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Aegon Life Child Insurance Plans

Taking care of your child’s future needs is a must for every parent in India. To cater to this, you need to invest in a child plan. A child plan is a plan which takes care of your child’s financial needs in case something happens to the parent who is the policy holder, in the near future. Such plans are designed specifically to provide cover to secure the child’s future in case of sudden death of the parent.

Aegon Life Child Insurance offers Aegon Life Rising Star Insurance Plan a unit linked insurance plan.

Features of Aegon Life Child Insurance Plan

  • There is an auto-rebalancing of funds on a regular basis.
  • You are entitled tax benefits under Section 80C and Sec 10(10D) of the Income Tax Act, 1961.
  • Partial withdrawal of the sum assured is allowed under certain circumstances.
  • Fund value on the maturity date is paid.
  • A death benefit of higher of sum assured or 105% of all premiums paid immediately plus all future premiums waived off and paid by the insurance provider.

Aegon Life Rising Star Insurance Plan

It is a unit linked insurance plan where you are required to pay premium for the entire term of the plan. Features of this plan include:

  • The premium paid is invested in a specific fund chosen by the policyholder.
  • You have an option to choose four different fund options - Accelerator fund, stable fund, secure fund and debt fund.
  • 10% of the fund value is switched between the four fund options in order to protect against market volatility during the entire tenure of the policy.
  • Upon death of the policyholder, the sum assured is paid immediately and all future premiums are waived off under the premium waiver rider option. Under the income benefit option, an amount equal to annual premium is paid every year till maturity.
  • Upon reaching maturity, the fund value can be availed as a lump sum amount or over a period of 5 years as per the settlement option.
  • You can avail a total of 4 free partial withdrawals and switches per year.
  • You have an option of auto rebalancing.
  • The sum assured can be increased as per the prevailing underwriting rules.

Eligibility Details

CategoryMinimumMaximum
Age of entry18 years (parent), 1 day (child) 48 years, 15 years
Age of maturityNA65 years
Policy term25 years - age of entry (child)NA
Sum assuredHigher of 10/7 times the annual premium or 0.5/0.25 *term* annual premium18/10 times the annual premium
Premium payment (term)Equal to the policy termNone
Premium amount (annual)₹20,000 for annual mode and 30,000 for other modesNone
Frequency of paymentYearly, half yearly or monthlyNone

How can you buy this plan?

You can buy this plan by officially visiting the branch of Aegon Life Child Insurance and filling up an application form for the same along with your KYC documents. Next you need to decide the amount of premium and cover you seek. Now, you need to draw a cheque in the name of Aegon Life Insurance Co. Ltd.

FAQs on Aegon Life Child Insurance Plans

What is the death benefit under a child plan?

In case of death of the policy holder, the death benefit will be payable as a lump sum amount which is higher of sum assured or 10 times the annualized premium or 105% of all premiums paid to the family.

Can I make an early withdrawal from my child plan?

Yes, you can make an early withdrawal from your child plan by surrendering the policy at the nearest branch with the necessary policy and KYC documents.

Are there tax advantages accompanying Child plans in India?

Yes, you are entitled to receive a tax benefit on the premium paid and benefit received under Section 80C and Section 10(10D), as per the Income Tax Act, 1961.

What are the modes of payment available?

The various modes of payment are - credit/debit card, net banking, eWallet, or cheque.

How can I check policy status for Aegon Life Child Insurance Plans?

If you are registered user, simply visit the e-portal of Aegon Life Child Insurance Plans.

What is the policy renewal process for Aegon Life Child Insurance Plans?

If you are registered user, simply visit the e-portal of Aegon Life Child Insurance Plan to pay your renewal premium online.

What is the company’s process to settle claim for Aegon Life Child Insurance Plans?

In case of policy settlement, the nominee will have to personally visit the branch with the policy document and death certificate and fill/submit a claim intimation form.

What is the policy cancellation process for Aegon Life Child Insurance Plans?

You can cancel the child policy by visiting the nearest branch with the necessary policy and KYC documents along with the surrender policy document.

What are the entry age criteria for buying Aegon Life Child Insurance Plans?

The minimum age of entry is 18 years while the maximum age of entry 48 years for Aegon Life Rising Star Insurance Plan.

What are the premium paying term options available under Aegon Life Child Insurance Plans?

The premium paying term is equal to the policy term which is 25 years less age of entry for the child in Aegon Life Rising Star Insurance Plan.

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