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  • Aviva Young Scholar Advantage

    Aviva Life Insurance

    Overview

    Aviva Young Scholar Advantage is a unit linked insurance plan for the benefitting your child but where the parent is insured. This plan is meant to secure your child’s future. This plan helps you secure your child’s education. A lump sum amount is paid in case a parent dies. Future premiums are waived if the parent dies.

    Eligibility Conditions of Aviva Young Scholar Advantage

    Entry Age

    Parent whose life is insured for Policy Term= Premium Payment Term:

    Minimum – 21 years

    Maximum – 45 years

    Parent whose life is insured for Premium Payment Term = 5 years:

    Minimum – 21 years

    Maximum – 40 years

    Child nominee:

    Minimum – 0

    Maximum – 17 years

    Sum assured

    0.5 times the policy term multiplied by annual premium or 10 times annual premium, whichever is higher.

    Policy Term

    Minimum – 10 years

    Maximum – 25 years

    The maximum maturity is at 60 years of age.

    Top-up premium

    Minimum – Rs.5,000

    Maximum – Should not exceed sum of premiums paid.

    Top-up sum assured

    1.25 times the top-up premium.

    Key Features of Aviva Young Scholar Advantage

    Type

    A unit- linked non-participating saving oriented plan.

    Basis

    Individual.

    Coverage

    • Death Benefit: In the event the life insured in this case the parent dies, the child gets the sum assured along with the loyalty benefit as immediate death benefit. If there are premiums left to be paid, the company will take care of it in a lump sum and the nominee that is the child will get the fund value on the maturity of the tenure.

    • Maturity Benefit: The fund value is paid to the policyholder.

    Premium amount

    Minimum of Rs.25,000 if the premium paying term is equal to the policy term.

    Minimum of Rs.1,00,000 if the premium paying term is 5 years.

    There is no maximum limit.

    Premium paying term

    5 years or equal to the policy term.

    Premium paying frequency

    Monthly, half-yearly and yearly.

    Premium paying method

    For monthly payment, you need to transfer through ECS or direct debit.

    Renewability

    Not available.

    Riders

    • Child Education Rider: Monthly benefit is provided to the family after the insured dies.

    • Comprehensive Health Benefit Rider: Total and permanent disability is covers and 18 critical illnesses are also covered.

    • Term Plus Rider: It enhances life coverage beyond the approved sum assured.

    Bonuses

    No bonus offered.

    Surrender Value

    If policy is surrendered before 5 years, the insurance cover will end and fund value will be transferred to discontinued policy fund. The discontinued policy fund will be credited with a bare minimum interest of 3.5 percent per annum. The proceeds will only be provided after the fifth policy anniversary.

    If the insured dies during this period, the accumulated fund value will be paid to the nominee.

    In case the insured surrenders his policy after 5 years, the insurance cover will stop and fund value will be paid immediately.

    Loan

    Not available.

    Free look period

    The plan has a 15 days free look period from the date of receipt of the policy document. You need to provide a written reason of objection along with the policy document. You will receive refund on the date of allocation along with deductions of proportionate risk charges and expenses incurred on medical examination and the stamp duty charges, if any.

    Grace period

    The policyholder gets 30 days grace to pay the premium for yearly and half yearly mode. But for the monthly mode, 15 days grace is given.

    During the grace period, the policy will continue with full risk cover.

    Tax benefits

    Life insurance premiums up to Rs.1 lakh are allowed as deduction under Section 80C

    Nomination

    You can appoint your child as a nominee. The child should not be above 17 years of age.

    Exclusion

    If the policyholder commits suicide within a year from the date of taking the policy, the nominee will get the fund value as available on the date of death.

    Accidental death additional benefit is not paid if the policyholder died due to:

    • Alcohol or drug abuse.

    • Failed to seek medical treatment.

    • If he was in an unlicensed passenger aircraft.

    • Involved in race other than athletics or swimming.

    • Involved on a war or wilful participation in act of violence.

    • Death due to nuclear accident.

    • Participating in hazardous sports.

    • Died due to a diagnosed injury or ailment.

    Loyalty additions

    Policy Year

    % Loyalty Additions

    End of 15th policy year

    3

    End of 20th policy year

    4

    End of 25th policy year

    5

    Charges

    • Premium allocation charge: If the regular premium is below Rs.1 lakh, the 1st year allocation is 94%, 2-3 years the allocation is 95 %, 4-6 years the allocation is 96%, for above 6 years it is 97%.

    If the regular premium is above Rs.1 lakh, the 1st year allocation is 94%, 2-3 years the allocation is 95 %, 4-6 years the allocation is 96%, for above 6 years it is 98%.

