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Aegon Religare Life Insurance
Aegon Religare Life Insurance

About Aegon Religare Life Insurance Life Insurance

Aegon Life Insurance Company Limited has been operational in India since 2008. Aegon, an international leader in life insurance, pensions and asset management and Bennett, Coleman & Company, India’s leading media conglomerate, entered in to a joint venture to launch Aegon Life Insurance. The company is focused on providing customers with the means to meeting their long-term financial goals.

Aegon has a history of more than 170 years and has grown into an international insurance giant with businesses in more than 20 countries in the Americas, Europe and Asia. Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management.

Types of insurance plans

  • Term Insurance
  • ULIPs
  • Savings plans
  • Retirement/pension plans
  • Health insurance
  • Group insurance

Aegon Life Insurance Plans Details

1. Aegon Life Insurance Term Plans:

Aegon Life Term Plans are 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 - Life cover of Rs.1 Crore starting at as low as Rs.8100 per annum. This plan not only covers death by terrorist attack but also offers critical illness benefit
  • Aegon Life Term Insurance Plan - This insurance plan does not provide any lump sum benefit on death but ensures a payout every month equivalent to 3% of the sum assured thereby providing regular income.
  • Aegon Life Easy Protect Insurance Plan - This term insurance plan protects your loved ones against all financial eventualities in the event of death of the policy holder and ensures a monthly earning for your family.
  • Aegon Life iReturn Insurance Plan - The iReturn insurance plan ensures that you get all your paid premiums back in case the policy term expires and the policy holder survives.
2. Aegon Life Endowment Plans:

Aegon Life offers endowment plans that create wealth while protecting your family

  • Aegon Life iGuarantee Insurance Plan - An insurance plan that offers wealth accumulation and guaranteed returns, with a guaranteed payout of 135% of the premium amount. The plan also entails tax benefits under Section 80C and 10D.
  • Aegon Life Guaranteed Growth Insurance Plan - An insurance plan that provides a guaranteed payout of 150% of the premium amount and waives off payment of future premiums in case of the death of the life insured and makes annual payouts available to the nominee.
  • Aegon Life Flexi Money Back Advantage Insurance Plan - An insurance plan with limited premium payment and longer coverage period, with payout options at regular intervals and includes bonuses and additions. Comes with rider options to allow for comprehensive coverage.
  • Aegon Life Premier Endowment Insurance Plan - An insurance plan meant to boost savings through a guaranteed increase by addition of 5% of the cover amount every year during premium payment term, offering a lump sum payment at maturity or sum assured and accrued bonus as death benefit.
  • Aegon Life Jeevan Shanti Insurance Plan - An insurance plan with life cover and flexible premium payment options that adds to the benefit amount of maturity or death benefit through bonus accrual every year.
  • Aegon Life Money Back Advantage Insurance Plan- This is a participating money back insurance plan.
  • Aegon Life Educare Advantage Insurance Plan- This is a participating life insurance plan. It provides financial assistance to you for educating your child.
  • Aegon Life Guaranteed Income Advantage Insurance Plan- This is a traditional participating plan.
3. Aegon Life ULIP Plans:

The ULIP plans from Aegon Life are great financial tools that offer protection of life cover as well as market linked investment.

  • Aegon Life iMaximize Insurance Plan - This ULIP plan from Aegon Life is best for reaping highest benefits at the most optimum cost.
  • Aegon Life iMaximize Single Premium Insurance Plan - As the name itself suggests, this ULIP plan aims to ease the burden on the policy holder by allowing single premium to be paid for the whole policy.
  • Aegon Life Future Protect Insurance Plan - If you want to protect your family as well as gain from the upward trends of the market then this plan is ideal for you.
  • Aegon Life Future Protect Plus Insurance Plan - Cover your life as well as save tax through this ULIP insurance plan from Aegon Life.
  • Aegon Life Rising Star Insurance Plan - This plan ensures a secure and bright future for your children at every important milestone as well as keeps you covered for life.
4. Aegon Life Pension Plans:

The retirement plan from Aegon Life is designed specially to meet the needs of an individual after his regular income is curtailed due to retirement. This plan ensures a guaranteed continuous income up to the age of 85 years.

