Aegon Life Insurance Reviews, Ratings, Best Plans and USPs

Aegon Life

Aegon Life Insurance is in operation since 2008 and is the brainchild of Aegon N.V and the Bennett Coleman Company (better known as the Times Group). It was the first company to offer life insurance products on a digital platform. The Aegon N.V Group carries over 175 years of experience and the Times Group is one of the oldest media companies in India. Together – the two conglomerates carry a legacy and brand name trusted by millions. Aegon Life has also been recognized as one of the best insurance companies in the insurance sector. It has received awards such as the ‘Best Brands in India’ at BFSI awards, the Asia Golden Star Awards for the best term insurance product, and ‘Special Recognition for Digital Insurance’ by the Indian Chamber of Commerce, among several other accolades.

The company endeavours to reach the heights of customer service through its quality insurance products and dedication to serve customers. In fact, in the last financial year of 2019-2020, it had a high claim settlement ratio of 98.01% – a number showcasing its commitment to speedy claim settlements. Moreover, it does everything in its capacity to contribute to its customer’s knowledge pool and clarify any doubts on the various kinds of insurance, tax planning, and financial planning through its insurance calculators, articles, and customer care services.

    About Aegon Life Insurance

    Choosing Aegon Life as your insurance provider will ensure that you receive only the best of services and products tailored to your specific needs. Here are a few factors that make Aegon Life a viable choice for an insurer.

    High claim settlement ratio: 

    Aegon Life has had a consistent claim settlement ratio of over 90% through the years. Only last year, it settled over 98% of individual death claims, ensuring that no one leaves their loved ones behind without financial security.

    24x7 customer care

    As a pioneer of digital insurance products, Aegon Life has a portal of around-the-clock customer services to address any issues and answer queries. Moreover, it has a digital card and booklet to keep you informed about any changes to insurance policies. There is also a step-by-step guide on how to raise the insurance claim.

    Speedy claim settlement and other services

    Aegon Life makes it a point to settle its insurance claims within 2 hours. If it fails to do so, it gives you interest in the sum assured payout. It also renders other services such as grievance redressal within 3 to 15 days, policy payouts within 15 days, and changing policy details within 10 days. Moreover, you can get policies issued within 2 days.

    Diversity of products

    Aegon Life offers a handful of term life insurance, savings and retirement plans, and Unit-linked Insurance Plans so customers neither have a shortage of choices nor have to spend too much time choosing an insurance policy. Each policy offers extensive coverage, unique benefits, and can be customized to individual needs.

    Tax benefits

    With every term life insurance, savings plan, ULIP plan, and health insurance plan from Aegon Life, you get tax benefits (as per the relevant sections of the Income Tax Act, 1961) in the form of returns on the premiums paid towards any plan and the maturity payout.

    Aegon Life has an instant claim settlement time of 24 hours and offers insurance coverage of Rs. 1,00,00,000 even at Rs. 12 per day. The company has over 3,00,000 customers and runs its headquarters in Mumbai. Its parent company Aegon runs its operations across 20 countries worldwide.

    Aegon Life has plenty of honest and detailed customer reviews who prefer to get their insurance needs covered from Aegon Life. The company has an average customer rating of 4.2 out of 5 stars with ace reviews on the COVID-19 coverage (iTerm Insurance Plan), the ULIP plans with no premium allocation charges, the affordable premium prices, and the on-time service

    Term Insurance and Health Insurance Plans

    • Aegon Life Saral Jeevan Bima
    • Aegon Life iTerm Plan
    • Group Term Plus Insurance
    • Group Credit Shield Insurance
    • Aegon Life Rural Term Insurance Plan
    • Aegon Life Group Health Plan

     

    Policy Term

    Entry age

    Maturity age

    Sum assured (SA) (Minimum and maximum)

    Benefits offered

    Aegon Life Saral Jeevan Bima

     

    5 to 40 years

    18-65 years

    70 years

    Minimum SA = Rs. 5,00,000.

    Maximum SA = Rs. 25,00,000
    • Simple and affordable plan
    • Guaranteed death benefit
    • 100% SA on death due to an accident

    Aegon Life iTerm Plan

    50 to 70 years

    18-65 years

    23-100 years

    Minimum SA = Rs. 25,00,000.

    Maximum SA = No limit
    • 3 benefit options to choose from
      1. Life Protect
      2. Protect Plus
      3. Dual Protect
    • The option to enhance the sum assured as per changing life needs with the life stage benefit
    • 100% guaranteed death benefit (SA) in lump-sum, monthly or lump-sum + monthly payouts
    • An extra SA on the diagnosis of a critical illness (from any one of the 36 critical illnesses listed in the policy)
    • Life coverage up to 80 – 100 years of age
    • Additional SA in case of death due to accident
    • Instant lump-sum payout of the SA on the diagnosis of a terminal illness
    • COVID-19 treatment cover with payment of Rs. 5,00,000 for hospitalization expenses
    • No medical test for issuance of the plan

    Group Term Plus Insurance

    1-68 years

    18 to 85 years

    86 years

    Minimum SA = Rs. 3,61,000.

