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Aegon Life Insurance

Aegon Life Insurance Company Limited launched its operations in India in July 2008. Formerly known as Aegon Religare Life Insurance Company Limited, the vision of the organisation is to offer insurance solutions that would help people plan their lives better. For the fulfillment of this objective, the insurance company has created a complete product suite that serves the varied needs of customers. The insurer also provides customised advice to enhance the overall customer journey.

Aegon Life Insurance was created through a coalition between Aegon, an international life insurance solutions provider and Bennett Coleman & Company, a frontrunner in media services in India. Headquartered in Mumbai, the company serves 4.5 lakh customers across the country.

Aegon Life Insurance Plan Details:

Aegon Life Insurance Company Limited offers the following insurance plans to customers pan-India:

Aegon Term Insurance Plans:

A term insurance policy ensures that your dependents do not face financial issues in the case of your sudden demise. You are required to pay a small premium on an annual basis for a specified period of time. In this interval, you will be protected by a life cover. If you face death during the policy term, your dependents are paid the benefits as promised by the insurer.

The term insurance plans offered by Aegon Life Insurance Company Limited are as follows:

  • Aegon Life iTerm Insurance Plan
  • Aegon Life iSpouse Insurance Plan
  • Aegon Life iIncome Insurance Plan
  • Aegon Life iReturn Insurance Plan
  • Aegon Life Term Insurance Plan
  • Aegon Life Easy Protect Insurance Plan

Aegon Life Unit Linked Insurance Plans (ULIP):

When you purchase a ULIP plan, a part of your money is invested across assets like bonds, stocks, etc. This is similar to investing in mutual funds. The remaining money is utilised for the purchase of a life cover that has a specific validity. Buying a ULIP enables you to get returns on your money through investments and remain insured simultaneously.

The unit linked insurance plans provided by Aegon Life Insurance Company Limited are as follows:

  • Aegon Life iInvest Insurance Plan
  • Aegon Life iMaximize Insurance Plan
  • Aegon Life iMaximize Single Premium Insurance Plan
  • Future Protect Insurance Plan
  • Rising Star Insurance
  • Future Protect Plus Insurance Plan

Aegon Life Retirement Plans:

A retirement plan offers you benefits in the form of monthly pensions post retirement. You are required to bear the premiums for a specific duration. After you enter into retirement, your financial security will be enforced through the benefits of the pension plan.

The retirement plan offered by Aegon Life Insurance Company Limited is Aegon Life Insta Pension Plan.

Aegon Life Child Plans:

The child plans from Aegon Life Insurance Company Limited assists you in securing your child’s future by providing financial assistance to meet all their needs. The child plan offered by Aegon Life Insurance Company Limited are:

  • Aegon Life Rising Star Insurance
  • Aegon Life Educare Advantage Insurance Plan

Aegon Life Rural Plans:

The rural plan is a low cost product that is specifically designed to meet the unique life insurance requirements of the people in rural areas of the country. The rural plan offered by Aegon Life Insurance Company Limited are:

  • Aegon Life Rural Term Insurance Plan
  • Aegon Life Group Gratuity Plan
  • Aegon Life Group Leave Encashment Plan
  • Aegon Life Group Credit Life Plan
  • Aegon Life Group Term Plan
  • Aegon Life Group Credit Shield Insurance Plan

Aegon Life Group eInsurance Plans:

Group insurance plans provide insurance coverage to a group of people such as the employees of a company or the members of an association. The group plans offered by Aegon Life Insurance Company Limited help the policyholder set aside a definite sum of money that can be utilised later for meeting gratuity, life insurance, and loan repayment needs of the members.

