Aviva International Holdings Limited (AIH) is a UK based insurance group whose association with India dates back to 1834. In a joint venture with Dabur Invest Corp (DIC), a strong, stable insurance provider called Aviva India was formed, currently operating out of 121 branches across the country.
Listed below are the different child plans from Aviva Life Insurance:
Aviva Young Scholar Advantage
This is a non-participating, unit-linked regular premium payment plan, enabling the creation and maintenance of wealth that your child will need at important junctures in his/her life.Features:
- No liability to continue to pay premiums after death of parent.
- Options to choose Policy Term and Premium Payment Term to help set priorities and milestones.
- Choice of seven funds, with proportional and progressively higher risk and reward rates for investors.
- Flexibility to make partial withdrawals at any time.
- Systematic Transfer Plan and Automatic Allocation system to protect investments from volatile markets.
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:
- 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.
- 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.
- Higher Education Reserve (HER) is another lump sum payout that is available when your child turns 21.
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:
- 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.
- Maturity benefit – A lump sum amount 6 times the annual premium to be paid at the end of the Payout Period.
- Death benefit – 10 times the annual premium, or 105% of all premiums paid, or Maturity Sum Assured.
- 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’s child insurance products
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.
Other Aviva Life Insurance Plans
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017