Investment Plans 399 views March 13, 2021

Life insurance can be the best gift you could buy for your children. So in case you die, a life insurance plan will ensure a lump sum amount for your children to fulfill their dreams. Considering such needs, we present to you two of the best insurance plans – Aviva Life Young Scholar Secure and Reliance Nippon Life Bal Nivesh One Time Plan. But which one should you choose? Let’s compare both these insurance plans and find the suitable one for you.

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Compare Aviva Life Young Scholar Secure vs Reliance Nippon Life Bal Nivesh One Time Plan Life Cover

Reliance Nippon Life Bal Nivesh

Under the Reliance Nippon Life Bal Nivesh Plan, the life assured will get minimum coverage of INR 1 Lakh and there’s no maximum limit. And in case of an unfortunate event of the death of the life assured, the following benefit will be payable to the beneficiary-

  1. 10X the Single Premium
  2. Absolute amount assured to be paid on death, which is equal to the base sum assured
  3. Guaranteed Sum Assured on Maturity,

Note – In this policy, the death benefit is subject to 125% of the Single Premium excluding any underwriting extra premium and taxes. And the policy shall terminate immediately on the payment of the death benefit.

Aviva Life Young Scholar Secure

In case of the life assured’s unfortunate demise during the policy term, the nominee/beneficiary shall get the death sum assured.

Death Sum Assured is the highest of –

  1. 10X the annualized premium
  2. Maturity Sum Assured
  3. 105% of the total premiums paid

Compare the Survival Benefit of  Aviva Life Young Scholar Secure vs Reliance Nippon Life Bal Nivesh One Time Plan

If you survive the policy term till the maturity date, you will get the following benefits under these life insurance plans

Reliance Nippon Life Bal Nivesh

On the survival of the life assured, the company will provide the Guaranteed Sum Assured on Maturity, which is equal to the base sum assured.

Aviva Life Young Scholar Secure

If the life assured’s child is one year old at the time of policy inception, when he/she turns 13 years old, INR 15,000 shall be payable to the policyholder till the child reaches the age of 17 years. And when your child turns 18, you will get a lump sum benefit of INR 40,000, and INR 5,94,500 when your child turns 21. This way, all your financial stages shall be covered under Aviva Life Young Scholar Secure Plan.

Compare Premium Amount of Aviva Life Young Scholar Secure vs Reliance Nippon Life Bal Nivesh One Time Plan

You should be looking for an affordable insurance plan, so let’s check out the premium you need to pay for these two insurance policies to get the coverage.

Reliance Nippon Life Bal Nivesh One Time Plan

Age (In Years)Premium Amount (In INR)
349,146
1049,184
2050,010
3052,516

Note – The above-mentioned premium amounts are indicative of a healthy life, at per INR 1,000 of sum assured.

Aviva Life Young Scholar Secure

Age (In Years)Premium Amount (In INR)
349,146
1049,184
2050,010
3052,516

Note – The above-mentioned premium amounts are inclusive of taxes but are not limited to Goods and Services Tax (GST). Cesses as applicable shall also apply as notified by the Government from time to time.

Conclusion

After knowing about both the Aviva Life Young Scholar Secure and Reliance Nippon Life Bal Nivesh One Time Plan, you can now choose the right alternative.

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