Aegon Life Group Plans

One point most of us look forward to while joining an organisation is whether or not the company provides insurance. Most organised industries in the country offer some form of insurance covering their employees, and while we might think that it is an individual cover under which we are protected, it is actually a Group Insurance which companies use to insure all their employees.

A Group Insurance Plan is one in which protection is offered to a number of individuals in the group, with it possible to add/remove members. The most common instances of group insurance plans are in the corporate sector, employee unions, etc. These plans offer benefits to both the employer and the employee. These plans are cheaper than buying individual policies for all members of the group, without compromising on the cover/protection offered. While they might not be as detailed as an individual policy, they offer a basic level of protection, sufficient for employees to feel good about their workplace.

Individuals who do not have single policies are the ones who benefit most from group insurance plans, as they are protected against a number of contingencies. Those looking for comprehensive protection can opt for an individual plan over and above the cover offered by group plans.

A joint venture between Aegon NV and Times Group, Aegon Life is known for its group insurance plans, with the company offering a number of them, each catering to a different customer base.

Benefits of Aegon Life Group Insurance Plans:

• An employer can enjoy tax benefits on the premium paid, making the organisation an employee-friendly one.
• One can choose a plan which matches their organisation goals and needs, with Aegon Life offering plans with different group sizes.
• An employer can choose the policy term and the premium payment frequency, ensuring that this doesn’t impact the growth of the company.
• These plans provide peace of mind to employees, helping them focus on work.
• Employers can choose the sum assured under which their employees would be protected.
• Employers can choose to renew the policy based on new requirements.

List of Group Insurance Plans offered by Aegon Life:

Aegon Life offers five group insurance plans as part of its portfolio, with each offering unique benefits to members and employers. These are listed below:

Aegon Life Group Term Plan:

This plan can be availed by any organisation which has over 50 members, with the policy providing protection for one year. One can choose to renew this annually, with the option to choose the premium. Members are provided a cover ranging between Rs.5,000 and Rs.2 lakh, based on the premium amount.

Plan Name	Entry Age	Maturity Age	Premium
Aegon Life Group Term Plan	Minimum - 18 years Maximum - 59 years	60 years	Varies based on group size and sum assured

Aegon Life Group Leave Encashment Plan:

This is a unit linked plan which is designed to provide leave encashment in a systematic manner, in addition to offering life cover. The master policyholder can choose from different funds, based on the needs of the organisation.

Plan Name	Entry Age	Maturity Age	Premium
Aegon Life Group Leave Encashment Plan	Minimum - 18 years Maximum - 74 years	Maximum - 75 years	Varies based on group size and sum assured

Aegon Life Group Gratuity Plan:

This is a unit linked plan which aims to provide gratuity benefits to employees, enabling an employer to fulfil this obligation. Multiple fund options with flexibility to renew it every year make it a unique offering.

Plan Name	Entry Age	Maturity Age	Premium
Aegon Life Group Gratuity Plan	Minimum - 18 years Maximum - 74 years	Maximum - 75 years	Varies based on group size and sum assured

Aegon Life Group Credit Life Plan:

This plan provides dual protection, covering any outstanding loan of an employee in addition to offering life cover, thereby enabling them to do their job without having to worry about repayment of loans taken by them.

Plan Name	Entry Age	Maturity Age	Premium
Aegon Life Group Credit Life Plan	Minimum - 18 years Maximum - 55 years	Maximum - 65 years	Varies based on group size and sum assured

Aegon Life Group Credit Shield Plan:

This plan is designed for lending organisations who provide financial assistance to their members/customers. Not only does it protect their money, but also offers life cover to the member.

Plan Name	Entry Age	Maturity Age	Premium
Aegon Life Group Credit Shield Plan	Minimum - 18 years Maximum 65 years for Option 1 60 years for Option 2	Maximum 75 years for Option 1 65 years for Option 2	Varies based on group size and sum assured

Why do you need Group Plans by Aegon Life?

These plans provide a death benefit to the family of an insured member of the group in the event of his/her death, in addition to basic medical cover. One can also choose to be protected during critical illnesses, wherein the plan will pay the sum assured to the individual.

The employer can choose the premium payment frequency, opting to pay it either monthly, quarterly, semi-annually, or annually, based on the finances of the company. These plans can be used to provide cover to all employees, irrespective of their age or position, with the minimum age requirement starting at 18 years and going all the way to 60 years.

Employers do need to keep in mind that most of these plans have a minimum requirement in terms of group size, but given the number of plans on offer it is possible for one to find a plan which covers the needs of their employees, regardless of how many they are.