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

Aviva Young Scholar Secure Insurance Plan, Policy, Premium and Maturity Calculator - Aviva Young Scholar Secure is a non-linked non-participating insurance plan specially designed to provide for the future educational landmarks of a child. This plan offers guaranteed returns and ensures annual cash inflows to meet the ever-rising educational costs of a growing child.

Key Features - Aviva Young Scholar Secure Insurance Plan and Policy

  • The premiums as well as the returns are fixed in this policy, making it a Guaranteed Plan.
  • Policyholders have four plan options to choose from depending on the premium amount they can afford.
  • The policy offers educational pool guarantee that ensures the financial support for the child’s educational milestones.
  • The policy helps policyholders secure the future of their children in case of their absence.
  • The policy has an inbuilt Aviva Term Plus Rider to secure the future of the beneficiary (child) in case of accidental or natural death of the policyholder.

Eligibility Details - Aviva Young Scholar Secure Insurance Plan and Policy

 

Minimum

Maximum

Policyholder’s age at Entry (complete)

Parent (life insured): 21 – 50 years

Child (nominee/beneficiary): 0 – 12 years

Policyholder’s age at maturity (complete)

-

71 years

Policy Tenure

(21 – child’s entry age) years

Premium Payment Term

For child entry age 0 – 8: 13 years minus age of child

For child entry age 9 – 12: 5 years

Premium Paying Frequency

Yearly, Half-yearly, Monthly

Annual Premium

Dependent on Option chosen:

Silver – Rs. 25000

Gold – Rs. 50000

Diamond – Rs 100000

Platinum – Rs. 200000

Rs. 400000

Rs. 600000

Rs. 800000

Rs.1000000

Sum Assured

Dependent on Option Chosen

Benefits - Aviva Young Scholar Secure Insurance Plan and Policy

  • Survival Benefit is payable in two forms:
  1. Tuition Fee Support Benefit – The policyholder receives guaranteed payouts from the maturity date of the plan till the child reaches 17 years of age.
  2. College Admission Fund – A lump sum amount paid out when the child turns 18 years. The money can be used for college admissions of the child.
  3. At the age of 21, the child receives the Higher Education Reserve, which helps provide funds for post-graduation expenses.
  • When the policy matures, the policyholder receives the Maturity Benefit, which is the Sum Assured minus the amount already paid out as part of the Tuition Fee Support and College Admission Fund.
  • In an unfortunate event of the policyholder’s death, the nominee (child) receives the Death Benefit that is higher amongst the Maturity Sum Assured, 10x of the annual premium and 105 per cent of the premiums paid. All the future premiums are then waived off and paid by the insurer. The plan remains active and the child receives all the future benefits.
  • The policy also offers tax benefits on the premiums paid and on the Death Benefit received as under the section 10 (10D) and 80(C) of Income Tax Act, 1961.

    Details - Aviva Young Scholar Secure Insurance Plan and Policy

    Grace Period: The policy offers a limited period of time, i.e. 30 days since the date due for the payment of unpaid premiums. The Grace Period, in case of monthly payment mode, is 15 days. This insurance policy lapses in case the initial 2 years’ premiums have not been paid within the given Grace Period.

    Surrender Benefit or Policy Termination: This insurance policy can be surrendered after the completion of 2 policy years, provided all the premiums have been duly paid. In case the policy has not been reinstated before the revival period is over, the insurance policy shall be terminated. The policy also gets terminated in case of payment of Death Benefit or Maturity Benefit.

    Free Look Period: The insurers allow the insured with a limited period of 15 days since the receipt date of the policy documents, in order to review the terms and benefits of the policy. This period is known as the free look period. In case the insured decides not to keep this policy, he/she may cancel it within this period. The insurer would pay back the customer the premiums that he/she had paid after subtracting the premium for the number of days that insurer has borne the risk for and additional expenses, such as medical test expenses, stamp duty charges, etc.

    Additional Features or Riders - Aviva Young Scholar Secure Insurance Plan and Policy

    • This policy has a special rider that can be availed at the time of inception. It is called the Aviva Term plus Rider, which helps to optimize the protection given by the policy. The Sum Assured, under the rider, cannot exceed the Base Sum Assured, and the rider premium should not exceed 30% of the base premium.
    • Reinforcement of a lapsed insurance policy is possible in case the insured files a reinstatement request within a timeframe of two years from the date of the first unpaid premium.
    • Suppose the insured pays regular premiums for 2 years and stops paying premiums after that. If this continues till the Grace Period is over, then the policy will acquire its Paid-up Value.

    Exclusions - Aviva Young Scholar Secure Insurance Plan and Policy

    • Term insurance coverage becomes void in the event of the policyholder (sane or insane) committing suicide in the first policy year. The insurer, in such a scenario, shall refund 80 per cent of the total amount of premiums paid till date. In event of the policyholder committing suicide in the first year since the reinstatement of the policy, the insurer will refund the higher amongst 80 per cent of the already paid premiums or the Surrender Value.

    Documents Required - Aviva Young Scholar Secure Insurance Plan and Policy

    The insured needs to fill up the Application Form and submit it along with:

    • A copy of his passport, driving license, passport, or any other photo ID proof
    • A copy of Form 1, salary slips of previous 3 months, or the last filed ITR as a proof of income.

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