• Aviva Young Scholar Advantage Child Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Aviva Young Scholar Advantage Child Plan

     

    Young Scholar Advantage Child Plan is a non-participating, unit-linked insurance plan by Aviva Life Insurance which allows you to take care of your children’s future. Various benefits, options to invest your money in different funds etc. are some of the reasons why it is one of the ideal insurance policies to purchase.

     

    Eligibility - Who is the Young Scholar Advantage Child Plan for?

     

    It is important to know the eligibility criteria before you decide to purchase the Young Scholar Advantage Child Plan. The eligibility criteria for this plan are given below in the table.

     

    Parameters Criteria for eligibility
    Minimum age at entry
    • Parents(The insured)- 21 years
    • Child (The nominee)- 0 years
    Maximum age at entry
    • Parents(The insured)- 45 years
    • Child (The nominee)- 17 years

    *Ages mentioned above are as on the policyholder’s last birthday.

     

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

     

    Sum Assured is the minimum amount to be paid to the insured by the insurer. The sum assured won’t contain any additional bonuses that the insured may be entitled to. Below is the table which contains the minimum and maximum Sum Assured listed as per the policy:

     

    Minimum Sum Assured The minimum Sum Assured that an insurer can be entitled to:
    • 0.5 times x policy term x annualised premium or
    • 10 x annual premium
    Maximum Sum Assured Same as minimum sum assured.

     

    Premiums*

    The premium to be paid by you will depend on the sum assured chosen by you. The premium payment term will be chosen by you and accordingly you will pay your premium during the grace period. Below in the table are the details of the particulars related to your premium.

    Policy Term 10-25 years
    Premium Payment Term (PPT) 10-25 years
    Premium Frequency Yearly
    Minimum Annual Premium Rs.50,000
    Maximum Annual Premium No Limit
    Minimum Top-up Premium Rs.5,000
    Maximum Top-up Premium The top-up premium amount should not exceed sum of regular premiums paid

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

    Plan Coverage – What does the Young Scholar Advantage Child Plan cover?

     

    Death Benefit On the unfortunate death of the insured, the nominee will be paid death benefit, provided the policy is still in force. In case of death of the insured, the nominee will get:
    • Higher of base sum assured or
    • 105% of the total premiums paid
    In case of death of the nominee:
    • The insured can nominate other child, if any and can be made as the new beneficiary
    • A new nominee can be declared
    Maturity Benefit On the completion of your policy term, you will be paid a maturity benefit which will be equal to the value of your funds. The policy will be terminated post the payment of maturity benefit.
    Loyalty Addition If all the premiums are paid on a timely basis, a certain percentage of loyalty will be added to your funds at the end of each policy anniversary.

     

    Riders/Add-On Plans – Additional coverage under the Young Scholar Advantage Child Plan

    There are no additional riders that one can purchase along with this policy.

     

    Other Key Features – Free-Look Period, Grace Period, Partial Withdrawal, etc.

     

    Grace Period Grace Period is the time period during which you will need to pay your premium or your policy will cease to exist. The grace period for this plan is 30 days.
    Free-Look Period If you don't agree with the terms and conditions of the policy, you can return it back within 15 days of the date of purchase of the policy. This period is called Free-Look Period.
    Partial Withdrawal You get the option of withdrawing some amount of money from your funds in case of any crunch situation faced by you. You are allowed to make four partial withdrawal in a policy year with the minimum amount for each withdrawal being Rs,5,000.
    Investment Options This plan gives you the option of investing in upto seven funds. The minimum allocation for each fund must be 10%. The funds which are available for you are Balanced Fund-II, Bond-Fund-II, Enhancer Fund-II,Growth Fund-II, Infrastructure Fund, Protector Fund-II, and PSU Fund.
    Systematic Transfer Plan Systematic Transfer Plan or STP is a plan which allows you to enter the equity market, not at once but slowly at different times and level and enter the debt market during the last two policy years, thus reducing the overall risk for you and your money.
    Automatic Asset Allocation A person tends to lose his/her appetite for risk as he/she grows older. This plan allows him/her to leverage the returns from equity and secure profits through Automatic Asset Allocation. You can avail this plan during the inception of the policy.
    Top-Up Premium You can add any sum of money through top-up premiums provided all your premiums have been paid on time. Sum assured will be 1.25 times the top-up premiums paid.
    Unit Switches You can switch from one fund to another at any given point of time during a policy term depending on your financial requirements. You can switch your money from one fund to other either partially or fully.
    Premium Redirection You can modify the allocation of your money in another different funds at any given point of time in a policy year. The number of redirection is limited to two times in a year. The facility, if not availed cannot be carried forward to the next policy term.
    Settlement Option You get the option of continuing to invest your money in different funds of your choice even after maturity. A written letter must be produced 15 days prior to the date of maturity to avail this service.

     

    Tax Benefits – How you can save with the Young Scholar Advantage Child Plan

     

    Young Scholar Advantage Child Plan not only allows you to get a protection cover for yourself and secure the future of your family and children but also provides you with various tax benefits, under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Since, tax laws are subject to changes, it is advisable to consult a tax consultant or an advisor.

     

    Other Benefits of Aviva Life Insurance

     

    Aviva Life Insurance not only provides you the policy benefits that you are entitled to, but also ensures that you enjoy various other non-policy benefits as the customer of Aviva Life Insurance. Some of the benefits provided are:               

    • Information about various products:  You can browse through a plethora of insurance plans Aviva has to offer and get all the necessary and detailed information about each of them.
    • Buy your plan online:  If a certain plan interests you based on your financial requirements, you can buy that particular insurance policy online, thus saving you time and money and making the whole process hasslefree.
    • Manage your policy: Aviva ensures that the whole process of managing your policy is a hasslefree experience. Aviva allows you to manage your policy from the comfort of your house. You can not only pay your premium but also file for your claims. Getting information regarding your funds or topping up your premiums are some of the benefits which you can avail and complete all the required processes online.
    • Planning: Aviva also helps you in planning for your future. For example, how much money you need to lead the current standard of living during your retirement stage or total money you will need for your children’s education. Aviva helps you in making those calculations and plan accordingly for your future.
    • Customer Service: Aviva boosts of an extensive customer support who are alway available for their customers 24x7. In case of any query you can always give them a call on their toll-free number or mail them on their email id. You can also fax them if you ever require as well as ask them to call you back by providing your contact details.

     

    Why you should buy the Young Scholar Advantage Child Plan from Aviva Life Insurance?

     

    The Young Scholar Advantage Child Plan not only provides you a protection cover and secures your and your family’s future but also provides you with various other benefits including the exemption you get on your taxes. The option to choose upto seven funds to invest your money in, switching from one fund to another as well as allocating your money in proportions suitable for you are some of the many benefits provided, which makes it one of the most sought after plans for its customers.

    Aviva Life Insurance is a joint venture between Dabur Invest Corp and Aviva International Holdings Limited two of the oldest companies to function today. Aviva boasts of having more than 40 million customers spread across 20 plus countries. Dabur Invest Corp is a flagship company of Dabur International, generally known for being the traditional producers of healthcare products in India. Aviva boasts of having 100% success in addressing their customers grievance and are recipients of various awards.

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