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Aegon Life Rising Star Insurance Plan

The Rising Star Insurance Plan from Aegon Life is a unit linked insurance policy that is ideal for parents who would like to secure the future of their child regardless of any future contingencies. The plan is also a great option for those who wish to invest in equity markets indirectly, thereby avoiding all the risks involved with investing directly in these markets. In case of the death of the policyholder during the policy term, the nominee will be eligible for a death benefit which will be equal to 105% of all premiums paid until the date of death, or the sum assured (cover amount), whichever is higher. The plan also offers maturity benefits in case the policyholder survives the tenure of the policy. With the facility of partial withdrawal in addition to tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, the Rising Star Insurance Plan from Aegon Life is a worthy investment option.

Eligibility – Who is the Aegon Life Rising Star Insurance Plan for?

To be eligible to purchase the Rising Star Insurance Plan, individuals must be of a certain age when purchasing the policy as well as at the time of maturity. Following are the criteria you must meet if you wish to purchase a Rising Star Insurance Plan:

Plan Type

Individual

Minimum Entry Age 18 years completed for the parent. The minimum entry age of the child will depend upon the age of the parent. In case the parent is less than 40 years old, the minimum age of the child should be 1 day. If the parent is between 40 and 45 years old, the minimum entry age of the child will be five years. In case the entry age of the parent is between 45 and 48 years, the minimum entry age of the child will be 10 years.
Maximum Entry Age 48 years completed for the parent, and 15 years completed for the child.
Maximum Maturity Age 65 years completed

Sum Assured and Premium Range – What you get and what it costs?

The premium payments made towards your Rising Star Insurance Plan will determine the benefits you will receive through the policy. Customers can make their premium payments on a monthly basis, semi-annual basis, or an annual basis depending upon their preference. Following are some of the features of the Rising Star Insurance Plan:

Base Sum Assured If the age of the individual when purchasing the policy is less than 45 years, the sum assured will be Higher of 10 x Regular Annualised Premium or (0.5 X Policy Term X Annualised premium). If the age of the individual when purchasing the policy is equal to or more than 45 years, the sum assured will be Higher of 7 X Regular Annualised Premium or (0.25 X Policy Term X Annualised Premium).
Maximum Sum Assured 18 X Annualised Premium in case the age of the policyholder is less than 45 years, and 10 X Annualised Premium if his/her age is more than or equal to 45 years.
Minimum Annualised Premium Rs.20,000 per annum for annual mode, Rs.30,000 per annum for semi-annual mode and monthly mode.
Premium Payment Frequency Monthly / Semi-Annual / Annual
Premium Payment Term Equal to the policy term
Policy Term 25 years minus the age at entry of the child in completed years.

*Premiums may vary based on age, location, plan term and other factors.

Plan Coverage – What the Aegon Life Rising Star Insurance Plan covers?

Death Benefit In case of the demise of the life assured during the policy term, the nominee will be eligible for the higher of the base sum assured or 105% of the base plan premiums paid until the death of the policyholder. The nominee will also receive the base fund value which will continue to remain invested until the date of maturity. The base fund value will be paid to the nominee in a lump sum on the date of maturity.
Maturity Benefit If the policyholder survives the policy term, he/she will be eligible for the Fund Value plus top-up value, if any, on the date of maturity. Customers who prefer not to take the whole maturity amount at once can avail the settlement option.
Settlement Option Customers who wish to choose the settlement option must notify the company at least 90 days prior to the date of maturity. Once this option has been exercised, the benefits as on the date of maturity will be paid to the individual in periodical instalments over a period of time. During the settlement period, the company will subtract all applicable fees and charges excluding the mortality charges. The company will also not accept any base plan or top up premium, while no partial withdrawals or switches will be allowed either.
Partial Withdrawal Customers who purchase the Rising Star Insurance Plan from Aegon Life have the option of making partial withdrawal at any time once the lock-in period has expired. To avail partial withdrawal, the customer must have paid all the base plan premiums in full. The minimum amount that can be withdrawn is Rs.5000 and the life assured must be at least 18 years old when requesting for partial withdrawal. The maximum amount that can be withdrawn in a single policy year cannot be more than 20% of the fund value at the start of that particular policy year.

Exclusions of Aegon Life Rising Star Insurance Plan:

The Rising Star Insurance plan has one major exclusion which is as follows:

  • Suicide: In case of the demise of the policyholder by suicide during the first policy year, the nominee will be eligible only for the fund value of the policy as on the date of death. Moreover, in case the life assured commits suicide within 12 months of exercising the option to increase the sum assured, the amount by which the sum assured was increased will not be taken into consideration when calculating the death benefit.

