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Aviva Young Scholar Advantage Insurance Plan, Policy, Premium and Maturity Calculator

Aviva Young Scholar Advantage Insurance Plan, Policy, Premium and Maturity Calculator - Aviva Young Scholar Advantage is a unit linked insurance plan (ULIP) for the benefit of a child, where the parent is the Life Insured. This plan does not cover the life of a child but it is meant for the security of the child’s future even if anything happens to the parent. In this plan if the Life Insured, i.e. the parent dies within the policy tenure, the nominee, i.e. the child would receive the Sum Assured to address the immediate needs of the family.

Key Features - Aviva Young Scholar Advantage Insurance Plan and Policy

  • No liability to pay future premium, in case of death of parent
  • Guaranteed loyalty additions to enhance your fund value
  • Option to choose Policy Term to let you decide your key milestone
  • Choice of 7 (seven) funds for investors with different risk appetites
  • Flexibility to make Partial Withdrawals to meet unplanned expenses
  • Systematic Transfer Plan and Automatic Asset Allocation mechanism to protect your investments against market volatility.

Eligibility Details - Aviva Young Scholar Advantage Insurance Plan and Policy

PARAMETER MINIMUM MAXIMUM
AGE OF ENTRY 21 years 45 years
SUM ASSURED 0.5 x Policy Term x Annual Premium 10 x Annual Premium, whichever is higher
PREMIUM PAYMENT TERM Equal to policy term
POLICY TERM 10 years 25 years
PAYMENT MODE Yearly

Benefits - Aviva Young Scholar Advantage Insurance Plan and Policy

Tax Benefits - Aviva Young Scholar Advantage Insurance Plan and Policy

  • Tax benefits are subject to conditions specified under section 10(10D) and section 80C of the Income-tax Act, 1961. Tax laws are subject to amendments from time to time. Customer is advised to take an independent view from tax consultant. Service Tax & Cess, as applicable shall be levied over and above premium amount shown here as per applicable tax laws.

Maturity Benefit - Aviva Young Scholar Advantage Insurance Plan and Policy

  • On maturity, the Fund Value is paid to the policyholder.

Death Benefit - Aviva Young Scholar Advantage Insurance Plan and Policy

  • In case of death of the parent (Life Insured), the child (Nominee/Beneficiary) would get Sum Assured plus Loyalty Benefit as Immediate Death Benefit. The future premiums would be paid by the company in a lump sum and the child would also receive the Fund Value on the maturity of the tenure.

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