AEGON Life EduCare Advantage Insurance Plan

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

Written By: PolicyBazaar - Updated: 12 January 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about health plans.
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL