Becoming An Aegon Life Insurance Agent: A Guide

Aegon Life Insurance is a leading digital life insurance company in India, offering a wide range of plans to meet diverse customer needs. The company has a strong focus on innovation and customer-centricity, with a Direct to Customer facility that promotes transparency. Aegon Life provides various life insurance plans, including retirement, ULIP, term, and savings plans, each with multiple variants. Their claim settlement ratio of 99.25% in the 2020-2021 financial year is impressive, and they have a straightforward 3-step claim process. Additionally, Aegon Life Insurance has a strong financial standing, with a premium underwritten of Rs. 575.74 crores in 2019-2020, indicating their ability to handle financial crises. The company's solvency ratio, an indicator of long-term financial stability, is also high at 2.36 as of March 2020. With their range of policies, online facilities, and customer service, Aegon Life Insurance is a reliable choice for those seeking life insurance coverage.

Aegon Life Insurance: Company Overview

Aegon Ltd. (stylized as AEGON) is a Dutch public company that provides life insurance, pensions, and asset management services. Founded in 1983 from the merger of AGO Holding N.V. and Ennia N.V., the company has since expanded its reach globally. With its world headquarters in The Hague, Netherlands, and operations in various countries, including the United States, the United Kingdom, Canada, Brazil, Mexico, Hungary, and India, Aegon has established itself as a prominent player in the insurance industry.

Aegon's businesses primarily focus on life insurance, pensions, savings, and asset management products. However, the group also has a presence in accident and supplemental health insurance and general insurance, with limited banking activities under the brand name "Knab" in the Netherlands. Over the years, Aegon has made several strategic acquisitions, such as Scottish Equitable in 1994 and the life assurance business of Guardian Royal Exchange in 1999. The company also formed Stonebridge International Insurance Ltd in 1998 to create and market personal insurance products.

Aegon Life Insurance Company, a subsidiary of Aegon, offers a range of insurance products tailored to meet the diverse needs of individuals and families. Policyholders can easily manage their policies through convenient online channels, ensuring they stay updated on their coverage and financial planning. The company's commitment to its customers' financial well-being is evident through its user-friendly platforms and dedicated customer service.

Aegon has also demonstrated a commitment to corporate social responsibility. In 2019, the company decided to discontinue its investments in oil sand companies and pipelines following criticism from Greenpeace. Additionally, Aegon has engaged in various sponsorships, including the Dutch football team AFC Ajax and the Lawn Tennis Association. The company's willingness to adapt and respond to societal concerns reflects its dynamic approach to doing business.

Benefits of Becoming an Aegon Life Insurance Agent

Aegon Life Insurance is a leading digital life insurance company in India, with a range of life insurance plans to cater to the diverse needs of individuals and families. Here are some benefits of becoming an Aegon Life Insurance agent:

• Wide Range of Products: Aegon Life Insurance offers a comprehensive suite of life insurance products, including term insurance, ULIPs, savings plans, retirement plans, and health plans. This variety allows agents to cater to a diverse range of client needs and provide tailored solutions.
• Customer-Centric Approach: The company prioritizes the needs of its customers and has developed unique, consumer-friendly plans. By becoming an agent, you will be able to offer innovative and flexible solutions that enable your clients to live a hassle-free life.
• Digital-First Solutions: Aegon Life Insurance is committed to digital innovation, providing digital-first solutions that make it easier for agents and customers to connect, maintain transparency, and access information. This includes the ability to purchase and manage policies online.
• Strong Company Reputation: Aegon Life Insurance has received numerous awards and recognitions, including the "Digital Company of the Year-2020" at the India Insurance Summit 2020 and the "Best BFSI Brand 2019" at the India-UAE strategic conclave. This reflects the company's commitment to excellence and enhances its reputation in the market.
• Competitive Advantage: As an agent, you will be able to offer your clients competitive benefits, such as affordable premiums, comprehensive coverage options, and an easy claims process. Aegon Life Insurance's high claim settlement ratio of 99.25% in the financial year 2020-2021 adds to its credibility and reliability.
• Training and Support: Aegon Life Insurance provides training and support to its agents, helping them develop the necessary skills and knowledge to succeed in the industry. The company also offers a dedicated customer service team that is easily accessible through multiple channels, ensuring that both agents and customers can get the assistance they need.

