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  • Aegon Life Group Leave Encashment Plan

    Aegon Life Insurance

    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
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