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Aegon Life Group Leave Encashment Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Overview

It is a unit linked group leave encashment plan. This plan helps to fund leave encashment obligation in a systematic manner.

Eligibility Criteria of Aegon Life Group Leave Encashment Plan

Eligibility feature

Description

Eligibility

Employer and employee group

Policy holder

Employer

Minimum entry age

18 years

Maximum entry age

74 years

Maximum maturity age

75 years or as specified in the scheme

Minimum policy term

1 year

Maximum policy term

No limit

Minimum life insurance premium

Depends on the total sum assured for all members included in the scheme

Maximum life insurance premium

Depends on the total sum assured for all members included in the scheme

Minimum sum assured

Rs.1,000 per member

Maximum sum assured

As defined by the scheme rule

Premium payment mode

Contributions t can be paid any time during the policy term as provided in the scheme rule

Key Features of Aegon Life Group Leave Encashment Plan

Type

Unit linked plan

Basis

Group

Coverage

Death benefit- The accrued leave encashment benefit is payable in case of death of the individual as advised by the policyholder subject to the availability of sufficient funds in the policyholder’s account.

Investment options

The plan comes with multiple investment options

Switching option

The plan offers the flexibility of switching between different funds at any given time

Grace period

A grace period of 30 days is offered on the plan

Discontinuance

The policy can be discontinued any time without any charge

Revival

The policy can be revived any time within 2 years from the day of first unpaid life insurance premium

Increase/decrease in sum assured

The sum assured can be changed at the time of renewal of the policy

Nomination

Individual members of the group can avail nomination facility as per section 39 of the Insurance act 1938

Advantages of Aegon Life Group Leave Encashment Plan

Listed below are the advantages of Aegon Life Group Leave Encashment Plan

  • Free annual valuation every year
  • Multiple investment options to choose from
  • Switching option available with the plan
  • Provision for addition of new members
  • There is no fee charged on discontinuance of the policy
  • No premium allocation charge

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

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