Eligibility Criteria and Requirements

To become an Aegon life insurance agent, you must meet the eligibility criteria and requirements set by the company. Here are the detailed eligibility criteria and requirements:

• Age: Applicants must typically be within the age range of 18-60 years old. The specific age limits may vary depending on the chosen plan. For example, the age range for the Aegon Life iTerm Insurance Plan is 18-50 years for the Life Protect option, and 18-65 years for the Protect Plus and Dual Protect options.
• Income: A steady source of income, such as a salary or business income, is required. Proof of income, such as salary slips for the last 3 months or bank statements for the last 6 months, will be necessary during the application process.
• Health: Some plans may require a health check-up or information about your current health status.
• Identification: A valid form of identification, such as an Aadhar Card, passport, voter ID, driving license, or PAN card, is mandatory for KYC verification.
• Licensing: Obtaining a license to sell insurance is essential. In some cases, the company may pay for your licensing, as mentioned in a review by a former employee.
• Education: Eligibility may depend on your educational qualifications, as mentioned in the eligibility criteria for Bandhan Life Insurance, which was previously known as Aegon Life Insurance.
• Work Experience: Prior experience in sales, insurance, or a related field may be advantageous, although this is not explicitly stated in the sources provided.
• Skills: Strong communication, interpersonal, and sales skills are likely to be beneficial for prospective agents.

It is important to note that the specific eligibility criteria and requirements may vary depending on the type of plan and the region in which you are applying. Therefore, it is recommended to refer to the official Aegon Life Insurance website or contact their customer support team for the most accurate and up-to-date information.

Types of Plans Offered by Aegon Life Insurance

Aegon Life Insurance offers a wide range of insurance plans to cater to the diverse needs of its customers. Here are the types of plans offered by Aegon Life Insurance:

Term Insurance and Health Plans

• Aegon Life Saral Jeevan Bima: A cost-effective term plan that provides financial protection to the family in the event of the insured person's demise. It offers flexibility in choosing the policy term and premium payment term. The minimum entry age is 18 years, and the maximum is 65 years. The sum assured ranges from Rs. 5 lakhs to Rs. 25 lakhs.
• Aegon Life Group Term Plus Insurance: This plan is ideal for employer-employee groups, offering affordable health coverage for employees and their families. It includes protection against terminal illness and critical illness.
• Aegon Life Group Credit Protection Insurance Plan: This plan offers comprehensive life insurance coverage and protects the insured person's family in case of their demise. It also covers existing loan liabilities and provides protection against terminal illness, critical illness, accidental death, and disability.
• Aegon Life Rural Term Insurance Plan: A single premium term plan designed for rural residents, providing coverage for 5 years with a single payment. It offers a death benefit equal to the sum assured and tax benefits. The entry age ranges from 18 to 45 years.
• Aegon Life Group Health Plan: A comprehensive group health plan that covers cancer, disability, vector-borne diseases, and other life eventualities. It includes protection against all illnesses and accidents, including Covid-19 coverage.
• Aegon Life iTerm Insurance Plan: A comprehensive protection plan with 3 variants: Life Protect, Protect Plus, and Dual Protect. It offers flexibility in choosing benefits and allows customization to meet individual needs. The entry age ranges from 18 to 65 years, and the minimum sum assured is Rs. 25 lakhs.

