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  • Aegon Life Group Plans

    Aegon Life Insurance

    Overview

    The Aegon Life Group Insurance Plans are meant for groups of people such as employees of a company or members of an association or unit. The plans are meant to provide life cover as well as other benefits to the members of a group as well as the master policyholder. Group plans allow large employers to ensure financial security for the families of their employees while offsetting any defaults in payment to the employer.

    List of Plans

    There are 4 different plans available under the Aegon Life Group Plan.

    • Aegon Life Group Gratuity Plan
    • Aegon Life Group Leave Encashment Plan
    • Aegon Life Group Credit Life Plan
    • Aegon Life Group Term Plan

    Information and Benefits of Plans

    Aegon Life Group Gratuity Plan:

    This plan is a unit linked group gratuity plan that helps fund an employer’s statutory gratuity obligation in a scientific way while earning tax benefits as per the approved gratuity funds.

    • Multiple funds with flexible investment patterns falling under Group Debt Fund and Group Equity Fund.
    • Death benefit payable.
    • Switching option between funds.
    • Tax benefits as per relevant sections of the Income Tax Act, 1961.

    Aegon Life Group Leave Encashment Plan:

    This is a market linked Group Leave Encashment Policy aimed at corporates who offer their employees leave encashment at a future date. The plan helps create a separate fund that pays out the leave encashment benefits without disrupting the company’s finances.

    • Multiple funds with flexible investment patterns broadly coming under Group Debt Fund and Group Equity Fund.
    • Death benefit during policy term.
    • Switching option between funds.
    • Tax benefits as per relevant sections of the Income Tax Act, 1961.

    Aegon Life Group Credit Life Plan:

    This is a group term plan that provides group members with a life insurance cover as well as adequate cover for outstanding loans, so that both the lender and the policyholder’s family are spared of financial burdens.

    • Level sum assured benefits wherein the chosen sum assured will be paid as death benefit.
    • Decreasing sum assured wherein the death benefit will be a decreasing sum at predefined interest rates as per sum assured schedule.
    • Single or annual premium payment options available.
    • Flexible policy term ranging from 24 months to 120 months.

    Aegon Life Group Term Plan:

    This is a pure group term insurance plan that allows employers to offer group life insurance cover to groups of employees so that their families aren’t financially constrained in case of any unfortunate event.

    • Sum assured paid as death benefit to nominee.
    • Multiple premium payment mode such as monthly, quarterly, half-yearly and yearly.
    • Up to Rs.2 lakh sum assured for each group member.
    • 1 year policy term which can be renewed on a yearly basis.
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