Aegon Life Edu Care Advantage is a traditional Child Plan with Money Back facility. The plan guarantees to provide for the child’s future financial needs even in the unfortunate death of the parent.
Insurer pays premium in case of loss of life of parent
Create wealth for child’s aspirations
Tax Free maturity amount+
12+ plans available
Invest ₹10k/month your child will get ₹1 Cr Tax Free*
It is a participating (with profit) child plan that offers limited premium payment option.
Lump sum payouts in the last 4 policy years
On death of the life insured, the nominee receives the guaranteed death benefit, which is higher of ten times the annual premium, 105% of the total premium paid and the sum assured along with the vested bonuses.
In the last four years of the policy term, guaranteed Payouts accrue at 40% and 20% per year. even after the death of the policyholder
On Maturity, 20% of the SA (last instalment) + vested bonuses is paid
The two sections of Income Tax Act of India, namely Section 80C and Section 10(10D) allows the policyholder to enjoy Tax Benefits on the premiums paid and on the claims received, respectively.
|Entry Age (As On Last Birthday)
|Maturity Age (As On Last Birthday)
|14, 16, 20 Years
|Premium Paying Term
|10, 12, 16 Years
|Premium Paying Frequency
|yearly, half yearly, monthly
|Depends on SA, age, term and PPT chosen
Annual premium in Rupees
|SA = 100,000
|SA = 250,000
|SA = 500,000
Grace Period: If you opt for the monthly payment mode, you will receive a grace period of 15 days. If you opt for other payment modes, you will get a grace period for 30 days. You will have to pay all your due premiums within this period, or else your policy will lapse.
Surrender Benefit or Policy Termination: The policy acquires a Surrender Value if one full year’s premium has been paid. The amount which is higher of the Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV) will be offered as the surrender benefit.
GSV = (GSV % of the Premiums paid + GSV % of vested Bonuses – Guaranteed Payouts already paid) + GSV % of vested Bonuses.
Free Look Period: If you are not satisfied with the coverage offered by the company, as well as the terms and conditions of the policy, you can cancel the policy, provided there is no claim already made, within 15 days from receiving the policy documents.
The policyholder can avail Loans under this plan. The amount permitted for a loan is minimum Rs.5000 and a maximum of 60% of the Surrender Value after completion of 3 years.
For additional protection, you can buy Aegon Life Accidental Death, Disability, and Dismemberment Rider with your basic plan. This rider guarantees to provide additional benefits in case of the insured person’s death, disability or dismemberment caused by some accident.
Suicide is excluded from the reasons of death for which the nominee can file a claim. However, 80% of the premiums paid are returned to the beneficiary if the life insured commits suicide within a year from the commencement of the insurance policy. In case the suicide is committed within a year from the revival of the plan, the amount that is higher of 80% of the sum assured and the surrender value acquired till date will be paid out to the nominee.
Not many documents are required to buy this plan except your address proof, medical history and a few other KYC documents. Just fill up a Proposal/Application form and submit the documents to avail the plan. Whether or not you need to go through a medical examination depends on the sum assured you chose and your age at the time of entry.
You may also compare: Aegon Life Child Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
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