1. How to pay a premium? What are the modes of payment available? There are six modes of payment as offered by Aegon Life Insurance: Online Credit Card Internet banking Pay via phone app ECS EBPP Pay at Aegon Life branches There is also an option of paying via cash or cheque personally in any of the branch offices in your city. IVR method of payment is possible where one needs to keep in handy the credit card information along with date of birth. 2. How can I check policy status for Aegon Life child plans? You can check policy status via online and SMS. For online log into the website with your Customer ID and password to check the policy status. 3. What is the policy renewal process for Aegon Life child plans? You can renew your policy online by login into the e-portal – with valid details- policy number and policyholders date of birth. For offline mode, you can approach any of the branch offices to drop your cheque. 4. What is the company’s process to settle a claim for Aegon Life child plans? We offer to elicit three step processes for claim settlement which includes the following: Claim intimation and registration. Payment of fund value Settlement Payout E settlement facility via NEFT mode option is also available with us. 5. What is the policy cancellation process for Aegon Life child plans? In case you are not satisfied with an existing policy, you can fill the surrender form along with the policy documents and submit it in any of the branch office, along with the cancellation charges. The policy cancellation takes 30 days to process and the refund will be submitted to your bank account. For new policyholders, a grace period of about 15 days is given, wherein you have the option of canceling the policy and receiving back the premium. In either case, the Unit price is calculated as per the current market value of NAV if the documents are submitted before 3:00 PM, else the next days NAV value is applied to calculate the refund.
A traditional money back plan which promises money back at regular intervals to take care of the financial requirements of the child. The features and benefits of the plan are as follows: The plan participates in the profit of the company and is eligible to earn bonuses. Premiums are paid for a limited term only On the death of the insured during the term of the plan, higher of 10 times the annual premium or the Sum Assured including the vested bonuses are paid to the nominee subject to a minimum of 105% of all premiums paid till the date of death Money backs are paid in the last four years of the plan. The rate of money backs is 40% of the Sum Assured in the fourth last year and thereafter @ 20% every year till maturity. On maturity, the last installment of the money back, i.e. 20% of the Sum Assured and the vested bonuses are paid The loan can be availed under the plan subject to a minimum of Rs.5000 and a maximum of 60% of the Surrender Value Aegon Life ADDD Rider can be availed under the plan wherein additional benefit is paid in case of accidental death, dismemberment or disability
Plans which provide for the child’s future in the event of the parents’ death by taking care of the financial aspects are called a child plan. These plans are designed with the sole purpose of protecting the child’s future and can have either the parent or the child as the person whose life is insured under the plan. Some of the basic features of a child plan are: If the child’s life is covered under the plan, there might be a delay in providing the coverage in respect of a few starting years which is called deferment. After the deferment period is over, life cover will become active. If the child dies during the course of the deferment period, only the premiums which were paid are returned. The child becomes the owner of the policy after he crosses 18 years of age and attains maturity. This process is called Vesting If the parent is insured under the plan then in case of the parents death, all premiums payable will be waived by the company as per the inbuilt Premium Waiver clause while the plan will continue. The benefits will be paid as and when due.
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Aegon Life Insurance Company Limited (formerly Aegon Religare Life Insurance Company Limited) launched its operations in India in July 2008 and since then has emerged as a strong player in the insurance industry.AEGON Life is one of the leading providers of financial services, life insurance, pension and asset management services in India. Currently, the company enjoys a good market share and has launched different types of life insurance products for meeting all the varied needs of individuals at attractive premium rates.
AEGON Life Insurance offers its customers two types of child plans. While one plan is a traditional child plan, the other is a Unit Linked Insurance Plan (ULIP). Let us take a look at the different types of child plans offered by AEGON Life and the features and benefits of each.
