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Investment Plans 922 views January 20, 2021
Aegon Life Rising Star Insurance Plan is a unit-linked insurance plan by which you can secure your child’s future. There is a triple benefit insurance coverage on your life, till your child attains the age of 25 years. So invest money systematically and create wealth for your child’s future needs, as you can use this money later towards your child’s higher education, marriage, etc. There are multiple fund options for your investment needs in Aegon Life Rising Star Insurance Plan, so let’s read this page further and learn more about it.
Table of Contents
The insured can choose any one or more of the following funds to invest for their child’s future –
Using the following methods, you can manage your Aegon Life fund investments –
You will get a bunch of benefits with the Aegon Life Rising Star Insurance Plan. So let’s have a look at them below –
Death Benefit – In case of death of the life assured, the sum assured will be paid to the nominee immediately. And all due premiums after the date of death will be waived till the date of the policy maturity. If any premium due date has passed after the date of death and before the death benefit is intimated, the same would be invested in the policy. On the date of claim intimation, the asset allocation will be changed to ‘Invest Protect Option’. At the start of every policy year after the death of the life assured, the beneficiary will get an amount equal to the annualized premium. And at the end of the policy term, the base fund value will be paid to the beneficiary. If you top-up your premium, your nominees will also receive a top-up sum assured upon your death during the policy term, while the top-up fund value continues to be invested and payable at maturity.
Note – The death benefit and the top-up death benefit will be at least 105% of the paid premiums and top-up premiums.
Maturity Benefit – On the maturity date, you will receive Fund Value + Top-Up Fund Value (if any). And if you don’t want to take this benefit in a lump sum, you can use the settlement option. Using a settlement option, you will be invested in the fund beyond maturity and can receive the maturity benefits in installments. You can choose your tenure as per your convenience as Aegon Life provides you a tenure of up to 5 years to receive the maturity benefit.
Additional Units – Aegon Life will provide additional units to your policy at different time intervals during the term to comply with the existing IRDAI regulations concerning net yield on fund value.
Partial Withdrawal and Systematic Partial Withdrawal from Aegon Life Rising Star Insurance Plan
You can partially withdraw money from your Aegon Life Rising Star Insurance Plan using the following –
Normal Partial Withdrawal – The maximum amount you can withdraw partially in any policy year is 20% of the fund value at the beginning. You can make up to 4 partial withdrawals in each policy year free of cost.
Systematic Partial Withdrawal – With this in place, the company would redeem units periodically from your unit account and credit the money to your bank account. Life assured can opt for a systematic partial withdrawal frequency from monthly, quarterly or annually.
Check your eligibility for Aegon Life Rising Star Insurance Plan by looking at the below-mentioned criteria of Aegon Life.
Base Policy Sum Assured
Age at Entry | Minimum Sum Assured | Maximum Sum Assured |
---|---|---|
< 45 years | Higher of the following:- 10X regular annualized premium 0.50 x policy term x annualized premium | 18X annualized premium |
>= 45 years | Higher of the following:- 7X regular annualized premium 0.25 x policy term x annualized premium | 10X annualized premium |
You will get a 15-day free look period, which starts from the date you received the policy document. And in case the policy is purchased from distance marketing mode, the free look period will be 30 days.
On policy cancellation during the free look period, the policyholder will be entitled to the following –
Policy Year | Premium Allocation Charge |
---|---|
1st year | 4.40% |
2nd to 5th year | 3% |
6th to 10th year | 2% |
11th year and above | 1% |
Secure Fund | 1.00% per annum |
Debt Fund | 1.10% per annum |
Stable Fund | 1.35% per annum |
Accelerator Fund | 1.35% per annum |
Note – You can’t withdraw money or surrender the policy during the first five policy years if you invest in this insurance plan.