Child Insurance Plan
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Child Insurance Plan
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Aviva Life Insurance Child Plans
Aviva Life Insurance Company
Aviva Life Insurance Company is a joint venture between one of India’s oldest and most respected business houses, Dabur Invest Corp and Aviva Group, UK based insurance group serving more than 31 million customers across 16 countries! Their combined synergy endeavors to provide insurance solutions to each and every citizen of the country so as to live a carefree and happy life, served by dedicated sales force and world-class products.
Aviva Child Plans
To ensure that your child gets the right education and adequate financial support at important milestones in life, even in your absence, Aviva Life Insurance brings you various child plans. Each of these plans are designed to offer maximum benefits at minimum cost to brighten your child’s future!
Child Plans:
Understanding child plans is important before investing in them. These are the plans where the policyholder is the parent and the beneficiary is the child. In case the policyholder dies during the term of the plan, the policy continues, the nominee/beneficiary doesn’t have to pay any further premiums and at the time of maturity, the sum assured and other benefits as promised in the insurance policy are paid to the child. The child plans are broadly divided into three types:
- Traditional Endowment Plans: This is the most basic of all child plans. In case the insured dies within policy term, the nominee (child) is paid the death benefits and the policy continues to remain active. At the time of maturity, the child will be paid the maturity benefits and policy will cease to exist.
- Traditional Money-back Plans: Since these plans offer a part of sum assured at regular intervals during the policy term, they are quite popular among the investors. The part of sum assured offered during different intervals is termed as Survival Benefits. Balance sum assured along with any accumulated bonuses are paid at the time of maturity. If in case the policyholder dies within policy term, the total sum assured is paid to the nominee irrespective of the survival benefits paid already, the policy remains active, remaining survival benefits are paid as promised and at the time of maturity, pre-decided maturity benefits are also payable.
- Unit Linked Child Plans: These child plans are linked with the market to provide maximum return on investments. The insured decides the premium amount to be invested in the market basis which the sum assured will be calculated. With such plans one can not only maximize return on investment through market participation, but also get adequate insurance cover for the child and create a future corpus of funds for child’s safe future. At the time of death or maturity, the fund value, depending on the market returns on the premium invested, will be payable to the nominee.
Common Features of Aviva Child Plans:
- Economical child plans with lowest premiums to cater to everyone’s financial needs
- Death benefits for the family
- Income Tax benefits on premium payments
List of Different Child Plans Offered By Aviva Life Insurance Company, With Features, Benefits And Eligibility
Aviva Young Scholar Advantage Plan
Features:
- Unit linked regular premium payment plan
- No payment of future premium required after the death of the parent
- Choice to select 22licy term to allow you decide to key milestones
- Insured is offered following 7 unit linked funds to choose from for investing:
- Balanced Fund- II: This fund’s objective is to ensure a balance of capital growth and steady returns. It has a medium risk profile
- Bond Fund- II: It aspires to generate steady income via investments in high quality fixed income securities. The risk profile for this fund is low.
- Enhancer Fund- II: This is a high-risk fund as it tries to ensure aggressive capital growth with extensive equity investments.
- Growth Fund-II: It’s purpose is to generate aggressive capital appreciation with high equity exposure leading to a high-risk profile
- Infrastructure Fund: This fund generates returns based on investments in infrastructure and related equities and hence comes in a high-risk category
- Protector Fund- II: Generating returns with very low equity exposure makes it a low risk fund
- PSU Fund: Here the objective is to generate returns via investment in PSU and related equities. It’s considered to be a high-risk category
- Liberty for partial withdrawals to meet unforeseen expenses
- Systematic Transfer Plan and Automatic Asset Allocation apparatus to safeguard against market volatility
Benefits:
- Option to pay premiums under Regular Pay option or for a tenure of 5 years under Limited Pay option
- The premium can either be self-invested or invested under Systematic Transfer Plan (STP) or Automatic Asset Allocation (AAA) option. STP allows the premium to be initially invested in debt fund and then slowly distributed across equity funds. This stops during last 2 years of the policy term when funds are redistributed to debt funds to save them from market fluctuations. Under AAA, net premium is initially invested in such a manner that equity gets priority over debt funds. Slowly, over the policy term, the funds are switched more in the favour of debt than equity for safer returns.
