Aegon Life Insurance
Aegon Life Insurance Information
One of the most awarded insurance companies in the country, Aegon Life Insurance, with a claim settlement ratio of 95.67% (17-18) offers easy-to-purchase life insurance solutions to cater to your life insurance requirements.
Aegon, one of the world’s leading financial services organizations, providing life insurance, pensions, and asset management and Bennett, Coleman & Company, India’s leading media conglomerate, have come together to launch Aegon Life Insurance Company Limited. This venture is dedicated to build a customer-centric business and provide a work environment that fosters excellence and innovation. This joint venture adopts a local approach with the power of global expertise.
Aegon Life launched its pan-India operations in July 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. The fulfillment of this vision is based upon having a complete product suite, providing customized advice and enhancing the overall customer experience.
Aegon Life has launched a suite of products that are focused on providing the customer with the means of meeting their long-term financial goals. At the same time, product development has been founded on the tenet of providing the customer with great value. In 2015, the Indian Insurance Awards, honored Aegon Life as the ‘E-Business Leader’, for the third year in a row, under the category of Overall Insurance Industry Awards.
Awards and Recognition –
AEGON Life Insurance has been awarded the E-Business Leader Award for four years consecutively in 2013, 2014, 2015 and 2016. The E-Business Leader Award is given to insurers who have effectively managed online channels for lead generation, sales, and marketing.
Different Types of Aegon Life Insurance Plans –
Aegon Life Insurance Term Plans –
Aegon Life Term Plans are reliable and a good option for ensuring your loved ones are provided for in case you are not around anymore. These term insurance plans are cost-effective and can be availed at lower costs.
- Aegon Life iTerm Insurance Plan – A life cover of Rs.1 Crore at as low as Rs.8100 per annum. This is the only term plan that offers illness benefit. This plan covers all forms of death including death by the terrorist attack
- Aegon Life Return Insurance Plan – This insurance plan does not provide any lump sum on death but ensures a payout every month equivalent to 3% of the sum assured.
- Aegon Life Term Insurance Plan – This term insurance plan protects your loved ones against all financial obstacles in the event of the death of the policyholder. Also, this plan ensures a monthly earning for your family.
- Aegon Life Easy Protect Insurance Plan – The return insurance plan ensures that you get all your paid premiums back in case the policy term expires and the policyholder survives.
- Aegon Life iSpouse Insurance Plan– this policy provides protection for the primary holder as well as his/her spouse and comes with features such as in-built terminal illness and accidental death cover.
- Aegon Life iIncome Insurance Plan– this plan provides coverage as well as a monthly income for 5 years in addition to providing disability cover. It also waives premium payments in case of a critical illness diagnosis.
|Plan Type||Basic Sum Assured||Tenure|
|Aegon iTerm||Rs.25,00,000||5-62 years|
|Aegon iReturn||Rs.30,00,000||5,10,15 & 20 years|
|Aegon Term||Rs.10,00,000||10,15,20,25,30,35 & 40 years|
|Aegon Easy Protect||Rs.12,00,000||10 years|
|Aegon iSpouse||Rs.25,00,000||5-65 years|
|Aegon iIncome||Dependent on premium payments||60 years minus age at entry (entry age is 25 years)|
How to Claim Insurance Through Aegon Life Insurance –
Insurance policies are taken as a way to secure yourself in the event that any untoward situation takes place. If such a situation arises, the policyholder’s dependents or nominees can file a claim and receive compensation as per the terms outlined in the specific policy.
Filing a claim can be done in a matter of a few simple steps for a policy, making the process convenient and hassle-free.
Claim Intimation – the first step when filing a claim is notifying the insurance company of the claim. When filing a claim through Aegon, a filled-in claim form and the relevant documents are to be included.
There are different types of claim forms and associated documentation depending on the manner of the claim being filed.
The types of forms are listed below –
- Natural, accidental death claim form.
- Accidental disability, dismemberment claim form.
- Critical illness, women’s critical illness claim form.
- Terminal illness claim form.
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Based on the type of claim, the relevant claim form is to be submitted to any Aegon Life Insurance branch along with the attached supporting documents such as hospital certificates, physician statement, death certificate or any other as applicable.
Payment of Fund Value – this step is applicable for death claims. Once Aegon receives the documentation, the fund value of the policy would be paid out to the beneficiaries.
Settlement Payout – once the documentation and claim form is received, the verification of the documents will be initiated. If any other additional documentation is required, the same will be requested and on receipt, the verification will be completed.
Once the documents have been verified, any other clauses or riders attached to the policy will be examined and adjustments to the policy settlement made.
If the documents are found to be in order, the settlement will be released in favor of the beneficiary or policyholder depending on the type of claim.
The settlement will be released through NEFT (National Electronic Funds Transfer) to beneficiaries, ensuring complete transparency and reducing the possibility of fraud or any financial discrepancy.
Aegon Life Insurance’s claims settlement process, as described above, is a clear and concise one that enables the policyholder or their beneficiaries to file a claim with minimum hassle.
