As a parent, aren’t you always thinking about your child’s future and what can you do to make sure they achieve their dream? Having an insurance plan by side gives us parents the peace of mind that our children will be protected even in our absence. In this review, we are going to discuss AEGON Life Rising Star Insurance Plan, its benefits and more.
Overview AEGON Life Rising Star Insurance Plan
AEGON Life Rising Star Insurance Plan is unit linked insurance plan which helps to protect your child’s future and make sure they can achieve their dreams. In this Insurance plan, one gets the option to invest their premium in the following fund options
Accelerator Fund
In this, the insurance company invests in different sectors for the diversification of the portfolio for more return.
Stable Fund
These funds will maintain a balance between equity and debt exposure to gain from asset price movements
Secure Fund
The main objective of these funds is to return reasonable returns with very low valuation risks
Debt Fund
This fund invests in government debt, corporate debt , money market instruments to receive attractive returns.
Kye Features Of this insurance plan
- It systematically helps you to build a corpse for your children future
- In AEGON Life Rising Star Insurance Plan, the policyholder gets the option of ‘Invest Protect’ that helps them gain from their investment while at the same time minimizes their risk from the returns. Moreover, AEGON Insurance have multiple fund investment options to suit everyone needs.
- After five years from the date of issue of the policy, you have the option to make partial withdrawal
- There is an option to pay additional premium through top-up
- Tax benefits will be given on the premiums paid to the insurance company
Benefits Of AEGON Life Rising Star Insurance Plan
- Death Benefits
- In case, the nominee dies during the term of the policy, the beneficiary will receive the sum assured immediately. The death benefit will be at least 105% of the premiums paid
- Rest of the premiums after the death of the policyholder will be waived off and paid by the company into the policy.
- After the demise of the insured, the annualised premium will be paid to the nominee at the start of every policy year till the end of the policy term.
- Moreover, the base fund value will be paid to the nominee at the end of the policy term
- From the starting, we have been taught to plan our finances according to family needs. AEGON Life Rising Star Insurance Plan helps us to systematically plan our money that can secure our children’s future.
- Maturity Benefit
- The policyholder will get the fund value including the top up fund value which will be existing on the maturity date.
- If someone doesn’t wish to take the lump sum maturity amount, they can avail the settlement option.
- Settlement Option
In case the policyholder wants to remain invested in the funds even after the maturity date, they can do this under this option. In this, they will get the maturity amount in instalments over a period of years you choose but make sure it doesn’t exceed 5 years.
- Additional Unit Advantage
The insurance company may add units into the account of the policyholder in between of the policy to comply with the IRDAI regulations in terms of the net yield.
Inclusions Under AEGON Life Rising Star Insurance Plan
Every year four free Partial Withdrawals are allowed with a maximum of 20% of the fund value
Four free switches are allowed if the policyholder makes switches between funds
The policyholder gets the option to redirect their premiums to a new fund
Exclusions
In case the policyholder dies within 12 months from the date of the issue, the fund value will be paid to the beneficiaries as on the date of death. However, if the insured commits suicide within 1 year of increasing the sum assured, then the increased amount won’t be applicable.
How Does This Plan Work?
- First you need to decide the amount of premium you will invest in a year. For this, you need to decide how much you will be able to save from your earrings.
- Choose the sum assured or insurance cover you want.
- Accordingly, decide to invest your premium either in 4 funds or in a unique ‘invest protect’ option.
Suggested Read: Aegon Life Child Plans & Policies
Eligibility
| AEGON Life Rising Star Insurance Plan | ||
| Parameters | Min | Max |
| Policy Term | 25 years less age at entry of the child | |
| Entry Age (Parents, Child) | Parent-18
Child |
Parent-48
Child-15 |
| Maturity Age | 65 years | |
| Base Policy Sum Assured
|
Age is less than 45 years
Minimum = Higher of 10 times of annualised premium or 0.5*Policy Term * Annualised Premium Age is greater than equal to 45 years Minimum:- Higher of 7 times of regular Annualised Premium or 0.25* Policy Term * Annualised Premium |
Age is less than 45 years
Max:- 18 times of Annualized Premium Age is greater than equal to 45 years Maximum :- 10 times of Annualized Premium
|
| Premium Payment Frequency
|
Yearly
Half-Yearly Monthly |
|
Let’s Understand AEGON Life Rising Star Insurance Plan With An Example
Mr X is 33 years old and has a daughter. He earns enough to provide him better education and other facilities. However, going with the current inflation rate, he wants to make sure that his family stays protected even in his absence. So he buys AEGON Life Rising Star Insurance Plan and following is the details
Base Amount: – 10 lakhs
Policy Term: – 23 years
Annual Premium: – Rs 60,000
In this situation, if Mr X dies then the family will get 10 lakhs rs from the sum assured as a life cover and from next year onwards, the family will get 60,000rs as income benefit. When AEGON Life Rising Star Insurance Plan will be near its maturity, the maturity benefit will be given to the beneficiary.
FAQS
Can one make a partial withdrawal after the issue of the policy?
AEGON Life Rising Star Insurance Plan is a unit linked plan that is the premiums to the company will be invested in the equity marked. These inked insurance products do not offer any liquidity during the first five years from the date of issue.
What is Invest Protect option?
Since AEGON Life Rising Star Insurance Plan is a ULIP plan that means part of your premiums will be invested in the market which comes with risks. This option helps you gain from your investment while at the same time minimizing the risk from your returns by shifting the funds from Accelerator to secure fund as plan nears maturity period, before three years.
What are the mortality charges on AEGON Life Rising Star Insurance Plan?
These charges are deducted on cancellation of units at the starting of every month of the plan. The age of the insured and sum amount will be taken in account to calculate charges which will be either higher of sum assured or 105% of premiums paid till date.
Can One buy loan on the basis of this policy?
No, one cannot get policy loan on the basis of non-participating unit linked plans such as AEGON Life Rising Star Insurance Plan