    • Fund Management charge: 1.35% per annum. In case of discontinued policy fund, it is 0.50% per annum.

    • Policy administration charges: 0.1% per premium subject to a maximum of Rs.175 per month.

    • Mortality charge: For age 25- Rs.1.425, for 30 years- Rs.1.4638, for 35 years- Rs.1.7938, for 40 years- Rs.2.6875.

    • Discontinuance charge:

      Policy discontinued in the year

      Discontinuance charge for premium up to Rs.25,000

      Discontinuance charge for premium up to Rs.25,000

      1

      Lower of 20% of annual premium or fund value subject to a maximum of Rs.3,000.

      Lower of 6% of annual premium or fund value subject to a maximum of Rs.6,000.

      2

      Lower of 15% of annual premium or fund value subject to a maximum of Rs.2,000.

      Lower of 4% of annual premium or fund value subject to a maximum of Rs.5,000.

      3

      Lower of 10% of annual premium or fund value subject to a maximum of Rs.3,000.

      Lower of 3% of annual premium or fund value subject to a maximum of Rs.4,000.

      4

      Lower of 5% of annual premium or fund value subject to a maximum of Rs.1,000.

      Lower of 2% of annual premium or fund value subject to a maximum of Rs.2,000.

      5

      Nil

      Nil

    • Miscellaneous charges: Service tax and education cess as notified by the government.

    Advantages of Aviva Young Scholar Advantage

    The advantages of Aviva life Young Scholar Advantage are:

    • In the event the insured dies-
      • The sum assured is paid off to the nominee immediately.
      • The future premiums will also be paid to the fund and it ensures that there is enough money for your child.
      • The policy will continue and your child will receive the benefits at its maturity.
    • You can choose from the 7 unit linked funds to meet your investment objective. The 7 funds are: Balanced Fund – II, Bond Fund- II, Enhancer Fund- II, Growth Fund- II, Infrastructure Fund, PSU Fund and Protector Fund- II. You can invest through Systematic Transfer Plan and Automatic Asset Allocation.
    • Policyholder can choose the level of protection during the policy term.
    • Free partial withdrawals are allowed after 5 years.
    • Topup of Rs.5,000 is allowed and so is switching allowed. The minimum amount to switch is Rs.5,000. The first 12 switches are free.
    • Three additional riders are available. Accidental death benefit rider is an in-built rider. The additional riders are Child education Rider, Comprehensive Health Benefit Rider and Term Plus Rider.

    Risk Factors:

    This policy is subject to risk factors. The premium paid are associated with capital markets and NAVs of the units will vary based on the funds’ performance. There is no assurance that the nominee will receive the objective of the fund. This insurance is subject matter of the solicitation.

    Investment Fund Options:

    There are 7 investment funds and two investment options available.

    The investment funds are Balanced Fund – II, Bond Fund- II, Enhancer Fund- II, Growth Fund- II, Infrastructure Fund, PSU Fund and Protector Fund- II.

    The investment options are: Systematic Transfer Strategy and Automatic Asset Allocation.

    How the Plan Works

    If Miss. Shalini takes a policy for which the premium is Rs.1 lakh and she is 20 years old. She takes the Aviva Young Scholar Advantage for 20 years and the premium payment term is regular pay. Her total investment for 20 years will be Rs.20 lakhs and her returns at 6 percent will be Rs.29,68,798 and her returns at 10 percent will be Rs.47,55,107.

    If Mr. Mohan takes a policy for which the premium is Rs.2 lakhs and he is 20 years old. He takes the Aviva Young Scholar Advantage for 20 years and the premium payment term is regular pay. His total investment for 20 years will be Rs.40 lakhs and his returns at 6 percent will be Rs.59,48,798 and her returns at 10 percent will be Rs.95,27,805.

    Premium Payment

    Premium payment term is 5 years or you can opt for the term equal to policy term. The premium can be paid yearly, half-yearly or monthly. The monthly payments are to be made through ECS or Direct Debit. Policyholder will also get 30 days grace period to pay the yearly and half-yearly premium payment. For the monthly premium payment, the policyholder will get 15 days grace period.

    Riders

    The policy has an in-built rider that is the Accidental Death Benefit Rider. The additional riders are:

    • Child Education Rider: Monthly benefit is provided to the family after the insured dies.
    • Comprehensive Health Benefit Rider: Total and permanent disability is covers and 18 critical illnesses are also covered.
    • Term Plus Rider: It enhances life coverage beyond the approved sum assured.
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