Aegon Religare Life Insurance – New hope for Indian Insurance Industry
POSTED BY ON October 6, 2008 COMMENTS (13)
Aegon Religare Life Insurance which is recently renamed as Aegon Life Insurance is a new Player in Indian Insurance Market.
This company seems to have clear understanding about the Insurance Market and what India needs exactly, there main focus is on Term Insurance and that makes it respectable in my opinion, its not like other companies concentrating on Endowment and Money Back plans and tag them as Great Insurance products, which is nothing but Saving and investment products with a pinch of Insurance.
About Aegon Life Insurance
AEGON : Aegon is one of the largest life insurance and pension groups with market in over 20 countries (Americas, Europe and Asia) with 40 million customers. It has more than 160 yrs of experience.
RELIGARE : Religare is one of India’s leading integrated financial services groups. They have 1550 locations spread across over 460 cities and towns in India.
Products Offered by the Company
AEGON RELIGARE Life Insurance has excellent products as far as Term Insurance is concerned. They also have ULIP plans.
In Term Insurance they have the minimum rates for Term Insurance plans. You can check their Premium Calculator here. They have 3 different plans.
1. Level Term Plan :
In this cover remains same through out the Tenure. Premium for amount Rs.50,00,000 (50 Lacs) for 30 years.
Male/Female (25 yrs) : 9,000 per year
Male/Female (30 yrs) : 12,150 per year
2. Increasing Term Plan :
Cover increases by 5% every year. Premium for amount Rs.50,00,000 (50 Lacs) for 30 years.
Male/Female (25 yrs) : 13,800 per year
Male/Female (30 yrs) : 19650 per year
3. Decreasing Term Plan :
Cover decreases by 5% per year (Tenure = 20 years max). Premium for amount Rs.50,00,000 (50 Lacs) for 20 years.
Male/Female (25 yrs) : 7,100 per year
Male/Female (30 yrs) : 7,900 per year
One can choose the plan as per there requirement. The best part is that there rates are very very low. This Term insurance is worth a consideration.
Click here to understand why you need Term Insurance and not Endowment or Money Back Plans.
Hi Manish,
My Father’s Age is 62. Can I get the Term Insurance Plan for my Father? My Father is Having Diabetes. Can you Suggest me Which Plan will be Better and Around how much do i have to pay as a premium? Plz Help
I dont think you will get it for him. First his age, and his illness and who is financially dependent on him ? Given the profile, no company will give him insurance
Hi Manish,
First of all I thank You for yors articles are an eye opener to all. Especially for young generation. keep it up.
My age is 24+. & planning to buy Aegon Religer’s iTerm Plan sum of 50Lacs.
If I need to do any change in this or split this for 25 Lac. each in anothere insurer.
Plz. guide me. awaiting for your valuable answer.
regards,
Ryan.
Ryan
Its recommended that you split it in two , but if you take less than 50 lacs in iTerm ,it would be costly , check the premium , Better split it between LIC + ICICI or LIC + iTerm , are you sure 50 lacs is what you want to leave for your family , will it replace you ?
Manish
Manish,
There is a big difference in premium amount numbers that we get using premium calculator links available with this post (pointing to aegon religare )
and the one mentioned below(got from one of your earlier blog posts):
http://www.insurancecomparison.net.in/insurancecomparison.aspx
How is this possible ?
.-= srinivas´s last blog ..Google SMS =-.
The link http://www.insurancecomparison.net.in/insurancecomparison.aspx gives the premium for iTerm policy , this post talks about regular term insurance policy 🙂
Manish
But Manish, have you compared the other plans of Aegon Religare ?
And, also since it’s a pvt. co. the common folks will be having less trust when compared with LIC.
Mithun
I have seen other products of Aegon religare .. its main concentration is only on term insurance not on other Products .. even the ULIP from Aegon religare is the best in the market right now . just 5% Allocation charges which makes it an attractive ULIP .
Since its a new one , It will definately have problems of in gaining trust of public . cant do anything .. I am risk taker , so i choose to believe them .
manish
I appreciate what you’ve said. But, I was talking about the herd mentality(OVER-affinity towards LIC) and the aversion towards all pvt. players !
.-= Mithun John Jacob´s last blog ..Careers or Jobs : What is more Important? =-.
yup , in that case you are correct
"Hi! It's good to see that many more comapanies are coming to the indian insurance market. The company profile is very good & the policies it offers are nice. I was also searcihng for online tutorials to plan insurance according to my need & budget.. I found this. Have a look 🙂
http://www.simpleinsurance.co.in "
Lalit
That is just a promotional website from ICICI it seems .. You can do much better on your own .
Manish