Aegon Life Insurance Company Limited
Aegon Life Insurance Company is a joint venture between Aegon – an international provider of life insurance and Bennett Coleman and Company – India’s biggest media conglomerate. Headquartered in Mumbai, Aegon started its operations in India in July 2008 and has its branches across different cities in India.
With its presence in more than 20 countries, Aegon Life Insurance company aims at fulfilling its vision of creating stress-free lives – Aegon, toh tension gone. The leading insurer is constantly working towards providing innovative solutions to meet every individual’s requirement. And thus, Aegon Life Insurance offers a host of insurance products, including protection plans, child plans, retirement plans, savings, and investment plans, amongst others, that are carefully designed to provide customers with a long-term financially secured future.
Why opt for Aegon Life Insurance?
- Reliability: Aegon Life Insurance has marked its presence in the insurance sector with cost-effective products focused on customers’ needs.
- Claim settlement ratio: Aegon boasts a high claim settlement ratio of 98.01% (IRDAI Annual report 19-20), proving itself as a trustworthy insurance partner.
- Customer service: Aegon Life Insurance is known for its excellent customer support for all its existing and prospective customers by offering all kinds of insurance-specific solutions.
- Claim settlement process: The insurer boasts of a quick and hassle-free claim settlement process.
- Tax benefits: Aegon’s life insurance policies offer tax benefits under Section 80C and 10(10D) of the Income Tax Act for premiums paid.
- Quick policy issuance: Aegon Life Insurance Company issues policy within 2 days after submitting documents and completing medical tests (if applicable).
- Free-look Period: The company offers a 30 day free-look period to review the policy. The policyholders can cancel the policy in case they are not satisfied with the policy terms and conditions.
Facts about Aegon Life Insurance Company
- Aegon’s roots date back to 175 years.
- Aegon Life Insurance serves over 4.4 lakh customers all over the country.
- It offers an array of insurance products at an affordable cost.
- Aegon Life Insurance adopts a multi-channel distribution strategy to help its customers secure a long-term financial future.
- From 2013 till 2016, Aegon Life Insurance has been awarded the E-Business Leader Award.
- The insurer offers 1 crore life cover.
Types of Life Insurance products offered by Aegon Life Insurance Company
- Term Insurance: Aegon Life Insurance understands that every individual has different requirements, and hence, their term insurance plan is specially designed to cater to the individuals’ diverse needs.
- ULIPs: Aegon Life Insurance’s ULIPs provide the dual benefit of investment as well as protection. It offers a good return with a portion of customers’ premiums invested into life cover and others into the capital market.
- Child Plan: Aegon’s child plan ensures a secured financial future for your child as the money collected can be used to fulfill your child’s dreams and goals during an unforeseen financial crisis.
- Savings and Investment plan: Aegon’s savings and investment plan provides assured returns along with a sum assured to the beneficiary in the absence of the insured as well as payouts for six years.
Aegon Life Term Insurance Plan
- Aegon Life iTerm Plan
- Aegon Life Saral Jeevan Bima
Documents required to apply for Aegon Life Insurance Policy
Below are the documents required to buy Aegon Life Insurance policy:
- Duly filled and Proposal form
- Identity Proof – PAN card, Voter ID, Aadhaar Card, Passport
- Address Proof – Aadhaar Card, Passport, Voter ID, Driving License, Ration card
- Income Proof – Salary slips, latest for 16, Bank statement, last 3 years Income tax return
- Age Proof – Passport, PAN card, Birth certificate.
Exclusions in Aegon Life Insurance Policy
The insurance company shall not process the claim or reject the claim in case of death due to below mentions factors:
- Accidental deaths under the influence of alcohol or any narcotics.
- Death while driving during a criminal act.
- Death due to participation in adventure sports like skydiving, rafting, bungee-jumping etc.
- Death by suicide – in case of non-linked policies, if insured’s demise due to suicide within 1 year of policy commencement, the beneficiary receives 80% of the premium that has been already paid. And for linked policies, the payout is 100%. However, if the insured commits suicide after one year of policy completion, the policy is considered to be terminated.
- Death due to self-inflicted injuries.
- Death due to sexually transmitted diseases (STD) such as HIV/AIDS.
- Death due to overdose of drugs or alcohol.
- In case of murder, if the investigations reveal that the policy nominee was involved in a crime, then the insurer will put the claim on hold till the accused is cleared of the charges.
- Death due to natural calamity.
What are the documents required to apply for an Aegon Life Insurance policy claim?
The mandatory documents required for the type of claims include:
• Claimant statement form
• Death certificate issued by the municipal corporation
• KYC documents of the claimant - PAN or Form No. 60, ID & address proof of claimant like Aadhaar card, Voter ID, Passport, Driving license, a recent photograph of the claimant.
• Passbook copy of the claimant or self-attested canceled cheque.
• Relationship proof (wherever applicable).
How soon should the claim be reported after the date of the event?
All Claims, including the death claims, ought to be reported at the earliest so that the insurer can process them faster. If there has been any deferral in reporting the case, the reason for the same should be stated in writing by the claimant.
How safe is online premium payment for Aegon Life Insurance?
Aegon Life Insurance makes sure that all its online transactions are safe and secured by protecting them by Secured Socket Layer (SSL) technology by VeriSign. The encryption process converts your credit card information into bits of code that are securely transmitted over the internet. This mixed information can't be perused as the data goes over the internet. In addition, Aegon Life doesn't store any Credit/Debit card, Internet banking-related data from the client.
Does the premium amount gets changed during the policy tenure?
Once the policy is purchased, the premium remains the same throughout the policy tenure, subject to service tax regulations by the Government of India.
What all medical tests are done for the Aegon Life Insurance policy, and how much time does it take?
A standard medical test comprises the following: Basic physical test – blood, height, weight, pulse, and pressure. In addition, urine samples and blood samples are collected, and some cases may likewise require ECGs and additionally Treadmill ECGs (stress tests). The test is normally finished within 30 minutes.
What happens if the policy gets lapsed?
Until the policy is revived, the benefits of the policy lapse. If no revival is made 2 years from the first unpaid premium, then the policy ends.