Founded in 2008, Aegon Life Insurance Company (formerly Aegon Religare Life Insurance Company)provides both online and offline individual and group insurance.The Times Group (also known as Bennett Coleman & Co.Ltd), one of India's leading media conglomerates, and Dutch Aegon N.V, global insurance, pensions, and asset management organisation, are partners in the initiative.
AEGON and the Ranbaxy Group declared their ambition to enter the insurance industry in India in July 2006. As a result, AEGON Religare Life Insurance Company Limited was established in July 2008 through a partnership between AEGON, Religare, and Bennett, Coleman & Company.
Aegon boosted its investment in the project to 49% in 2015, while Religare Enterprises stated it was leaving the project by transferring its whole 44% ownership of the business to Bennett, Coleman and Firm, the Times Group's parent company. In response, Aegon Religare Life Insurance Company changed its name to Aegon Life Insurance Company.
Term insurance plans offered by Aegon Life Insurance are cost-effective and can be availed at lower costs-•Aegon Life iTerm Insurance Plan- It has three benefit levels and provides coverage up to the policyholder's age of 100. It also has the benefit of providing a lump-sum payment if 36 serious illnesses are identified up until the age of 80. It also includes claims for deaths brought on by COVID-19•Aegon Life Group Term Plus Insurance Plan- All family members are provided financial security by this insurance plan. Additionally, by offering group benefits, it assists EDLI groups looking for insurance cover as well as employer-employee groups, non-employer-employee groups, and these groups.\•Aegon Life iTerm Plus Insurance Plan-In the case of the policyholder's passing, this term insurance plan shields your loved ones from all financial risks. It has four benefit choices and built-in features, including critical illness insurance and accidental death benefits. This strategy guarantees your family a monthly income as well.
The distribution methods used by Aegon Life Insurance include banks, private agents, brokers, corporate agents, and partners in bancassurance, among others. In addition, the business provides unit-linked insurance products, savings and investment programmes, and term insurance (ULIPs).
The business introduced the ''iTerm''plan, which provides insurance coverage for up to 100 years, in May 2018. In November 2019, it introduced an updated version of its ''iTerm.’' Insurance Plan, which pays a consistent monthly benefit after age 60.