Life insurance is an important part of financial planning. It protects your loved ones in the event of your death. It provides a lump-sum payment to your beneficiaries and ensures that they can maintain their lifestyle after you are gone. The best life insurance policies will have low premiums, be easy to understand, cover you for all eventualities, and are provided by the best life insurers.
Choosing the best life insurance company is a difficult task. Many factors need to be considered, such as the price, coverage, and type of plan. To find the best life insurance company for you, you should evaluate your needs and compare them with what is available in the market. PolicyBachat gives you the distinction between the insurer’s backgrounds, and incurred claim settlement ratio to configure the right insurance policy.
AEGON Life Insurance and ICICI Prudential Life Insurance are the most popular life insurers in India. Both AEGON Life Insurance and ICICI Prudential Life Insurance companies offer a wide variety of products and services and both companies offer competitive rates for their products but the two companies are very different in their approach to insurance. In this article, we will compare the two life insurance providers and their policies, features, benefits, prices, etc.
AEGON Life Insurance
The AEGON Life Insurance Company is a multinational insurance company headquartered in the Netherlands. The company provides life, health, and property-casualty insurance and other financial services. AEGON Life is one of the top digital life insurance companies it was the first life insurance company to inaugurate online term insurance plans in India. AEGON Life insurance was launched together with AEGON N. V, an international provider of life insurance, pensions, and asset management, and Bennett Coleman & Company, India's largest media conjunction popularly known as the Times Group.
AEGON Life insurance company Ltd is dedicated to our customers securing their long-term financial future. With a recent global study approximate 92% of insurance are for household, education, plans, etc. AEGON is performing to help its customers achieve healthy and financial security. At AEGON Life insurance, you can rest assured knowing that you and your family’s unique needs are being taken note of and fulfilled. Here are some of the insurance products that AEGON Life insurance offers that will help you with what you need to keep your loved ones protected.
List of AEGON Life Insurance Plans
| Type of Plans |
AEGON Life Insurance Plans |
| Term Insurance Plans |
- Aegon Life Saral Jeevan Bima Plan
- Aegon Life iTerm Insurance Plan
|
| ULIPS Plans |
- Aegon Life iInvest Plan
- Aegon Life iMaximize Plan
|
| Retirement Plans |
- Aegon Life Saral Pension Plan
- Aegon Life Jeevan Riddhi Insurance Plan
- Aegon Life Insta Pension Insurance Plan
|
| Savings Plans |
- Aegon Life POS Guaranteed Return Insurance Plan
|
| Money-Back Plans |
- Aegon Life Regular Money Back Insurance Plan
|
| Group Plans |
- Aegon Life Group Credit Shield Insurance Plan
- Aegon Life Group Term Plus Insurance Plan
|
| Other Plans |
- Aegon Life Rural Term Insurance Plan
- Aegon Life Covid-19 Insurance Plan
- Aegon Life Critical Illness Insurance
- Aegon Whole life insurance
|
Features & Benefits of Aegon Life Insurance
- It offers Competitive rates to keep your premiums low
- Aegon life insurance offers a variety of product options to suit your needs
- The company has a dedicated team to help you find the right coverage
- It helps savings and gives protection to long-term financial payments.
- Aegon life insurance plans offer maturity benefits, in-built assured with money-back and cash-back maturity values.
- Aegon life insurance provides tax benefits according to section 80c of the Income Tax Act, 1961 premiums are paid through a life insurance policy.
What is the Cost of Aegon Life Insurance and Other Considerations?
Aegon is a global leader in financial protection and retirement products. The company provides life insurance, pensions, investments, and other financial products. AEGON Life Insurance is a type of life insurance that pays out a lump sum in the event of death. This type of insurance is often used by people who want to ensure their family will be financially secure in the event of their death.
Many people are hesitant to purchase life insurance because they don't know what it is or how much it costs. The cost for AEGON life insurance depends on your age, health history, income, lifestyle, etc. There are many other considerations you should take into account before purchasing this type of life insurance, such as whether or not you have dependents, you’re current financial situation, and your goals for the future.
ICICI Prudential Life Insurance
ICICI Prudential life insurance is the life insurance arm of ICICI Bank, a financial institution based in India. It offers various types of life and health insurance products to individual and corporate customers. ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited.
ICICI Prudential Life Insurance Company is the first private life insurance company in India. This is a leading international financial services group headquartered in the UK. ICICI Prudential Life Insurance Company has consistently been the topmost company in the Indian Life Insurance Sector. ICICI Prudential Life Insurance Company provides you with a wide range of Term Insurance Plans, Health Insurance Plans, Unit Linked Insurance Plans, Traditional Savings/Money Back Plans, Retirement Plans, Riders, Group Plans, Rural Plans, etc.
