Aegon Life Group Gratuity Plan

Overview

A large number of companies are now offering gratuity benefits to their employees which are payable in the future. As these kinds of liabilities increase over time, paying benefits may become difficult. As such, setting up a separate funds for these payments is a smart choice. The Aegon Life Insurance Group Gratuity Plan offers the benefit of funding your statutory gratuity obligations while availing tax benefits along the way.

Eligibility Conditions of Aegon Life Group Gratuity Plan

Entry Age

Minimum – 18 years

Maximum – 74 years

Maturity Age

Maximum – 75 years

Sum Assured

  • Minimum – Rs.1,000 per member

  • Maximum – As per scheme documents

Key Features of Aegon Life Group Gratuity Plan

Type

Unit Linked Group Gratuity Plan

Coverage

Life insurance cover – Gratuity benefits packed along with life cover.

Death benefit – Accrued gratuity benefit is payable in case of death of a member subject to sufficient funds being available in the account of policyholder plus the sum assured according to each life insured. In case the policyholder’s account balance isn’t sufficient for said benefits, the remaining amount has to be paid by the policyholder. Death claims are paid out as accrued gratuity and .

Basis

Group

Policy term

  • Minimum – 1 year
  • Maximum – No limit, subject to a maximum age of 75 years for a group member

Premium paying term

Same as policy term

Premium payment frequency

  • Annual for life insurance premium
  • Contributions for gratuity benefits can be made anytime

Group Size

Minimum – 25 employees

Renewability

Relapsed policies may be reinstated to full coverage within 2 years from due date of first unpaid premium by paying all outstanding premiums as well as extra premium, rider premiums and a written request for revival to the insurer.

Loans

Not available against

Grace period

30 days

Free Look Period

15 days free look period is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered.



Advantages of Aegon Life Group Gratuity Plan

Tax Benefits

Tax benefits are available as per relevant sections under the Income Tax Act, 1961. You should consult your tax advisor for more details.

Riders

Not available

Benefits of Aegon Life Group Gratuity Plan

  • Option to choose among multiple funds with flexible investment patterns falling under Group Debt Fund and Group Equity Fund.
  • Death benefit payable.
  • Switching option between funds.
  • Portfolio disclosures at every quarter.
  • Additional units may be added anytime during the policy term.
  • Daily NAV declaration to enable you to stay on top of your investment.
  • Contributions from clients are converted into number of units as per the NAV at that time.
  • Tax benefits as per the relevant sections of Income Tax Act, 1961.

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

 0.0 / 5.0   by 0 users
Used this product? Write a review >>

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.