Army Group Insurance Fund (AGIF)

The army constantly protects us from any external or internal threats and keeps our country safe. To ensure the safety of the people who protect us, an army group insurance policy was introduced in the year 1860. The army group insurance fund (AGIF) was introduced to fulfill the following objectives-

• Providing financial help to the families of the army personnel who were martyred during service.
• Providing maturity benefits as a lump sum at the time of retirement.
• Providing any other benefits that may be introduced in the policy by the Board of Governors periodically.

In the initial years, AGIF had just two schemes which increased gradually according to the needs of the army jawans and their families. Life insurance cover, disability benefit, maturity benefit, post-retirement extended insurance scheme, etc. are some of the schemes introduced in the AGIF for better financial coverage of the jawans and their families.

The life insurance coverage under this insurance was Rs 30 lakhs for the officers and for the personnel below officer rank (PBORs), it was Rs 15 lakhs. But in April 2011, the life insurance coverage was increased by Rs 10 lakh and Rs 5 lakh for the officers and PBORs respectively.

After this, the annual premium amount payable for jawans was increased to Rs 2000 from Rs 1000. For the Officers, the annual premium amount was increased to Rs 4000 from Rs 2000.

Benefits offered by the Army Group Insurance Fund

Along with providing financial help, the army group insurance fund also provides a variety of additional benefits. They are as follows:

1. Extended insurance scheme

This scheme was introduced under AGIF to provide insurance cover to servicemen after the completion of their service. As of 2014, the revised extended insurance provides coverage of Rs 10 Lakhs and Rs 5 lakhs for officers and the PBORs respectively. The extended insurance is valid for a period of 26 years after retirement or 75 years of age whichever is earlier.

2. Maturity benefits

The maturity benefit is an added bonus paid to the servicemen upon completion of the service. In case of death of the person, the family receives the maturity benefit along with added death benefits.

3. Disability cover

While at service, army personnel are exposed to various risks due to which they might end suffering from an injury or disease. This might make them unfit for service. Under the policy, in case of 100% disability, an amount of Rs 25 lakhs and Rs 12.5 lakhs is paid to the officers and PBORs respectively. The amount paid gets adjusted in other cases depending on the severity of the problems.

4. Scholarship scheme

Scholarship schemes were introduced under AGIF to provide an incentive to the wards of the servicemen. The scholarship scheme provides a sum of Rs 40,000 per annum for the wards of the servicemen. The scheme is applicable for the wards of senior officers, junior commissioned officers, and officers in the army welfare education society.

The soldiers and officers are posted in various locations with the harshest weather and difficult terrains to maintain the security of the country. They often get exposed to dangers that might even lead to death. The Army group insurance fund provides these superheroes of ours a sigh of relief by ensuring their family’s financial security.