Details about Premium
Annual premium in Rupees
Aegon Life Edu Care Advantage- Details
Grace Period: If you opt for the monthly payment mode, you will receive a grace period of 15 days. If you opt for other payment modes, you will get a grace period for 30 days. You will have to pay all your due premiums within this period, or else your policy will lapse.
Surrender Benefit or Policy Termination: The policy acquires a Surrender Value if one full years premium has been paid. The amount which is higher of the Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV) will be offered as the surrender benefit.
GSV = (GSV % of the Premiums paid + GSV % of vested Bonuses – Guaranteed Payouts already paid) + GSV % of vested Bonuses.
Free Look Period: If you are not satisfied with the coverage offered by the company, as well as the terms and conditions of the policy, you can cancel the policy, provided there is no claim already made, within 15 days from receiving the policy documents.
The policyholder can avail Loans under this plan. The amount permitted for a loan is minimum Rs.5000 and a maximum of 60% of the Surrender Value after completion of 3 years.
Additional Features or Riders
For additional protection, you can buy Aegon Life Accidental Death, Disability, and Dismemberment Rider with your basic plan. This rider guarantees to provide additional benefits in case of the insured persons death, disability or dismemberment caused by some accident.
Suicide is excluded from the reasons of death for which the nominee can file a claim. However, 80% of the premiums paid are returned to the beneficiary if the life insured commits suicide within a year from the commencement of the insurance policy. In case the suicide is committed within a year from the revival of the plan, the amount that is higher of 80% of the sum assured and the surrender value acquired till date will be paid out to the nominee.
Not many documents are required to buy this plan except your address proof, medical history and a few other KYC documents. Just fill up a Proposal/Application form and submit the documents to avail the plan. Whether or not you need to go through a medical examination depends on the sum assured you chose and your age at the time of entry.
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