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.
Life insurance companies offer a wide range of policies to meet the needs of customers with different requirements. There are protection plans, endowment plans, ULIPs, whole life insurance plans, money-back policies, retirement plans, child plans, etc., commonly offered by life insurers in the market. Private life insurer Aegon Life Insurance has a diverse range of products in its lineup to satisfy the requirements of its customers. Based on their investment goals, customers can opt for more than one type of life cover to take care of their insurance needs.
|Percentage of Grievances Solved||100%|
|Claim Settlement Ratio||95.67%|
|Solvency Ratio||2.32 (for the quarter ended March 2018)|
Aegon Life Insurance Company Limited offers the following types of insurance plans to customers pan-India:
|Term Insurance Plans||Unit Linked Insurance Plans (ULIPs)||Retirement Plans||Child Plans||Rural Plans||Group Insurance Plans||Additional Plans|
|Aegon Life iTerm Insurance Plan||Aegon Life iInvest Insurance Plan||Aegon Life Insta Pension Plan||Aegon Life Rising Star Insurance||Aegon Life Rural Term Insurance Plan||Aegon Life Group Credit Shield Insurance Plan||Aegon Life Guaranteed Growth Insurance Plan|
|Aegon Life iSpouse Insurance Plan||Aegon Life iMaximize Insurance Plan||Aegon Life Educare Advantage Insurance Plan||Aegon Life Group Gratuity Plan||Aegon Life Group Term Plan||Aegon Life iGuarantee Insurance Plan|
|Aegon Life iIncome Insurance Plan||Aegon Life iMaximize Single Premium Insurance Plan||Aegon Life Group Leave Encashment Plan||Aegon Life Group Leave Encashment Plan||Aegon Life Jeevan Shanti Insurance Plan|
|Aegon Life iReturn Insurance Plan||Future Protect Insurance Plan||Aegon Life Group Credit Life Plan||Aegon Life Group Gratuity Plan||Aegon Life Regular Money Back Insurance Plan|
|Aegon Life Term Insurance Plan||Rising Star Insurance||Aegon Life Group Term Plan||Aegon Life Group Credit Life Plan||Aegon Life Jeevan Riddhi Insurance Plan|
|Aegon Life Easy Protect Insurance Plan||Future Protect Plus Insurance Plan||Aegon Life Group Credit Shield Insurance Plan||Aegon Life iCancer Insurance Plan|
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:
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:
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.
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:
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:
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:
Some other insurance plans offered by Aegon Life Insurance are:
|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|
Multinational insurance service provider Aegon N.V. is the largest shareholder in the company with 49% ownership. The Times Group, also known as Bennett Coleman & Co. Ltd, is another major shareholder with 44% stake in Aegon Life.
Mr. Vineet Arora
Mr. Ramaswamy Gopalkrishnan
Mr. Sam Subramaniam
Mr. Andrew Byrne
Mr. Marco Keim
Mr. Patrick Curtin
Ms. Sivakumar Sundaram
Mr. Ketaki Gupte
Mr. N Kumar
Mr. Srinivasan V
Mr. Nani Javeri
Mr. Vineet Arora – Managing Director and Chief Executive Officer
Mr. R Sankaranarayanan - Chief Operating Officer
Mr. Saibal Ghosh - Chief of Investments and Business Development
Mr. Rajeev Chugh – Chief Financial Officer
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
Mr. Lee Waddle - Chief Risk Officer
|Promoters||As of September 30, 2016|
|Number of shares||Percentage of Holding|
|Religare Enterprises Limited and its nominees||-||-|
|Bennett Coleman & Co. Limited||678,880||48%|
|Aegon Life Insurance Employee Benefits Trust||35,751||3%|
|AEGON India Holdings B.V. and its nominees||686,606||49%|
Aegon Life Insurance Company Limited has a hassle-free claim settlement process. For the fiscal year 2016-17, the company boasts a competitive claim settlement ratio as shown below:
|No. of claims received||No. of claims approved||Claim settlement ratio|
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.
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.
Though Life Insurance has got quite a bit of traction over the last few years particularly in the eyes of breadwinners of a family, according to a study, the penetration of life insurance in the country is still at 3.7% and considering the population of the country, it’s penetration is quite low, in fact, one of the lowest across the world. To ensure that the penetration of life insurance products increase and in order to increase the number of policyholder, Aegon Life Insurance has partnered with mobile wallet company MobiKwik. Now, through the MobiKwik app, customers can purchase an accidental disability or death life insurance policy up to Rs.2 lakh. Offered at affordable premiums, customers can purchase a Rs.1 lakh life cover for Rs.20 per month, the Rs.1.5 lakh life cover for Rs.30 per month and the Rs.2 lakh life cover for just Rs.40 per month. According to the founder of MobiKwik, who commented on the launch of the digital insurance product, he said, we are committed to launch smart insurance products that are simple to understand for first time buyers and affordable for all.
