What the 01930 Prefix Signifies
The 01930 series identifies a specific product line within AGLA's life insurance portfolio, typically aimed at middle‑income families seeking affordable coverage with optional riders.
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Eligibility and Application Process
Applicants must be Indian residents aged 18‑55, with a minimum annual income of INR 2 lakh. The process involves a medical questionnaire, optional health check, and verification of identity documents. Online portals now allow end‑to‑end submission, reducing paperwork.
Key Features and Benefits
- Sum assured ranges from INR 5 lakh to INR 25 lakh.
- Flexible premium payment terms: yearly, half‑yearly, quarterly, or monthly.
- Rider options include accidental death, critical illness, and child education.
- Tax‑benefit under Section 80C and Section 10(10D) of the Income Tax Act.
Premium Structure Comparison
| Policy Variant | Annual Premium (₹) | Payment Term |
|---|---|---|
| Basic 01930 | 4,500‑12,000 | 10‑20 years |
| Plus Rider 01930 | 6,200‑15,800 | 10‑25 years |
| Premium Saver 01930 | 5,800‑14,500 | 15‑30 years |
Claim Process Overview
In the event of death, the nominee files a claim using the policy document, death certificate, and identity proof. AGLA typically settles claims within 30 days after document verification. For critical illness riders, medical reports and doctor's certification are required.
Renewal and Policy Lapse Prevention
Policies automatically renew if premiums are paid before the due date. A grace period of 30 days is standard; after that, the policy lapses and may be reinstated with a medical exam and back‑dated premiums, subject to underwriting approval.
Choosing the Right Variant
Consider your financial goals, dependents' needs, and risk tolerance. The Basic 01930 suits minimal coverage; the Plus Rider adds protection for unforeseen events; the Premium Saver balances lower premiums with longer coverage periods.