Aegon Life Group Credit Life Plan is a traditional non-linked, non-participating group insurance plan offered by Aegon Life Insurance Company. The plan offers death benefit and 2 choices for Sum Assured, which are Decreasing Sum Assured and Level Sum Assured. Policyholders can choose their premium payment term. The plan has the following 3 options for premium payment term:
Apart from the above, policyholders can enjoy tax benefits as per the prevailing tax laws.
Aegon Life Group Credit Life Plan can be availed only by people who fulfil the eligibility requirements mentioned below.
|Type||Non-linked, non-participating group insurance plan|
|Maximum Age at Maturity (age as on last birthday)||65 years|
|Maximum Age at Entry (age as on last birthday)||55 years|
|Minimum Age at Entry (age as on last birthday)||18 years|
|Maximum Size of Group||No limit|
|Minimum Size of Group||50 members|
Aegon Life Group Credit Life Plan provides two choices for Sum Assured to the policyholders. These are:
Both of the above are paid at the time of demise of any member. The minimum and maximum Sum Assured for this policy is mentioned in the table below:
|Minimum Sum Assured||Rs.50,000 for each member|
|Maximum Sum Assured||No Limit|
Aegon Life Group Credit Life Plan provides 3 Premium Payment Term options to all the policyholders, which are Single, Regular and Limited (Minimum – 5 years). Policyholders can make premium payments using one of the following two payment modes:
Limited Premium is available for Decreasing Sum Assured.
|Minimum Policy Term||Single Premium – 24 months. Regular Premium – 60 months. Limited Premium – 90 months.|
|Maximum Policy Term||120 Months.|
Aegon Life Group Credit Life Plan is a life insurance plan that also provides coverage for outstanding loans. The benefits offered by this plan are mentioned below:
|Death Benefit||In case of death of any member, the policy will pay the following:
Aegon Life Group Credit Life Plan provides coverage for outstanding loans of the members. Apart from that, this policy does not offer any other add-on plans.
Suicide Exclusion – In case any member of the group commits suicide within a period of 1 year, starting from the entry or coverage or reinstatement date, then the company will refund all the premiums paid (excludes taxes) without any interest for that particular member and his/her membership will be terminated.
Aegon Life Group Credit Life Plan policy has many other important features. Some of them are mentioned below.
|Certificate of Insurance||On accepting the premium and risk, the company will issue certificate of insurance to the members.|
|Inclusion and Exclusion||Depending on the scheme rules, a member will be included in the plan from the joining date. Members will be excluded from the group when the loan period expires or when they reach the maximum age that is allowed under the policy or on foreclosure of the loan.|
|Participation||Participation is voluntary.|
|Grace Period||30 days.|
|Freelook Period||15 days. (30 days if policy has been purchased through direct marketing).|
|Surrender Value||For Single Premium, the surrender value is provided from 2nd policy year. It is calculated using the following: 70% x Single Premium paid x Outstanding Coverage Term/Total Coverage Term.|
Aegon Life Group Credit Life Plan members can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, 80D and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) of the IT Act.
*Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.
This Aegon Life Group Insurance Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are mentioned below.
|Customer Care||Aegon Life Insurance Company offers 24x7 customer care service to all the customers. To get in touch with the company’s customer care team, people can contact on the toll-free number, write an email or send an SMS. They can also chat with the customer care team on the website of the company.|
|Application Status||Customers can easily track the status of their applications online on the website of the company.|
Aegon Life Insurance is a leading insurance provider in the world and is co-owned by Aegon and The Times Group in India. It has around 53 branches across the country making it easily accessible. The company uses the latest technology to enable faster claim settlement than its competitors. Aegon Life Group Credit Life Plan is the most popular out of all the life insurance products offered by the company.
A. No, the Aegon Life Group Credit Life Plan does not offer loan facility.
A. You can choose Single Premium or Regular Premium for Level Sum Assured. The premium payment term for Regular Premium is equal to coverage period of the particular member.
A. No, the Aegon Life Group Credit Life Plan does not offer maturity benefit.
A. There is no surrender value for Regular Premium and Limited Premium.
A. The policy for a member will lapse only if the company does not receive premiums within the grace period.
A. If insurance coverage is taken for any loan apart from a home loan, then during the initial 45 days (from the effective date of coverage) for a member, the company will not pay any claim amount except for claims that have been requested for in case of death caused due to an accident.
A. Your membership will terminated under the following circumstances:
If you exit from the Group.
If your loan is foreclosed.
If you reach the maximum age.
A. The policy will be terminated under the following circumstances:
Discontinuance of Policy.
Discontinuance of Premium.
A. To make a claim on Aegon Life Group Credit Life Plan, you have to provide the following documents to Aegon Life Insurance:
Original policy document.
Medical Certificate or Doctor’s Certificate mentioning cause of death.
Death certificate issued by the local authority.
A. You can contact the customer care team of the company to get more information about this policy. You can also visit the website or any branch of Aegon Life Insurance Company.