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

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 Aegon Life insurance 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.