Aegon life EduCare Advantage Insurance Plan

Overview

Take the EduCare Advantage Insurance Plan to safeguard your child’s future against the increasing education expenses. The plan provides you a lump sum pay-out during the last 4 years of the policy year to meet the educational expenses of your child.

Eligibility Conditions of Aegon life EduCare Advantage Insurance Plan

Entry Age

Minimum – 20 years

Maximum –

Policy term

14 years

16 years

20 years

Age

60 years

59 years

55 years

Maturity age

Maximum – 75 years

Sum assured

Minimum – Rs.1 lakh

Maximum – No limit

Key Features of Aegon life EduCare Advantage Insurance Plan

Type

Participating

Basis

Individual.

Coverage

  • Death Benefit: If the life assured dies during the policy term, then the nominee will receive higher of 10 times of the base premiums or sum assured with the bonus. The death benefit will be subject to 105% of the base premiums paid.
  • Maturity Benefit: If the life assured survives the policy term, then he will receive 20% of the sum assured.
  • Surrender Benefit: After the first full year’s premiums have been paid, the policy will acquire guaranteed surrender value.

Policy Term

14, 16 and 20 years.

Premium paying term

10, 12 and 16 years.

Premium paying frequency

Monthly, half-yearly and yearly.

Renewability

Not available.

Riders

Aegon life ADDD Rider

You can choose this rider and if the life assured dies due to an accident or suffers loss of use limb or eye either permanent or temporarily, benefits will be paid accordingly.

Bonuses

Simple Reversionary Bonus is paid each year as a percentage of sum assured.

Loan

You are allowed to avail loan under this policy from the fourth policy year. The minimum loan amount allowed is Rs.5,000 and the maximum loan amount cannot exceed 60% of the surrender value.

Free look period

The plan has a 15 days free look period from the date of receipt of the policy document. If you have purchased the policy through distance marketing, then you get 30 days free look period. You need to provide a written reason of objection along with the policy document. You will receive refund on the date of allocation along with deductions of proportionate risk charges and expenses incurred on medical examination and the stamp duty charges, if any.

Grace period

The policyholder gets 30 days grace to pay the premium for yearly and half yearly mode. But for the monthly mode, 15 days grace is given.

If the life assured dies in the grace period, then the death benefit will be reduced to the extent of the outstanding premium.

Tax benefits

You will be eligible for tax benefits under Section 80C and Section 10(10D).

Nomination

You can appoint anyone as Nominee to receive the benefits under this policy.

Exclusion

If death occurs due to suicide in one year from taking the policy, 80% of the death benefit is refunded.

Advantages Aegon life EduCare Advantage Insurance Plan

  • Guaranteed pay-outs are ensured.
  • You can choose from the three premium payment terms.
  • The tax benefits are available as per the prevailing tax laws in India.
  • Lump sum payout starts in the last 4 years of the policy term. You can plan the policy around the time you might need funds for your child education.

How The Plan Works

While taking the Aegon life EduCare Advantage Insurance Plan, you can choose the policy term and the amount of protection that you require. If the life assured dies during the policy term, then the nominee will receive higher of 10 times of the base premiums or sum assured with the bonus. The death benefit will be subject to 105% of the base premiums paid. In the event the life assured survives the policy term, then he will receive 20% of the sum assured. After the first full year’s premiums have been paid, the policy will acquire guaranteed surrender value.

Premium Payment

Premium payment term is 10 years for a 14 year policy term, 12 years for the 16 year policy term and 16 years for the 20 year policy term. The premiums can be paid yearly, half-yearly or monthly. Policyholder will also get 30 days grace period to pay the yearly and half-yearly premium payment. For the monthly premium payment, the policyholder will get 15 days grace period.

Riders

EduCare Advantage Insurance Plan offers Aegon life ADDD Rider.

You can choose this rider and if the life assured dies due to an accident or suffers loss of use limb or eye either permanent or temporarily, benefits will be paid accordingly.

 

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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