    Maximum SA = Rs. 25,00,000
    • Employee coverage
    • Guaranteed death benefit
    • 100% extra SA on the diagnosis of a critical illness
    • 100% SA to the nominee in case of death of the insured due to an accident
    • Immediate payout of 100% SA in case of terminal illness diagnosis

    Group Credit Shield Insurance

    2-30 years

    1 to 65 years

    65-75 years

    Minimum SA for members of home loan = Rs. 5,00,000.

    Minimum SA for other types of loans = Rs. 50,000

    Maximum SA = Unspecified
    • Group coverage for a minimum of 50 people
    • Coverage for loans
    • Two SA options – Level SA and Decreasing SA
    • 100% payout of the SA on death due to an accident or critical illness
    • 100% SA on the diagnosis of a critical illness

    Aegon Life Rural Term Insurance Plan

    5 years

    18 to 35 years

    50 years

    SA = 125% of the premiums paid

    Guaranteed death benefit of 100% SA

     

    Aegon Life Group Health Plan

    1 year

    91 days to 65 years

    70 years

    Minimum SA = Rs. 10,000.

    Maximum SA = As per the company board approval

    Coverage for:

    • All stages of cancer
    • 8 cardiac ailments and surgical procedures
    • 7 vector-borne diseases including malaria, dengue, and chikungunya
    • Accidents and permanent disabilities arising out of them
    • 3 respiratory diseases
    • Up to 15 neurological diseases
    • Kidney failure and major organ transplant
    • COVID-19
    • 100% SA in case of inability to work due to disability/ illness arising due to an accident

    Critical Illness Insurance Plan

    1 year

    Unspecified

    Unspecified

    Up to Rs. 3,00,000 SA for critical illnesses

    Up to Rs. 50,00,000 towards the death benefit
    • 5 plan options
    • Whole life insurance protection up to Rs. 50,00,000 where the family members of the insured will receive the entire SA on the demise of the policyholder
    • Critical illness coverage up to Rs. 3,00,000 for 36 life-threatening illnesses

    Savings and Retirement Plans

    • Jeevan Riddhi Insurance Plan
    • Aegon Life POS-Guaranteed Return Insurance Plan
    • Regular Money Back Insurance Plan
    • Aegon Life Insta Pension Insurance Plan

     

    Policy Term

    Entry age

    Maturity age

    Sum assured (SA) (Minimum and maximum)

    Benefits offered

    Jeevan Riddhi Insurance Plan

     

    10-20 years

    18 to 60 years

    70 years

    SA will depend on the age of the life assured, premium amount, and premium paying term
    • Guaranteed death benefit
    • 50% of the SA on death due to an accident
    • Maturity benefit
    • The option to take a loan against the insurance policy
    • Waiver of premium payments in case of disability
    • Guaranteed additions to the SA of 5% every premium paying year

    Aegon Life POS-Guaranteed Return Insurance Plan

    5-9 years

    1 to 50 years

    18-65 years

    225%-325% of the base SA as maturity benefit

    105% of the annualized premiums as the death benefit
    • Guaranteed lump-sum payout of the SA on maturity or death
    • 100% guaranteed returns (which are not dependent on market fluctuations or interest rates)
    • Guaranteed additions up to 10% of the base SA
    • Loyalty boosters up to 25% of the SA on the maturity of the plan

    Regular Money Back Insurance Plan

    20 years

    7 days to 60 years

    75/ 80 years

    SA will depend on the age of the life assured, premium chosen, policy term and premium paying term
    • Guaranteed death benefit
    • Guaranteed payouts for 10 years
    • The option to take a loan against the insurance policy
    • Accrued bonus and terminal bonus at maturity
    • Accidental death benefit rider

    Aegon Life Insta Pension Insurance Plan

    Unspecified

    50 to 85 years

    Lifetime

    Fixed annuity rates as per policy schedule
    • Lifetime regular income payouts
    • 4 income payout modes – monthly, quarterly, semi-annual and annual

    Unit-linked Insurance Plans

    • IMaximize Plan
    • IInvest Plan
    • Future Protect Insurance Plan
    • Rising Star Insurance Plan

     

    Policy Term

    Entry age

    Maturity age

    Sum assured (SA) (Minimum and maximum)

    Benefits offered

    IMaximize Plan

     

    15/ 20/ 25 years

    7 to 55 years

    65/ 70 years

    Minimum SA = Rs. 5,00,000.

