Ageas Federal Life Insurance T&Cs

Here are the standard terms and conditions that apply to Ageas Federal Life Insurance (formerly IDBI Federal Life Insurance) insurance policies:

1. Grace Period: Ageas Federal Life Insurance offers a grace period of 15 days for paying the monthly premium and up to 30 days for the annual premium payment mode. The policyholder should pay the premium within the grace period to prevent the policy from lapsing.
   
   
2. Policy Revival: If the premium is not paid within the grace period, the policy lapses and the customer stands to lose all the benefits. However, there is an option for reviving the policy within five years from the date of the first unpaid premium. It entails the payment of the entire unpaid premium with interest.
   
   
3. Assignment and Nomination: Sec 38 of the Insurance Act 1938 allows assignment of the policy. Sec 39 of the same act allows the policyholder to nominate a person to receive the benefits accruing from the policy in his/her absence.
   
   
4. Free Look Period: Ageas Federal Life Insurance offers a 15-day free-look period (30 days for policies solicited through distance mode) from the date of receipt of the policy document to enable the customer to go through and decide whether to continue or not. The customer can return the policy within the free-look period and claim the premium refund.
   
   
5. Policy Termination: The Ageas Federal Life Insurance terminates on the occurrence of any of the following conditions like death of the assured, completion of the policy term, non-revival of a lapsed policy within the revival period, free-look cancellation, payment of surrender value, and in the case of fraud and misrepresentation.
   
   
6. Suicide Exclusion: In the unfortunate event of death due to suicide within the first 12 months from the date of commencement/revival of the policy, the nominee can claim up to 80% of the total premium paid till the date of death OR the surrender value available on that day, whichever is higher, provided the policy is in force.
   
   
7. Disclosure of Information: The policyholder is duty-bound to disclose any material change in information such as name, address, contact number, etc. to Ageas Federal Life Insurance.
   
   
8. Taxation Benefits: The policyholder can avail benefits under various sections of the Income Tax Act 1961 for payment of premium. The policy proceeds are, however, tax-free.
   
   
9. Goods and Services Tax: Goods and Services Tax, and cess as applicable, will be levied according to the extant laws.
   
   
10. Loans: Loan can be availed any time after six months from the policy commencement date. Maximum amount of loan that can be granted under the policy should be such that the effective annual interest amount payable on loan does not exceed 50% of the annual annuity amount.