Ageas Federal Life Insurance Group Credit Shield Plan (UIN 135N087V01)

A Single premium, Non-Linked, Non-Participating, Group Pure Risk Premium, Life Insurance Plan

Features

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A Convenience of one-time payment
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The plan covers a wide range of loans- personal loans, education loans, vehicle loans, gold loans, agri-business loans, working capital loans, loan against securities and more.
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The plan offers 3 life cover options to choose from- Single Life Cover, Joint Life Cover, Proportionate Life Cover.
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The plan provides 2 death benefit options- Level Death Benefit option and Reducing Death Benefit option
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Insurance cover during the moratorium period.
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Insured member may avail tax benefits under relevant sections as per prevailing tax laws.

Eligibility Criteria

 

Minimum

Maximum

Entry age of a member (as on last birthday)

15 years (Only for Education loan)

18 years (All other loans)

65 years

Cover ceasing age of the member

(as on last birthday)

-

75 years

Cover Term

1 month

20 years (including moratorium period, if any)

Premium payment term

Single premium

Moratorium period

1 year

7 years

Death Sum Assured at inception per member

Rs.5,000

Rs.30,00,00,000

^All ages are as per age last birthday.

Similarly for your borrowers it is prudent to insure the loan liability and protect their loved ones from having to shoulder the burden of repaying the debt in case of an unfortunate incident.

Brochures

Life insurance Related Products

Disclaimer:

Bank is doing purely an agency service, strictly on a non-risk participation basis. the purchase by a bank’s customer of any insurance products is purely voluntary and is not linked to availing any other facility/service from the Bank.

This brochure gives only the salient features of Ageas Federal Life Insurance Group Loan Secure Plan II (UIN: 135N081V01). It uses easy to understand language to explain the features. Your plan is governed only by the full legal terms, conditions and exclusions contained in the policy document and certificate of insurance. Please read the master policy document / certificate of insurance for more details. Ageas Federal Life Insurance Group Loan Secure Plan II is a Single premium, Non-Linked, Non-Participating, Group Pure Risk Premium Life Insurance Plan (UIN: 135N081V01). There are no riders attached to this plan. The product is underwritten by Ageas Federal Life Insurance Company Limited (IRDAI Regn. No 135; Corporate Identity Number (CIN) - U66010MH2007PLC167164) having its registered office at: Ageas Federal Life Insurance Company Limited (Formerly known as IDBI Federal Life Insurance Company Limited), 22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel – East, Mumbai – 400013, Maharashtra. Website: www.ageasfederal.com. Toll-Free: 1800 209 0502. Trade Logo displayed above belongs to The Federal Bank Limited and Ageas International Insurance N. V. and used by Ageas Federal Life Insurance Company Limited under license from respective partners. Ageas Federal Life Insurance Company Ltd. Does not assume responsibility on tax implication. Please note that tax laws may change from time to time. Consult your tax advisor for determining the Tax benefits applicable to you. ARN: 15502/GLSP/ENG/Print-PB/Apr22 Prohibition of Rebate: The Insurance Act, 1938 prohibits an agent or any other person from passing any portion of his commission to the customer, whether as incentive or rebate of premium. Section 41 of the Act states: • No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. • Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees. Fraud, Misstatement and suppression: Fraud, Misstatement and suppression would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938 as amended from time to time. 

The Federal Bank Limited is a Corporate Agent having registration number - Regn. No. CA0227.  The service provided by The Federal Bank Limited is purely an agency service and is carried out strictly on a non-risk participation basis. The Federal Bank Limited, as corporate agent, does not underwrite the risk or act as an insurer. Participation by the Federal Bank’s customers in the insurance product is purely on a voluntary basis and is not linked to the availment of any other facility from the Federal Bank Limited.

 

BEWARE OF SPURIOUS/FRAUD PHONE CALLS!

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.