    Maximum SA = Rs. 25,00,000

    6 investment fund options

    1. Secure fund
    2. Debt fund
    3. Stable fund
    4. Blue chip fund
    5. Accelerator fund
    6. Opportunity fund
    7. Two death benefit options
    8. Payment of sum assured or fund value or 105% of all premiums paid

    OR

    • Payment of sum assured
    • Total fund value at maturity
    • Income benefit with regular payouts
    • Withdrawal benefit of up to 20% fund value after 5 years

    IInvest Plan

    10/ 15/ 20/ 25 years

    7-55 years

    70 years

    Fund value return at 4% or 8% interest rates

    Minimum SA = 10 times the annualized premium

    Maximum SA not specified
    • 6 fund options
    • Total investment fund value on maturity
    • Guaranteed death benefit
    • No deduction of allocation charges

    Future Protect Insurance Plan

    15/ 20/ 25/ 30/ 35 years

    7 to 55 years

    65 years

    Minimum SA = 10 times the annualized premium

    Maximum SA = 20 times the annualized premium
    • Guaranteed death benefit that pays the entire SA or the total fund value
    • Payment of entire fund value in lump-sum on maturity
    • Partial withdrawal option

    Rising Star Insurance Plan

    25 years

    18 to 48 years

    65 years

    Minimum SA = 7 to 10 times the annualized premium

    Maximum SA = 10 to 18 times the annualized premium
    • Guaranteed death benefit with payment of the entire SA or 105% of the premiums paid
    • Payment of entire fund value in lump-sum on maturity
    • Waiver of the premium payments in case of the death of the policyholder due to an accident
    • Partial withdrawal option

    Best Life Insurance Plans offered by Aegon Life

    Aegon Life iTerm Insurance Plan

    This term life insurance plan provides holistic coverage and gives:

    • The option to enhance the sum assured as per changing life needs such as marriage, a child’s education, spouse’s retirement needs, and more,
    • 100% guaranteed payment of the SA in lump-sum, monthly or lump-sum + monthly payouts
    • An extra SA over and above the base SA on the diagnosis of a critical illness
    • Life coverage up to 80 – 100 years of age
    • An additional SA over and above the base SA in case of the policyholder’s death due to an accident
    • Instant payout of the SA on the diagnosis of a terminal illness
    • COVID-19 treatment cover with payment of Rs. 5,00,000 for hospitalization expenses
    • No medical test for issuance of the plan
    • Instant policy issuance

    Other Insurance Companies

    Bharti AXA FAQs

    1. Which critical illnesses does Aegon Life’s Critical Illness Plan cover?

    Aegon Life’s Critical Illness Plan covers up to 36 critical illnesses including:
    • Malignant cancer of specified severity
    • Kidney failure needing regular dialysis
    • Major (second and third-degree) burns
    • Stroke causing permanent paralysis
    • Loss of hearing
    • Parkinson’s disease
    • Major head trauma
    • Muscular dystrophy
    • Bacterial meningitis

    2. What is the advantage of Unit-linked Insurance Plans?

    Unit-Linked Insurance Plans offer the dual advantage of life insurance protection and wealth creation through market-linked investments. That way, your family members remain secure both in your presence and absence both

    3. What are the charges on Aegon Life’s ULIP plans?

    A ULIP plan comes with specific periodic charges that the policyholder has to pay after the issuance of the plan. These charges include:
    • Fund management charges
    • Policy administration charges (charged monthly)
    • Mortality charges (for providing the life insurance coverage)
    • Partial withdrawal charges
    • Fund switching charges (after a few free switches allowed per year)
    • Premium discontinuance charge
    Generally, there is a premium allocation charge that is charged as a portion of the premium amount paid by the policyholder. But Aegon Life does not levy this charge on its policyholders.

    4. Which neurological diseases does Aegon Life’s Group Health Plan cover?

    Aegon Life’s Group Health Plan covers up to 15 neurological diseases:
    • Alzheimer’s disease
    • Permanent paralysis of limbs
    • Bacterial meningitis
    • Benign brain tumour
    • Major head trauma
    • Muscular dystrophy
    • Parkinson’s disease
    • Motor neuron disease

    5. What are the tax benefits on Aegon Life’s life insurance and health insurance plans?

    The tax benefits on life insurance are in the form of returns up to Rs. 1,50,000 each year as per section 80C of the Income Tax Act, 1961. For health insurance, you can get up to Rs. 25,000 per year as returns if you are up to 60 years of age and up to Rs. 50,000 if you are a senior citizen above 60 years of age as per section 80D of the Act.

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