Aegon Life Insurance Company basically offers its customers 2 types of child insurance plans. Among these two Aegon life child plans, one is a traditional child plan, while the other one is a Unit Linked Insurance Plan (ULIP).
Let’s have a close look at the different types of child plans on offer from Aegon Life and their special features and benefits.
Aegon Life EduCare Advantage Insurance Plan
Aegon Life EduCare Advantage Insurance Plan is a traditional money back plan. The policy assures money back at regular intervals so that one can take care of the financial needs of the child.
Special Features and Benefits of the Aegon Life EduCare Advantage Insurance Plan
- This Aegon Child plan participates in the revenue of the Company and is entitled to earn bonuses.
- Premiums paid under this plan are for a limited term only
- In case of death of the insured during the policy tenure under this plan, higher of 10 times the yearly premium or the Sum Assured as well as the vested bonuses is paid to the nominee. However, the payable amount is subject to a minimum of 105% of all premiums paid till the date of death.
- The policy pays money backs in the last 4 years of the plan at the rate of 40% of the Sum Assured in the fourth last year and after that the rate is 20% each year till the policy maturity.
- The last installment of the money back, i.e. 20% of the Sum Assured as well as the vested bonuses is paid on the policy maturity.
- Policyholders can apply for loan under this plan subject to a minimum of Rs. 5000/- and a maximum of 60% of the Surrender Value
- Under this plan, policyholders can opt for Aegon Life ADDD Rider in which added benefit is offered in the event of accidental death, disability or dismemberment.
Eligibility Criteria for Aegon Life EduCare Advantage Insurance Plan:
| Minimum | Maximum | |
|---|---|---|
| Age of Entry | 20 years | 60 years |
| Age of Maturity | - | 75 years |
| Policy Tenure | 14, 16 or 20 years | |
| Sum Assured | Rs. 1 lakh | No limit |
| Yearly Premium Payable | It depends on the chosen cover, age, chosen tenure and premium payment tenure of the policy | |
| Premium Payment Tenure | 10, 12 or 16 years | |
| Modes of Premium Payment |
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Aegon Life Rising Star Plan
Life Rising Star Plan from Aegon Life Insurance Company is basically a unit linked child insurance plan. It is a non-traditional plan that offers no bonus facility. Under this plan, the parent is the Life Insured and this plan makes sure that the parent’s dreams about his child’s future is not compromised since the Aegon Life Rising Star Plan pays for future premiums in the event of his unfortunate death.
- The minimum entry age of Aegon Life Rising Star Plan is 18 years and maximum age for the entry is 48 years.
- The maturity age of the policy is 65 years.
- For individuals aged less than 45 years, the minimum Sum Assured is 10 times the annualized premiums
- For individuals aged above than 45 years, the minimum Sum Assured is 7 times the annualized premium.
- For individuals aged less than 45 years, the maximum Sum Assured is 18 times the annualized premiums
- For individuals aged above than 45 years, the maximum Sum Assured is 10 times the annualized premium.
- The policy provides with the auto rebalancing of funds.
- The tenure for the policy can be for 25 years.
- Tax benefits can be availed under Section 80C and 10(10D) of the Income Tax Act given that the premiums are paid timely.
- The plan has been designed to provide financial security to your children during the most important milestones in life.
- The policy also offers the facility for partial withdrawal as well as the partial withdrawal of the funds option.
- The insurance Company shall pay the Sum Assured to the nominee in case of death of the insured.
- The insurance company shall pay a Lump Sum amount to the insured in case the insured outlives the policy term.
- The funds in this ULIP plan are automatically balanced.
Eligibility Criteria for Aegon Life Rising Star Plan:
| Minimum | Maximum | |
|---|---|---|
| Sum Assured |
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30 times of the annualized premium |
| Policy Tenure | 25 years – Age at the entry of the child | |
| Premium Payment Tenure | Same as the policy tenure | |
| Age of Entry | 18 Years | 60 Years |
| Entry Age of Child | 1 day | 15 yrs |
| Age of Maturity | NA | 75 years |
| Modes of Premium Payment |
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