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AEGON Life Insurance Company Limited India

AEGON Life is a one of the top digital life insurance company; it was the first life insurance company to inaugurate online term insurance plans in India. AEGON Life was launched together with AEGON N. V, an international provider of life insurance, pensions and asset management, and Bennett Coleman & Company, India's largest media conjunction popularly known as the Times Group.

The company is headquartered in Mumbai, India, and have more than 3 Lakh customers. They operate in over 20 countries, including the United States, where they are known as Transamerica. Their head office, however, can still be found in The Hague, the Netherlands.

AEGON Life insurance company are dedicated to our customers secure their long-term financial future. With a recent global study approximate 92% under insurance are of household, education and future plans, etc. AEGON is performing to help their customers achieve a healthy and financially security.

At AEGON Life, you can rest assured knowing that you and your family’s unique needs are being taken note of and fulfilled. Here are some of the insurance products that AEGON Life offers that will help you with what you need to keep your loved ones protected.

Benefits of Buying AEGON Life Insurance Policy:

  • Savings & Loan Facility: Life insurance is long-term savings and insurance is made mandatory by IRDAI ensures the safety of the policyholders. The unfortunate financial obligations are covered by life insurance policy which helps the needy people.
  • Risk Cover: Life is full of uncertainties and problems which will be covered with life insurance cover protect your family from risk factors.
  • Guaranteed Income: When you are decided to retirement and wants earning after that life insurance is the best policy to save money when you earning at young age and enjoy when you retired.
  • Investment Benefits: Life insurance plans offers maturity benefits, in-built assured with money-back and cash-back maturity values. Investment benefits such as retirement plans, child insurance plans, whole life insurance plans, etc.
  • Wealth Creation & No Risk: Life insurance helps savings and gives protection to the long-term financial payment. Income from investment in life insurance products
  • Tax Benefits: According to the section 80c of the Income Tax Act, 1961 premiums paid through life insurance policy. Financial implements such as Employee Provident Fund, Equity Linked savings, and health insurance premiums, etc.

Types of AEGON Life Insurance Plans:

1.) Term Insurance:

The main role of term insurance is providing safety measures to your family or loved ones when you are not around, the premiums paid on term insurance policy excludes the income tax act under section 80c. The maturity amount or claim is exclude under section 10(10D) and can benefit with tax exemptions on sum assured and accrued bonus.

  • Coverage: In Term Insurance Plans policyholder can get life full of coverage.
  • Sum Assured: Sum Assured receives the insurer’s death upon the plan.
  • Premium: Term Insurance Plans premiums are low compared to all other plans.
  • Savings/Profit: Savings or Profits are not received.
  • Maturity Benefits: There are no maturity benefits or payouts available.

Key Features of a Term Insurance Plan:

The term insurance plans is to provide coverage for a family in times of enforcement, when the revenue producing activities is absent. The primary thing is to keep the family stable and happy, and ensure they can meet basic expenses and fulfil their dreams.

  • Cost Effective: Term Insurance provides affordable and cheapest premiums compared to life insurance plans.
  • Adjustable Cover: You can adjust your sum assured to get financial changes in life.
  • Easy Payment: You can pay your premiums monthly, quarterly or yearly as per your needs.
  • Riders: The benefits of riders or variants with return of premium as per term plan.
  • Easy Purchase: Every person can buy the plans online or offline at your convenience.

Types of Term Insurance Plans:

i. AEGON Life Saral Jeevan Bima:

Jeevan Bima is a non-linked individual risk term life insurance plan secures financial protection to the family, in case of the death of the insured person during the policy term. During waiting period of 45 days or expiry of waiting period in case of any accidental death or any other issues the amount is payable.

Entry Age Maximum Age Policy Term Sum Assured Premium Payment
18 to 65 years 70 years 5 to 40 years Rs. 5 to 25 lakhs Single, regular and limited payments available/ Yearly, half-yearly, and monthly.
ii. Covid-19 Insurance Plan:

Covid-19 insurance plan is for coronavirus affected persons which help in clearing some amount given to the hospitalization. The term plan comes with various Life Cover options. AEGON Life's iTerm Insurance Plan also covers COVID-19 death claims along with other 36 critical illnesses like cancer, heart disease etc.

Why Covid-19 Insurance?

Life Insurance with COVID-19 insurance Cover supports the customer by covering hospitalization amount of up to Rs 5 Lakh on minimum 24 hours of admitting on the first-ever diagnosis of COVID-19 condition along with death benefit from the life cover. In case of death, one can avail of the life benefit through the base plan, which will help in supporting the insured's family.

