• Aviva Young Scholar Secure Child Plan

    Life Insurance
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    Aviva Young Scholar Secure Child plan

    Aviva India brings to you Aviva Young Scholar Secure Insurance Plan designed to secure your children’s future and ensure that he/she be provided good education. The plan provides various benefits such as providing annual payouts during your children’s important educational milestones such as him or her starting his school, college and even going abroad for further studies. It also provides additional benefits even if the insured is not around and ensures that the child’s future is secure and successful.

    Eligibility - Who is the Young Secure Child Plan for?

    Before you decide to buy the Aviva Young Scholar Secure Insurance Plan, it is important to know about the important eligibility criterias.

    Parameters Criteria for eligibility
    Minimum age at entry
    • 21 years for parents or the insured.
    • 0 year for the child or nominee.
    Maximum age at entry
    • 50 years for parents or the insured.
    • 12 years for the child or nominee
    Maximum age at maturity Parents age must be 71

    *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

    Sum Assured is the minimum amount to be paid by the insurance company to the insurer. The sum assured will not contain any other additional benefits the insurer or the nominee is entitled to. The minimum and maximum sum assured which you can get from this existing plan is given in the table below:

    Minimum Sum Assured The minimum Sum assured will be the higher of:
    • 10 times the Annual Premium, or
    • 105% of the total premium paid
    Maximum Sum Assured The maximum sum assured will depend on the age of the insured, the total policy plan opted for and the total term of the premium payment.

    Premiums*

    Premiums to be paid by you will depend on the sum assured amount.  For the Young Scholar Secure Child Plan, the insured will have four plans to choose from i.e. Silver, Gold, Diamond and Platinum. Based on your financial requirements,  you can choose any one of these plans which have a set premium amount that has to be paid by the insured. Listed below are the particulars related to the premium payments.

    Policy Term The total policy term will be 21 subtracted from the child's entry age.
    Plan Option (Premium)  
    Plan Option Annual Premium Half-Yearly Premium Monthly Premium
    Silver 25,000 12,800 2,200
    Gold 50,000 26,000 4,400
    Diamond 100,000 51,500 8,800
      200,000 102,500 17,500
      400,000 205,000 35,000
    Platinum 600,000 307,500 52,500
      800,000 410,000 70,000
      1000,000 512,500 87,500
    Premium Payment Term (PPT)
    • If the entry age of the nominee is between 0-8 years,  then the premium payment term will be 13 subtracted from the age of the nominee.
    • If the entry age of the nominee is between 9-12 years, then the premium payment term will be 5 years.
    Premium Payment Mode
    • Yearly
    • Half-Yearly
    • And monthly (Monthly has to be paid through ECS)
    Minimum Premium Amount
    • Yearly Premium Amount- Rs 25,000
    • Half-Yearly Amount- Rs 12,800
    • Monthly Amount- Rs 2,200
    Maximum Premium Amount No maximum limit

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

    ** For monthly premium payment mode, the policy buyer will have to pay premiums for the first 3 months in advance.

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

    Death Benefit Death benefit will be payable in the unfortunate event of insured’s or nominee’s death given the policy is still in form. In case of death of the insured:
    • 10 times the annualised premium amount to be paid to the nominee.
    • 105% of the total premiums
    In case of death of the nominee
    • In case the nominee dies before the insured, the later can nominate another child or beneficiary. The policy and the terms and conditions attached to it will remain the same.
    Survival and Maturity Benefit According to the plan chosen and the premium paid by you, you will be entitled to get certain amount as Survival or Maturity Benefit.
    Lapse, Paid-up and surrender Incase you haven’t paid your premiums before the expiration of grace period, your policy will stand to lapse. The plan thought gives you the option of reviving your plan within two years of the first unpaid premium. In case you still decide not to revive your plan within 2 years of the last unpaid premium, you will be eligible to get 30% of all the premium paid.