The group insurance plans offered by Aegon Life Insurance Company Limited are as follows:

  • Aegon Life Group Credit Shield Insurance Plan
  • Aegon Life Group Term Plan
  • Aegon Life Group Leave Encashment Plan
  • Aegon Life Group Gratuity Plan
  • Aegon Life Group Credit Life Plan

Aegon Life Additional Plans:

Some other insurance plans offered by Aegon Life Insurance are:

  • Aegon Life Guaranteed Growth Insurance Plan
  • Aegon Life iGuarantee Insurance Plan
  • Aegon Life Jeevan Shanti Insurance Plan
  • Aegon Life Regular Money Back Insurance Plan
  • Aegon Life Jeevan Riddhi Insurance Plan
  • Aegon Life iCancer Insurance Plan

Aegon Life Insurance Company Offices:

State City Customer Care Number
Gujarat Ahmedabad - Suncity 1800-209-9090 (Toll Free) 079-26464200
Anand 1800-209-9090 (Toll Free) 02692 - 645236
Surat 1800-209-9090 (Toll Free) 0261-2472882
Vadodara - Jatalpur Road 1800-209-9090 (Toll Free) 0265-6002000 / 0265-6002002
Punjab Amritsar 1800-209-9090 (Toll Free) 0183-5070308 / 0183-5070309
Bhatinda 1800-209-9090 (Toll Free) 0164-5011954 / 0164-6548516
Jalandhar 1800-209-9090 (Toll Free) 0181-5022828 / 0181-5022829
Ludhiana 1800-209-9090 (Toll Free) 0161-5055714 / 0161-5055715
Patiala 1800-209-9090 (Toll Free) 0175-5000590 / 0175-5000591
Maharashtra Amravati 1800-209-9090 (Toll Free) 0721-2552346
Kolhapur 1800-209-9090 (Toll Free) 0231-2650961
Dadar 1800-209-9090 (Toll Free) 022-24373895 / 022-24372799
Ghatkopar 1800-209-9090 (Toll Free) 022-65730712
Goregaon 1800-209-9090 (Toll Free) 022 - 67292929 ,61180100
Nagpur 1800-209-9090 (Toll Free) 0712-22589318 /0712-2589316
Nasik 1800-209-9090 (Toll Free) 0253-2581321/0253-2581322
Pune - Koregaon Road 1800-209-9090 (Toll Free) 020-66051950
West Bangal Asansol 1800-209-9090 (Toll Free) 0341-2305800 / 9233505339
Kolkata - Kasba 1800-209-9090 (Toll Free) 033-40068021
Kolkata - Salt Lake 1800-209-9090 (Toll Free) 033-67016800
Uttar Pradesh Bareilly 1800-209-9090 (Toll Free) 0581-9219401854/0581–9219401851
Kanpur 1800-209-9090 (Toll Free) 0512-2303326 / 0512-6515550
Lucknow - 7 Park Road 1800-209-9090 (Toll Free) 0522 - 4021919/ 0522 – 4024137
Meerut 1800-209-9090 (Toll Free) 0121-4055191 / 9219478915
Varanasi 1800-209-9090 (Toll Free) 0542 -2200339 / 0542- 6450115
Karnataka Bengaluru - Brigade Road 1800-209-9090 (Toll Free) 8022117844 / 8022117851
Mangalore 1800-209-9090 (Toll Free) 0824-2453788, 0824-2454688
Chhattisgarh Bhilai 1800-209-9090 (Toll Free) 0788-4037521 / 0788-6456609
Raipur 1800-209-9090 (Toll Free) 0771-4058358
Madhya Pradesh Bhopal 1800-209-9090 (Toll Free) 0755-4031027 / 0755-4031028
Indore 1800-209-9090 (Toll Free) 0731-2514405
Orissa Bhubaneshwar 1800-209-9090 (Toll Free) 0674-2394012
Cuttack 1800-209-9090 (Toll Free) 0671-2318900 / 0671-6547501
Rourkela 1800-209-9090 (Toll Free) 0661-6510001
Haryana Chandigarh - Sector 22 1800-209-9090 (Toll Free) 0172-5079560 / 0172-6459760
Gurgaon - Sector 14 1800-209-9090 (Toll Free) 0124-4236750 / 0124-4236751
Tamil Nadu Chennai - Adayar 1800-209-9090 (Toll Free) 044-24902515
Chennai - T.Nagar 1800-209-9090 (Toll Free) 044-28151209
Coimbatore 1800-209-9090 (Toll Free) 0422-6050075, 0422-6050076
Delhi Connaught Place 1800-209-9090 (Toll Free) 011-41571297 / 011-64648619
Kar Kar Dhooma 1800-209-9090 (Toll Free) 011-64300622
Mayur Vihar 1800-209-9090 (Toll Free) 011-65544018
Vikas Puri 1800-209-9090 (Toll Free) 011-64300624
Assam Guwahati 1800-209-9090 (Toll Free) 0361-2731130 / 8876515370
Telangana Hyderabad 1800-209-9090 (Toll Free) 040-64561020, 040-64560312
Rajasthan Jaipur 1800-209-9090 (Toll Free) 0141-4036442 / 0141-6501211
Jammu and Kashmir Jammu 1800-209-9090 (Toll Free) 0191-2479217 / 0191-2479216
Jharkhand Jamshedpur 1800-209-9090 (Toll Free) 0657-2222224 / 0657-6500140
Goa Panjim 1800-209-9090 (Toll Free) 0832-6454624
Himachal Pradesh Shimla 1800-209-9090 (Toll Free) 0177-6534003 / 0177-6451510
Andhra Pradesh Vijayawada 1800-209-9090 (Toll Free) 0866-2497773 / 0866-2487778

