AEGON Religare Life Insurance offers you AEGON Religare Group Credit Life Plan, which not only provides the members of your group with a life insurance plan but also sufficiently covers their outstanding loan amount so that you’re as well as their families’ needs are looked after, at an affordable cost.
Key Features
Certificate of Insurance - On acceptance of risk and premium, certificate of insurance shall be issued to respective members.
Other Features
Inclusion and Exclusion of Members - A member will be included from the date of joining the group as per the scheme rules. A member will be excluded from the group on expiry of the loan period or member attaining maximum age permissible under the policy or on foreclosure of loan.
Participation into the scheme - It is voluntary to participate in the scheme for the existing and new members.
Free Look Cancellation – – In case, you are not satisfied with the policy, you may choose to cancel it within 15 days of receiving the policy by returning the policy documents to us with a letter stating the reason for cancellation. Upon such cancellation, you will be paid back the premium, minus the cost of stamp duty and medical examination (if any) and proportionate premium for the period for which insurance cover and rider cover, if any was provided up to the date of cancellation, for the members.
Grace Period - You are allowed to pay premiums within 30 days from the due date of your premium payment date. If the due premium for the respective member is not received within the grace period, the respective member cover will lapse and no benefit is payable. However in case of death during the grace period, any premium due shall be recovered from the benefit payable.
Benefits
Death
Level Sum Assured - In case of any member’s unfortunate demise, benefit payable is the chosen sum assured.
Decreasing Sum Assured - In case of any member’s unfortunate demise, benefit payable is the sum assured as per the sum assured schedule. The Sum Assured schedule will be decreasing at the interest rate as defined in the scheme rules.
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Tags: Aegon religare Life Insurance, Group Credit Life Plan, Life Insurance