AEGON Life Insurance offers a diverse range of easy-to-buy insurance solutions keeping the financial needs of customers in mind. These plans are affordable and don't have any impact on the immediate financial goals of customers. So they can easily maintain their lifestyle without any hassle. By investing in AEGON life insurance plans, a person secures the future of his or her family.
What does AEGON Life Insurance offer?
AEGON Life Insurance offers a wide variety of health, savings, and investment plans. These include term plans, pension plans, child plans, ULIP plans, health insurance plans, rural plans, and group insurance plans. Each plan is exclusively created to meet the financial requirements of people. Each plan is unique, with competitive and attractive premium rates.
Why should you choose AEGON Life Insurance plans?
This insurance provider has an amazing claim settlement ratio. The ratio rose from 81% in 2013-14 to 96.45% in 2018-19, thus making it the most trusted insurance provider.
Another amazing aspect that sets AEGON Life apart from others is that they provide life cover up to the age of 100 years, where the insured person is required to pay the premium for up to 60 years only.
Types of AEGON Life Insurance Plans
|AEGON Life Insurance Plan
||Sum Assured (In Rs)
||Age of Entry (In years)
||Maturity Age (In years)
||Policy Term (In years)
|Easy Protect Insurance Plans
|iTerm Insurance Plans
|iReturn Insurance Plan
|Rising Star Insurance Plans
||Age < 45 (10 times of the Annual Premium)
|Future Protect Insurance Plan
||Age < 45 (10 times of the Annual Premium) Age > = 45 (7 time of the Annual Premium
|iMaximise Single-Premium Insurance
||125% of the Single Premium Amount
|Future Protect Plus Insurance Plan
||10 times the Annual Premium
|iMaximize Insurance Plan
||10 times the Annual Premium
|iGuarantee Insurance Plan
||10 times the Annual Premium
|Regular Money Back Insurance Plan
|Guaranteed Growth Insurance Plan
||10 times the Annual Premium
|Jeevan Shanti Insurance Plan
||Based on Age of the Life Insured
|Group Leave Encashment Plan
|Group Credit Life Plan
||90 Months (Limited)
60 Months (Regular)
24 Months (Single)
|Group Term Insurance
|Group Gratuity Plan
Let us take a look at different kinds of plan options offered by AEGON Life Insurance.
Term Insurance Plans
Term Insurance plans are the most popular plans as it gives death benefits to the family of the insured. AEGON Life insurance offers 6 different types of plan options that provide various benefits.
AEGON Life iTerm
This plan is considered to be the most cost-efficient term insurance plan that provides life cover to its customers, up to the age of 100 years. One can get the benefit of lump-sum payout on the diagnosis of critical illnesses up to the age of 80 years. This plan provides protection against 36 critical illnesses like heart attack, cancer, or kidney failure. Some of the features of this plan are:
- This plan offers a health cover of up to Rs 1 Crore
- Minimum premium to be paid in this plan is as less as Rs 8,100 per annum
- Any person who is above the age of 25 years can apply for this plan.
