Aegon Religare Life Insurance Company has launched a new child insurance plan ‘Educare’, with the objective to provide a secured savings platform to meet higher education expenses.
‘Educare’ is traditional life insurance plan which provides guaranteed payouts during the last 4 years equivalent to a total of 120% of the Sum Assured. In the last 4 years of the policy term, 50%, 25%, 25% and 20% of Sum Assured shall be paid respectively. On maturity, bonuses shall also be paid by the company.
Key Features of Aegon Religare Educare Plan:
. Guaranteed payouts during the last 4 policy years
. Rebate on large Sum Assured of Rs 5 lakhs and above
. 2 Death Benefit options to choose from
. Increase in the benefit amount every year by way of bonuses
. Tax benefits
Read expert Review of Aegon Religare Educare Plan
The minimum entry age in ‘Educare’ is 20 years and the maximum entry age is restricted to 63 years. Depending on individual requirement, a policyholder can choose from 3 policy term – 8 years, 12 years and 16 years. The premium payment term in this child plan will be the policy term minus 4 years. This means that the policyholder will not have to pay premiums in the last 4 years. Bonuses will be added every year depending on the performance of the company and will accrue only if first three year premiums have been paid.
