplish a no profit no loss record by 2018 and turn out to be tremendously profitable by 2020. This Netherlands based Aegon had before the end of last year trekked its shareholding in the life insurance providers from 26% to 49%. Also in a recent discussion with a leading newspaper Mr. Roy states that they have no plans yet to discontinue their direct sales over phone calls as it increased their customer grievances and the distrust of selling products by misleading.