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

    The Young Scholar Secure Child Plan provides you with Aviva Term Plus Rider, a specially designed rider for you which allows you to optimise your protection. You can chose this option only when you are taking the policy and through a written notice, you will only 15 days to return back the plan. Once returned the rider cannot be availed again.

    The sum assured under this plan cannot exceed the base sum assured and also should not exceed 30% of th base premium. In case of limit being exceeded, the rider plan will cease to exist. Survival, Maturity and other benefits are not applicable under this plan. Additional death benefit is applicable though if and when the rider plan is taken along with the base plan. The minimum sum assured under the rider plan is Rs 50,000 and the maximum sum assured is based on the base sum assured.

    Exclusions - What the Young Scholar Secure Plan doesn’t cover?

    The following plan has a suicide exclusion.  If the insured commits suicide within an year of the purchase of the policy, the nominee will be entitled to get 80% of the total premium paid. The nominee will also be entitled to get 80% of the total premium paid excluding other benefits from the date of revival.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    Grace Period Your policy will expire if your premium is not paid during the grace period. The grace period is of 30 days for annual payment and 15 days for monthly payment of premiums.
    Free Look Period If a customer is not satisfied with the terms and conditions of the policy, he can chose to return it back, 15 days from the date of purchase of the policy.
    Surrender A policy can be surrendered provided that all the premiums for at least two policy years have been paid.
    Tuition Fee Support This plan will allow you to gather expenses for your kid’s education upto class 12. You will receive guaranteed annualised payouts starting at the end of premium payment term and for each coming year until your child reaches the age of 17.
    College Admission Fund You will receive an amount that will help you gather expenses for your child’s college admission.
    Educational Pool Guarantee This plan will ensure that the nominee continues to get all the financial support even in your absence provided all the premiums have been paid. This plan will include not only lump sums to take care of your child’s education till class 12 but will also cover their college admission fee. The child will also get a lump sum so as to cover his higher education fees.

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

    The plan allow the policyholder to claim various tax benefits as per Section 80C and Section 10(10D) of the Income Tax Act, 1961. The income tax laws get amended from time to time, hence it is always advisable to take help of a tax consultant.

    Other Benefits of  Aviva Life Insurance

    Aviva Life Insurance provides you with various other benefits apart from the policy benefits you will be entitled to.

    • Information about various Products: You can get information about various insurance products based on your age, annual salary and other financial requirements.
    • Easy Purchase: You can buy insurance plans directly from the website which would save you lot of time and money and will make the whole process of of purchasing an insurance plan online hasslefree.
    • Manage your Policy: Aviva Life Insurance give you the option of not only managing your policy, but also helps you pay your premium online as well as file for you claim. Getting to know your policy terms, viewing your fund details or topping up your premium are some of the other benefits of availing the services of Aviva Life Insurance.
    • Planning: Aviva Life Insurance also helps you in planning various aspects of your life such as knowing the cost you will incur while educating your children or planning your post retirement life based on your current financial status.
    • Customer Service: Incase of any query you want to clear, you can take the help of the extensive customer service provided by Aviva by calling them at their toll-free number or emailing them at the mentioned id as well as even fax them. You can also provide your number and request to be called back.

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

    This plan allows you to secure your child’s future by ensuring that your kid be provided with the necessary education with money never becoming the issue irrespective of whether you are there or not. The plan provides various options to choose from based on your financial capabilities and as well as provides you with various benefits including tax benefits which allows you to save money as well. The various flexible options along with rider plans makes it one of the most sought after insurance policy’s to be taken keeping in mind the future of your children.

    Aviva Life Insurance is a joint venture between Dabur Invest Corp and Aviva International Holdings Limited. They boost of being the first company to introduce modern unit-linked and utilised with profit plans for their customers. They are also known for having a wide distribution network coupled by a strong sales force. Aviva Life Insurance is also recipients of various awards and recognitions in which the most notable was when they were awarded Gold for ‘What’s Your Big Plan’ in the ‘Most Effective Insurance Marketing Campaign of the year’ category at the 2014 DMAi awards.

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