A single premium, non-linked, non-participating, group credit term plan

Features

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Onetime Payment - Pay once and get cover from 1 to 20 years
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Affordable Premium - Secure your liability in a cost-effective way
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Covers available for Car loan, Two-wheeler loan, Commercial vehicle and equipment Loan, Education loan, Tractor loan, Personal/Credit card loan, Three-wheeler loan, Corporate & SME Loan and Agri business loan
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Choice of Level death benefit option and Reducing death benefit option
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Cover options available for single life, joint life, or proportionate cover for co-borrowers
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Flexibility to choose moratorium period from 1 to 7 years
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Tax benefits available for insured members

 

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Eligibility Criteria

Criteria Minimum/ Maximum Ageas Federal Group Loan Suraksha Plan SP
Entry Age Minimum
  • Education loan: 15 years 
  • Other loans: 18 years 
Maximum 65 years 
Cover ceasing age Minimum -
Maximum 75 years 
Death sum assured Minimum Rs. 50,000
Maximum 30 Crore
Cover Term Minimum 1 years
Maximum 20 years 
Premium payment term Single premium

 

Exclusion – One year suicide Exclusion clause. If the life insured commits suicide within 1 year of inception of the plan, he/she is not eligible for claim.

 

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. 

 

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.