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  • Aviva Young Scholar Secure

    Aviva Life Insurance

    Overview

    If you worry too much about what will happen to your child and wonder how he will get the best education in the event you die, then Aviva Life Young Scholar Secure is a plan that you must take to secure your child’s future. This plan secures important milestones by offering guaranteed money back and waiver of future premiums and tax benefits. Tuition fee support, college admission fund and higher education reserve are provided.

    Eligibility Conditions of Aviva Young Scholar Secure

    Entry Age

    Parent, whose life is insured:

    Minimum- 21 years

    Maximum- 50 years

    Child, the nominee:

    Minimum- 0

    Maximum- 12 years

    Maturity age

    Maximum age of Parent- 71 years

    Policy term

    21 deducted by the entry age of the child

    Key Features of Aviva Young Scholar Secure

    Type

    A non-linked non-participating life insurance plan.

    Basis

    Individual.

    Coverage

    • Death Benefit:

    If the parent, whose life is insured dies, then the child who is the nominee will get the sum assured as immediate death benefit. If there are any future premiums to be paid, the company will cover it in a lump sum and the nominee will receive the maturity benefits as well. If the insured has taken any rider, then it will also be paid to the nominee.

    • Survival Benefit:

    Tuition fee support, college admission fund and higher education reserve is paid based on premium option chosen at inception.

    Child’s entry age

    Tuition fee support and college admission fund that he will get till the age-

    Till 8 years

    18 years

    9 years

    14-18 years

    10 years

    15-18 years

    11 years

    16-18 years

    12 years

    17-18 years

    • Maturity Benefit:

    When the child reaches 21 he will get the higher education reserve. Higher education reserve is the maturity sum assured minus the tuition fee support and college admission fund that is already paid.

    Plan option and Premium range

    There are 4 plan option to select from:

    Silver

    Annual premium – Rs.25,000

    Half-yearly premium- Rs.12,800

    Monthly premium- Rs.2,200

    Gold

    Annual premium – Rs.50,000

    Half-yearly premium- Rs.26,000

    Monthly premium- Rs.4,400

    Diamond

    Annual premium – Rs.1,00,000

    Half-yearly premium- Rs.51,500

    Monthly premium- Rs.8,800

    Platinum

    There are five option under Platinum option-

    • Annual premium – Rs.2,00,000, Half-yearly premium- Rs.1,02,500, Monthly premium- Rs.17,500

    • Annual premium – Rs.4,00,000, Half-yearly premium- Rs.2,05,000, Monthly premium- Rs.35,000

    • Annual premium – Rs.6,00,000, Half-yearly premium- Rs.3,07,500, Monthly premium- Rs.52,500

    • Annual premium – Rs.8,00,000, Half-yearly premium- Rs.4,10,000, Monthly premium- Rs.70,000

    • Annual premium – Rs10,00,000, Half-yearly premium- Rs.5,12,500, Monthly premium- Rs.87,500

    Premium paying term

    For entry age 0-8 years of the nominee – 13 minus the nominee’s age

    For entry age 9-12 years of the nominee – 5 years

    Premium paying frequency

    Yearly, half-yearly and monthly.

    Monthly premium is to be paid through ECS.

    Sum assured

    Death sum assured is equal to higher of ten times the annual premium or maturity sum assured or 105% of the premiums paid.

    Maturity sum assured depends on the insured’s age, policy term and plan option.

    Rider

    Aviva Term Plus Rider

    Bonuses

    No bonus.

    Surrender Value

    Surrendered is only allowed after the completion of 2 policy years only if the 1 years premium is paid.

    Guaranteed surrender value is 30 percent of all the premiums paid minus the 1st year’s premium.

    Loan

    Loan facilities are not available.

    Free look period

    Customer gets 15 days free look period from the date of receipt of the policy. The refund will be paid after deducting the medical expenses and the stamp duty charges incurred.

    Tax benefits

    Policyholder can avail tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961.

    Revival

    Is allowed within 2 years from the date of first unpaid premium.

    Exclusions

    In case the policyholder commits suicide within one year of taking this policy, then:

    • Nominee will be entitled to 80 percent of the premiums paid excluding tax payments, rider premium and extra premium.

    • From the revival date, the nominee will get 80 percent of premiums paid excluding the tax payments, rider premium and extra premium or surrender value that is available on the date of death, whichever is higher.

    Advantages of Aviva Young Scholar Secure

    The advantages of Aviva Young Scholar Secure are:

    • In the event the insured dies, the nominee will get tuition fee support, college admission fund and higher education reserve.
    • Additional protection can be chosen with the Aviva Term Plus Rider to protect against accidental or natural death.
    • The plan offers 4 options to choose from and the premiums can be paid either on a yearly, half-yearly or a monthly basis.
    • Maturity and survival benefits are also offered.
    • If there are any pending premiums to be paid, and if the insured dies, the company will pay the premium and the maturity benefits are offered to the nominee when the policy matures.

    How the Plan Works

    If Mr. Ken takes a Silver plan and his child (nominee) is 0 years old and the policy term he opted for is 21 years with 12 years premium paying term, his sum assured will be Rs.6,12,500. If he had taken a Gold plan, the sum assured would’ve been Rs.12,50,000. If he had taken Diamond Plan, the sum assured would be Rs.25,50,000 and the platinum plan would’ve fetched him Rs.51,00,000 provided his premium was Rs.2 lakhs.

    If Mr. Jack takes a Silver plan and his child (nominee) is 4 years old and the policy term he opted for is 17 years with 9 years premium paying term, his sum assured will be Rs.3,62,500. If he had taken a Gold plan, the sum assured would’ve been Rs.7,50,000. If he had taken Diamond Plan, the sum assured would be Rs.15,50,000 and the platinum plan would’ve fetched him Rs.30,50,000 provided his premium was Rs.2 lakhs.

    If Mr. Liam takes a Silver plan and his child (nominee) is 6 years old and the policy term he opted for is 15 years with 7 years premium paying term, his sum assured will be Rs.2,50,000. If he had taken a Gold plan, the sum assured would’ve been Rs.5,25,000. If he had taken Diamond Plan, the sum assured would be Rs.11,00,000 and the platinum plan would’ve fetched him Rs.22,00,000 provided his premium was Rs.2 lakhs.

    Premium Payment and Riders

    The premium payment term for entry age 0-8 years of the nominee is 13 minus the nominee’s age and for entry age 9-12 years of the nominee it is 5 years. The premium is paid either yearly, half-yearly or monthly. Monthly premium are to be paid through ECS only.

    The policy offers Aviva Term Plus Rider which protects insured against accidental and natural death.

     

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