Aegon Religare Educare Plan
Educare is traditional life insurance plan which provides you guaranteed payouts in the last 4 years policy years to take care of your child’s college education. In the last 4 years of the policy term, 50%, 25%, 25% and 20% of Sum Assured are paid respectively. There are 2 options for death benefit to suit your requirements. Additionally there is an accidental rider, high sum assured discount, bonuses and loan facility available under this child plan.
Key Features of Aegon Religare Educare Plan
- Guaranteed payouts during the last 4 policy years
- Rebate on large Sum Assured
- 2 Death Benefit options to choose from
- Increase in the benefit amount every year by way of bonuses
- Tax benefits
Benefits you get from Aegon Religare Educare Plan
Death Benefit – You can choose from 2 options:
Option 1: In case of death of the Life Insured, the Nominee would get -
- Sum Assured
- Accrued Bonus
- Guaranteed payouts
Option 2: In case of death of the Life Insured, the Nominee would get -
- Sum Assured
- Accrued Bonus
- Guaranteed payouts
- An amount equal to 10% of the Sum Assured every year till the end of the Premium Paying Term
Survival Benefit – Is provided as below
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Years before Maturity
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Maximum
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4 years before Maturity
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50% of Sum Assured
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3 years before Maturity
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25% of Sum Assured
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2 years before Maturity
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25% of Sum Assured
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On Maturity
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20% of Sum Assured + Bonus
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Maturity Benefit – On policy maturity, you receive 20% of the Sum Assured, which is the last instalment of the guaranteed payout plus bonuses (which are declared at the end of every year depending on the company’s performance).
Income Tax Benefit - Life insurance premiums paid up to Rs. 1,00,000 are allowed for deduction from the taxable income each year under section 80C.
Eligibility conditions and other restrictions in Aegon Religare Educare Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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1,00,000
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-
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Policy Term (in years)
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12, 16, 20
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Premium Payment Term (in years)
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8 yrs - For 12 year Policy Term
12 yrs - For 16 year Policy Term
16 yrs - For 20 year Policy Term
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Entry Age of Parent (in years)
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20
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63
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Age at Maturity of Parent (in years)
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-
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75
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Payment modes
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Yearly, Half-Yearly and Monthly
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Additional Features and Benefits of Aegon Religare Educare Plan
Riders – There is 1 rider available with this child plan:
ADDD rider wherein the benefit is paid on death due to an accident or accidental dismemberment i.e loss of limb or eye.
You stop paying the premium before 3 years – After the grace period, the policy lapses with all benefits. You can reinstate the policy within 2 years from the due date of first unpaid premium.
You stop paying the premium after 5 years - If you fail to pay your premiums after paying for the first 3 years, the policy continues with the Paid-up Sum Assured and is referred to as Paid-up Policy. This is {(Total premiums received / Total premiums expected over the term) x (120% of Sum Assured) – Guaranteed Payouts already paid}. If the policy continues as a Paid-up Policy, then you are not eligible for future bonuses, guaranteed payouts or future payouts.
You want to surrender the policy – On payment of 3 years’ premiums, the policy will acquire guaranteed Surrender Value and Surrender Value will be paid after the completion of 3 years.
Calculation of Surrender Value = Surrender Value factor x (paidup Sum Assured + Accrued Bonuses).
You want a loan against your policy – Loan is available from 4th policy year under this child plan. The minimum loan amount is Rs 5,000 and maximum amount is not more than 60% of the Surrender Value.
Alternate Child Plans from different insurance companies
Kotak Child Edu Plan
DLF Pramerica FeeProtect
BSLI Bachat Child Plan
Other Child Plan from AEGON Religare Life Insurance
AEGON Religare Rising Star Plan - ULIP
