Army Group Insurance

Army Group Insurance (AGI) is a well-known & crucial group insurance scheme made for Indian Army personnel and their families.

Overview of Army Group Insurance

The scheme is managed by the Army Group Insurance Fund (AGIF), which was established in 1948 to provide social security to Indian Army men and their dependents.

The Army personnel under Army Group Insurance (AGI) can choose for various insurance plans such as life insurance, disability insurance, and health insurance. The premium for these plans is deducted from the army personnel’s salary on a monthly basis. The benefits provided by Army Group Insurance depend on the plan as selected by army personnel.

AGI has played a very important role in providing financial security & stability for the Indian Army personnel and their families. The scheme is a boon for the army jawans during the time of medical emergencies, disability, and death of the personnel

AGIF also offers various welfare schemes for the Army personnel and their families which includes education scholarships, grants for medical treatment, and housing loans.

Army Group Insurance Fund Scholarship

The scholarship is provided by AGIF to the children of Army personnel for educational assistance. The army personnel children in the field of engineering, medicine, dental, law, and management are provided this scholarship

The AGIF scholarship aims to provide a great helping hand by providing this financial assistance in the form of a scholarship. It is helping army personnel children to pursue their dream carrier with help of the AGIF Scholarship

The scheme gives financial aid to help with the cost of tuition fees books and other associated costs. The grant amount varies according to the student’s educational background and chosen course.

The eligibility for the AGIF scholarship is based on the army person’s children’s academic performance. He must have secured a minimum percentage of marks as defined by AGIF in the previous academic year

Army Group Insurance (AGIF) Loans

AGIF Loans also have facilities of Loans for army personnel. Army Group Insurance Fund Loan Scheme (AGIFLS) comes under AGI which looks after the Loans scheme for army jawans and officers.

The loan amount and interest rates depend on the plan selected by the army personnel and the amount of insurance coverage chosen for.

It offers various types of loans like personal loans, house building loans, vehicle loans, and computer loans for army personnel. These loans are very helpful for army jawans as most of these loans’ rate of interest is high in banks as compared to AGI Loans.

The loan repayment is can be easily done by the monthly deductions from the army personnel’s salary. It is important to provide proper and complete documentation in order to apply for various types of loans as provided by AGIF.

Eligbility for AGIF Loans

• Army Personnel Sevice and track record
• The Rank
• Insurance Cover
• The Loan amount sanctioned depends on the salary and repaying capacity
• The credit history of army personnel is also an essential consideration for sanctioning of the loan

Benefits of AGIF Loans

• It is easy to apply and no need to visit the outside organization
• The process is simple but needs to be followed properly
• There are various types of loans available for army personnel which they can apply
• The criteria to get a loan from the Army Group Insurance fund is a little easier and less stringent than outside banks
• It is great to help army personnel during the time of emergency

Types of Army Group Insurance (AGIF) Loans

Army Group Insurance Fund AGIF Personal Loan

Army personnel can avail of this loan for personal expenses such as home renovation, travel, or medical emergencies. The loan amount and rate of interest depend on the army person’s insurance coverage and repayment capacity.

Army Group Insurance Fund Interest Rate

It depends on the present rate of interest as per the RBI but generally, it ranges from 9.75 to 11 Percent.

Army Group Insurance Fund AGIF Home Loan or House Building Loan

Army personnel can avail of this loan for the construction or purchase of a house or flat. The amount of the loan depends on the army person repaying capacity, his salary, and the insurance coverage it got

Army Group Insurance Fund Car or Two-wheeler Loan

Army personnel can avail of this loan for the purchase of a Car and Two-wheeler. The amount of the loan depends on the army person repaying capacity, salary and the insurance coverage it got

Download the Army Group Insurance Fund Car or Two-wheeler Loan as below:-

Army Group Insurance Fund Car Loan Application Form

AGIF Computer Loan

Army personnel can avail of this loan for the purchase of a computer or laptop. The amount of the loan depends on the army person repaying capacity, his salary, and the insurance coverage it got

Army Group Insurance Fund Interest Rate Table

The following is the Army Group Insurance Interest rate table for various types of Loans as per the available data which can change as per the latest RBI change of rate of interest:-

Army Group Insurance Fund Maturity Table

The maturity table explains to us the benefits that are payable to Army personnel and their nominees upon completion of the insurance policy term

Overview:-

Endowment Assurance Scheme: Upon completion of the policy term or retirement, Army soldiers will receive the maturity benefit. The sum guaranteed plus any incentives that have been earned over the policy term makes up the maturity benefit.

Convertible Whole Life Assurance Scheme: The maturity benefit under this plan is given to Army employees either upon retirement or at the end of the policy’s term. The sum assured plus any bonuses that have accumulated over the course of the policy period make up the maturity benefit.

Joint Assurance Scheme: Under this scheme, the maturity benefit is equal to the sum assured plus any bonuses that have accumulated during the policy term.

Whole Life Assurance Scheme: This scheme offers that the maturity benefit is payable to the Army personnel on completion of the policy term or on retirement. The maturity benefit is equal to the sum assured plus any bonuses that have arisen during the policy term.

Army Group Insurance Claim Process

It depends on the type of insurance plan chosen by the Army jawans. The following broad steps are applicable to most of Army Group Insurance claim procedures:

Intimation – This is the 1st and most important step to follow. The army personnel has to fill out the claim form and submit it along with the required documents to the AGIF.

Documentation – This is 2nd step that army personnel have to follow. To provide all the relevant documents to support the claim of the insurance. The document types depend on the type of insurance policy.

Verification – The AGI will verify look into the documents and verify all the submitted documents for the claim

Processing – Once all the above steps are done. if the form and all the documents are verified correctly then the AGI will calculate the exact amount the army personnel will receive on his insurance claim.

The following is the Army Group Insurance Official Website

The following is the Army Group Insurance Contact Number:-

Director Claims – 011- 26145709

Director Coordinator – 011- 26142369

Help Line Desk – 011- 26148654 & 011- 26148055

Army Group Insurance Fund Exchange Numbers – 011- 26142749 & 011- 26151031; Fax – 011- 26148471 & 011- 26140343

Email id for AGIF – adagif@masterloan4fauji

Army Group Insurance Fund Office Address:-

Official Postal Adress – Army Group Insurance Fund AGI Bhawan, Rao Tula Ram Marg Post Bag No 14, PO-Vasant Vihar New Delhi – 110057