Aegon Life Insurance Claim Settlement Ratio –
The claim settlement ratio for Aegon Life Insurance indicates the percentage of claims the company has settled against the number of claims it has received in a financial year.
The claim settlement ratio for Aegon Life Insurance for the past two financial years is given in the below table:
|Claim Settlement Ratio (%)||81.00||89.73||95.31%||97.11%||95.67%|
|Total Premium (in crores)||453||559.3||501.6||450.72||531.21|
Documents Required for Aegon Life Insurance –
When buying a life insurance policy, there is a setlist of documents that have to be submitted along with the application form. These documents are to establish the policyholder’s identity and address for verification and settlement purposes.
The documents that are to be submitted along with the application form are listed below:
- Passport size photograph.
- Proof of residence: Any one of the below-mentioned documents are to be submitted towards proof of residence.
- Bank account or post office account statement.
- Property tax or municipal tax receipt.
- Utility bills (electricity, gas, telephone) not more than 2 months old.
- Letter of allotment of accommodation from State or Central government, financial institutions or listed companies.
- Rent agreement.
- Proof of identity: Any one of the below-mentioned documents are to be submitted towards proof of identity.
- PAN card.
- Voter’s identity card.
- Driving license.
- Job card issued by NREGA, signed by a State Government officer.
- Aadhaar card.
- Motor Replacements
How To Check Aegon Life Insurance Policy Status –
Policyholders who apply for an Aegon Life Insurance policy can check the status of their policy through multiple avenues in order to track their policy status and access information pertaining to the policy.
Checking Policy Status Online –
Aegon Life Insurance policyholders can check the status of their policies online by visiting the Aegon Life Insurance website and signing in to the customer portal.
On the homepage, click on the ‘Policy’ option to access the current status of an Aegon Life Insurance policy.
Checking Policy Status Offline –
Aegon Life Insurance policyholders can also check their policy status offline by calling on the toll-free number provided by Aegon Life Insurance. Policyholders will have to provide certain information such as their name, policy number, and date of birth as identification.
Aegon Life Insurance Online Payment –
Life insurance policies are generally taken out for longer tenures, with options regarding premium payments. Aegon Life Insurance offers its policyholders the option of paying premiums monthly, quarterly, half-yearly, annually or in a lump sum.
For those who opt to pay periodically, making the premium payments on time is important so as to avoid a late fee.
To make the premium payment process easier and more convenient for its policyholders Aegon Life Insurance has introduced online premium payments. In this way, policyholders can initiate their premium payments wherever they are instead of having to visit a bank or the branch office to make the payment in person.
Making a payment online can be done by following the below process:
- Visit the Aegon Life Insurance website and click on the ‘Renew Online’ option on the homepage.
- Enter the policy number and date of the birth of the policyholder.
- The amount to be paid will be displayed on the screen.
- Initiate the payment process through the options provided- credit card or debit card or net banking.
- Once the payment is made, an acknowledgment will be displayed on the screen and a receipt will be emailed to the official email address.
Aegon Life Insurance Premium Calculator –
A life insurance policy usually has a significant amount as a premium owing to the comprehensive coverage and the length of the cover. As a result, many individuals might like to know the figure they would have to pay towards premium payments over the course of the policy term.
Aegon Life Insurance has thus made provision for this through their premium calculator. Available on their website, the premium calculator will calculate the amount to be paid towards premiums over the duration of the policy selected.
Individuals have to merely enter certain variables such as their age, annual income, the policy is chosen, gender, etc. The calculator will then compute the exact amount to be paid as premium over the course of the policy.
Aegon Life Insurance Customer Care –
Established with the objective of providing customers with superior insurance experience, Aegon Life has carved a name for itself in the insurance industry over the years. The insurer is counted among one of the most popular life insurance provider owing to the well-appointed and affordable plans which they offer. The insurer offers an extensive range of life insurance policies which suit diverse needs, along with providing dedicated customer support to all policyholders. The insurer has set up multiple channels using which customers can get in touch with trained personnel from the customer support team to have their queries or concerns put to rest. Customers can instantly get in touch with a customer service executive by dialing on the given helpline numbers or by sending an email on the designated customer care email ID. Additionally, customers can also get details regarding their policy using the SMS service set up by the insurer wherein a pre-defined message has to be sent to a designated number.
The SMS service can be used to carry out requests such as getting premium due details, generate TPIN for IVR, get details about fund value, request for a call back, request for a premium receipt, get details on new products, find out about the current status of their policy, and get a unit statement. Furthermore, Aegon Life has set up an IVR Self-service system to cut down on the response time and enable customers to get information without having to get in touch with the customer support team. With the IVR Self-service option, customers can carry out requests such as change their premium payment frequency, change their policy nomination, opt out of a rider attached with the policy, get premium payment details. They can also use this service to know more about switching funds, premium redirection, auto rebalancing, invest protect option, and more.