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Ageas Federal Termsurance Group Insurance Plan

Ageas Federal Term Insurance Group Insurance Plan is a pure term plan designed specifically for groups providing insurance benefits to its members at a minimal cost.

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Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
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The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
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Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Key Features

  • It is a yearly renewable pure term plan.
  • Groups can avail the plan like employer-employee, banks, and its customers, professional groups, affinity groups, etc. for covering its members
  • A Master Policy held by the group’s head is issued, covering the members for a pre-determined amount.
  • Premiums can be paid either by the group or by individual members.
  • The plan provides a hassle-free application process, and older members can also be covered.
  • The premium for new entrants is calculated on a pro-rata basis.

Benefits

  • The nominee gets the Sum Assured on the death of the policyholder during the term of the plan.
  • There is an inbuilt Accidental Death Benefit and Terminal Illness Benefit for 5000-50 lakhs cover under which the additional benefit is paid in case of accidental death or on the diagnosis of the terminal illness.
  • Income tax benefit on the premium paid by the members as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act. If the group master policyholder pays premiums, it is exempt under Section 37.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

15 years for non-employer-employee groups

&

18 years for employer-employee groups

69 years

Maturity Age (Last Birthday)

16 years for non-employer-employee groups

&

19 years for employer-employee groups

70 years

Size of the group

50 members

No limit

Premium Payment Frequency

Annual, half-yearly, quarterly, monthly

Sum Assured

5000

No limit

Policy Details

  • Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes.
  • Policy Termination or Surrender Benefit: the policy cannot be surrendered.
  • Free look period: If you would not be pleased with the policy's coverage and terms and conditions, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

  • There are two inbuilt riders of Accidental Death Benefit and Terminal Illness benefit.

Exclusions

  • For the Accidental Death benefit rider, accidents due to drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded
  • For the Terminal Illness benefit, illness due to HIV infection, service in armed forces, participation in racing or scuba diving, self-inflicted injuries, congenital diseases, alcohol influence are excluded.

Documents Required

The policyholder has to fill up an 'Application form/ proposal form' with an accurate medical history and every group member's details.

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