• Aegon Life Group Credit Shield Insurance Plan

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    Aegon Life Group Credit Shield Insurance Plan is a plan which provides life insurance for the members of your group, as well as adequately covers their outstanding loan amount. This enables all the members of the group and their families to be financially secure in case of an unfortunate incident. Regulated lending institutions that are regulated by the RBI (Reserve Bank of India), Regulated Scheduled Banks including Cooperative Banks, NBFCs certified by RBI and NHB (National Housing Bank) regulated housing finance companies are allowed to buy this plan. Even non-regulated lending institutions that are considered as a ‘Group’ under IRDAI regulations are allowed to purchase the plan.

    Eligibility Conditions for the Aegon Life Group Credit Shield Insurance Plan:

    Minimum Entry Age 18 years
    Maximum Entry Age Benefit Option I – 65 years Benefit Option II – 60 years
    Maximum Maturity Age Benefit Option I – 75 years Benefit Option II – 65 years
    Minimum Group Size 50
    Maximum Group Size No limit

    Policy Terms for the Aegon Life Group Credit Shield Insurance Plan:

    Minimum Single Pay – 2 years Regular Pay – 5 years Limited Pay – 8 years
    Maximum 30 years

    Premium Payments Offered by the Aegon Life Group Credit Shield Insurance Plan:

    Premium Payment Term
    • Level Sum Assured – Single Pay/Equal to Policy Term
    • Decreasing Sum Assured – Single Pay/Limited Pay – 2/3rd of the policy term rounded to the nearest whole number
    Minimum Sum Assured
    • Each member for home loan – Rs.5,00,000
    • Each member for other type of loans – Rs.50,000

    Key Features of the Aegon Life Group Credit Shield Insurance Plan:

    Type of Plan Group life insurance plan
    Premium Payment Frequency Single, yearly, half-yearly, quarterly or monthly
    Free Look Cancellation Within 15 days from the receipt of the policy documents
    Lapse and Reinstatement Revival 2 years from the due date of unpaid premium subject to board approved underwriting policy
    Moratorium Period Up to 7 years
    Coverage Continuation Option Available
    Grace Period Up to 30 days – all modes except monthly mode 15 days – monthly mode
    Surrender Benefit Payable – Only in Single Premium and Limited Premium Policy

    What you need to know about the Aegon Life Group Credit Shield Insurance Plan:

    • Coverage for different types of loans such as home loans, car loans, education loans, loans against property, commercial vehicle loans, two-wheeler loans, three-wheeler loans, micro loans, personal loans, and many more.
    • Life insurance cover for borrower as well as co-borrower.
    • A moratorium period of 7 years.
    • Two benefit options:
      • Option I – Cover in case of death
      • Option II – Cover in case of critical illness and death
    • Option to choose between Level and Decreasing Sum Assured.

    Advantages and Benefits of the Aegon Life Group Credit Shield Insurance Plan:

    The following benefits and advantages are available under the plan:

    Benefit Options: There are two types of benefit options available under this plan:

    Option I – In case of the member’s death, an amount mentioned as the Sum Assured in the schedule is payable as coverage.

    Option II – In case of the member’s diagnosis of any critical illness or death, an amount as mentioned in the Sum Assured schedule is payable as coverage. The critical illnesses covered under this option are cancer, stroke, heart attack, and open chest CABG.

    Joint Life Option: In this option, both the borrower and co-borrower gets cover for the same Sum Assured. In case of a critical illness diagnosis or death of either of the members, the benefit amount payable is as per the chosen coverage option. The benefit is paid only on the first diagnosis of a critical illness or first occurrence of death on either of the lives. This benefit can be taken only in case of home loans when both the lives assured have jointly taken the loan.

    Sum Assured: There are two options under Sum Assured, they are:

    Level Sum Assured – Where, Sum Assured on the member’s life will continue to be the same throughout the policy term.

    Decreasing Sum Assured – Where, Sum Assured on the member’s life decreases as per the Sum Assured schedule.

    Moratorium Period: Moratorium period of up to 7 years is allowed under the Group Credit Shield Insurance Plan. During this period, the Sum Assured may either remain constant or increases as a result of accumulation of interest amount, if any. Once the moratorium period is crossed, the coverage amount decreases as per the Sum Assured schedule.

    Coverage Continuation Option: Under the Aegon Life Group Credit Shield Income Plan, members of the group are allowed to continue their respective coverage as individual policyholders till the coverage term ends, in case the master policyholder surrenders the policy during the coverage term. Members can also opt for this in case of foreclosure of loans.

    Free Look Cancellation: The plan allows cancellation of the plan within 15 days from the receipt of the policy documents, in case the master policyholder or member is not satisfied with the policy’s terms and conditions.

