AEGON Group Gratuity Life Insurance Plan
AEGON Group Gratuity Life Insurance Plan and Policy - A large number of companies are now offering gratuity benefits to their employees which are payable in the future. As these kinds of liabilities increase over time, paying benefits may become difficult. As such, setting up a separate funds for these payments is a smart choice. The Aegon Life InsuranceGroup Gratuity Plan offers the benefit of funding your statutory gratuity obligations while availing tax benefits along the way.
Eligibility - Aegon Life Group Gratuity Plan
Entry Age |
Minimum – 18 years Maximum – 74 years |
Maturity Age |
Maximum – 75 years |
Sum Assured |
|
Key Features - Aegon Life Group Gratuity Plan
Type |
Unit Linked Group Gratuity Plan |
Coverage |
Life insurance cover – Gratuity benefits packed along with life cover. Death benefit – Accrued gratuity benefit is payable in case of death of a member subject to sufficient funds being available in the account of policyholder plus the sum assured according to each life insured. In case the policyholder’s account balance isn’t sufficient for said benefits, the remaining amount has to be paid by the policyholder. Death claims are paid out as accrued gratuity and life cover. |
Basis |
Group |
Policy term |
|
Premium paying term |
Same as policy term |
Premium payment frequency |
|
Group Size |
Minimum – 25 employees |
Renewability |
Relapsed policies may be reinstated to full coverage within 2 years from due date of first unpaid premium by paying all outstanding premiums as well as extra premium, rider premiums and a written request for revival to the insurer. |
Loans |
Not available against this plan |
Grace period |
30 days |
Free Look Period |
15 days free look period is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered. |
Advantages - Aegon Life Group Gratuity Plan
Tax Benefits |
Tax benefits are available as per relevant sections under the Income Tax Act, 1961. You should consult your tax advisor for more details. |
Riders |
Not available |
Benefits - Aegon Life Group Gratuity Plan
- Option to choose among multiple funds with flexible investment patterns falling under Group Debt Fund and Group Equity Fund.
- Death benefit payable.
- Switching option between funds.
- Portfolio disclosures at every quarter.
- Additional units may be added anytime during the policy term.
- Daily NAV declaration to enable you to stay on top of your investment.
- Contributions from clients are converted into number of units as per the NAV at that time.
- Tax benefits as per the relevant sections of Income Tax Act, 1961.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
AEGON Group Insurance Plans and Policy |
|
|---|---|