Group Insurance Plan FAQs

Why buy this plan?

Are you running a scheme for your employees that offers benefits like Gratuity that will be payable in the future? Since such liabilities increase with time, it may become difficult to pay the benefits as you go. It is therefore beneficial that the employer sets up a separate fund from which these benefits may be paid out. 

AEGON Life Insurance offers a unit-linked group gratuity plan that helps to fund the statutory gratuity obligation in a scientific manner and also avail of the tax benefits as applicable to approved gratuity funds.

Benefits

1. Death Benefit - The accrued Gratuity benefit is payable on cessation of employment due to death of a Member, as advised by the Policyholder in terms of the provisions of the Trust Deed and the Rules and subject to the availability of sufficient Funds in the Policyholder’s account plus the Sum Assured as applicable for the deceased Member.

2. Multiple Investment Options – Choice of multiple funds with a flexible investment pattern.

  • Group Debt Fund
  • Group Equity Fund

3. Switching Option - While you have chosen a fund option, you have the flexibility of switching between our various funds at any time. Switching between the various funds is allowed depending upon your requirements. We allow unlimited switches free of cost every year.

4. Contribution Redirection – The contributions can be redirected for investments into fund/s of your choice and need not adhere to the initial investment pattern. We allow unlimited redirection requests free of cost.

5. Transparency - Portfolio Disclosure of the funds is done on a Quarterly basis. This enables you to achieve better fund management.

6. Tax Benefit -Tax benefits are as per the provisions of the Income Tax Act, 1961. Tax laws are subject to change.

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