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  • Aegon Life Group Term Plan

    Aegon Life Insurance

    Overview

    Aegon Life Group Term Plan helps you to provide basic financial security to your employees. The members of the group are provided a life insurance plan so that the employees’ family’s needs are looked after. The sum assured can be decided by the members.

    Eligibility Conditions of Aegon Life Group Term Plan

    Size of group

    Minimum - 50 members

    Maximum – No limit

    Entry Age

    Minimum – 18 years

    Maximum – 59 years

    Age at maturity

    60 years

    Policy term

    1 year, renewable

    Key Features of Aegon Life Group Term Plan

    Type

    A traditional non-participating group term plan.

    Basis

    Group

    Coverage

    Death Benefit: In the event a member dies during the policy term, his nominee will receive the sum assured.

    Documented evidence must be produced for claiming this benefit. The nominee will have to submit a claim form along with the death certificate issued by the local authority, certificate from a doctor or medical officer certifying cause of death or FIR, whenever applicable. Additional documents may be required depending on the cause of claim.

    Maturity Benefit: There is no maturity benefit provided.

    Surrender Benefit: No benefit is payable if the policy is surrendered.

    Sum assured

    Minimum – Rs.5,000 per member

    Maximum – Rs.2 lakhs per member

    Premium amount

    Minimum: Depends on the group size and the sum assured

    Maximum: No limit

    Premium paying frequency

    Monthly, quarterly, half-yearly and yearly.

    Monthly frequency is to be paid via ECS only.

    Renewal

    The policy can be renewed by giving one month’s notice prior to the expiry date. There is no grace period for renewal of the policy.

    Riders

    Not available.

    Bonuses

    No bonus offered.

    Surrender

    Policy will not acquire any surrender value throughout the term.

    Loan

    Not available.

    Free look period

    If you are not satisfied with the policy, then the policy can be returned from 15 days from the date you have received the policy.

    If you have purchased the policy through distance marketing, then the policy can be returned in 30 days from the date that you received the policy.

    On cancellation you will be receive the premium after the cost of stamp duty and proportionate premiums have been deducted.

    Grace period

    The policyholder will get 30 days grace period from the premium due date.

    Tax benefits

    Tax benefits are as applicable by law.

    Nomination

    Nomination is made compulsory with the provision of Section 39 of the Insurance Act 1938.

    Suicide Exclusion

    If a member commits suicide, from one year from the effective date of coverage, the insurance with respect to that member will cease and the premium will be refunded without any interest.

    Termination

    The policy is terminated if it is not renewed before the date of renewal.

    Inclusion and exclusion

    Members of the group can be included or excluded on a monthly basis.

    Reinstatement

    If the premium is not paid in the grace period, the policy will be terminated and you will not have the reinstatement option.

    Advantages of Aegon Life Group Term Plan

    The advantages of Aegon Life Group Term Plan are:

    • You get Death Benefit on death of a member, the nominee will receive the sum assured.
    • You can avail tax benefits or exemptions as per the applicable tax laws in India.
    • You have the option to choose the cover amount.
    • The policy is available at an affordable cost.
    • The policy can be renewed every year.

    How The Plan Works

    You can choose the sum assured ranging from Rs.5,000 to Rs.2 lakhs. The policy can be taken for a maximum of 1 years and premium can be paid either through monthly, quarterly, half-yearly and yearly. The monthly premium can only be paid through ECS.

    The master policyholder has to decide on the number of people in the group and then choose the amount of protection that the members need. The sum assured is derived from the basis of the member’s salary, flat or fixed cover for the members or through a grade wise cover.

    Premium Payment and Riders

    You can pay the premium annually half-yearly, quarterly or monthly. The minimum premium amount is based on the group size and the sum assured that is opted. There is no upper limit on the premium payment. If you miss the premium payment, you get 30 days grace period to pay the premium.

    There are no riders available with this policy.

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