All Retired Army Navy and Air Force Officers, JCOs, NCOs and Other Ranks have extended insurance benefit who Redired after 31 December 1980 (for Army, AGIF). Extended Insurance is a financial protection for retired soldiers upto the age of 75 years for JCOs/OR and for Officers 80 years.
AGIF stands for the “Armed Forces Group Insurance Fund.” It is an insurance program specifically designed to provide financial protection and security to armed forces personnel, including soldiers, both during their active service and after retirement. AGIF is a voluntary insurance scheme that aims to offer various insurance benefits to members of the armed forces and their families. Here’s how AGIF works and how it can protect soldiers after their retirement. Insurance Coverage: AGIF provides various types of insurance coverage, including life insurance, disability insurance, and other related policies. The insurance coverage can vary in terms of the amount of coverage and the specific benefits provided.
Premium Payments: Military personnel who wish to participate in AGIF typically pay regular premiums to maintain their coverage. The premiums are deducted from their salary or pension while they are in service. Coverage During Service: While soldiers are in active service, AGIF coverage provides protection in case of accidents, injuries, or death. It offers financial support to the soldier or their beneficiaries in the event of a covered incident.
Post-Retirement Protection: One of the significant advantages of AGIF is that it continues to provide insurance coverage and protection to soldiers after they retire from the armed forces. This post-retirement coverage can be crucial for maintaining financial security and supporting the retiree and their family. Family Benefits: AGIF often extends coverage to the families of armed forces personnel, including spouses and children. This ensures that the family members are also protected in case of unfortunate events involving the soldier.
Financial Support: In the event of disability or death, AGIF provides financial support to the insured or their beneficiaries. This support can include lump-sum payments, annuities, or other benefits, depending on the terms of the insurance policy.
Optional Riders: AGIF policies may offer optional riders or additional coverage options, such as coverage for critical illnesses, education funds for children, or mortgage protection, allowing individuals to tailor their insurance plans to their specific needs. Savings and Investments: In addition to insurance coverage, AGIF may offer investment and savings options, helping soldiers build financial assets for their future needs, such as retirement planning or educational expenses.
It’s important to note that the specific details of AGIF programs, including coverage, premium rates, and eligibility criteria, can vary by country and armed forces branch. Soldiers and veterans are encouraged to review the terms and conditions of AGIF policies, consult with insurance advisors, and make informed decisions about their insurance coverage to ensure adequate protection during and after their military service. We should know the basic features of Extended Insurance scheme as described in the Advisory issued by DIAV, Ministry of Defence . Let’s have a look on it.
EXTENDED INSURANCE (EI) SCHEME OF AGIF
- EI Scheme was introduced wef 01 Jan 81 as an extension of Insurance cover post retirement.
- Covers specific period and is applicable as per the cover defined at the time of retirement (Please Note: Earlier retirees not entitled to cover provided by the later modifications to the scheme).
- Onetime non refundable premium deducted at the time of retirement.
- Being a term insurance, no survival benefits nor any saving component.
- An EI Certificate is issued by AGIF to each individual on retirement.
- On demise of ESM, NOK required to inform AGIF along with death certificate and the EI Certificate.
- On re-employment, EI scheme is suspended as cover provided by existing insurance scheme
- The EI Table below is for general awareness; specific terms and conditions are given in the EI Certificate.
EI SCHEME TABLE
(Note: Term Period of Cover is for No of yrs after retirement or age, whichever is earlier & Amt in Lacs)
|Ser||Period of||Sum Assured||Term of Cover||Refundable|
|Retirement||(Whichever is earlier)|
|Years of age|
|1.||01 Jan 81- 31 Mar 89||65,000||30,000||10||65||No|
|2.||01 Apr 89 – 31 Mar 94||1 L||0.5 L||10||65||No|
|3.||01 Apr 94 – 30 Jun 99||2 L||1 L||20||70||No|
|4.||01 Jul 99 – 30 Dec 04||3 L||1.5 L||20||72||No|
|5.||31 Dec 04 – 29 Jun 09||4L||2L||26||75||No|
|6.||30 Jun 09- 30 Jul 10||6L||3L||26||75||No|
|7.||31 Jul 10 – 30 Dec 13||6L||3L||26||75||Yes|
|8.||31 Dec 13 – 31 Dec 14||10L||5L||26||75||Yes|
|9.||01 Jan 15 – 31 Mar 17||10L||5L||30||80||Yes|
|10.||01 Apr 17 – 31 Dec 21||10L||5L||30||80||No|
|11.||01 Jan 22 – 31 May 22||10L||5L||26 Offrs|
|12.||01 Jun 22 Onwards||15L||7.5L||26 Offrs|
Documents Required For Claiming EI.
- Death certificate issued by Registrar of Birth and Death (Death certificate issued by Military Hospital is accepted)
- Cancelled cheque/cheques with name of beneficiaries (alternatively copy of first page of passbook with names, if cheque does not have name imprinted)
- AADHAR Card of beneficiaries (as proof of identity).
- EI Certificate, if available.
In case beneficiary is other than Nominee / Contingent Nominee
- Claim Affidavit as given on website. https://indianarmy.nic.in/Site/FormTemplete/frmTempSimple.aspx?MnId=iegLcCJTM0g8DBSbZxKdgw1eWKghu /FxucWRmyWQIxs=&ParentID=pnxe/af8jupzKsTPN8ObGQ==&flag=8CKP966uzg96kLov0aWdfQ==
- Indemnity Bond with surety as given on website. https://indianarmy.nic.in/writereaddata/documents/Indemnity Bond with.pdf