Presently Edelweiss Tokio Life Insurance Company offers only one type of child insurance plan. It offers financial security to the child even in the absence of the parent. Let’s talk in details about the child plan from the company and its key features and benefits.
Edelweiss Tokio Life Edu Save Plan
Life Edu Save Plan from Edelweiss Tokio Life is basically a traditional child insurance plan which comes with the below-mentioned features and benefits:
- Edelweiss Tokio Life Edu Save Planparticipates in the profits of the company by means of earning bonuses.
- Subject to a minimum of 105% of all premiums paid till the date of death, the Sum Assured will be paid right away to the nominee. All the future premiums will be waived off and the plan will go on to run and accumulate bonuses. The Sum Assured is paid along with the accumulated bonuses on maturity.
- Under 5 different maturity benefit alternatives, the maturity benefit can be availed either in money backs or in lump sum.
- 100% of the Sum Assured along with vested bonuses is paid on maturity under the Marriage Funding Plan option.
- 32% of the Sum Assured is paid on maturity, 32% of the Sum Assured is paid in the fourth last year and 24% of the Sum Assured is paid in the third and the second last year and under the third option called the Graduation Plan.
- 20% of the Sum Assured is paid on maturity, 20% of the Sum Assured is paid in the third last and the second last years and 28% of the Sum Assured is paid in the fifth and the fourth last policy years under the 5-year Integrated Degree Plan Option.
- 18% of Sum Insured is paid on maturity, 24% of the Sum Assured is paid in the sixth and fifth last year and 18% of the Sum Assured in the fourth, third and the second last year under the last option of Dual Degree Plan.
- Premiums under the Edelweiss Tokio Life Edu Save Plan can either be paid for the complete policy term under the Regular Pay option or for a limited policy term under the Limited Pay option of premium payment.
- 52% of the Sum Assured is paid on maturity and another 52% of the Sum Assured is paid in the second last year under the Post-Graduation Plan Option.
- On maturity, accumulated bonuses will be paid under each option.
- The Sum Assured which will be higher of 10 times the yearly premium or the guaranteed maturity will pay paid In case of death of the insured.
- You can customize the plan by choosing to add various available riders as the following:
- Edelweiss Tokio Life Critical Illness Rider
- Edelweiss Tokio Life Accidental Total and Permanent Disability Rider
- Edelweiss Tokio Life Term Rider
- Edelweiss Tokio Life Accidental Death Benefit Rider
- Edelweiss Tokio Life Waiver of Premium Rider
- Edelweiss Tokio Life Payor Waiver Benefit Rider
- Edelweiss Tokio Life Hospital Cash Benefit Rider
- For choosing higher levels of Sum Assured, the policy coffers rebates in premium rates.
- Female policy buyers are offered lower rates of premiums
- The policy offers availability of loan up to a maximum of 90% of the Surrender Value.
- Avail tax benefits under Section 80C and 10(10D).
Special Features and Benefits of the Aegon Life EduCare Advantage Insurance Plan
- This Aegon Child plan participates in the revenue of the Company and is entitled to earn bonuses.
- Premiums paid under this plan are for a limited term only
- In case of death of the insured during the policy tenure under this plan, higher of 10 times the yearly premium or the Sum Assured as well as the vested bonuses is paid to the nominee. However, the payable amount is subject to a minimum of 105% of all premiums paid till the date of death.
- The policy pays money backs in the last 4 years of the plan at the rate of 40% of the Sum Assured in the fourth last year and after that the rate is 20% each year till the policy maturity.
- The last installment of the money back, i.e. 20% of the Sum Assured as well as the vested bonuses is paid on the policy maturity.
- Policyholders can apply for loan under this plan subject to a minimum of Rs. 5000/- and a maximum of 60% of the Surrender Value
- Under this plan, policyholders can opt for Aegon Life ADDD Rider in which added benefit is offered in the event of accidental death, disability or dismemberment.
Eligibility Criteria for Aegon Life EduCare Advantage Insurance Plan:
|Age of Entry||20 years||60 years|
|Age of Maturity||-||75 years|
|Policy Tenure||14, 16 or 20 years|
|Sum Assured||Rs. 1 lakh||No limit|
|Yearly Premium Payable||It depends on the chosen cover, age, chosen tenure and premium payment tenure of the policy|
|Premium Payment Tenure||10, 12 or 16 years|
|Modes of Premium Payment||
Aegon Life Rising Star Plan
Life Rising Star Plan from Aegon Life Insurance Company is basically a unit linked child insurance plan. It is a non-traditional plan that offers no bonus facility. Under this plan, the parent is the Life Insured and this plan makes sure that the parent’s dreams about his child’s future is not compromised since the Aegon Life Rising Star Plan pays for future premiums in the event of his unfortunate death.
- The minimum entry age of Aegon Life Rising Star Plan is 18 years and maximum age for the entry is 48 years.
- The maturity age of the policy is 65 years.
- For individuals aged less than 45 years, the minimum Sum Assured is 10 times the annualized premiums
- For individuals aged above than 45 years, the minimum Sum Assured is 7 times the annualized premium.
- For individuals aged less than 45 years, the maximum Sum Assured is 18 times the annualized premiums
- For individuals aged above than 45 years, the maximum Sum Assured is 10 times the annualized premium.
- The policy provides with the auto rebalancing of funds.
- The tenure for the policy can be for 25 years.
- Tax benefits can be availed under Section 80C and 10(10D) of the Income Tax Act given that the premiums are paid timely.
- The plan has been designed to provide financial security to your children during the most important milestones in life.
- The policy also offers the facility for partial withdrawal as well as the partial withdrawal of the funds option.
- The insurance Company shall pay the Sum Assured to the nominee in case of death of the insured.
- The insurance company shall pay a Lump Sum amount to the insured in case the insured outlives the policy term.
- The funds in this ULIP plan are automatically balanced.
Eligibility Criteria for Aegon Life Rising Star Plan:
||30 times of the annualized premium|
|Policy Tenure||25 years – Age at the entry of the child|
|Premium Payment Tenure||Same as the policy tenure|
|Age of Entry||18 Years||60 Years|
|Entry Age of Child||1 day||15 yrs|
|Age of Maturity||NA||75 years|
|Modes of Premium Payment||