  • Aegon Life Guaranteed Income Advantage Plan - This plan assures an income of 7.5% of the sum assured till the policy holder attains the age of 85.
5. Aegon Life Child Plans:

If you are looking for a secure future for your child and protect his/her education against the skyrocketing education cost, then these plans from Aegon Life are worth going for.

  • Aegon Life Educare Advantage Insurance Plan - This is the best plan to ensure the ups and downs in the education sector do not influence your child’s education in any way.
  • Aegon Life Rising Star Insurance Plan - The Rising Star Insurance Plan is the best for your children so that they never have to compromise with their education as well as their important milestones, no matter what happens.
6. Aegon Life insurance Rural Plans:

These are low-cost insurance plans designed to meet the insurance needs of people from the rural areas. This scheme aims to bring the rural population too under the umbrella of insurance.

  • Aegon Life Rural Term Insurance Plan - These rural plans aim to provide maximum insurance benefits to the people from rural background so that their insurance needs are met at a lower cost.

FAQs about Aegon Religare Life Insurance Life Insurance:

Are there any advantages in buying insurance at an early age?

Yes. The premium that you pay on your insurance policy is mainly dependent upon two things - your age and the tenure of the policy. The younger you are, the lower is your insurance premium amount. At younger age, you would be physically sound and may not be suffering from illnesses/ medical. This would entitle you to a lower premium on the policy. Therefore it is advisable to buy insurance at an early age to reduce the cost of insurance.

Do you need life insurance?

If you have dependents and financial responsibilities towards them, then you certainly need insurance.

Imagine what would happen if you were to lose your life suddenly or become disabled and cannot earn. Being insured in a situation like this is a necessity.

When you insure your life, in effect what you are doing is insuring your earning capacity. This guarantees that your dependents will be able to continue living without financial hardships even in case of your demise.

Most insurance plans available today come with a savings element built into it. These policies help you plan not only for protection against death but also for a financially independent future, which would enable you to have a comfortable retirement


How else does life insurance help?

The primary need is buying financial security for your family. Other aspects that insurance helps fulfill are:

Tax benefits

The Tax exemption available under our insurance and pension policies are described below:

Deductions

•             Benefit is available to individual assessee and Hindu Undivided Family assessee.

?             In case of individual assessee - himself/herself, spouse, children of such individual

?             In case of HUF assessee - any member of HUF.

•             Premiums paid under a life insurance policy are eligible for deduction under Section 80C* of the Income Tax Act, subject to the provisions of the said section.

•             Contributions to a pension plan are eligible for deduction under Section 80CCC* of the Income Tax Act, subject to the provisions of the said section.

*The aggregate amount of deduction under section 80C and 80CCC shall not exceed one lakh fifty thousand rupees.

Exemption

•             The proceeds under a life insurance policy are exempt under Section 10(10D) of the Income Tax Act, subject to the provisions of the said section.

Note: If the amount of premium paid in a financial year for a policy is in excess of 10% of the actual capital sum assured, then deduction will be allowed only for premiums up to 10% of the actual capital sum assured.

As a tool of financial planning

Most insurance plans available today have a built in savings element

As a tool of financial planning

You may avail of a loan from the insurance company against certain plans. Your policy could also be pledged as a collateral to raise funds from banks and other financial institutions. In case of your unfortunate death the loans may be repaid from the proceeds of the life insurance policy.

Savings Insurance promotes compulsory savings with regular premium payments and helps build up a corpus of funds along with financial security for the dependents in case of premature death. For your medical needs and that of your family

Hospitalization costs and quality healthcare is becoming increasingly expensive. Without insurance, you can actually face a situation where you have withdrawn all your money and borrowed to pay the medical bills. This can be provided with our Critical Illness Benefit. Insurance provides you the option of covering yourself towards any critical illnesses that can become extremely costly. Choosing this facility pays you a lump sum upon diagnosis of certain diseases like cancer, kidney failure, heart attack, stroke, coronary bypass, vital organ transplants, Alzheimer's disease, paralysis, etc.

