AEGON Life Rising Star Plan
AEGON Life Rising Star Plan is a unit linked child insurance plan (ULIP). This is a Non-Traditional Plan without Bonus facility, where the parent is the Life Insured and this plan ensures that the parent’s dreams about his child’s future are not hampered as it pays for future premiums in an unfortunate event of his death.
In this plan, premium needs to be paid till the end of the Policy Term. The policyholder gets to invest his money in his chosen fund out of the 4 funds available and receives the Fund Value as Maturity Benefit. However, if the parent i.e. the Life Insured dies within the policy tenure, the nominee or the child would receive the Sum Assured as Death Benefit and the future premiums would be paid by the insurer such that the Fund Value is paid as the Maturity Benefit to the nominee when the policy matures.
This plan has a unique option of Invest Protect Option, where the policyholder can choose to systematically move out of his current investment funds 3 years before maturity so that any volatility in the market would not affect his maturity benefit. This plan also has a feature called Auto-Rebalancing Option where the portfolio chosen by the policyholder is always maintained.
Compare this plan with other Investment Plans
AEGON Life Rising Star Plan - Key Features
The Fund Value + Sum Assured is paid as Death Benefit
There is an option of 4 fund options and 2 rider options
There is an option of Auto Rebalancing in this plan, where the funds would rebalance automatically according to the preferred fund allocation menti
The Fund Value is provided as Maturity Benefit
AEGON Life Rising Star Plan - Benefits
In case of death of the Life Insured, the nominee would gets 3 fold benefit:
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On maturity, the Fund Value is paid to the policyholder.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
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There are 4 Investment Funds available
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You can invest additional premiums as top-up premiums anytime except in the last five policy years. The minimum top-up premium is Rs. 5,000.
You have the flexibility to switch investments from one fund to the other any time during the policy term. 4 Switches are free every year. Switchin
You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs.5,0
Illustration
Let's Understand The Plan With An Example:
Mr. Mahesh (Age 34 years) works with a private firm. His wife is a teacher and they have a son - Anuj who is 2 years old. Although Mahesh and his wife’s salary provides well for their family,he is concerned about the rapid change in the way of life. He is also aware of the rising inflation and spiralling education expenses. Moreover, he is cognisant that life is uncertain and the future of his family, especially his son needs to be protected. He relies on Aegon Life’s Rising Star
Insurance Plan.
His plan details are as follows:
Cover Amount (Base Sum Assured): Rs.10 lakhs, Policy Term: (25 – age at entry of child) = 23 years, Premium Payment Term: 23 years, Annual Premium: Rs.60,000. Invest protect option selected.
Total benefit: Rs.10 lakhs cover amount+Rs.11.4lakhs as income benefit + Matiruty payout @8%=rs.26,91,037/- or @4%= Rs.15,72,605, (if declared). Additional savings of Rs,11.4 lakhs due to waiver of premium.
The benefits/bonus/fund/ value represented with 4% & 8% are not guaranteed and they are given as illustration purpose only.
Eligibility Conditions and Other Restrictions in Aegon Life Rising Star Plan
| Minimum | Maximum | |
| Sum Assured (in Rs.) | Higher of 10 times X Annualized Premium or (0.5XTermXAP) for age< 45 years
Higher of 7 times X Annualized Premium or (0.25XTermXAP) for age>= 45 years |
30 times X AP
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| Policy Term (in years) | 25 years – Age at entry of the child | |
| Premium Payment Term (in years) | Equal to Policy Term | |
| Entry Age of Policyholder (in years) | 18 | 60 |
| Entry Age of Child (in years) | 1 day | 15 yrs |
| Age at Maturity (in years) | NA | 75 |
| Payment modes | Yearly, Half Yearly, Monthly | |
AEGON Life Rising Star Plan - FAQs
If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
The policy can be surrendered from the 6th (sixth) policy year. The surrender value will be equal to the fund value of all the premiums paid.
Loan facility is not available under this policy.
