Aegon Life Insurance: A Comprehensive Guide

If you’re looking for a way to protect your family’s financial future, life insurance is an essential investment. There are many providers out there, but one that has been gaining popularity in recent years is Aegon Life Insurance. In this article, we’ll take a closer look at what this company offers, its benefits, and how to choose the right policy for you.

What is Aegon Life Insurance?

Aegon Life Insurance is a subsidiary of the Dutch insurance and asset management company Aegon N.V. It was established in India in 2008 and currently has over 4.5 lakh customers.

The company offers a wide range of insurance products, including term insurance, ULIPs, endowment plans, and child plans. It has a strong digital presence and is known for its innovative and customer-friendly approach.

Term Insurance

Aegon’s term insurance plans provide comprehensive coverage at affordable premiums. Here are some of the key features:

Plan Name	Sum Assured	Policy Term	Premium Payment Term
Term Insurance Plan	Rs. 10 lakhs to Rs. 50 crores	5 to 62 years	Equal to policy term
iTerm Plus	Rs. 25 lakhs to Rs. 25 crores	5 to 62 years	Equal to policy term or single pay
Protect Max	Rs. 1 crore to Rs. 25 crores	10 to 40 years	Equal to policy term or single pay

These plans come with various riders like accidental death benefit, critical illness cover, and waiver of premium. You can also choose to receive the sum assured as a lump sum or monthly income.

Unit Linked Insurance Plans (ULIPs)

Aegon’s ULIPs offer the dual benefit of life insurance and investment. Here are the key features:

Plan Name	Premium Allocation Charge	Fund Management Charge	Policy Administration Charge
iMaximize	2.5% to 5%	1.35% to 1.5%	0.15% to 0.25%
iInvest	2% to 4%	1.25% to 1.35%	0.15% to 0.25%
iMaximize Secure	2.5% to 5%	1.35% to 1.5%	0.15% to 0.25%

These plans come with a choice of seven funds to invest in and various riders like accidental death benefit and critical illness cover. You can also switch between funds free of charge.

Endowment Plans

Aegon’s endowment plans provide guaranteed returns along with life insurance cover. Here are the key features:

Plan Name	Sum Assured	Policy Term	Premium Payment Term
Regular Money Back Insurance Plan	Rs. 1 lakh to Rs. 50 lakhs	15 to 25 years	10 to 15 years
iSave	Rs. 1 lakh to Rs. 50 lakhs	10 to 21 years	Equal to policy term or single pay
iGuarantee Insurance Plan	Rs. 2.5 lakhs to Rs. 75 lakhs	10 to 25 years	Equal to policy term

These plans come with various riders like accidental death benefit and premium waiver benefit. You can also choose to receive the maturity benefit as a lump sum or monthly income.

Child Plans

Aegon’s child plans provide savings and protection for your child’s future needs. Here are the key features:

Plan Name	Sum Assured	Policy Term	Premium Payment Term
iMaximize Child	Rs. 10 lakhs to Rs. 3 crores	11 to 25 years	5 to 20 years
iMaximize Secure Child	Rs. 10 lakhs to Rs. 3 crores	11 to 25 years	5 to 20 years
iGuarantee Insurance Plan	Rs. 2.5 lakhs to Rs. 75 lakhs	10 to 25 years	Equal to policy term

These plans come with various riders like accidental death benefit and critical illness cover. You can also choose to receive the maturity benefit as a lump sum or monthly income.

Why Choose Aegon Life Insurance?

Here are some of the reasons why Aegon may be the right choice for you:

Digital Capabilities

Aegon is highly innovative when it comes to its digital capabilities. For instance, it was the first insurer in India to launch an online term insurance plan. It also has a mobile app that allows customers to track their policies, pay premiums, and make claims.

Customer-Friendly Approach

Aegon is known for its customer-friendly approach. It offers free-look periods, which means you can cancel your policy within a certain period without penalty. It also has a 24×7 customer service helpline to address any queries or concerns.

Flexible Plans

Aegon offers a wide range of plans to suit different needs and budgets. You can choose the sum assured, policy term, premium payment term, and riders according to your requirements.

Competitive Premiums

Aegon’s premiums are quite competitive compared to other insurers. It also offers discounts on premiums for policies bought online, for women, and for non-smokers.

FAQ

1. What is the minimum and maximum age for buying an Aegon term insurance plan?

The minimum age is 18 years and the maximum age is 65 years.

2. Can I buy an Aegon life insurance policy online?

Yes, Aegon offers online policies for all its plans.

3. Can I surrender my Aegon ULIP before the end of the policy term?

Yes, you can surrender your ULIP after completing five years of the policy term. However, surrender charges will apply.

4. Are Aegon’s premiums fixed or can they increase over time?

Aegon’s premiums are fixed for the entire policy term for all its plans.

5. Can I switch between funds in my Aegon ULIP?

Yes, you can switch between funds for free up to a certain limit. Additional switches will attract a charge.

Conclusion

Aegon Life Insurance is a trusted and reliable insurer that offers a wide range of policies to suit different needs and budgets. Whether you’re looking for term insurance, ULIPs, endowment plans, or child plans, Aegon has something for everyone. Its digital capabilities, customer-friendly approach, and competitive premiums make it a top choice in the insurance market.