Features:
  • Hospitalization Pay out up to 5 lakhs
  • No Medical Tests needed
  • Instant Digital Policy and hassle-free service
  • Death Cover is to the nominee in sudden death of policyholder
  • Tax Benefits as per premiums paid
  • Continue Protection even after covid relief
iii. Critical Illness Insurance:

AEGON Life critical illness plan is an additional rider. In case of the policyholder’s death, this insurance policy pays an assured death benefit. However, if the policyholder is diagnosed with any of the 36 critical illnesses specified under the policy terms, they are paid an upfront lump sum amount to ease the financial burden of medical treatment and other related costs.

Features:
  • Protection against 36 life terrifying critical illness cover
  • No need to step out of your house for medical tests
  • Instant Digital Policy and hassle-free service
  • Provides financial protection and peace of mind.
iv. iTerm Insurance Plan:

AEGON Life iTerm Insurance Plan is a inexpensive protection plan with add-on to choose from 3 different plan options basis your protection needs. The best thing about this plan is that you can get an additional pay out on diagnosis of 36 Critical Illnesses including cancer, heart attack and kidney failure. AEGON Life iTerm insurance plan also covers Covid-19 death claims.

  • iTerm Life Protect Plan: Life coverage, 100% payout on Terminal illness, and Increase life cover.
  • iTerm Protect Plus plan: Life Cover increases by 5% every year without increase in premium and 100% payout on terminal illness.
  • iTerm Dual Protect plan: Life cover, 100% payout on terminal illness, and regular monthly income starts from 60 year age till maturity.
v. AEGON Life Rural Term Insurance Plan:

This AEGON Life Rural Term Insurance Plan is a single premium term insurance plan. So you can enjoy the benefits of staying covered for 5 years by making just one payment.

Entry Age Maximum Age Policy Term Sum Assured Premium Payment
18 to 45 years 50 years 5 years Single premium and sum insured Single premium

2.) ULIP Plans:

Unit Linked Insurance Plan is to provide a life insurance cover your family with equity market to invest in it and grow your money. Benefits such as fund switching, income tax, high returns in long term, life cover. Policyholder needs to carry the risk of investment.

  • Coverage: In Unit Linked Insurance plan policyholder can get life cover and market-linked benefits.
  • Sum Assured: Get sum assured on life cover as per plan.
  • Premium: The premiums of amount paid but deductions made for fees before unit purchase.
  • Savings/Profit: Long-term goals achieve with wealth creation.
  • Maturity Benefits: Benefit Returns depend on market value of the funds where investments are made.

3.) Savings and investments/Endowment:

AEGON Life insurance is a great savings and investment instrument, to improve your financial growth these plans offer specified returns when they are linked to the market.

  • Coverage: In Endowment Insurance Plans policyholder can get life full of coverage.
  • Sum Assured: Sum assured receives upon survival.
  • Premium: Premium Payable every month, but has shorter period as compared to whole life insurance plans.
  • Savings/Profit: Long-term goals are achieved with wealth creation.
  • Maturity Benefits: Where investments are made the returns depend on market values.

ULIP & Savings Plans:

i. POS Guaranteed Return Insurance Plan:

AEGON LIFE POS guaranteed return insurance plan a non-linked, prevention life insurance plan which offers guaranteed returns in the form of a lump sum pay out on maturity not regular income over a fixed period along with life cover for the entire policy term.

Why POS?
  • Simple savings plan
  • 100% guaranteed returns & maturity benefits
  • Loyalty boosters are equal to 25 % basic sum assured at plan of maturity.
  • Quick policy issued within 48 hours of submission of the documents.
  • 30 day free look period to review the policy.
Entry Age Maximum Age Policy Term Sum Assured Premium Payment
1 to 50 18 to 65years 10 to 20 years Rs. 10k for yearly, Rs. 7500 for half, and 1500 for monthly. 5/7/9 years.
ii. iInvest Plan:

iInvest is online Unit Linked Insurance Plan (ULIP) which offers both protection and investment. It is works well for first time investor and market expert alike. We invest 100% of the premium you pay, thereby helping maximise your investment.

Why iInvest?
  • Provides cover to your family financial needs in case of any demise
  • 6 unit-linked funds to choose to your investment goals
  • Higher sum assured
  • Low invest money per month
  • No deductions
  • Tax benefits on premiums paid and amount received
iii. iMaximize plan:

This plan is same as iInvest plan can also pamper to your child’s needs in your absence through the Triple benefit pay-out option, which provides financial stress. No allocation charges maximise the return from your investment as the full amount gets exposure to the fund of your choice.

