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.
Death, Terminal Illness, 36 Critical Illnesses, Accidental Death, and Accidental Total and Permanent Disability.
Vast range of loans covered- Personal/Micro/Business/Education
Flexibility to choose Sum Assured- Level Sum Assured or Decreasing Sum Assured
Moratorium Period for as long as 180 Months
Cover Single Life (Borrower)as well as Joint Life (Borrower and Co-borrower)
Choice of seven 7 different tailor made coverage options
Digital journey for easy enrolment
Age at Entry (in Years)*
(14^, for Educational Loan in Option 1)
69 for Options 1 to 5
50 for Options 6 & 7
Age at Maturity
80 for Benefit Option 1
70 for Benefit Option 2 to 7
Rolling term up to 30 years
Premium Payment Term
(Only available for level sum assured)
7 years/ 10 years / 2/3rd of loan tenure (round down to nearest integer)
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
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:
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