Aegon Usa: Life Insurance Options And Availability

Aegon is a Dutch public company that offers life insurance, pensions, and asset management services. It has a large global presence, with operations in the United States, the Netherlands, the United Kingdom, Canada, Brazil, Mexico, Hungary, Poland, Romania, Slovakia, Czech Republic, Turkey, Spain, China, Japan, North America, and India. The company provides a range of insurance products, including term insurance, savings insurance, unit-linked insurance, and pension plans. In the United States, Aegon operates under the brand name Transamerica, offering life insurance, investments, and retirement plans.

Term insurance plans

Aegon Life Insurance offers term insurance plans as part of their life insurance policies. Their term plans include the iTerm Comfort and Saral Jeevan Bima policies. These plans offer extensive life cover at affordable premium rates. The key features of these plans include:

• Entry Age: 18 to 65 years
• Maturity Age: 23 to 70 years
• Sum Assured Range: INR 25 lakh to INR 1.25 crore
• Lump-sum death benefit paid to the beneficiary if the policyholder dies within the policy term
• Option to receive all total premiums paid back if exiting the policy before the age of 55
• Flexibility in choosing premium payment options, such as monthly, half-yearly, or yearly
• Additional cover with optional riders, such as accidental death and critical illnesses

The iTerm Comfort plan has a maturity age of 70 years and a sum assured range of INR 5 lakh to INR 25 lakh. The policy term ranges from five to 40 years, and premium payment options include single, regular, and limited pay. The nominee will receive a lump sum amount as a death benefit upon the policyholder's death. There is also an option to avail additional coverage with an accidental death rider.

There are several types of term insurance plans available, including fixed term, increasing term, decreasing term, and annual renewable. Fixed-term plans are the most basic and popular option, with terms lasting 10, 20, or 30 years. Increasing term plans allow for a higher death benefit over time, while decreasing term plans reduce premium payments. Annual renewable plans provide coverage for a year and must be renewed to continue, with premiums typically increasing at each renewal.

Savings plans

Aegon Life iGuarantee Max Savings Plan

This plan provides life coverage along with guaranteed returns at maturity. It offers flexibility in premium payment modes, including monthly, half-yearly, and annual options. The plan also allows individuals to choose their premium payment term, selecting between regular and limited pay. Additionally, tax benefits are available under the prevailing tax laws of the Income Tax Act, 1961.

Bandhan iGuarantee Max Savings Plan

Bandhan, formerly known as Aegon Life Insurance Company until its acquisition by Bandhan Financial Holdings in March 2024, offers the iGuarantee Max Savings Plan. This plan provides a guaranteed amount to the policyholder upon maturity and life coverage for their loved ones in case of untimely demise. Premium payment modes include monthly, half-yearly, and annual options, and individuals can choose their preferred premium payment term. Tax benefits are also available under the Income Tax Act, 1961.

Aegon Life ULIP Plans (Unit-Linked Insurance Plans)

Aegon Life's ULIP plans combine market-linked investments with life insurance, enabling individuals to grow their wealth while also having life coverage. These plans offer flexibility in premium payment modes and terms, and individuals can choose between two portfolio strategy options. The plans aim to maximize investment by ensuring the policyholder's full contribution is invested in their chosen funds.

Aegon Life Pension Plans

Aegon Life offers pension plans to help individuals secure a fixed income after retirement. Their plans include the Insta Pension Insurance Plan and Saral Pension, both of which offer different premium payment options to meet varying needs.

By offering these savings plans, Aegon provides individuals with tools to achieve their financial goals, whether it's saving for retirement, growing their wealth, or simply having peace of mind with life coverage. These plans cater to different needs and provide flexibility to help individuals plan for both the short and long term.

ULIP plans

ULIP stands for Unit Linked Insurance Plan. It is a financial product that combines the benefits of life insurance with the potential for investment returns. A portion of your premium goes towards providing you with life coverage, meaning that if you pass away during the policy term, a sum assured amount would be paid to your nominee. The remaining portion of your premium is invested in various market-linked funds, similar to how mutual funds work.

Aegon Life offers two unit-linked insurance plans, ULIP plans, which intend to provide financial protection by way of insurance and investment. These plans aim to maximize the investment by ensuring that the policyholder’s full contribution is invested in the funds of their choice. The policyholder also has the option to liquidate their funds after the lock-in period of five years.

• Entry Age: 7 to 55 years
• Maturity Age: 70 years
• Policy Term: 10 to 25 years
• Minimum Annualized Premium: INR 24,000
• Premium Allocation Charges: Nil
• Fund Allocation: 100% in all secured funds
• Number of Funds: Six
• Premium Payment Frequency: Monthly and yearly
• Number of free switches: Four
• Top-up Premium: INR 5,000
• Provides death benefit and maturity benefit, where the total fund value would be given back

Aegon Life ULIP plans offer two portfolio strategies:

• Lifestyle Portfolio Strategy: This allows the policyholder to select the mix of funds (co: 0,4>blue chip fund, accelerator fund, stable fund, debt fund, secure fund, and opportunities funds) according to their own choice.
• Self-Managed Portfolio Strategy: This strategy allows funds to be allocated according to the policyholder's age and changing needs. For example, the exposure of equity funds would automatically decrease once the age increases and the policy nears maturity.

