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. 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.
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:
Here are all the different types of insurance plans offered by Aegon Life.
Aegon Life Insurance Plan |
Plan Type |
Entry Age |
Maturity Age |
Sum Assured |
Policy Term |
iTerm Insurance Plans |
Term Insurance |
18/65 years |
75 years |
Rs 10,00,000 |
5/40 years |
Easy Protect Insurance Plans |
Term Insurance |
20/50 years |
60 years |
Rs 12,00,000 |
10 years |
Term Insurance Plans |
Term Insurance |
20/65 years |
75 years |
Rs 10,00,000 |
10/15/20/25/30/35/40 and 75 years |
iReturn Insurance Plan |
Term Insurance |
18/65 years |
75 years |
Rs 30,00,000 |
5/10/15/20 years |
Future Protect Insurance Plan |
ULIP |
7/50 years |
65 years |
Age < 45 years (10 x Annualised Premium) |
10/20//25/30/35 years |
Age >= 45 years (7 x Annualised Premium) |
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Rising Star Insurance Plan |
ULIP |
18/48 years |
65 years |
Age < 45 10 x Annualised Premium |
25 years |
Future Protect Plus Insurance Plan |
ULIP |
7/50 years |
70 years |
Age < 10 x Annualised Premium |
15/20/25 years |
iMaximise Single Premium Insurance Plan |
ULIP |
8/60 years |
65 years |
125 % of Single Premium Amount |
10 years |
Regular Money Back Insurance Plan |
Savings Plan |
55 years (Max) |
75 years |
20 years |
|
iGuarantee Insurance Plan |
Savings Plan |
12/50 years |
56 years |
10 x Annualised Premium |
6 years |
Jeevan Shanti Insurance Plan |
Savings Plan |
8/50 years |
Last Birthday |
Based on Age of Insured |
10 years |
Guaranteed Growth Insurance Plan |
Savings Plan |
8/50 years |
60 years |
10 x Annualised Premium |
10 years |
Group Term Plan |
Group Insurance |
18/59 years |
60 years |
Rs 5,000 |
1 year (renewable) |
Group Leave Encashment Plan |
Group Insurance |
18/74 years |
75 years |
Rs 1,000 |
1 year (renewable) |
Group Gratuity Plan |
Group Insurance |
18/74 years |
75 years |
Rs 1,000 |
1 year (renewable) |
Group Credit Life Plan |
Group Insurance |
18/55 years |
65 years |
Rs 50,000 |
24 months (Single) |
60 months (Regular) |
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90 months (Limited) |
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iMaximize Insurance Plan |
ULIP |
7/55 years |
70 years |
10 x Annualised Premium |
15/20/25/ years |
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:
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.
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:
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:
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:
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:
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:
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:
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.
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.
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.
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:
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. 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 or pension plan offered by Aegon Life is:
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.
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 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:
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.
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 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:
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 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 Insurance is an extremely prestigious insurance company based in India. This company was founded in the year 2008 and offers a plethora of individual and group insurance plans, both online and offline. The Aegon Insurance Company is especially popular for being the pioneer of Digital Insurance in India.
Mr. Satishwar Balakrishnan was announced as the new Chief Financial Officer (CFO) of Aegon Life Insurance recently. Mr. Balakrishnan has around two decades of rich experience in the domain of Insurance and Finance. He joined Aegon Insurance after a successful stint at IndiaFirst Life, where he used to work as a Chief Financial Officer.
The CEO of Aegon Life Insurance, Mr. Vineet Arora, mentioned that he is thrilled to welcome Satishwar Balakrishnan to the leadership team of the company. He discusses how the expertise of Mr. Balakrishnan in the field of insurance would be a great asset. Mr. Arora also goes on to add that he has full confidence in the experienced management team of the Aegon Insurance to efficiently lead this company into a new phase of growth and prosperity.
Mr.Satishwar Balakrishnan also comments on his appointment and says that it would be an exciting and challenging experience for him to be associated with a contemporary digital insurance company like the Aegon Insurance Company.
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.
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