- The term of the policy can be a maximum of 20 years
- Among all the term insurance policy options, this is the only plan that provides protection against critical illnesses as well as terrorist attacks
AEGON Life Easy Protect
This plan doesn't require any medical or health check-up and allows the individual to secure his or her family with a regular income of Rs 10,000 per month. This means that the insured person will get an assured income every month and lead the same lifestyle even after the death of the policyholder. Some of the features of this plan are:
- After the claim is settled, the family member of the policyholder will get an assured monthly income of Rs 10,000
- The family will get this monthly income for the period of 10 years, after the demise of the policyholder
- Tax benefits can be enjoyed on this plan according to the Income Tax Act of 1961
AEGON Life Term
This term insurance plan provides the insured person's family comprehensive coverage that gives them the flexibility to lead an independent and financially secure life after the tragic demise of the policyholder. The family gets the monthly payouts. This plan also offers the insured person coverage for up to 75 years of age. Some of the features of this plan are:
- It provides regular payouts to the family for a period of 5 years
- The monthly payout that the family receives is 3% of the total cover amount
- It provides add on the benefit of accidental death
AEGON Life iTerm Plus
This plan offers protection to the policyholder’s family against tragic death, illness, and disability caused due to accident. iTerm Plus plan provides coverage to the insured person up to the age of 80 years with the flexibility to increase the life cover at various important stages of life. Some of its features are:
- This plan gives a lump-sum payout to family members in case of a tragic death, accidental death, and terminal illnesses
- One can increase the life cover according to the requirements of age
- All future premiums are waived off in case of permanent disability or critical illnesses through the insured person will enjoy the coverage benefits in future too
- Low premium rates for female and non-smokers
- Tax benefits can be availed on this plan under the Income Tax Act 1961
There are four different plan options offered under the iTerm Plus Insurance Plan. Life Plan Benefit, Life Plus Benefit, Life and Health Benefit, and Life and Health Plus Benefit.
AEGON Life iReturn
This plan not only provides protection in terms of life cover but promises to provide higher returns on premiums paid.
- No paperwork is required to apply for this plan
- It is exclusively for the sole breadwinner of the family with financial responsibilities and dependents
- The entire cover amount is paid to the nominee after the death of the policyholder
- If the insured person survives until the end of the policy term, then the premium paid is also returned to him or her
- This plan gives the customer flexibility to choose multiple riders to be added in the original policy
AEGON Life iTerm Forever
This is a non-participating and non-linked plan where a lump-sum amount is paid to the nominee after the demise of the policyholder. It offers protection for the entire life.
Unit-linked Insurance Plans
Unit-linked Insurance plans offered by AEGON Life Insurance are a combination of savings-cum-insurance plans. While a part of the premium is invested in insurance cover, the rest of it is invested in equity and debt schemes. These plans provide not only death and maturity benefits but also partial withdrawal facility as well as investment flexibility. There are four types of options available in ULIP plans:
iMaximize insurance plan
This plan helps the policyholder to enjoy the benefits of investment maximization. The customer can easily buy the policy online. He or she has the flexibility to invest in three funds with the premium to be paid only once. One can also withdraw the policy amount partially.
- Age of entry: 8-16 years
- Age of Maturity: 65 years
- Sum assured: 125% of single premium paid
iInvest insurance plan
This plan gives the flexibility to invest the amount of money the policyholder wants. They have the option to invest in blue-chip equity, accelerator, stable, secure, and debt funds. It does not involve any premium allocation charges.
- Age of Entry: 7-55 years
- Age of Maturity: 70 years
- Sum assured: 10 times the annualized premium
- Plan tenure – 10, 15, 20, 25 years
Future Protect Plus Insurance
In this plan, in case of the death of the policyholder, the entire cover amount is paid to the nominee. However, if the policyholder survives the tenure of the policy, then he or she is eligible to get a lump-sum amount. This plan also gives the policyholder flexibility to withdraw the money partially.
- Age of Entry: 7-50 years
- Age of Maturity: 70 years
- Sum Assured: 10 times the annualized premium
Rising Star Insurance
This plan is a combination of protection and market-linked returns. It provides triple benefits. Along with life cover and market-linked returns, it also takes care of the child's requirements. The policyholder will not only get a higher sum assured; he or she will also enjoy additional savings and income advantages.
AEGON Life Insurance Savings plans
These savings plans offer comprehensive coverage as well as assured returns. Different types of saving plans are:
AEGON Life Money Back
This plan helps the policyholder to get back the money that was invested at regular intervals. Some of its features are:
- Any person up to the age of 55 years can invest in the plan. The maturity age of the plan is 75 years
- The insured will get guaranteed monetary benefits during regular intervals, in the significant milestones of life
- The insured is also eligible to get a loan based on the plan in a crisis
- This plan gives flexibility to the insured person to pay the premium amount as per their convenience
AEGON Life iGuarantee
This insurance plan offers guaranteed returns on the annualized premium paid with minimum hassle.