    If this Aegon Life Insurance policy is cancelled within the free look period, the premiums already paid are returned subject to the deduction of proportionate risk premium, stamp duty charges, and medical costs, if any.

    Grace Period: The plan allows 30 days of grace period for all modes except monthly mode, for which the grace period is 15 days. However, grace period is not applicable for Single Premium mode.

    Surrender Benefit: If the policy is surrendered by master policyholder, each member is eligible for Coverage Continuation Option. In case, it is not chosen, surrender value will be payable, as applicable. However, surrender benefit is only applicable in case of Single Premium and Limited Premium Policy.

    Revival: The insurance cover of members will lapse, if the premiums are not received before the grace period expires. However, there is an option of revival of policy within 2 years from the due date of unpaid premium for the member, subject to board approved underwriting policy. In case of revival or reinstatement, members are required to pay all unpaid premiums with applicable interest.

    Paid Up Provision: If premiums are not paid by the members after the first payment of policy’s premium, the policy will continue with Paid up Sum Assured. Paid up value is available only for Decreasing Sum Assured with Limited Premium payment term policy.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Aegon Life Group Credit Shield Insurance Plan Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Life Life Insurance
      "Fair service"
      0.5 2.0/5 "Expected more"
      I've a health insurance policy with the HDFC life. I pay a premium of 8000 per year via an agent. I am not aware about the in depth features of the policy. So far the experience has been good with them. It is a recommendable insurance policy to have.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 14, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance with Kotak Life from last 2 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in 3 months and i am convenient with the payment options. The maturity period for this policy is 10 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a LIC policy from last 4 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in a year through direct payment and the payment options are convenient for me. I am happy with coverage and returns of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 10 years and it is a long term policy. I am satisfied with the coverage and benefits of this policy. I pay my premium once in 3 months by cheque and i am convenient with the payment options. The maturity period for this policy is 15 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 14, 2018
    • ICICI Prudential Life Insurance
      "Value for money"
      0.5 4.0/5 "Great!"
      I am using ICICI prudential life insurance company from the last three to five years of time. I would like to say that the coverage value is an average one and the customer service is fine one too with the ICICI prudential life insurance company.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Scope for improvement"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is not good one and the coverage value is not good too. There are no advantages with them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      I have got the life insurance policy with the Life Insurance Corporation of India. I have not used their web portal as such. Coverage value is good one with the Life Insurance Corporation of India, also the premium value is better one with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Good money back plan "
      0.5 5.0/5 "Blown Away!"
      I am having the Money back life insurance policy for the past 10 years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,5000 to this policy every year once. This policy has the tenure of 20years. I got the money back in 4 years once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good child plan "
      0.5 5.0/5 "Blown Away!"
      I got the Jeevan Tharan life insurance policy around 3 years ago. The customer support service and the response is good with the LIC and this policy will get matured once my child turns to 18years. I pay the premium amount of Rs,15,000 to this policy in every once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The Life insurance policy has been taken by me around 4 years ago. This policy has the tenure of 15years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,28,000 in every year once. i am satisfied having this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 3 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in a year through online and the payment options are convenient for me. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • Aegon Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold the AEGON LIFE term insurance policy around a year ago. The customer support service and the response is good with the AEGON LIFE and I get good plan benefits and the policy coverage with this policy and I am satisfied using this AEGON LIFE insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have been using LIC since my childhood and it is a long term policy, the tenure for this life insurance policy is 15 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 13, 2018
    • Aviva Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      The AVIVA life insurance policy has been used by me for more than 3 years. This policy has the tenure of 20years. The customer support service and the response is good with the Aviva insurance. I pay the premium amount around Rs,10,000 in an year.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      MONEY BACK i have been using from the LIC. I have been using since 2009. It is a long term policy of 27 years. I pay for 6 months once for my insurance and through the cash and sometimes through the net banking. I have not taken any of the loans in my insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India and I have not interacted with them as much. Coverage value is fine one with the Life Insurance Corporation of India and I have not claimed as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having the Life insurance policy with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company. I got this policy around 14years ago. This policy has the tenure of 20years. I pay the premium amount of Rs,2500 every year once. The plan benefits and the coverage is good with this policy and i am satisfied using it .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Better Jeevan saaral policy"
      0.5 5.0/5 "Blown Away!"
      I pay the premium amount of Rs,12000 every year once to the Jeevan saaral policy . I hold this policy for the past 18years. The customer support service and the response is good with the LIC and this policy ha the tenure of 20 years. The plan benefits and the policy coverage is very good with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Jeevan anand policy"
      0.5 5.0/5 "Blown Away!"
      I got the LIC life insurance policy around 6years ago. The customer support service and the response is good with the LIC and this policy has good plan benefits and better policy coverage with this policy. I pay Rs,762 every 3 months once as premium amount. This policy has the tenure of 20years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
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