Group Credit Protection Insurance Plan

A plan that safeguards your member’s financial liabilities and keeps their happiness intact.

Why buy this plan ?

Misfortune comes unannounced, that’s why we offer a product that can prevent your member’s liabilities to become a burden on their loved ones when they’re not around. With Aegon Life Group Credit Protection Insurance Plan, ensure your member’s wellbeing by providing a comprehensive life insurance cover to them which adequately covers their outstanding loan liabilities.

ELIGIBILITY



Age at Entry (in Years)*

Minimum

18

(14^, for Educational Loan in Option 1)

Maximum

69 for Options 1 to 5

50 for Options 6 & 7

Age at Maturity

Maximum

80 for Benefit Option 1

70 for Benefit Option 2 to 7

Policy Term#

Minimum

Single Pay

1 month

Regular Pay

(For Level Cover option only)

6 years

2/3rd of loan tenure

8 years

7 pay

12 years

10 pay

17 years

Maximum

Rolling term up to 30 years

Premium Payment Term

Single Pay

Regular Pay

(Only available for level sum assured)

Limited Pay

7 years/ 10 years / 2/3rd of loan tenure (round down to nearest integer)

Moratorium Period

Minimum - 1 Month

Maximum - 180 Months

Sum Assured (per member)

Minimum - Rs. 5,000

Maximum - As per the Board approved underwriting policy

Premium Payment Frequency

Annual, Half-yearly, Quarterly, Monthly

Group Size

Minimum - 5 Members

Maximum - No Limit

*All ages are as on last birthday.

^In case of minor lives, risk shall commence immediately on date of commencement of the policy.

In case of minor lives, the policy will vest on the life of the Insured Member once they attain majority (complete 18 years age).

#For Policy Term less than or equal to 5 years, only Single Pay option will be available. The cover term will be rolling, incremental monthly. For Policy Term more than 5 years, policy term will be in yearly increments.

$ For premium payment frequency other than Annual, following modal factors are applicable:

Mode

Modal Factor

Half-Yearly

0.512

Quarterly

0.259

Monthly

0.087

 

FAQ's

Contact Us

Disclaimer

Aegon Life Group Credit Protection Insurance Plan UIN 138N079V01

  • This is a non-linked non-participating group pure risk premium credit life insurance plan
  • This product is underwritten by Aegon Life Insurance Company Ltd.
  • Insurance cover is available under this product