Aegon Life Insurance Company Limited (formerly Aegon Religare Life Insurance Company Limited) launched its operations in India in July, 2008 and since then has emerged as a strong player in the insurance industry. AEGON Life is one of the leading providers of financial services, life insurance, pension and asset management services in India. Currently, the company enjoys a good market share and has launched different types of life insurance products for meeting all the varied needs of individuals at attractive premium rates.Read more
Insurer pays your premiums in your absence
Invest ₹10k/month and your child gets ₹1 Cr tax free*
Save upto ₹46,800 in tax under Section 80(C)
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Invest ₹10k/month your child will get ₹1 Cr Tax Free*
Plans which provide for the child’s future in the event of the parent’s death by taking care of the financial aspects are called a child plan. These plans are designed with the sole purpose of protecting the child’s future and can have either the parent or the child as the person whose life is insured under the plan.
Some of the basic features of a child plan are:
AEGON Life Insurance offers its customers two types of child plans. While one plan is a traditional child plan, the other is a Unit Linked Insurance Plan (ULIP). Let us take a look at the different types of child plans offered by AEGON Life and the features and benefits of each.
A traditional money back plan which promises money back at regular intervals to take care of the financial requirements of the child. The features and benefits of the plan are as follows:
|Entry Age||20 years||60 years|
|Maturity Age||-||75 years|
|Policy Term||14, 16 or 20 years|
|Sum Assured||Rs.1 lakh||No limit|
|Annual Premium Amount||Depends on the cover, age, term and PPT|
|Premium Payment Term||10, 12 or 16 years|
|Premium Payment Frequency||Yearly, half-yearly or monthly|
A unit linked child plan where premium is paid for the entire term of the plan. The features of the plan are as follows:
|Entry Age of the parent||18 years||48 years|
|Entry age of the child||1 day||15 years|
|Maturity Age||-||65 years|
|Policy Term||25 years – entry age of the child|
|Sum Assured||Higher of 10/7 times the annual premium or 0.5/0.25*term*annual premium||18 / 10 times the annual premium|
|Annual Premium Amount||Rs.20, 000||No limit|
|Premium Payment Term||Equal to the policy term|
|Premium Payment Frequency||Yearly, half-yearly or monthly|
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
As a parent, the most important responsibility in his life is to fend for the child and save enough and more so as to secure the child’s future. We dream to get the best for our children and as over protective parents, we always end up thinking a lot for our children. However, in today’s world, just thinking is not enough. In fact it was never enough. You would have had to plan, strategize, think, save and also invest so as to earn a handsome return when the child actually needs the money for his higher education. As parents, we have been thinking and dreaming a lot on behalf of our children. Whether he wants to become a doctor, or an engineer or maybe a fashion designer or an architect, etc. also, in today’s day and age the choices are so vast, that even children have a large variety of choice of education and he is also able to choose favourite subject at a very early age. Whether this is is good or not is debatable but yes, it is possible.
So, just saving for your child’s future in a piggy bank will not be possible because inflation eats the money out and actually lower the value of money. So, you need to start the investment today! Whenever you realize the need for investment, is the correct day for you to start. A very popular saying is: “a work begun is half done”. So starting to plan and save and invest prudently for a child is a work half done. As soon as you start your investment to plan for your child, is a good way to gift your child a good investment for the future!
A child plan may or may not be in the child’s name as long as it has been especially designed for the bright future of your child. It needs to be specifically for your child’s needs so that when he is ready for higher education you are ready with the money and not waiting for a period of time for it to mature or increase in value. So investing and timing are the two most considerable factors that need to be kept in mind while investing for your child!
There is also an option of paying via cash or cheque personally in any of the branch offices in your city. IVR method of payment is possible where one needs to keep in handy the credit card information along with date of birth.
For online log into the website with your Customer ID and password to check the policy status.
For offline mode, you can approach any of the branch office to drop your cheque.
E settlement facility via NEFT mode option is also available with us.
For new policyholders, a grace period of about 15 days is given, wherein you have the option of cancelling the policy and receiving back the premium.
In either case the Unit price is calculated as per the current market value of NAV if the documents are submitted before 3:00 PM, else the next day’s NAV value is applied to calculate the refund.
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