Aegon Life Insurance Company Limited Market Share:

Aegon Life Insurance Company Limited is looking for approval to increase its stake in the Indian insurance market from 26% to 49%. This will be the highest share allowed by a foreign investor in the country’s insurance market, as per the government regulations that were recently amended.

Awards won by Aegon Life Insurance Company Limited:

2008

  • Aegon Religare Life Insurance was presented ‘Cordy’s Best Implementation Awards 2008’
  • Aegon Religare Life Insurance was presented the ‘Global Awards 2008’ for Excellence in BPM & Workflow

2009

  • Aegon Religare Life Insurance was presented the ‘Outdoor Media plan of the year Local Award’ at Outdoor Advertising Awards 2009
  • Aegon Religare Life Insurance was presented the ‘Bronze-Award’ for Integrated Advertising Financial Services presented by Abby Awards at Goa-fest 2009
  • Aegon Religare Life Insurance was presented the ‘Global Awards 2009’ for Excellence in BPM & Workflow

2010

  • Aegon Religare Life Insurance was presented the ‘CIO 100- Innovations Award 2010’ by Wipro
  • Aegon Religare Life Insurance was presented the ‘EDGE 2010 Award’ for E-Sales Project for using IT to maximize business impact

2011

  • Aegon Religare Life Insurance was presented ‘Edge 2011- Silver Award’

2012

  • Aegon Religare Life Insurance was presented ‘APAC CIO Leadership Retreat and CISO Forum Award 2012- for Outstanding Achievement’

2013

  • Aegon Religare Life Insurance was presented the ‘Most Recommended Life Insurance Brand 2013’ by Mouthshut.com
  • Aegon Religare Life Insurance was presented the ‘E-Business Leader Award’ at the Indian Insurance Awards 2013
  • Aegon Religare Life Insurance was presented the ‘Best Product and Distribution Award’ at the Indian Life Insurance Award 2013, by EDGE Advisory Services

2014

  • Aegon Religare Life Insurance was presented the ‘E-Business Leader Award’ at the Indian Insurance Awards 2014
  • Aegon Religare Life Insurance was presented the ‘Mumbai Hot-50 Award 2014’ by Hindustan Times
  • Aegon Religare Life Insurance was presented the ‘Marketing Campaign of the Year’ award at the Global Marketing Excellence Awards 2014 for Wonder Cook Customer Engagement Activity

2015

  • Aegon Religare Life Insurance was presented the ‘Best use of gamification to enhance loyalty award’ at the 8th Loyalty Summit Awards 2015 for Operation Engage
  • Aegon Religare Life Insurance was presented the ‘E-Business Leader Award’ at the Indian Insurance Awards 2015

