Aegon Life Traditional Plans

Aegon Life Insurance Company Limited (formerly Aegon Religare 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.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

• These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
• In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
• The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
• The plans may be issued either as Endowment Plans or Money Back Plans

Aegon Life Traditional / Investment Plans

Aegon Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

Aegon LifeiGuarantee Plan–

A traditional non-participating plan where premiums are required to be paid for the entire term of the plan. The features of the plan are as follows:

• After the term of the plan is completed, Maturity Benefit is paid as 135% of the annual premium every year for 5 years
• In case of death of the insured during the term of the plan, the Sum Assured is paid subject to a minimum of 105% of the total premiums paid till death
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

Aegon Life Guaranteed Growth Insurance Plan–

A traditional savings plan which does not earn bonuses and premiums under the plan is payable for a limited tenure. The features of the plan are as follows:

• After the term of the plan is completed, Maturity Benefit is paid as 150% of the annual premium every year for 7 years
• In case of death of the insured during the term of the plan, the guaranteed payouts of 150% of the premium will be paid as and when they fall due while the future premiums are waived off. Alternatively, the nominee can also avail the Cash Value of the death benefit before the end of the term in which case the benefit will be higher of 10 times the annual premium paid or 105% of all premiums paid discounted @10%
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

Aegon Life Flexi Money Back Advantage Insurance Plan –

A traditional money back plan where benefits are paid periodically to provide liquidity. The features of the plan are as follows:

• The plan participates in the profits of the company and earns bonuses
• The premium payment term is limited in nature
• Survival Benefits are paid after every 4 years and the proportion of benefits paid depend on the plan term chosen. The benefits accrue @10%, 20% and 30% for a 14 year term, @10%, 20% and 40% for a 17 years term and 10%, 15%, 25% and 30% for a 21 year term.
• On maturity, 40% of the Sum Assured including vested bonuses and terminal bonus, if any is paid to the nominee
• Loan can be availed under the plan subject to a minimum of Rs.5000 and a maximum of 60% of the Surrender Value
• Aegon Life ADDD Rider can be availed under the plan wherein additional benefit is paid in case of accidental death, dismemberment or disability
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details                                                                    

Aegon Life Premier Endowment Insurance Plan –

An Endowment plan which participates in the profits of the company through bonuses. The features of the plan are as follows:

• Premiums can be paid regularly for the entire term or for a limited term or in a lump sum through Single Pay option
• Guaranteed Additions accrue @ 5% of the Sum Assured during the Premium Paying Term
• In case of death of the insured during the term of the plan, higher of 10 or 1.25/1.10 (in case of Single premium) times the premium paid or the Sum Assured is paid to the nominee.
• On maturity, the SUM Assured including the Guaranteed Additions, vested bonuses and terminal bonus, if any, is paid to the policyholder
• Loan can be availed under the plan subject to a minimum of Rs.5000 and a maximum of 60% of the Surrender Value
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details                                                                    

Aegon Life Jeevan Shanti Insurance Plan –

A traditional plan which participates in the profits of the company through earning bonuses. The features of the plan are as follows:

• On death of the insured during the term of the plan, higher of the Sum Assured or 10 times the annual premium is paid along with vested reversionary bonuses and terminal bonus, if any subject to a minimum of 105% of all premiums paid till death
• On maturity, the Sum Assured along with vested reversionary bonuses and terminal bonus, if any is paid
• Loan can be availed under the plan subject to a minimum of Rs.5000 and a maximum of 60% of the Surrender Value
• Aegon Life ADDD Rider can be availed under the plan wherein additional benefit is paid in case of accidental death, dismemberment or disability
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details                                                                    

Aegon Life Guaranteed Income Advantage Insurance Plan –

A traditional pension plan which promises 7.5% of the Sum Assured payable every year till the annuitant attains the age of 85 years thus providing guaranteed payouts after retirement.

Aegon LifeEduCare Advantage Insurance Plan

A traditional child plan which is designed to take care of the child’s future by creating and maintaining funds for the child even in the absence of the parent.

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Aegon Life Child Plans - FAQs

1. How to pay premium? What are the modes of payment available?

There are six modes of payment as offered by Aegon Life Insurance:

• Online
• Credit Card
• Internet banking
• Pay via phone app
• ECS
• EBPP
• Pay at Aegon Life branches

There is also an option of paying via cash or cheque personally in any of the branch offices in your city. IVR method of payment is possible where one needs to keep in handy the credit card information along with date of birth. 

2. How can I check policy status for Aegon Life traditional plan?

You can check policy status via online.

For online log into the website with your Customer ID and password to check the policy status.

3. What is the policy renewal process for Aegon Life traditional plan?

You can renew your policy online by login into the e-portal - with valid details- policy number and policyholder’s date of birth.

For offline mode, you can approach any of the branch office to drop your cheque. 

4. What is the company’s process to settle claim for Aegon Life traditional plan?

We offer elicit three step processes for claim settlement which includes the following:

• Claim intimation and registration.
• Payment of fund value
• Settlement Payout

E settlement facility via NEFT mode option is also available with us. 

5. What is the policy cancellation process for Aegon Life traditional plan?

In case you are not satisfied with an existing policy, you can fill the surrender form along with the policy documents and submit it in any of the branch office, along with the cancellation charges. The policy cancellation takes 30 days to process and the refund will be submitted in your bank account.

For new policyholders, a grace period of about 15 days is given, wherein you have the option of cancelling the policy and receiving back the premium.

In either case the Unit price is calculated as per the current market value of NAV if the documents are submitted before 3:00 PM, else the next day’s NAV value is applied to calculate the refund.