Loyalty additions are also added to boost the basic fund value of the plan, and there is an option for partial withdrawal of funds as and when needed.

Aegon Life's ULIP plans provide a comprehensive solution for individuals seeking both insurance coverage and investment opportunities. By combining life insurance protection with the potential for investment returns, these plans offer a dual benefit that helps secure the policyholder's family financially while also maximizing their investment portfolio.

Pension plans

Aegon offers a range of insurance products, including life insurance, pensions, and asset management. While I could not find specific details about Aegon USA, the company has operations in the United States, with Transamerica as its single brand name.

Aegon's pension plans are designed to provide individuals with a fixed income after retirement. Here are some of the pension plans offered by Aegon:

• Insta Pension Insurance Plan: This plan offers a guaranteed source of income for life. Individuals can secure a regular income for life with a one-time payment. The minimum entry age is 50, and the maximum is 85 years. The minimum sum assured is INR 2,50,000. There are two annuity payout options: a life annuity plan that provides regular income for life, and a life annuity with a return of the purchase price option, which pays the annuity for life and returns the purchase price to the nominee upon death. The minimum monthly premium for this plan ranges from INR 1,044 to INR 13,051, depending on the payment frequency chosen.
• Jeevan Riddhi Insurance Plan: This plan provides life coverage along with savings and protection. It offers a guaranteed extra income of 5% of the sum assured for every year of premium payment. The entry age for this plan is 18 to 55 years, with a maximum maturity age of 70 years. It includes an accidental death benefit equal to 50% of the sum assured and the option to choose a premium waiver in the case of disability. The minimum annual premium is INR 15,000.
• Saral Pension: This plan offers a pension with a minimum monthly premium starting at INR 1,000. The premium payment frequency can be monthly, quarterly, half-yearly, or yearly.

Aegon's pension plans provide individuals with the security of a fixed income during their retirement years, helping them maintain their lifestyle and meet their financial needs. These plans offer flexibility in terms of entry age, payment options, and annuity payout options, ensuring that individuals can choose a plan that best suits their needs.

Group insurance plans

Aegon USA, Inc. is one of the most important group companies of the Aegon group. Aegon Life Insurance offers group insurance plans that can be purchased by members of a union or organisation, or a company's employees to avail life insurance under a single master policy. The master policyholder (employer/company) is the owner of the insurance contract.

Aegon Life Group Insurance offers the following plans:

Group Credit Protection Insurance Plan

• Minimum Entry Age: 18 to 69 years.
• Maximum Maturity Age: 70 years.
• Moratorium Period: 1 month to 15 years.
• Sum Assured: Starts from INR 5,000.
• Premium Payment Frequency: Annual, half-yearly, quarterly, monthly.
• Minimum and Maximum Members: Five/No limit.
• Benefits can be chosen from the following options:

• Life cover.
• Life cover plus terminal illness.
• Life cover plus terminal illness plus accidental death.
• Life cover plus terminal illness plus accidental total and permanent disability.
• Life cover plus terminal illness plus accidental death plus accidental total and permanent Disability.
• Life cover plus terminal Illness plus critical illness.
• Life cover plus terminal illness plus critical illness plus accidental death.

Group Term Plus Insurance Plan

• Sum Assured: Starts from INR 5,000 per member.
• Premium Payment Frequency: Annually/ half yearly/quarterly/ monthly.
• Available for employer-employee and non-employer-employee groups.
• The flexibility to choose from four benefit options:
• Death Benefit= Guaranteed amount on death of the assured member
• Death Benefit= Guaranteed amount on death + accidental death benefit
• Death Benefit= Guaranteed amount on death + accidental dismemberment benefit
• Death Benefit= Guaranteed amount on death + accidental death benefit + accidental dismemberment benefit

Group Health Plan

• Entry Age: For cancer care- 14 to 65 years, for vector care- 91 days to 65 years, and for all the other types of coverage- 18 to 65 years.
• Minimum Sum Assured (per member): Vector Care- INR 10,000, Covid Care- INR 10,000 and for all the other variants- INR 50,000 per variant.
• Policy Term: One year.
• Premium Payment Frequency: Annually/ half yearly/quarterly/ monthly.
• Available for employer-employee & non-employer-employee groups.
• Critical illness coverage for diseases such as cancer, heart attack, kidney failure, heart transplant, vector-borne illnesses like dengue, malaria, respiratory diseases and other 15 major neurological conditions.
• Personal accident coverage for accidental death, disabilities and burn-related injuries. 100% lump sum compensation for permanent disability arising out of listed illness or injuries.
• Flexibility to pick and choose benefits & customise offerings as per the needs of the particular employee group.

Frequently asked questions