How much do I insure myself for?

One of the simplest rules is to assume that insurance is a replacement for your lost earning capacity. Calculate your total income for the years that you expect to work.

Assuming that the prevailing interest rate is 8%, you need to insure your life for at least 12 times your current annual income. Assuming that a family needs Rs.100 annually for household expenditure and the rate of interest would be at 8%, then the breadwinner needs to have a life insurance policy of approximately Rs.1200. If the insurance amount were to be put in the bank by the family, the family would get a comfortable Rs.96 p.a., which would at least let the family maintain the current life style.

However to calculate your insurance need more precisely, use the following steps:

•             Calculate Monthly Livable Income required (Post tax). This is the monthly amount that the survivors of the policyholder will need in the event of his death. This is taken at 70% of the current total family expenses. Denote this as "M".

•             Calculate Monthly Income required (Pre tax) as M/ (100-t)%. Denote this as "M1". Here t = Tax rate.

•             Calculate Annual Income (A) = M1*12.

•             Assume Estimated-earning rate on capital as 8%. Denote this as "r".

•             Calculate Capital livable income required (C ) as A/ r%.

•             Subtract Existing Insurance Cover amount (if any) from "C".

•             The final amount you arrive at is the amount for which you should buy insurance.

How much does it cost to buy life insurance?

Pure protection covers have become fairly affordable over a period of time. Further, the amount of premium depends on the cover and benefits one needs

What are riders?

Riders are additional benefits that can be attached onto your basic life insurance policy. These riders give you the benefit of increasing your risk cover in case of certain events happening. For instance if you have taken an Accident Death Benefit rider and you die due to an accident then your beneficiaries can get up to a maximum of twice the basic sum assured subject to Claims acceptance.

Similarly there are different riders addressing different contingencies like Critical Illness, Permanent Disability Benefit, etc. There are riders available that waive your future premiums in case of death or disability of the proposer.

These riders come at a nominal cost and can be availed of depending on the policy taken. These can be taken at the beginning of the policy term or during the policy term.

What is Life Insurance?

Life Insurance is a contract between you and a life insurance company, which provides your beneficiary with a pre-determined amount in case of your death during the contract term.

Buying insurance is extremely useful if you are the principal earning member in the family. In case of your unfortunate premature demise, your family can remain financially secure because of the life insurance policy that you have purchased.

The primary purpose of life insurance is therefore protection of the family in the event of death. Insurance is also seen as a tool to plan effectively for your future years, your retirement, and for your children's future needs. Today, the market offers insurance plans that not just cover your life and but at the same time grow your wealth too.

What is Term Insurance?

An Endowment Policy is a combination of savings along with risk cover. These policies are specifically designed to accumulate wealth and at the same time cover your life. In simple words, these polices are issued for specific time periods during which you pay premiums. If you die during the tenure of the policy, your beneficiaries will receive the death benefit along with the accumulated bonus additions and if you outlive the policy tenure you will receive the maturity benefit along with accumulated bonus additions (if any).

This is suitable for you if

•             You want to accumulate capital for anticipated financial needs like buying an asset such as a home, providing for your old age, your children's education, marriage, etc.

Is there any policy where I can receive money during the tenure of the policy?

Yes, a MoneyBack Policy. This is an anticipated endowment policy with an additional feature of receiving benefit at regular intervals during the tenure of the policy. The risk cover continues for the entire policy term inspite of the installments already paid. If you outlive the policy, the maturity benefit along with accumulated bonus is paid back to you.

This is suitable for you if

•             You plan to coincide the funds received from the policy with your future anticipated needs like a car, an overseas holiday, children's educational needs, marriage expenses, etc.

What are the different premium paying options available?

Nearly all policies provide yearly, half yearly, quarterly and monthly modes of premium payment.

In addition, some plans also have the option to pay the premiums only for a limited period of time and not for the full policy term

What will I receive on maturity of my policy?

On maturity, you will receive the maturity benefit as defined as for respective Plan.

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