- The entry age of this plan is 12-50 years with a maturity age of 56 years
- The maximum sum assured in this plan is 10% of the annualized premium
- The term of this policy is 6 years and offers guaranteed payout annually for the same period
- No medical test is required to purchase this plan, and it helps to save money for important stages of life
AEGON Life Jeevan Shanti
This plan helps the insured person to save regularly while providing life cover. It ensures steady savings and life cover at a minimum premium amount of Rs 500 per month. The insured can also avail additional benefits by adding riders to this plan.
- Age of Entry: 8-50 years
- Policy Term: 10, 15, 20 years
- Sum assured: Depends upon the age of the insured person, the premium paid and policy term
This plan offers dual benefits of savings and life cover. The policyholder will get a guaranteed 5% additional benefit on the sum assured. The insured person gets a lump-sum payout at the end of the policy term. Moreover, a loan can also be availed on the same.
- Age of Entry: 18-55 years (in case of limited pay policy) & 18-60 years (in case of single pay policy)
- Policy term: 12-20 years (in case of limited pay) & 10 years (in case of single pay)
- Sum Assured: Depends upon the age of the insured, premium amount & premium payment term.
AEGON Life Child Plans
AEGON life provides two types of child insurance plans. One can compare plans and choose the best one. These are:
AEGON Life Educare advantage
This plan promises guaranteed returns at regular intervals to look after the financial requirements of the child.
- This plan is a participating plan which is eligible to earn bonuses
- The premium amount is paid for a limited term
- In the event of the death of the policyholder during the policy term, the child will get a sum assured 10 times the annualized premium along with bonuses
- The nominee will get 105% of all the premiums till the death of the insured person
- The policyholder or the nominee will enjoy the money-back benefits during the last 4 years of the plan
- The policyholder is also eligible to take a loan based on this plan
- Age of Entry: 20-60 years
- Age of Maturity: 75 years
- Policy Term: 14, 16, 20 years
- Sum Assured: Minimum Rs 1 Lakh
Rising Star Insurance Plan
This is a unit-linked plan where the premium is paid for the entire term of the policy. Some of the features are:
- The premium can be invested in different kinds of funds like accelerator fund, stable fund, and debt fund
- The plan also has a premium waiver and income benefit riders
- In the event of the death of the insured during the policy tenure, the assured sum is paid soon, and all the future premiums are waived off. After that, a specific amount equal to a single premium is paid every year until the end of the policy term
- If the policyholder is alive till the end of the policy term, a lump-sum amount is paid according to the fund value or over 5 years by choosing the settlement option
- The policyholder is allowed 4 partial withdrawals
- Age of Entry: 18-48 years
- Entry age of the child: 1 day to 15 years
- Age of Maturity: 65 years
- Policy term: 25 years from the entry age
AEGON Life Pension Plans
Pension plans are the plans that ensure regular income flow even after retirement so that the elderly live a peaceful life. AEGON Life offers a Guaranteed Income Advantage Insurance Plan. Some of its features are:
- This is a participating plan that helps the insured person earn bonuses over some time
- Premiums are paid under Limited pay option of premium payment
- After the premium payment term is complete, the policyholder gets a guaranteed 7.5% payout of the policy sum assured every year, till the age of 85 years
- In case of the death of the policyholder during the premium payment term, the nominee will receive 10 times the annualized premium amount or the chosen sum assured
- Age of Entry: 20-55 years
- Age of Maturity: 85 years
- Sum Assured: Rs 1 Lakh
AEGON Life Rural
This plan requires the policyholder to pay a single premium for the term of 5 years. In case of the death of the policyholder, the sum assured is paid to the nominee.
AEGON Life Group
This plan provides life cover to people registered under a common group. These include the Group Gratuity Plan, Group Leave Encashment Plan, Group Credit Life Plan, and Group Term Plan.
