Aegon Life Pension Plans make sure that your income never stops even after retirement. On entering the retirement phase, there is a high chance of the regular sources of income drying up and savings becoming the only source of income. In such a situation, any emergency spending can lead to a financial crisis. This is why people should plan and buy annuity or pension plans.
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What are Aegon Life Pension Plans?
It is extremely necessary to plan systematically for your retirement so that you can live with financial independence and pride during this phase. Aegon Life Pension Plan is a savings instrument that helps manage the basic financial needs during retirement.
Unplanned cash outflow from your savings or emergency fund might leave you empty-handed in your golden years. Aegon Life Pension Plan is designed to secure your retirement period.
Types of Aegon Life Pension Plans
Aegon Life provides only 1 type of pension plan – Insta Pension Plan. It is a non-linked and non-participating plan. Thus, the plan does not provide any bonus benefit. Just a single premium is paid to avail the benefits of this immediate annuity plan.
Eligibility Criteria
Following is the eligibility criteria for Aegon Life Insta Pension Plan:
| Particulars | Details |
| Entry Age for Primary Annuitant | 50 years-85 years |
| Entry Age for Spouse | 50 years-85 years |
| Minimum Single Premium Payment | Rs.1 lakh |
| Premium Paying Term | One Time |
Documents Required to Apply
Here are the documents needed to purchase Aegon Life Pension Plan:
- PAN Card
- Address proof (Election card, Aadhar card, Electricity bill)
- Cancelled cheque of your bank account to receive pension income
- Recent photograph
- Duly filled in & signed application form
Note: Additional documents might be required depending on the case.
Claim Process for Aegon Life Pension Plans
To file a claim for the Aegon Life pension plan, follow the steps given below:
- First inform the insurance company. This can be done by calling on their customer support number 1800-209-9090. They will also give you a detailed information about how to go proceed
- Register the claim with the company by submitting the duly filled in & and signed claim form to the nearest Aegon branch office
- Once the case is registered, company looks into the same in order to verify
- Post verification, Aegon Life pays out the claim amount within the stipulated time
Documents Required for Claim Process
- Claim form
- Claimant statement form
- Copy of death certificate issued by Municipal Corporation (if applicable)
- Copy of claimants’ identity and address proof (PAN & Aadhar copy)
- Copy of self-attested cancelled cheque / Passbook copy of the claimant
- One passport size colour photo of the claimant
- Relationship proof (wherever applicable)
Time Taken to Settle Claims
With a high claim settlement ratio of 95.67%, Aegon Life settles the claim as soon as possible from the receipt of all documents & claim form.
Cases Where You Can’t Make Claims for Aegon Life Pension Plans
Not all situations and cases are considered for claims under this plan. Deaths under certain circumstances are not entertained:
- Suicide: If the policyholder commits suicide (whether of sane state or insane) the policy shall cease to exist and 80% of the premium paid shall be returned to the appointed nominee
- Accidental Death: Such an event due to intake of alcohol, drugs, involvement in acts of crime or in dangerous sports activities, etc. shall remain excluded
Important Aspects
- Choose the premium as per your affordability and need
- Make sure to check retirement plans of other providers to gain a better idea of the coverage
- Since this is an non-linked, premium is not invested in funds so there is no risk involved
- There is no surrender value which means you are advised not to surrender your policy in between the tenure of policy
- You cannot take any loan against this plan
- Payment mode of annuity benefit can be annual or monthly
Advantages of Aegon Life Pension Plans
- Guaranteed return at the end of term + death benefit (as the case maybe)
- One time premium payment which means no need to worry about policy lapse
- The premium paid for this annuity plan gives tax benefits under Sec 80C of the Income Tax Act, 1961. However, with the single premium plan, you get the benefit just once and not every year
- Dual Annuity Payment Options:
- Life Annuity: Receipt of annuity for life at a constant rate
- Joint Life Annuity: In case of death of the policyholder, the same annuity at the same rate continues to be paid to the spouse of deceased
FAQs
Q1. Can I cancel the policy after buying it?
AEGON Life provides you “Free Look Period” of 15 days after you receive the policy document. You can review the premium payment, annuity amount and other terms and conditions mentioned in the policy document. If you are not satisfied with the company or the plan, you can apply for cancellation. Your entire money is refunded.
Q2. What are available payment modes to buy Aegon Life Pension Plans?
You can choose any convenient payment mode from the following options:
- Net banking
- Credit or Debit card
- Cheque
Q3. Does this plan require medical examination?
No, you can buy Aegon Life Insta Pension plan without any medical examination.