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.
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!
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:
Common Features of Aviva Child Plans:
Features:
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 |
Features:
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 |