Why iMaximize?
  • Secure your child with financial security
  • Flexibility for you to invest as per risk factors
  • Tax benefits on premiums paid and amount received
  • Triple benefit options
  • Pays you the total fund value as on maturity date.

3.) Child Plans:

Child life insurance products ensure that child’s higher education is most expensive thing these days. AEGON child insurance plans makes you invest in small amounts and receive regular pay-outs for a fixed period.

4.) Retirement Plans:

A retirement plan that secures your family or loved ones it covers your retirement plans as a savings plan to meet your retirement goals, or as an investment options to grow your wealth.

i. AEGON Life Saral Pension Plan:

AEGON Life Saral Pension guarantees a regular income not only for you but also offers you the option to ensure the same for your spouse in your absence, so that you can retire from work and not from life.

Entry Age Maximum Age Policy Term Sum Assured Premium Payment
40 years 80 years Life Long Coverage Rs. 1000 and Rs. 12000 per annum Monthly, quarterly, and yearly.
ii. Jeevan Riddhi Insurance Plan:

AEGON Life’s Jeevan Riddhi Insurance Plan gives you guaranteed additions on Sum Assured during the premium payment term. Moreover your family is covered for any unfortunate event and you also get a share in the performance of the product through the regular bonus.

Entry Age Maximum Age Policy Term Sum Assured Premium Payment
18 to 55 years 70 years 10 to 20 years Rs. 100000 Monthly, quarterly, and yearly.
iii. AEGON Life Insta Pension Insurance Plan:

AEGON Life Insta Pension Insurance Plan pays you a continuous income, post your retirement for the rest of your life.

Entry Age Maximum Age Policy Term Premium Payment
50 years 85 years 10 to 20 years Single term

5.) Money-back:

Money-back plan is helps you to get payments in period wise. The period pay-outs differ from company to company and plans also differ. The policy provides you with specific amount in a periodic time which will meet your financial goals.

  • Coverage: In Money-back Life Insurance Plans policyholder can get life full of coverage.
  • Sum Assured: Sum assured payments at regular intervals as percentage.
  • Premium: Premiums are high compared to endowment plans.
  • Savings/Profit: No
  • Maturity Benefits: Benefits are of Sum assured at regular intervals, balanced sum, and applicable bonuses. But returns are low compared to endowment due to higher premium and lower bonus.
i. Regular Money Back Insurance Plan:

AEGON Life’s Regular Money Back Insurance Plan provides you guaranteed pay-outs for 10 years and a life cover beyond the Premium Payment Term.

Entry Age Maximum Age Policy Term Sum Assured Premium Payment
7 to 55 years 75 years 20 years Rs. 100000 Monthly, quarterly, and yearly.

6.) Whole life insurance:

This whole life insurance benefits your family when something happens to you and the cash value and earn interest. If you want to make a withdrawal or take a loan on interest but withdrawals will not impact the death benefits.

  • Coverage: In Whole Life Insurance Plans policyholder can get life full of coverage.
  • Sum Assured: Whole life insurance receives sum assured and bonuses.
  • Premium: Premiums are high due to inevitable payout and amount value build-up, but lower than savings & investment plans.
  • Savings/Profit: This life insurance plan offers savings and wealth creation on your premiums.
  • Maturity Benefits: Benefits are of sum assured and bonuses, if any in the form of maturity claims or expiry premium payment and guaranteed payout.

7.) Group Credit Shield Insurance Plan:

AEGON Life Group Credit Shield Insurance Plan which not only provides the members of your group with a life insurance plan but also covers their outstanding loan amount so their families financial interests are seen after in case of an uncertain things.

Entry Age Maximum Age Policy Term Sum Assured Premium Payment
1 to 18 years 65 to 75 years Single pay, regular pay, and limited Rs. 500000 for home loan Single, Monthly, quarterly, and yearly.

8.) Group Term Plus Insurance Plan:

A group Term plus Insurance plan provides financial security need and serves as a unique way for employers or group administrators to reinforce their bond with their members. This plan provides benefits to groups such as Employer-Employee, Non Employer-Employee, etc. This plan provides financial protection at a nominal cost.

Entry Age Maximum Age Policy Term Sum Assured Premium Payment
14 years 85 years Single pay, Regular pay Rs. 3,61,000 for home loan Monthly, half-yearly, Annually.

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