Aegon iTerm Plus Insurance plans

Rising Star Child Plan

Any parent’s wish will always beto see their children with a secure financial future that allows them to follow their dreams. To be able to meet their needs and aspirations from a financial perspective is what all parents always strive to achieve.
Life, if systematically managed, can keep changing for the better leading to a more secure future for your children and Aegon Rising Star Plan aims to help an insured in doing just that. It not only makes provisions for your children’s future but also ensures that their financial future remains secured. In this policy, the investment risk in investment portfolio is borne by the policyholder. The linked insurance products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender / withdraw the monies invested in linked insurance products completely or partially till the end of the fifth year.
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Aegon iTerm Plus Insurance plans
Distribution - Number of branches pan India (March 2019)
82
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
5/62
Solvency Ratio (FY 2018-19) *
2.59
Number of Policies Sold (Ind+Group) *
37,487
Number of Lives Covered (Ind+Group) **
285,524
Claims Settlement Ratio (Ind+Group) ***
96.90%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Rising Star Child Plan overview

  • Key Benefits
  • Eligibility
  • Benefit Description

Key Benefits of Rising Star Child Plan

  • Financial security for the insured’s childs’ education by triple benefit insurance coverage on the insured’s life, till the childattains the age of 25 years
  • Contribute money systematically to create wealth a corpus for the child’s future financial needs
  • Multiple fund options to suit your investment need
  • Choice of “Invest Protect” option to help the insured gain from your investment along with minimizing the risk to your returns
  • Liquidity options through Partial Withdrawals available after five years
  • Option to pay additional premium by way of Top-up
  • Option to increase the level of protection on the insured’s life during the Policy Term
  • Tax benefits as per prevailing tax laws.

Eligibility Criteria of Rising Star Insurance Plan

Minimum Annualised Premiu
  • Annual mode: ₹20,000 p.a.
  • Other modes: ₹30,000 p.a.
Policy Term (years) 25 years less age at entry of thechild in completed years
Premium Pay Term (years) Equal to the Policy Term
Base Policy Sum Assured (SA)
Minimum: Age is less than 45 years Higher of 10 times of Regular Annualised Premium or (0.5 x Policy Term x Annualised Premium)
Minimum: Age is greater than or equal to 45 years Higher of 7 times of Regular Annualised Premium or (0.25 x Policy Term x Annualised Premium)
Maximum: Age is less than 45 18 times of Annualized Premium
Maximum: Age is greater than or equal to 45 years 10 times of Annualized Premium
Entry Age
Parent (Life Assured)
  • Minimum - 18 years
  • Maximum - 48 years
Child (Nominee)
Age of Life Assured Minimum age of Child as on last birthday
Age<=40years 1 day
40< Age<=45 5 years 5 years
45<Age<=48 10 years 10 years
Maximum - 15 years
Maturity Age Maximum - 65 years
Premium Payment Frequency Yearly, Half-yearly, Monthly

Benefit Description of Rising Star Child Plan

Death Benefit In case of unfortunate demise of the Life Assured during the Policy Term, provided all due Premiums have been paid, the nominee will receive the following:
  • Sum Assured paid immediately. The death benefit will be at least 105% of the premiums paid.
  • All regular premiums due after death of the life assured are waived i.e. all premiums due after death of the life assured are paid by the Company in to the policy. If any premium due date, after the death of the life assured, has passed before the claim is intimated, such due premiums will also be invested (Premium Waiver Benefit (PWB)). Further, irrespective of the investment fund option(s) chosen, the asset allocation will be changed to “Invest Protect Option” on the date the claim is intimated
  • An amount equal to the Annualised Premium will be paid to the beneficiary at the start of every policy year following the date of death till the end of the Policy Term (Income Benefit (IB))
  • At the end of the Policy Term, the base Fund Value will be paid to the beneficiary.
Maturity Benefit On Maturity, the insured will receive the Fund Value (including Top Up Fund Value, if any) existing on the maturity date. If the insured does not wish to take the entire maturity amount at one go, they can avail of the Settlement Option.
Settlement Option This facility may be availed in case the insured wishes to remain invested in the fund(s) beyond the Policy Maturity date. Under this option the insured will receive the maturity proceeds in instalments over a period you choose (not exceeding 5 years from maturity date).
Investment Management In order for the insured to manage their corpus better, they can avail the features of:
  • Auto-rebalancing : feature automatically rebalances the allocation of investments in various funds to the allocation proportions chosen by the insured. This facility is free when opted for at policy inception.
  • Premium Re-direction: This feature allows the insured to alter the premium allocation to be applied to one’s future premiums and Top-ups. Two premium redirections are free in a policy year.
  • Switch:This feature helps shift the investments from one fund to another. Four switches are free in a policy year.
Invest Protect Option If the insured opts for the Invest Protect Option, it will not only help gain from the investment but also minimise the risk of returns as the policy nears maturity. It aims to protect the insured’s money by systematically shifting the Fund from Accelerator Fund to Secure Fund during the last 3 policy years.
Liquidity through Partial Withdrawal and Systematic Partial Withdrawal During the Policy Term, one may need money to fulfill certain urgent financial goals. The Partial Withdrawal facility gives the option to withdraw money from the Fund Value after first 5 policy years. The maximum amount of partial withdrawal allowed in any policy year is 20% of the fund value at the beginning of that policy year. The insured has the flexibility to make up to four partial withdrawals in each policy year free of charge.
Systematic Partial Withdrawal is an additional flexibility available to the insured by which the insurance company redeems units periodically from your unit account and credit the money to the insured’s bank account. One can opt for systematic partial withdrawal frequency: monthly, quarterly or annual for the duration choosen.
Top Up A Top-Up premium is an additional amount of premium over and above the contractual basic premiums with a minimum amount of ₹5,000. The insured can top-up their premium anytime except from the last 5 policy years. At any point of time during the policy term, the total Top-Up premiums paid shall not exceed the total regular premiums paid to date. Top ups allow the insured to contribute additional premiums if and when they want to boost the Fund Value at their convenience. Payment of top up premium will also increase your policy Sum Assured, thus enhancing the insurance cover on the insured’s life.
Increase in Sum Insured The insured has the added flexibility to opt for increase in your policy Sum Assured during the Policy Term. Any such increase will be subject to underwriting rules of the Company and maximum Sum Assured allowed under the plan. Reduction in Sum Assured is not allowed. This option is not available during the Revival period.
Surrender Benefit The insured can surrender the Policy any time. However:
  • If the Policy is surrendered in the first 5 years, then the Fund Value less applicable Discontinuance charges will be transferred to the Discontinuance Policy Fund and proceeds of Discontinuance Policy Fund will be paid after completion of the first 5 Policy Years.
  • If surrendered after the first 5 Policy Years, the Fund Value of the policy will be paid to the insured. A Policy once surrendered, cannot be revived.
Free Look / Grace Period Both are 15 days

Brochure

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Policy wordings

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022