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  • Aegon life EduCare Advantage Insurance Plan

    Aegon Life Insurance

    Overview

    Take the Aegon life 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 life insurance plan.

    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

    The Aegon life 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.

     

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