Bankbazaar

AEGON Life Group Credit Life Plan

Overview

Aegon Life Group Credit Life Plan not only provides the members of the group with a life insurance plan but it also covers the outstanding loan amount so that the family doesn’t have to bear the financial burden in case of death of the insured.

Eligibility Criteria for Aegon Life Group Credit Life Plan

Eligibility criteria

Description

Minimum age at entry

18 years

Maximum age at entry

55 years

Minimum sum assured

Rs.50,000 per member

Maximum sum assured

No limit

Maximum age at maturity

65 years

Minimum size of the group

50 members

Maximum size of the group

No limit

Premium payment term

Single, regular or lifetime

Minimum policy term

24 months for single premium and 60 months for regular premium

Maximum policy term

120 months

Key Features of Aegon Life Group Credit Life Plan

Listed below are the key features of Aegon Life Group Credit Life plan

Type

Regular protection plan

Basis

Group

Coverage

Death benefit- There are two types of death benefit offered under this plan.

  • In case of unfortunate demise of the insured, the sum assured will be paid as death benefit
  • Decreasing sum assured- In case of unfortunate demise of the insured, benefit payable is the sum assured as per the sum assured schedule.

Grace period

A grace period of up to 30 days is allowed on the policy

Service tax

Service tax is applicable

Free look period

The policy offers a free look period of up to 15 days

Advantages of Aegon Life Group Credit Life Plan

Listed below are the advantages of .

  • The plan not only offers but also covers the outstanding loan amount in case of death of the insured
  • Choice of various premium payment terms

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

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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