List of ICICI Prudential Life Insurance Plans
| Type of Plans |
ICICI Prudential Life Insurance Plans |
| Term Plans |
- ICICI Pru iProtect Smart Term Plan
- ICICI Prudential SARAL JEEVAN BIMA Plan
- ICICI Prudential iCare II Plan
- ICICI Prudential PRECIOUS LIFE Plan
- ICICI Prudential Life Raksha Plan
- ICICI Prudential POS iProtect Smart Plan
- ICICI Prudential POS Life Raksha Plan
- ICICI Prudential Loan Protect Plan
- ICICI Prudential Loan Protect Plus Plan
|
| ULIP Plans |
- ICICI Prudential Signature Online Plan
- ICICI Prudential Signature Plan
- ICICI Pru1wealth Plan
- ICICI Prudential life Time Classic Plan
- ICICI Pru Guaranteed Wealth Protector Plan
- ICICI Prudential Smart Life Plan
- ICICI Prudential Smart Kid Plan
- ICICI Prudential Smart Couple Plan
|
| Savings Plans |
- ICICI Prudential Guaranteed Income For Tomorrow Plan
- ICICI Prudential Cash Advantage Plan
- ICICI Pru Savings Suraksha Plan
- ICICI Prudential Assured Savings Insurance Plan
- ICICI Pru Future Perfect Plan
- ICICI Prudential LAKSHYA Plan
- ICICI Prudential LAKSHYA Lifelong Income Plan
|
| Retirement Plans |
- ICICI Pru Easy Retirement Plan
- ICICI Prudential Guaranteed pension Plan – Deferred Annuity
- ICICI Prudential Guaranteed pension Plan – Immediate Annuity Plan
- ICICI Prudential Easy Retirement SP Plan
- ICICI Prudential Saral Pension Plan
|
| Health Plans |
- ICICI Prudential Heart/Cancer Protect Health Plan
|
| Group Plans |
- ICICI Pru Group Term Plus Plan
- ICICI Prudential Group Loan Secure Plan
- ICICI Prudential Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
- ICICI Prudential Shubh Raksha Credit Plan
- ICICI Prudential Super Protect – Credit Plan
- ICICI Prudential Group Suraksha Plan
- ICICI Prudential Group Suraksha Plus Superannuation Plan
|
| Rural Plans |
- ICICI Prudential Sarv Jana Suraksha Micro Insurance Plan
- ICICI Prudential Anmol Bachat Plan
|
| Rider Plans |
- ICICI Prudential Corona Protect Rider Plan
- ICICI Prudential Corona Protect plus Rider Plan
|
Features & Benefits of ICICI Prudential Life Insurance
- ICICI prudential life insurance provides life insurance at low premium rates.
- ICICI prudential life insurance customer support claims are settled within 24 hours and get a hassle-free experience.
- It offers coverage of life cover till 99 years at affordable premiums when your family is not around will cover up the financial security to you.
- ICICI Prudential Life Insurance offers a range of life insurance products for both individual and group needs.
- ICICI Prudential life insurance offers multiple options for premium payments
What is the Cost of ICICI Prudential Life Insurance and Other Considerations?
ICICI Prudential Life Insurance is one of India’s leading life insurance providers. The company offers a range of products for customers to choose from. The cost of ICICI Prudential Life Insurance is very affordable. The premium rates are competitive and the coverage is also very good.
Many factors affect ICICI Prudential life insurance premiums such as age, health, lifestyle, etc. There are many other considerations you should take into account before purchasing this type of insurance, such as whether or not you have dependents, you’re current financial situation and your goals for the future.
Comparison Table of AEGON Life Insurance Vs ICICI Prudential Life Insurance
Here are some of the key parameters based on which they differ from each other:
| Parameter |
AEGON Life Insurance |
ICICI Prudential Life Insurance |
| Claim settlement ratio |
98.01% |
97.09% |
| Solvency Ratio |
2.39 |
2.07 |
| Availability |
Online/Offline |
Online/Offline |
| Life Cover |
Up to 99 Years |
Up to 99 years |
| Number of Branches Available |
83 |
947 |
| Premium Payment Term |
Regular Pay, Single Pay, Limited Pay |
Regular Pay, Single Pay, Limited Pay |
| Premium Payment Mode |
Yearly/Half-yearly/ Quarterly/ Monthly |
Yearly/Half-yearly/ Quarterly/ Monthly |
| Riders Available |
- Critical Illness Rider
- Accidental Death Benefit Rider
- Waiver of Premium Rider
|
- Accidental Death Benefit Rider
- Terminal Illness Rider
- Critical Illness Rider
- Wavier of Premium Rider
|
| E-services |
- Pay Premium Payment
- Claim Settlement
- Renew Online
- Buy Policy Online
- Track Policy
|
- Buying Policy Online
- Renewal Policy Online
- Update Information
- Premium Payments
- Switch Funds
- Download Options
- Claim Settlement
|
Conclusion
AEGON Life Insurance provides more comprehensive coverage options with lower premiums while ICICI Prudential Life Insurance focuses on providing affordable policies to its customers. To protect the policyholder from unfortunate events which make an adverse impact financially, it is better to be insured.
Check all the features and benefits of ICICI Prudential life insurance and AEGON life insurance before concluding on the right insurance policy. Configure the premium with the benefits availed on AEGON life vs ICICI Prudential life insurance through a comparison of life insurance quotes for the best life insurance plans in India from top insurers online at PolicyBachat.