Aegon Life Rising Star Child Insurance Plan

The Aegon Life Rising Star Child Insurance coverage enables parents to provide their kids greater opportunity so they may achieve their goals. The plan aims to secure the future of the member’s children as well as the offspring of the family.

What is the Aegon Life Rising Star Child Insurance Plan’s scope of coverage?

Funeral Benefit

The nominee will be qualified for the higher of the base amount guaranteed or 105% of the base program premiums paid until the policyholder’s death in the event that the life assured passes away during the policy term. The basic fund balance, which will be invested until the time of termination, will also be given to the nominee. On the date of maturity, the nominee will receive a lump sum payment equal to the base sum insured.

Maturity Advantage

The Fund Value plus any top-up value, if any, will be payable to the Policyholder on the Date of Maturity if the Policyholder lives the Policy Term. Customers who would prefer not to get their entire maturity amount at once might choose to settle.

Option for Settlement

Customers must inform the firm at least 90 days before the date of maturity if they want to use the settlement option. The benefits as of the time of termination will be paid to the individual in periodic installments throughout time after this option has been taken. The business will deduct all pertinent fees and costs, excluding the mortality expenses, throughout the settlement term.

Retraction in Part Aegon Life Rising Star Insurance Plan buyers have the choice to make a partial exit at any time once the lock-in period has passed. Customers who have fully paid all basic plan premiums are eligible for partial withdrawal. The life guaranteed must be at least 18 years old when seeking a partial withdrawal, and the minimum sum that may be withdrawn is Rs. 5000. The total amount that may be withdrawn in any one policy year may not exceed 20% of the financing value at the beginning of that specific policy year.

Aegon Life Rising Star Child Insurance Plan exception

One significant exclusion from the Rising Star Child Insurance plan is as follows:

Suicide: The nominee will only be entitled for the fund value of the share as of the date of termination if the policyholder dies by suicide throughout the first policy year. Additionally, the amount by which the sum promised was extended will not be taken into account for computing the death benefit if the life assured killed within 12 months after exercising the potential to raise the principal amount.

Additional salient characteristics of the Aegon Life Rising Star Child Insurance Plan

The Rising Star Child Insurance Plan also includes the main elements listed below:

Within days after receiving the policy statement, clients who are dissatisfied with those other contract terms of the Rising Star Child Insurance Plan have the option to go back the policy along with a letter describing their reasons for canceling the insurance. The free look time will be 30 days if the insurance was acquired through a distant marketing channel. All stakes, rewards, and rights under the insurance will expire once it is sent back to the insurer.

Gratitude Period

If you have chosen a monthly premium payment frequency and you have not paid your premium payment on time, you will be given a wait period of 15 days to do so. The grace period will be 30 days if the premium payment frequency is semi-annual or yearly. If a customer doesn’t pay the premium by the due date within the grace period, the policy will expire and they won’t be able to get any rewards.

Discontinuance

The policy will lapse and the policyholder won’t be entitled for any benefits if they don’t pay the premium by the due date.

Reinstatement

If your policy has expired, you have two years from the date the first unpaid charge was due to seek for revival. To reactivate the coverage, the outstanding premiums and an extra interest fee must be paid. However, the insurance company has the right to decide whether to restore a policy in its exclusive discretion, based on the presentation of sufficient proof of the life assured’s underinsured motorist.

Tax advantages: How much money can you save with the Aegon Life Rising Star Child Insurance Plan?

According to Section 10(10D) of the Income Tax Act of 1961, benefits obtained under the Rising Star Child Insurance Plan are tax-deductible. In accordance with Section 80C of the Act, the policy’s premium payments may also be tax-deductible. Please be aware that the tax advantages provided by the Rising Star Child Insurance Plan may change from time to time due to modifications made to tax regulations.

Why should you purchase Aegon Life’s Rising Star Child Insurance Plan?

With its headquarters in Mumbai, Aegon Life has developed into one of the biggest and greatest insurance companies in India. Over 4 lakh consumers are served by the organisation, which has 59 locations spread across 46 cities and works with over 9600 insurance agents. Due to the delivery of high-quality goods and services, Aegon Life continues to expand gradually each year. The Rising Star Child Insurance plan from Aegon Life will be a wise investment thanks to a large product line that can satisfy the needs of a wide range of customers and top-notch customer care.

Aegon Life Rising Star Child Insurance FAQs