Savings and Retirement Plans

• Aegon Life POS Guaranteed Return Insurance Plan (POS-GRIP): A non-linked, non-participating life insurance plan offering guaranteed returns in the form of a lump sum payout at maturity, along with life cover benefits. It guarantees returns of 100% in case of demise or maturity.
• Aegon Life Saral Pension Plan: This plan is designed to generate a regular income during retirement and provide financial security to the annuitant's spouse in their absence. It offers the option to surrender the policy in case of critical illness.
• Aegon Life Jeevan Riddhi Insurance Plan: A savings plus protection plan that provides 55 guaranteed additions to the sum assured during the premium payment term. It offers loan facilities, life cover for the family, and a lump sum payout at maturity. The entry age ranges from 18 to 60 years.
• Aegon Life Regular Money Back Insurance Plan: This plan provides a lump sum amount in case of the annuitant's death and guaranteed income for 10 years, along with life cover beyond the premium payment term. It includes a loan facility and a disability rider benefit. The maximum entry age is 60 years.
• Aegon Life Insta Pension Insurance Plan: An immediate annuity plan that creates a regular income flow for post-retirement life. It offers two annuity payout options: Life Annuity and Life Annuity with Return of Purchase Price. The entry age ranges from 50 to 80 years, and the minimum sum assured is Rs. 2.5 lakhs.

ULIP Plans

• Aegon Life iInvest Insurance Plan: A Unit Linked Insurance Plan (ULIP) that combines protection and investment. It offers a Self-Managed Portfolio Strategy, allowing policyholders to choose from 6 different funds for investment. It also provides the option to increase investment through Loyal Units. The maximum entry age is 55 years.
• Aegon Life iMaximize Insurance Plan: A ULIP plan offering financial protection and market-linked returns. It includes Triple Benefit options to secure the child's future and maximize returns. The entry age ranges from 18 to 55 years, and the maximum maturity age is 70 years.

Corona Specific Plan

Covid-19 Insurance Policy: A corona-specific term plan offering Life Cover options up to Rs. 50 lakhs and COVID-19 Hospitalisation Cover up to Rs. 5 lakhs. It does not require a pre-policy medical check-up and can be obtained online.

Critical Illness-Specific Plan

Critical Illness Insurance Policy: This plan offers life cover, health insurance, and critical illness coverage as an additional rider. It provides financial protection against 36 specified critical illnesses. The policy offers 5 different plan options, and the beneficiary will receive an assured death benefit in case of the insured person's demise.

Claim Settlement Process and Support

Aegon Life Insurance has a clear and concise claims settlement process, enabling the policyholder or their beneficiaries to file a claim with minimal hassle. The process is as follows:

Claim Intimation

The first step is to notify the insurance company of the claim. This can be done online or offline. For online claims, the claimant must fill in a claim form and upload the relevant documents. Offline, the claimant can submit the form and documents to any Aegon Life Insurance branch. There are different types of claim forms depending on the type of claim being filed (natural/accidental death, accidental disability/dismemberment, critical/women's critical illness, or terminal illness).

Payment of Fund Value

This step is applicable for death claims. Once Aegon receives the documentation, the fund value of the policy is paid out to the beneficiaries.

Settlement Payout

Once the claim form and documents are received, verification of the documents will be initiated. If any additional documentation is required, it will be requested, and on receipt, the verification will be completed. If the documents are in order, the settlement will be released in favour of the beneficiary or policyholder, depending on the type of claim. The settlement is made through NEFT (National Electronic Funds Transfer) to ensure transparency and reduce the possibility of fraud or financial discrepancy.

Claim Status

The status of a claim can be checked by calling or emailing the company. Policyholders can also check the status of their policies through the official website or by phoning the company's toll-free number and providing their name, policy number, and birth date.

Claim Assistance and Support

Aegon Life Insurance has a dedicated claim settlement assistance team available 24/7. They can be reached through a toll-free number, email, or the claim app.

Aegon Life Insurance featured an impressive claim settlement ratio of 99.66% in FY 2023-2024, indicating that almost all valid claims are paid out without delay, and the company is committed to helping its customers when they need it most.

Frequently asked questions