Life Insurance Plan: Aviva Life Insurance Young Scholar Advantage

Aviva Young Scholar Advantage is a comprehensive plan that enables you to secure your childâ€™s future in any eventuality through:

All future premiums being waived off and invested as a lump sum amount in to the funds, so the policy continues even in the unfortunate event of the parentâ€™s death while the Life Cover (Sum Assured) is paid out immediately. These benefits are also applicable upon disability or critical illness if the Comprehensive Health Benefit (CHB) Rider is opted
Provision of a regular income for the minor child, in the event of parentâ€™s death if Aviva Child Education (CE) Rider is opted for
An additional lumpsum being paid in the event of parentâ€™s death if Aviva Term Plus Rider is opted
Loyalty Additions to enhance your Fund Value
A choice of 9 fund options; Investment flexibility through Automatic Asset Allocation (AAA) and Systematic Transfer Plan (STP)
The product will be offered only to those who have atleast one child

Specifications

Entry Age : Parent 21-50 years; Child 0-17 years
Policy Term : 10 to 25 years, subject to the maximum maturity age parent as 70 years
Premium payment term : 5 years or equal to the Policy Term
Premium Payment Frequency: Annually, Half-yearly or Monthly
Annual Premium:
If Premium Payment Term equals Policy Term, Minimum Rs 20,000; Maximum: No limit
If Premium Payment Term is 5 years, Minimum Rs 100,000; Maximum: No limit
Top-up Premium:Minimum – Rs 5,000; Maximum: No limit
Riders Available: Aviva Child Education (CE) Rider , Comprehensive Health Benefit Rider (CHB) and Aviva Term Plus Rider

Death Benefit:

All future premiums are waived off and invested as a lump sum amount into the fund, so the policy continues even in the unfortunate event of the parent’s death
The amount of Life Cover shall be payable to the nominee
Life Cover pertaining to Top-up premiums, if any, shall also be payable to the nominee
In case of death due to an accident between age 18 to 60, an additional amount under the in-built Accidental Death cover shall also be paid

Rider Benefit:

Aviva Child Education (CE) Rider – fixed monthly amount as chosen by the policyholder at inception is paid throughout the Policy Term to ensure uninterrupted education of the child in the event of parent’s death
Comprehensive Health Benefit (CHB) Rider – upon disability or critical illness the Life Cover is paid immediately, future premiums are waived and paid as a lumpsum into the fund and the policy continues with investment benefits intact
Aviva Term Plus Rider- an additional amount equal to the Aviva Term Plus Rider Sum Assured is paid on death of insured

Loyalty Additions:

You will be eligible for Loyalty Additions, if you continue paying all due premiums
The addition will be 1.5% of Fund Value pertaining to regular premiums at the end of year 11 and thereafter at the end of every subsequent 2nd policy year till the end of the Policy Term
Loyalty Additions will be added even after the death of the insured parent

Maturity Benefit:

On maturity, the Fund Value pertaining to both regular premiums and Top-up premiums will be paid to the policyholder along with accrued Loyalty Additions, if any as on the maturity date. This Maturity Benefit will be payable to the Nominee in case of death of the policyholder prior to maturity
Settlement option â€“ This allows you to keep the money invested in the fund even after maturity and enables you to receive the same systematically over a period of 1 to 5 years. You can opt for this option at maturity

Tax Benefit:

Tax benefits will be as per section 80C and 10(10(D)) of the Income Tax Act, 1961. Tax benefits as per the prevailing tax laws are applicable and are subject to change from time to time.
This illustration is for a male aged 35 years, opting for minimum Life Cover (Sum Assured), pays premiums yearly and invests 100% into the Enhancer Fund-II (Premium Paying Term = Policy Term) and does not opt for the riders