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.
|
|
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 Aegon Life Group Credit Life plan.
- The plan not only offers life cover 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
