Ageas Federal Group Microsurance Plan offers affordable life insurance cover to the members of micro finance institutions, self-help groups and NGOs. With this group plan from Ageas Federal, insured members can provide financial protection to their families if they die during the policy period. One of the best things about this plan is that it also offers loan protection to the families of insured group members.

We are showing the highlights of the plan below that you should check. 

  1. Flexible Sum Insured Options
  2. Multiple Death Benefit Options
  3. Wider Coverage
  4. Easy Issuance of the Policy
  5. Fixed Benefit Term of 5 years
  6. Affordable Premium Amount
  7. A 15-day Free Look Period
  8. Multiple Premium Payment Modes
  9. Tax Benefits Under Income Tax Act, 1961
  10. A Grace Period of 15 or 30 Days

Now you would want to understand the features in detail. On this page, we will be talking about the same. Keep reading.

Features and Benefits of the Ageas Federal Group Microsurance Plan in Detail

Ageas Federal Group Microsurance Plan is a non-linked non-participating group term plan. We have discussed its features and benefits below so that you can understand them better.

Flexible Sum Insured Options

This group plan from Ageas Federal offers multiple sum insured options per group member. The minimum and maximum sum assured stands at INR 5,000 and INR 50,000, respectively.

Choice of Death Benefit Options

Policyholders can choose from two death benefit options according to their convenience – Level Cover Option and Decreasing Cover Option.

Under the level cover option, group members can choose the sum insured from multiple options at the inception of the policy. The sum insured will depend on the average loan balance over the year in the decreasing cover option.

Coming to the death benefit under the policy, the insurer will pay the sum insured to the nominee or beneficiary if an insured member under the group dies during the policy term. To get the benefit, all due premiums must have been paid up to the date of death.

Hassle-free Policy Issuance

On choosing a sum insured up to INR 50,000, individuals don’t need to undergo pre-acceptance medical tests. They can submit a simple declaration of good health. If there are more than 200 members in a group, the insurer will automatically accept the cover without any proof of health.

Multiple Premium Payment Modes

Policyholders can select from different premium payment modes – Annually, Half-yearly, Quarterly or Monthly. To know about modal loadings, check the below table.

Premium Payment ModeModal Loading
Annually100%
Half-yearly51%
Quarterly26%
Monthly9%

Note: The maximum premium for an individual member under a group stands at INR 750 per year irrespective of the member’s age.

Discounts on Premiums

Ageas Federal Group Microsurance Plan also offers discounts on premiums if policyholders pay a high premium amount. To know more, check the below table.

Annual Premium (In INR)Discount Percentage of Premium
Less than 2,50,000Nil
2,50,000 to 4,99,9992
5,00,000 to 9,99,9994
More than 10,00,0006

Grace Period

Ageas Federal Group Microsurance Plan offers a grace period of 15 days for monthly and 30 days for quarterly, half-yearly and yearly premium payment modes from the premium due date. If a death claim happens during the grace period, the insurer will provide coverage after deducting the due and unpaid premium. However, if a member doesn’t pay the premium within the grace period, his or her cover will lapse.

Free Look Period

The policy also offers a free look period of 15 days from the date of receipt of the policy documents. Within this period, both master policyholders and members can review the terms and conditions and return the policy in case of any dissatisfaction. Ageas Federal will refund the premium amount after deducting the proportionate risk premium for the cover plus any medical examination cost and stamp duty charges.

Ageas Federal Group Microsurance Plan Eligibility Criteria

Have a look at the conditions that are important to qualify to purchase a plan.

  1. The group should have at least 20 members.
  2. The members in the group should have a common economic purpose.
  3. The eligibility of individuals should be tied to a well-defined event such as the date of loan sanction or commencement of employment.
  4. Minimum Age at Entry – 18 years
  5. Maximum Age at Entry – 60 years
  6. Maximum Age at Maturity – 65 years
  7. Maximum Member Benefit Term – 5 years only

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