AEGON Life EduCare Advantage Insurance Plan

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Introduction/Overview

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.

Aegon Life Edu Care Advantage- Features

  • It is a participating (with profit) child plan that offers limited premium payment option.
  • Lump sum payouts in the last 4 policy years

Aegon Life Edu Care Advantage- Benefits

  • 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.

Product Specification:

 

Minimum

Maximum

Entry Age (As On Last Birthday)

20 years

60 years

Maturity Age (As On Last Birthday)

-

75 years

Policy Term

14, 16, 20 Years

Premium Paying Term

10, 12, 16 Years

Premium Paying Frequency

yearly, half yearly, monthly

Premium

Depends on SA, age, term and PPT chosen

Sum Assured

100,000

No limit

 

Details about Premium

Annual premium in Rupees

Age

SA = 100,000

SA  = 250,000

SA = 500,000

Term

14 yrs.

16 yrs.

14 yrs.

16 yrs.

14 yrs.

16 yrs.

30 yrs.

14,895

12,881

35,783

30,745

69,500

59,455

40 yrs.

15,413

13,373

37,045

31,940

71,960

61,780

50 yrs.

16,904

14,733

40,688

35,248

79,065

68,210

 

Aegon Life Edu Care Advantage- Details

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.

Inclusions

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.

Additional Features or Riders

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.

Exclusions

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.

Documents Required

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

Frequently Asked Questions about Aegon Life Edu Care Advantage Insurance Plan

Q.1)  What is the eligibility criteria of this plan?

Anybody aged between 20 and 60 years can be eligible for this plan.

Q.2) What are the add-ons offered by the plan?

The add-on that is offered by the policy is Aegon Life Accidental Death, Disability and Dismemberment Rider. You have to buy this plan additionally. This Plan ensures that your child will receive the assured benefits if you are killed in an accident or you lose a limb or are left disabled, either permanently or temporarily, due to an unfortunate accident.

Q.3)  How many years can I get life insurance coverage for?

This plan offers life coverage up to 75 years. The plan gives life coverage throughout the policy term. So choose a policy term that suits the requirement of your child.

Q. 4) What is the waiver of premium rider? Is it available with this plan?

Waiver of Premium rider is a facility which takes away the burden of paying future premium from your family in case of your untimely death. This facility is also available under this plan.

Q.5) What is the current claim settlement ratio of the company?

The claim settlement ratio of the company FY 15-16 is 95.30%.

Q.6) How is the maturity benefit is paid out?

The maturity benefit is paid out over a period of 4 years. From the 4th year before maturity, the benefits start to be paid out. On Maturity, the balance (20% of the sum assured) amount is paid out to your child.

Q.7) What will happen if I fail to pay the premium?

It is possible that you may forget to pay premiums sometime. The plan, therefore, allows you to pay within Grace period to prevent your policy from getting lapsed. The grace period is for 30 days. But if you opt for the monthly premium paying term, the grace period will be of 15 days. Within this period, you will have to pay the all the due premium. Failure to pay within this time will result in policy relapse and you will have to revive the policy.

Q. 8) How can I intimate the company when the policyholder dies.

Death claim can be made only if the policyholder dies when the policy is still active. You have to fill up the claims form and submit it along with related documents to your nearest branch of Aegon Life Insurance.

Q.9) How to check the claim status?

It is very easy to check the claim status. All you need to do is to call or email the company asking about the status of the claim you filed.

Written By: PolicyBazaar - Updated: 07 November 2016