AEGON Life Rising Star Insurance Plan

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Aegon Life Rising Star is a Unit Linked Child Plan which aims to stabilize the child’s future against any contingencies.

Aegon Life Rising Star - Key Features

  • Regular Premium Payment
  • In Built Premium Waiver Benefit on Death 
  • Income Benefit
  • Invest Protect Option

Or,

  • Accelerator Fund
  • Stable Fund
  • Secure Fund
  • Debt Fund

Aegon Life Rising Star - Benefits

On Maturity:

Total Fund Value + Top-up Fund Value

**The maturity value can be chosen in lump sum or by equal installments within a 5 year of tenure post maturity

On Death: In the case of the insured’s death,

  • The assured sum along with the top-up sum assured is immediately paid subject to a minimum of 105% of premiums paid.
  • The fund value will automatically be transferred to the Invest Protect option.
  • One annual premium is paid to the beneficiary every year post death till end of the term.

**Future premiums are waived off and paid for by the company.

Tax Benefit: All the premiums paid and claims received are eligible for tax deductions Under Section 80C and 10(10D) of Income Tax Act.

Aegon Life Rising Star - Product Specification:

 

Minimum

Maximum

Entry Age of Parent(Last Birthday)

18 years

48 years

Entry Age of Child (Last Birthday)

1 day

15 years

Maturity Age (Last Birthday)

-

65 years

Policy Term (PT) in years

25 – entry age of the child

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Yearly, half-yearly, monthly

Yearly Premium

20,000

No limit

Sum Assured

Higher of 10*annual premium or 0.5*term*annual premium for ages<45 years and higher of 7*annual premium or 0.25*term*annual premium for ages>=45 years

18*annual premium if age is <45 years or 10*annual premium if age is >=45 years

 

Details About Premium

Illustration for a male aged 34 years

Age of Child

2 years

Policy Term and PPT

223 years

Premium

60,000

SA

10,00,000

Maturity Benefit @ 4%

15,77,945

Maturity Benefit @ 8%

27,00,306

 

Aegon Life Rising Star - Policy Details

Grace Period: In a case where the insured fails to pay his premiums on time, then he is allowed a 15 days grace period is for monthly premium payment cover and a 30 days grace period for a other premium payment modes.

Policy Termination or Surrender Benefit: On completion of 5 years with the plan a surrender value gets enabled with it. In a case where the insured surrenders his plan before completing 5 years, then the fund value including the discontinuation charges will be added to discontinuation fund where it shall grow at a rate of 4% annual. On completing 5 years of the plan this discontinuation fund shall be paid to the policyholder without any additional charges.

Free look Period: In case the policyholder is not satisfied with his plan or its features and benefits, then he has the choice to cancel it within 15days of receiving policy documents, given no claims have been done yet.

Inclusions

  • Partial Withdrawals: Every year 4 Free Partial withdrawals are allowed  with a maximum of 20% of the Fund Value
  • Systematic Partial Withdrawals: The units get redeemed periodically and the proceeds are transferred to the policyholder’s account
  • No Premium Allocation Charges: Every year 4 Free switches are allowed for switching between funds
  • Premium Redirection Option: Future premiums can be redirected to a new fund
  • Additional Rider Covers: Top-ups covers are available to increase the Fund Value by paying additional premium.

Additional Features or Riders

  • Under the plan the assured sum amount increases upto 50% without providing any medical documents within 3 months of child birth or marriage or child birth.
  • Auto Rebalancing Feature: Every year the funds are rebalanced according to the ratio chosen at inception

Exclusions

Suicide: In case of suicide within 12 months of policy inception or renewal of the plan the fund value as on the date of death is paid to the beneficiaries. If the insured commits suicide within 1 year after increasing the sum assured, then the increased sum assured shall not be applicable.

Required Documents

Below are the documents which are required to be insured under Aegon Life Rising Star Plan:

  • Duly filled Application form/Proposal form
  • Address Proof
  • Age Proof
  • Other KYC documents; PAN Card, Adhaar Card, Tax Details etc
  • Medical History 

**Documents required are a subject to the assured sum amount chosen and the premiums paid for it.

 You may also like to read: Aegon Life Child Insurance Plans

Frequently Asked Questions

Q. What if I am not happy with the plan?

In any case, if the insured is not happy with any of the features of term and conditions of the policy, he is free to submit his plan documents for cancellation within 30 days since inception. On cancellation, the fund value is paid back with applicable deductions of policy administration charges, mortality charges, administration charges and medical costs, if any. 

Q. What is the Mortality charges levied?

The mortality charges are deducted on cancellation of units at the beginning of every month of your plan. The charge applicable depends on the age of the insured and the assured sum amount which is calculated as:

Higher of,

Sum Assured

Or,

105% of Premiums paid till date

And,

Rider Cover

Q. What are the service taxes levied?

All taxes including service taxes are levied as per current tax laws. 

Q. Do I get additional unit advantage?

Yes, Aegon Life may add units into the account of the policy at certain times within the plan term in order get parallel with the IRDAI rules with respect to net yield on the Fund Value.

Q. What are the fund management charges under the plan?

A fund management charge of Rs 100 is levied from the policy fund at the beginning of every policy month by cancelling the units.

Q. What does the Auto-rebalancing option do?

At the end of every plan term, this feature automatically rebalances the allocation of your investment into various funds to the allocation proportions chosen by you.

Q. What is the Invest Protect Option?

If you opt for Invest Protect Option, it not only helps you to gain from your investment but also minimize the risk to your returns as the plan nears the maturity date. It systematically shifts the funds from Accelerator fund to Secure Fund during the last 3 plan years.

Q. What are the Equity and money market division of all 4 funds?

Accelerator Fund:

Equity: 80% - 100%

Fixed Interest and Money Market Instruments: 0% - 20% 

Stable Fund:

Equity: 20% - 80%

Fixed Interest and Money Market Instruments: 20% - 80% 

Secure Fund:

Fixed Interest: 60% - 100%

Money Market Instruments: 0% - 40% 

Debt Fund:

This fund aims to generate profitable returns by investing the funds into diversified portfolio of corporate debt, government debt, money market instruments and other of the last policy year  will be switched monthly in Secure Fund.