Aegon Life Group Gratuity Insurance Plan is a unit linked group gratuity plan offered by Aegon Life Insurance Company. It helps employers in funding the statutory gratuity obligation in a scientific way. The company also offers life insurance coverage to the employees who are included in this this plan. This policy offers gratuity benefit, death benefit, tax benefits and multiple fund options to policyholders, which helps them in achieving their financial goals.
Aegon Life Group Gratuity Insurance Plan can be availed by employers to make employee groups. Here, the employer is the policyholder and he/she can add a minimum of 25 employees to this group.
|Type||Unit linked group gratuity plan|
|Maximum Age at Maturity (age as on last birthday)||As mentioned in the scheme rules. (Maximum – 75 years)|
|Maximum Age at Entry (age as on last birthday)||As mentioned in the scheme rules. (Maximum – 74 years)|
|Minimum Age at Entry (age as on last birthday)||18 years|
Aegon Life Group Gratuity Insurance Plan offers the following Sum Assured:
|Minimum Sum Assured||Rs.1,000 for each member.|
|Maximum Sum Assured||As mentioned in the scheme rules.|
Under Aegon Life Group Gratuity Insurance Plan, there are two types of premium. These are:
|Minimum Policy Term||1 year.|
|Maximum Policy Term||No limit, subject to the term ending when individual members attain the age of 75 years.|
Aegon Life Group Gratuity Insurance Plan offers the following:
|Gratuity Benefit||The accrued gratuity benefit will be paid in the event of termination/resignation/retirement of an employee, provided that the fund has sufficient money.|
|Death Benefit||The accrued gratuity benefit is paid in the event of death of an employee, provided that the funds has sufficient money and the sum assured is applicable for that particular employee. The life cover and accrued gratuity benefits in case of death claims will be paid to the policyholder.|
*If the amount is not sufficient to pay the benefits, then policyholder will pay the difference amount.
The plan offers the following two fund options:
|Equities||Segregated Fund Identification Number (SFIN)||Fixed Interest Securities and Money Market Instruments|
|Group Equity Fund||80% to 100%||ULGF00228/03/11GEQUITY0138||0% to 20%z|
|Group Debt Fund||0%||ULGF00128/03/ 11GDEBT0138||100%|
Aegon Life Group Gratuity Insurance Plan does not offer any add-on plans.
Aegon Life Group Gratuity Insurance Plan policy has many other important features. Some of them are mentioned below.
|New Members||All new employees are included in this group plan, provided they fulfil the eligibility requirements. The life cover for them will initiate from the date of joining or as per the scheme rules. Policyholder can submit the details of the new joinees on a monthly basis.|
|Discontinuance||Policy can be discontinued at any time. On discontinuing the policy, the policyholder will receive the fund value minus market value adjustment.|
|Grace Period||30 days.|
|Freelook Period||15 days.|
|Policy Revival||Within a period of 2 years.|
Aegon Life Group Gratuity Insurance Plan policyholders can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Exemptions can be claimed under Section 10 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.
Aegon Life Group Gratuity Insurance Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are mentioned below.
|Switch Option||This plan allows unlimited switches between the funds, which can be done at any time for free.|
|Contribution Redirection||Contributions can be redirected into funds for investments. The company permits unlimited redirections for free.|
|Additional Units||Units may be added by the company into the policyholder’s account at different times during the policy term.|
|NAV (Net Asset Value) Declaration||It is declared daily, thus helping people in tracking the performance of their selected funds.|
|Transparency||Portfolio Disclosure of funds happens on a quarterly basis to help members manage their funds better.|
|Unit Pricing||The contribution that received is converted by the company into number of units based on each unit’s NAV at that time.|
|Customer Care||Customers can contact the customer care service for any queries related to claims or the policy.|
|Application Status||Policyholders can easily track the status of their applications on the website of Aegon Life Insurance Company.|
You should buy the Aegon Life Group Gratuity Insurance Plan from Aegon Life Insurance because it is one of the leading insurance providers in the world. In India, the company is co-owned by Aegon and The Times Group. It has around 53 branches across 46 cities of the country. The company offers various types of life insurance, pensions and asset management products out of which Aegon Life Group Gratuity Insurance Plan is the most popular.
A. The plan does not charge any fee for Premium Allocation and Policy Administration.
A. There is no charge for discontinuing the policy.
A. NAV stands for Net Asset Value and it is calculated using the following formulae:
NAV= (Market/Fair value of scheme’s investments + Current Assets – Current Liabilities & Provisions)/Number of units outstanding under the plan.
A. To revive the plan, policyholders have to submit the following within a period of 2 years from the date of 1st unpaid life insurance premium:
Proof of insurability of the members.
Payment of an amount equal to the life insurance premium that is applicable on the revival date.
A. The Sum Assured can be increased or decreased by the policyholders at the time of policy renewal.
A. The Fund Management Charge for Aegon Life Group Gratuity Insurance Plan is 0.30% p.a. It may be increased, but will not be more than 1.35% p.a. for any fund.
A. First, the policyholder has to send the particulars of the member for whom the claim request is made. The company will pay the claim amount to the policyholder or on submission of written instructions of the policyholders, it will be paid to the member or his/her nominee or heir
A. No, the Aegon Life Group Gratuity Insurance Plan does not provide loan facility.
The premium for life insurance coverage of new joinees has to be paid annually and in advance on a pro-rata basis.
A. You can contact the customer care team of the company or visit its website or any branch to get more information about this policy.