- Death Benefits: These are applicable as per the following three scenarios:
- In case the insured dies before the end of the policy term and considering all premiums were duly paid, the policy will continue and at the time of maturity, the fund value will be paid to the nominee and policy will expire
- In case the nominee/beneficiary dies before the life insured, higher of base sum assured, 105% of the premiums paid excluding taxes will be paid along with any Top-up sum assured, if any. All future premiums will be waived and shall be invested in your fund as one lumpsum amount. Another child, if any, will become the nominee.
- In case the nominee dies after the life insured before the end of policy term, the policy will terminate and fund value as on that date shall be payable to surviving legal heir
- For continuing with the policy and paying regular premium, the company rewards you with loyalty additions, which are percentage of fund value pertaining to regular premiums at regular intervals. It starts with 1% at the end of 10 years, goes up to 3% at the end of 15 years, 4% at end of 20 years and 5% at the end of 25th year.
- Fund value will be paid at the time of maturity
- Policy allows 4 free partial withdrawals every year with minimum amount of Rs. 5000/-
- No charges are levied on the first 12 switches in a policy year allowing you to switch between funds to maximize returns
| Entry Age of the parent | Minimum – 21 years | Maximum: Regular Pay - 45 years | Limited Pay- 40 years |
| Entry Age of Child | Minimum- 0 years | Maximum: 17 years |
| Maturity Age | Maximum – 60 years last birthday |
| Policy Term | Minimum: 10 years | Maximum: 25 years |
| Premium Amount | Minimum: Regular Pay- Rs. 25,000 |Limited Pay- Rs. 1 lakh | Maximum: No Limit |
| Sum Assured | Minimum: Higher of 10 times annual premium or 0.5 x policy term x annual premium | Maximum: No Limit |
| Premium Payment Term | Equivalent to policy term or 5 years |
| Premium Payment Frequency | Yearly, half-yearly or monthly |
Aviva Young Scholar Secure Plan
Features:
- The plan aims at securing education for the child and designed to help the child at important milestones
- Tuition Fee Support (TFS) ensures guaranteed yearly payouts after premium payment term ends up to the age of 17 years, so you can pay for tuition expenses till child’s 12th standard
- College Admission Fund (CAF) ensures you receive a lumpsum amount that can help you at the time of your child’s college admission at the age of 18 years
- Higher Education Reserve (HER) ensures funds for post-graduation expenses at the age of 21 years
- Premiums are paid for a limited tenure depending on the child’s age
- 4 variants of the plan are offered based on the premium payment:
- Silver
- Gold
- Diamond
- Platinum
- Various payouts under different variants is paid as follows:
- Silver: TFS- Rs. 15,000 | CAF- Rs. 40,000
- Gold: TFS- Rs. 20,000 | CAF- Rs. 1,00,000
- Diamond: TFS- Rs. 40,000 | CAF- Rs. 2,50,000
- Platinum: TFS- Rs. 80,000- Rs. 4 lakh | CFA- Rs. 6 lakh – Rs. 30 lakhs
- TFS and CAF payouts are fixed based on the variant and premium paid, HER payout is calculated as the maturity sum assured minus TFS and CAF already paid
Benefits:
- In case the insured dies within policy term, the death sum assured shall be paid that will be higher of 10 times the annual premium or maturity sum assured or 105% of all premiums paid till the date of death.
- Other benefits as mentioned in the plan shall be applicable as per pre-decided timelines and schedules
- TFS or CAF already paid will not be deducted from the death sum assured
- All ensuing installments of TFS, CAF and HER will be paid as per the schedule
- Option to avail Aviva Term Plus Rider is available as well
Eligibility
| Entry Age of the parent | Minimum – 21 years | Maximum: 50 years |
| Entry Age of Child | Minimum- 0 years | Maximum: 12 years |
| Maturity Age | Maximum – 71 years |
| Policy Term | 21 years minus age at the entry of child |
| Premium Amount | Silver: Rs. 25,000 | Gold: Rs. 50, 000 | Diamond: Rs. 1 lakh | Platinum: Rs. 2, 4, 6, 8 or 10 lakhs |
| Premium Payment Term | Child aged 0-8 years: 13 minus the entry age of the child | Child aged above 8 years: 5 years |
| Premium Payment Frequency | Yearly, half-yearly or monthly |