Aegon Life Group Term Plan

In every industry, workers are the ones who drive the place. If individuals in the office are not well taken care of, the productivity of the entire company will suffer. Hence, a number of measures are taken by the company to ensure that the their employees are well cared for. One of the many steps taken in this regard is the provision of an insurance plan for employees. Termed as ‘Group Insurance Plans’, these policies are tailor made for the benefit of workers. One such policy is provided by Aegon Life.

The Group Term Plan by Aegon Life is a life insurance plan that provides members of the group with the security and means needed to take care of their family’s requirements. Policyholders in this regard receive a number of offers such as death benefit, ample Sum Assured amount and the option to renew the policy if need be.

Eligibility - Who is the Aegon Life Group Term Plan for?

Eligibility	Employer - employee groups
Policyholder	Employer
Minimum Entry Age	18 years
Maximum Entry Age	59 years
Age of Maturity	60 years

Sum Assured and Premium Range - What you Get and What it Costs?

The premium payments that are made towards this policy will determine the Sum Assured and other benefits that they would receive through the policy. Payments can be made monthly and the premium payment term is equal to the tenure of the policy.

Minimum Sum Assured	Rs.5,000 per member
Maximum Sum Assured	Rs.2,00,000 per member
Premium	Depends on the size of the group and the Sum Assured opted. There is no limit on the premium that can be procured.
Minimum group size	50 employees
Maximum group size	No limit
Policy Term	1 year (renewable every year)
Premium Pay Term	Equal to the Policy Term
Premium Payment	Annually, Semi-Annually, Quarterly
Frequency	Monthly, through ECS only

*Premiums may vary based on age, location, plan term and other factors.

Plan Coverage - What the Aegon Life Group Term Plan Covers?

Death Benefit

In case of unfortunate demise of the policyholder, the nominee will receive the Sum Assured.

Exclusions of Aegon Life Group Term Plan:

In case of a member’s death through suicide within a year from the entry date or date of coverage, no death benefit will be payable and the liability of the Company will be limited to refund of the premium received, without any interest.

Other Key Features of Aegon Life Group Term Plan:

Other key features of the Aegon Life Group Term Plan are listed below -

Free Look Period	In case individuals are not satisfied with their Group Term Plan from Aegon Life, they can return the policy document to the company within - 15 days from the date that they received their policy, in case it has not been purchased via distance marketing methods. In case the policy was purchased via distance marketing methods, the policy will have to be returned within 30 days of receiving the policy.
Surrender	The Group Term Plan by Aegon Life will not acquire any surrender value throughout the term of the policy and therefore no amount is payable upon surrender.
Lapse	In case of a member’s demise during the grace period, benefit that is payable is his/her basic Sum Assured, as long as all due premiums have been paid prior to expiry of grace period.
Reinstatement	If the premium has not been paid during the grace period, policy will be terminated and the option to reinstate will not be available.
Inclusion and Exclusion of Members	In case an individual has been admitted as a member of this policy after the effective date of coverage, other than the yearly renewal date, a proportionate premium will become payable in order to cover the period from the date of entry to the next date of renewal.
Renewal	Customers can renew the policy by giving notice a month before expiry date of the policy and payment of renewal premiums prior to expiry.

 

Tax Benefits – How you can Save with the Group Term Insurance Plan?

The benefits received through the Group Term Insurance Plan are eligible for tax benefits under Section 10(10D) of the Income Tax Act, 1961. The premiums paid towards the policy are also eligible for tax benefits under Section 80C of the Act. Please note that the tax benefits offered by the Group Term Insurance Plan are subject to change based on changes in tax laws from time to time.

Why you Should Buy the Group Term Insurance Plan from Aegon Life?

Employees are the ones who make or break the workplace. Their happiness and well-being ensures the company operates smoothly, without any hassles. In order to ensure this, a number of plans are available, such as the Group Term Plan from Aegon Life. Aegon Life is one of the foremost financial services company not just in India but abroad as well. This organization works under the Transamerica brand and provides insurance policies and pension plans to a number of customers. Aegon Life is present in over 20 countries across the world and has more than 28,000 employees. Their robust portfolio combined with state-of-the-art customer care services cements Aegon Life’s position as a trusted provider of insurance.

FAQs about Aegon Life Group Term Plan:

Q. How can one check the status of the Group Term Plan?

A. Customers can check the status of their policy by either calling aegon Life on the toll free number or by sending an e-mail.

Q. How can a company apply for a Aegon Life Group term Plan?

A. For a company that wishes to procure the Group Term Plan by Aegon Life, steps given below must be followed -

• Company must decide on the size of the group (50 members minimum).
• The amount of protection needed should be decided next.
• Sum Assured for every member of this group should be decided on the basis of -
  • Multiple of salary
  • Fixed/Flat Cover for each of the members
  • Grade wise cover

Q. What are the options through which Sum Assured can be derived from?

A. Any of the methods given below can be used, in order to derive the Sum Assured -

• Multiple of member’s gross salary
• Grade wise cover
• Fixed/Flat Cover for each of the members

Q. How often can inclusion or exclusion of members occur?

A. Inclusion or exclusion of members into the Group Term Plan can occur once every month.

Q. How long is the grace period for the Aegon Life Group Term Plan?

A. Premiums must be paid within 30 days from the due date for all modes of premium payment.

Q. Is there a service tax applicable on the Aegon Life Group Term Plan?

A. As per existing tax laws, service tax will be applicable on premiums or benefits.

Q. What does Distance Marketing refer to, regarding the Aegon Life Group Term Plan?

A. A plan wherein every activity of solicitation (which includes lead generation) and sale of insurance services through the following -

• Telephone
• Short Messaging Service (SMS)
• E-mail, internet, DTH or other electronic mode
• Physical mode such as newspaper inserts, magazine inserts and direct postal mail
• Solicitation through communication other than in person

Q. Does the Aegon Life Group Term Plan provide Maturity Benefits?

Aegon Life Group Term Plan does not come with Maturity Benefits.

Q. Is participation into the scheme voluntary?

For existing members, participation in the scheme is voluntary. However, for those who have joined newly, it is mandatory.

Q. What are the probable reasons for rejection of life insurance claims?

Most life insurance claims get rejected due to reasons mentioned below:

• Fraudulence or a deliberately submitting false claims to the insurance provider.
• Not disclosing information regarding pre-existing medical conditions during the time of purchasing said policy.
• Committing suicide within the first policy year.
• Not paying the premiums on time, resulting in policy lapsation.