2016

  • Saba Adil, Chief People Officer at Aegon Life Insurance was presented the “100 most influential HR Leaders in India” award at the World HRD Congress 2016
  • Aegon Life was presented ‘Best Service Quality Program Award’ at the Service Quality Awards 2016
  • Aegon Life was presented ‘Celent Model Insurer Asia Award 2016’ in Data Mastery and Analytics Category
  • Aegon Life was presented the ‘E-Business Leader Award’ at Indian Insurance Awards 2016
  • Aegon Life was presented ‘Best Marketing Campaign Of The Year’-Insurance Sector at Golden Star Awards 2016
  • Aegon Life was presented ‘Best Use Of Technology’-Insurance Sector award at Golden Star Awards 2016
  • Aegon Life’s ‘Simple Makes Sense’ Brand Campaign was recognized by Facebook as a Success Story and published as ‘Best International Brand and Campaigns’, a Case Study
  • The Aegon Life Gif case study was recognized by Gold’s, at the Middle East Social Media & Digital Marketing Leadership Awards held in Dubai in Oct -16

Aegon Life Insurance Company Limited - Board of Directors and Shareholding Pattern:

Board of Directors:

Mr. Douglas C. Henck

Mr. Andrew Byrne

Mr. Tom Grondin

Mr. Sivakumar Sundaram

Mr. Ramaswamy Gopalkrishnan

Mr. N. Subramanian

Ms. Ketaki Gupte

Mr. N Kumar

Mr. Nani Javeri

Mr. Srinivasan V.

Mr. K S Gopalakrishnan

Management Team:

Mr. K S Gopalakrishnan - MD and CEO

Mr. R Sankaranarayanan - COO

Mr. Saibal Ghosh - Chief of Investments and Business Development

Mr. Rajeev Chugh - CFO

Mr. Souvik Jash - Appointed Actuary

Ms. Saba Adil - Chief People Officer

Mr. Martijn de Jong - Chief Digital Officer

Mr. Jitin Parekh - Head of Legal, Company Secretary and Project Management

Mr. Anil M Agrawal - Head of Compliance and Fraud Control

Mr. Lee Waddle - Chief Risk Officer

Pattern of Shareholding:

Promoters As of September 30, 2016
Number of shares Percentage of Holding
Indian:    
Religare Enterprises Limited and its nominees - -
Bennett Coleman & Co. Limited 678,880 48%
Aegon Life Insurance Employee Benefits Trust 35,751 3%
Foreign:    
AEGON India Holdings B.V. and its nominees 686,606 49%
Total 1,401,237 100%

Aegon Life Claim Settlement Ratio:

Aegon Life Insurance Company Limited has a hassle-free claim settlement process. The company also boasts of competitive claim settlement ratios as shown below:

Claim Settlement ratio as of March 2016 YTD
Death Claims 95%
Health Claims 71%

How to Settle a Life Insurance Claim with Aegon Life - Claim Documentation and Process:

Aegon Life Insurance Company Limited has a three-step claims process that is designed to settle all valid claims with minimal hassles and within the quickest turnaround time.

  • Step 1 - Intimation of Claim : The claimant is required to submit the duly filled claim forms and other relevant documentation at the nearest branch of Aegon Life Insurance. The claim form templates can be downloaded from the insurer’s website.
  • Step 2 - Payment of Fund Value : In the case of a death claim, Aegon Life Insurance pays the fund value that was accrued under the policy to the beneficiaries of the insured. All relevant documents need to be submitted by the claimant to receive the payout.
  • Step 3 - Settlement/Payout : When the insurance company receives all necessary documents from the claimant, they will commence the claims process at the earliest possible time. If any further clarifications are needed, they will get in touch with the claimant. If all submitted documents are as per the requirements, Aegon Life Insurance will release the death benefit/rider benefit/balance amount to the claimant.

Aegon Life Insurance also enables claimants to settle claims through National Electronic Fund Transfer (NEFT). In this mode of claim settlement, the claim amount is directly transferred to the bank account of the beneficiary. For this payment method, the beneficiary is required to provide his/her bank account details at the time of raising the claim.