26 April 2019
Aegon Life Insurance is currently one of the most successful life insurance companies in the market and has been doing well ever since it was established. The company has made it known publicly that it aspires to make revenue equal to Rs.630 crore in the current fiscal year. The Chief Distribution Officer, Ahmed Zackaria, shared the growth performance of the company in Chandigarh and stated that the company has more than 4 lakh policyholders and had made revenue equal to more than Rs.550 crore in the previous fiscal year. The company aims for a double-digit growth this year. With the constant growth and heightened insurance penetration, the firm is hopeful of achieving its goal for the year. The company that operates from metro cities such as Chennai, Delhi, Mumbai, Pune, and Bangalore, is popular for its digital insurance initiatives. The company had recently launched an insurance product names POS GRIP. It is a plan designed specifically for the younger section of the society of the age group 25 years – 45 years that comprises 68% of the customers of the company.
28 December 2018
Aegon Life Insurance Company, which has a business strategy of acquiring new customers through online channels, without the assistance of intermediaries, is looking to partner with e-commerce players, build brand equity, and expand its product portfolio in the future.
Aegon Life Insurance was formed in a joint venture between Bennett, Coleman, and Company Limited, and Aegon N.V. in the year 2008. The company sells most of its policies through online channels, without the involvement of intermediaries like banks and individual agents. The company is trying to improve its brand equity to attract more customers.
13 December 2018
Aegon Life Insurance today launched ‘POS Guaranteed Return Insurance Plan (GRIP)’, which is a non-linked, non-participating insurance plan with guaranteed benefits and simple features. This product is suitable for those who wish to be provided cover along with decent returns.
This particular plan offers a large variety of life insurance solutions and allows the customer to have a piece of mind by having their future secured. Aegon also released a campaign called “Aegon, toh Tension Gone”, which aims to inform people that they should not procrastinate when it comes to purchasing insurance.
The plan can be purchased online from the official website of the insurance company and guarantees tax efficient returns as it allows the customers to invest in fixed return instruments.
As this plan offers benefits of protection and savings, the customers will receive a guaranteed addition equal to 10% every year and loyalty booster equal to 25% of the sum assured at the end of the policy term.
The premiums for this plan are reasonable in nature and can be paid in either monthly, semi-annual, or annual mode. The guaranteed maturity payouts will be equal to 225% to 325% of the basic sum assured. The customer will also be eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961 for the premiums paid and the benefits received respectively.
30 November 2018
Private life insurance company Aegon Life has roped in Bollywood actor Vicky Kaushal for its new life insurance ad campaign titled #NoTension. This ad will target millennials and appeal to them about the importance of becoming self-dependant while buying insurance. It urges young people to stop procrastinating and buy a life insurance policy during their young age.
The commercial begins with a peppy tone and showcases Vicky Kaushal as someone who remains tension-free in life except for the uncertainties in life. Then, he comes across the term plans offered by Aegon Life and they help him against various uncertainties in life.
The key message from the commercial is that protecting the financial needs of one’s family is a major concern, and life insurance plans provide this security to ensure a tension-free life. Most importantly, it advises young people in the country to stop procrastinating and buy a term insurance plan right away.
20 November 2018
Aegon Life, as part of its ‘No Tension’ campaign, has come up with an advertisement that will be rolled out on TV, radio, print, and digital media. The objective of the campaign is to make the self-dependent tech-savvy millennials understand the importance of life insurance. The campaign urges people to purchase a life insurance policy at the ripe time without postponing it to another day. Vicky Kaushal is a part of the campaign and he was roped in as he is believed to represent the youth of the country. Aegon is a new-age digital e-commerce insurance company that millennials would prefer as it would save on time and effort. The MD and CEO of Aegon Life, Vineet Arora, said that stress is a major concern in today’s life for various reason but the stress with respect to protecting loved ones in times of trouble can be eliminated by purchasing a life insurance policy. Though other uncertainties may or may not be avoided, the tension with regard to financially supporting one’s family members can be planned in advance. He says that the campaign pushes the new generation to act the right way and avoid procrastination.
15 November 2018
Almost about two years ago, Aegon Life Insurance took its boldest move by shifting its insurance platform completely online. This meant that the company will cease middlemen operations and the role of insurance agents to sell its products. Though the sales took a hit, the company has stuck by its business model and will soon reap the benefits of its bold decision. According to the insurer, following their digital drift, the company, in FY 2017 took a 33% hit with regard to their sales as compared to FY 2016. But despite the drop in sale of their products, the company’s CEO Vineet Arora, said that volumes may not be very high in the online business, because our focus is on protection business. He added by saying, Aegon Life were the first company to launch online protection (term insurance) and continue to be strong in the protection space. We are the eighth largest in the protection base and this shows that our strategies are proving right. However, the number of customers choosing to renew their policy online grew by 80% in FY 18 as compared to a growth of 65% in FY 2017. Arora concluded by saying that online business tends to have a higher rate of persistency. This is primarily because customers themselves come to the platform and buy the policy; it is not a push product.
24 September 2018
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