Features and Benefits
AEGON Life Insurance Plans have several features and benefits. Some of its salient features and core benefits are as follows:
- AEGON Life Insurance provides a comprehensive life cover from up to 100 years of age
- This insurance provider has a credible claim settlement ratio, thanks to its quick and easy process. In 2018-19, the claim settlement ratio was 96.54%
- The term insurance plans offered by AEGON Life offers protection against 36 critical illnesses
- AEGON Life offers low premium rates to females and non-smokers
- Flexibility to increase life cover with increasing age requirements
- Premiums to be waived off in case of critical illnesses and permanent disability
- Except for term insurance, the policyholders can enjoy a wide range of investment benefits on different plans
Documents required to apply for AEGON Life Insurance Plan
Given below is the list of documents required to purchase AEGON life insurance plans.
- Passport size photo
- Proof of address – Bank or post office account, property tax papers, utility bills (gas, electricity, telephone), letter of allotment
- Id proof – passport, driving license, voter ID cards, pan card
- Aadhaar card
Exclusions from AEGON Life Insurance Plans
The claim shall not be processed under the following conditions:
- If the policyholder commits suicide in the first year of the policy term, the nominee will get only 80% of the premium paid till date
- Accidental death due to driving under the influence of alcohol, drugs, acts of crime, participating in any sort dangerous sports activities, service in armed forces or self-sustained injuries
Claim Settlement Process of AEGON Life Insurance
AEGON Life Insurance has a very quick and easy claim settlement process. The steps to be followed are given below:
- Visit PaisaWiki and click on the ‘Claim’ tab
- Fill up the claim settlement form carefully with your registered mobile number
- Click on ‘Request Claim Assistance’
- PaisaWiki will then verify the details and prepare a report
- The claim will then be processed accordingly. It will take around 15 days after the request is raised
The Renewal Process of AEGON Life Insurance Plans
The policyholder can renew AEGON Life Insurance online in a quick and hassle-free manner.
- Visit the PaisaWiki website. Click on the ‘Renewal’ tab
- Fill in the policy details including policy number, date of birth, email ID, registered mobile number
- After filling in the form, you will see the cost of insurance premium
- Hit the ‘Proceed’ button
- Choose the payment mode – credit card/debit card, net banking, or e-wallets. Make the payment
- Click on Purchase Policy button and your plan is renewed
How to buy AEGON Life Insurance Plans?
- Log on to PaisaWiki.com
- Choose the life insurance plan after thoroughly studying the benefits
- Then the customer has to enter his or her details
- Click on ‘Get Quote’ to know the premium to be paid
- The customer care representative will then call the customer to verify the details
- Pay the premium amount via net banking, e-wallets, credit cards or debit cards
Ans: It depends upon various factors like the number of dependents the policyholder has, the kind of lifestyle he or she is willing to provide to them, and then decide upon the sum assured.
Ans: Smoking has an immense impact on term insurance. As a smoker, your probability of being at risk is higher than a non-smoker as it might lead to an increase in your medical bills as well as premiums.
Ans: Yes, the policyholder can revive the lapsed policy by intimating the insurance provider through an email or a letter or by simply paying the premium amount.
Ans: Yes, the policyholder has the authority to add or remove the riders as per his or her convenience. To add a rider, the customer will have to put in a request, and to remove; the customer will have to call up AEGON Life's toll-free number.
Ans: To switch funds in their ULIP plans, the customer can either submit a requisition form, log on to its customer portal or call on AEGON life’s toll-free number.
Ans: AEGON Life Insurance provides policies to people upto the age of 80 years. So you can easily apply for any plan that suits you the best.
Ans: Yes, a policyholder can increase the sum assured by just submitting a request form with their signature.
Ans: T-Pin stands for Telephone Personal Identification Number. It is a 4 digit number given along with the policyholder that can be used while enquiring about the policy on the IVR system.
Written By: Paisawiki - Updated: 21 December 2020