Aviva Life Insurance Child Plans

1. No liability to continue to pay premiums after death of parent.
2. Options to choose Policy Term and Premium Payment Term to help set priorities and milestones.
3. Choice of seven funds, with proportional and progressively higher risk and reward rates for investors.
4. Flexibility to make partial withdrawals at any time.
5. Systematic Transfer Plan and Automatic Allocation system to protect investments from volatile markets.

Example: Mr. Babu and his wife were employees of a company that involved a lot of air travel. Their son, in the care of his boarding school, was a source of limitless joy for them but also a cause for worry as they were away a lot and the risk of air travel being what it is today did not ease their minds. Their primary concern - who will care for their child should the worst come to pass for them? Aviva's child insurance policies pay out a lump sum to Mr. Babu Jr. in the event that his parents are no longer able to care for him.

Aviva Young Scholar Secure

This plan primarily secures your child's educational needs against any untoward incident that may render you or your spouse unable to pay for the same.

All steps in the education process have their own expenses attached. Right from school-life, tuition, board examinations, additional fees, college-life, professional course tuition, etc. All these milestones are now insurable and funds can be guaranteed for the same.

Features:

1. Tuition Fee Support (TFS) is a system by which you will receive guaranteed annual payouts which start at the end of the Premium Paying Term, up to when your child turns 17. This enables you to meet his/her tuition needs up to grade 12.
2. College Admission Fund (CAF) is a lump sum payout to be used at the time of college admission - paid out when your child turns 18.
3. Higher Education Reserve (HER) is another lump sum payout that is available when your child turns 21.

Example: Mr. Singh has a very successful manufacturing unit and pays up premium on his daughter's Aviva Young Scholar Secure policy. Unfortunately, when his daughter turns 18 and is on the cusp of college, his business fails and he is left with no liquid assets to pay for his daughter's tuition. Aviva's CAF system recognizes that his daughter is now 18 and pays out a lump sum from the insurance policy, protecting her education and easing the load on Mr. Singh.

Aviva New Family Income Builder

This saving-cum-protection plan has been designed to enable you to provide your legal heirs and dependants the same lifestyle they had with you, in the event of your untimely death.

Features:

1. Maturity benefit - 12 annual instalments at the rate of 1.5 times the annual premium paid out at the end of each year till the end of the Payout Period.
2. Maturity benefit - A lump sum amount 6 times the annual premium to be paid at the end of the Payout Period.
3. Death benefit - 10 times the annual premium, or 105% of all premiums paid, or Maturity Sum Assured.
4. Takes care of your loved with a fixed rate of financial aid long after you are gone.

Why Aviva's Child Plans?

Aviva's child insurance plans are among the best on offer in the market at the moment. With an expansive network of outlets and a dedicated customer service team, Aviva is more than a viable option when it comes to child insurance.

Tips for Investing in Aviva Child Plans

Aviva's insurance products are clearly defined and segregated for different customer types and customer needs. Identify and systematically note down your specific needs before applying for an insurance policy. If you want to secure your child's education, go for the Aviva Young Scholar Secure plan whereas if you want to secure your young families financial interests, the Aviva New Family Income Builder plan may be better suited to your needs.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017