Other Key Features of Aegon Life Rising Star Insurance Plan:

Following are some of the other key features of the Rising Star Insurance Plan:

Free Look Period Customers who are not satisfied with any of the terms and conditions of the Rising Star Insurance Plan have the option of returning the policy along with a letter stating the reason for cancelling the policy within 15 days of receiving the policy document. If the policy was purchased via distance marketing mode, the free look period will be 30 days. Once the policy is returned to the company, it will terminate and all interests, benefits and rights will stand extinguished. The customer will then be eligible for benefits which include the fund value, plus mortality charge, plus premium allocation charge, plus policy administration charge, minus stamp duty, proportionate mortality charge, and medical reports cost.
Grace Period In case you have not made your premium payment on time, you will receive a grace period of 15 days to do so if you have chosen your premium payment frequency on a monthly basis. In case the premium payment frequency is semi-annual or annual, the grace period will be 30 days. In case a policyholder fails to make the premium payment during the grace period, the policy will lapse and the customer will not be eligible for any benefits.
Discontinuance In case the customer fails to pay the premium within the grace period, the policy will lapse and the policyholder will not be eligible for any benefits.
Reinstatement In case your policy has lapsed, you can apply for reinstatement within two years from the date on which the first unpaid premium was due. The unpaid premiums will have to be paid along with an additional interest charge to reinstate the policy. However, the final decision regarding the reinstatement of a policy is at the discretion of the insurance company based on the provision of satisfactory evidence about the insurability of the life assured.
Segregated Fund Aegon Life offers four segregated funds for the Rising Star Insurance Plan. Accelerator Fund: The Accelerator Fund aims at investing your money in equities of several different sectors so that your portfolio is diverse and attractive returns can be generated in the long term. The fund also has the flexibility to invest in money market instruments and fixed interest assets. The amount of money the fund will invest in equities will be between 80% and 100%, while 0% to 20% of your money can be invested in money market instruments and fixed interest assets. Stable Fund: The Stable Fund aims at maintaining a balance between debt and equity exposure in order to ensure attractive and stable returns over the long term. The fund will also change allocation between equity and debt to make profits from movements in asset prices over medium to long term. Between 20% and 80% of your funds can be invested in equities, while the same percentage can be invested in money market instruments and fixed interest assets. Secure Fund: The Secure Fund aims at investing your money in a diversified portfolio of fixed income securities and money market instruments of short to medium term maturities. The objective of the fund is to generate reasonable returns with relatively low valuation risks. While 60% to 100% of your money can be invested in fixed interest instruments, only 0% to 40% can be invested in money market instruments. Debt Fund: The Debt Fund aims at generating attractive returns by investing your money in a diversified portfolio of fixed income securities, money market, corporate debt and government debt instruments of varying maturities. While 60% to 100% of your money can be invested in fixed interest instruments, only 0% to 40% can be invested in money market instruments. Discontinuance Policy Fund: The Discontinuance Policy Fund invests your money in a diversified portfolio of money market instruments and government securities of short term maturities. The aim of this fund is to generate investment income, and the current guaranteed rate as specified by IRDAI is 4% per annum. The asset allocation applicable under the Discontinuance Policy Fund is 0% to 100% for money market instruments and fixed interest assets. No money can be invested in equities under this fund.

Tax Benefits – How you can save with the Aegon Life Rising Star Insurance Plan?

The benefits received through the Rising Star Insurance Plan are eligible for tax benefits under Section 10(10D) of the Income Tax Act, 1961. The premiums paid towards the policy are also eligible for tax benefits under Section 80C of the Act. Please note that the tax benefits offered by the Rising Star Insurance Plan are subject to change based on changes in tax laws from time to time.

Why you should buy the Rising Star Insurance Plan from Aegon Life?

Aegon Life is headquartered in Mumbai and grown into one of India’s biggest and best insurance providers. The company has around 59 branches across 46 cities and works with around 9600 insurance agents and serves more than 4 lakh customers in the country. Aegon Life continues to grow steadily each year owing to its provision of quality products and services. An extensive portfolio of products to meet the requirements of a diverse customer base in addition to top notch customer service will ensure that purchasing the Rising Star Insurance plan from Aegon Life will be a worthy investment.

Aegon Life Rising Star Insurance FAQ's:

Q. How can I check the status of my Rising Star Insurance plan?

A. You can check the status of your policy by either calling the company on the toll free number or emailing them.

Q. Who can purchase the Rising Star Insurance Plan?

A. Any individual who wishes to safeguard the interests of their children and ensure that they have funds for future use.

Q. Is there a service tax applicable to the Rising Star Insurance Plan?

A. Yes, a service tax will be levied on benefits or premiums payable as per the prevailing tax laws.

Q. Can I revive my policy if it has lapsed?

A. Yes, but you will have to do so within the first two years from the date of the last unpaid premium.

Q. Are there any charges for partial withdrawal?

A. Yes. While four partial withdrawals are permitted in a single policy year, any subsequent withdrawals will cost you Rs.200 per transaction. An education cess and a service tax will also be levied for each transaction.

Q. How do I apply for a duplicate policy document?

A. An endorsement form or a duly signed requisition letter has to be submitted to the company along with a guaranteed bond on a Rs.200 stamp paper and a duplicate policy document will be sent to you.

Q. Can the sum assured in my Rising Star Insurance plan be changed at a later date?

You will have to submit a duly signed request to the company to request them to make changes to your sum assured.

Q. Can I change the premium of my plan during the policy term?

A. No. The premium must be selected at the start of the policy term and cannot be changed once selected.

Q. Does the policy have a revival fee?

A. No. The Rising Star Insurance Plan does not have any fee for the revival of the policy.

Q. Can I avail a loan against the Rising Star Insurance Plan?

A. No, the Rising Star Insurance Plan has no facility for customers to take a loan against the policy.