Investment Plans 628 views December 11, 2020

Are you worried about how you will finance your child’s education with a continuous rise in the cost of Education? Well, stop worrying about it! With Aviva Young Scholar Secure Plan, you can chalk out a secured education plan for your child. This investment plan from Aviva Life is a savings-oriented Insurance plan that will make sure your child completes his or her education even when you are not around. With two Lump Sum amounts at important milestones for College Education and Higher Education, you can be free of any worries regarding any educational expenses.

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Here, we are going to discuss some important information related to the Aviva Young Scholar Secure Plan, such as its key attractions, benefits, eligibility, etc. Want to know the same? Keep reading!

Unique Features of the Aviva Young Scholar Secure Plan

With this Savings Oriented Insurance Plan from Aviva Life, you can make the most of its unique features to meet the annual expenses as your child grows. We are showing some of those features below so that you can understand better about this investment plan. Have a look!

  1. With the Aviva Young Scholar Secure Plan, policyholders will start to receive a guaranteed payout every year at the end of  the Premium Payment Term (PPT). The plan will keep giving these annual payouts until the time your child reaches the age of 17 years. So, in a way, you can call this the Child Tuition Fee Support (TFS), which can be utilized in the school tuition expenses up to Class 12th.
  2. Policyholders will also receive a lump sum amount at the maturity of this investment plan. At the time of your child’s college admission i.e. when your child turns 18, this amount can be utilized. You can consider this amount as the College Admission Fund (CAF).
  3. When your child turns 21 years of age, this plan will also provide another lump sum amount – Higher Education Reserve (HER) – which can be utilized for the Post Graduation Expenses.
  4. One of the best attractions of the Aviva Young Scholar Secure Plan is that this plan doesn’t stop giving financial support to your child in case you are not around. There’s just one condition: all due premiums should have been paid till the date of death of the policyholder. All benefits, such as Annual Payouts, Lump Sum amount and the additional lump sum, will be available on their respective due dates. So, policyholders can be assured of the education pool for their child.
  5. To provide additional protection against accidental or natural death, policyholders can also opt for Term Plus Rider that will help you ensure the same.
  6. With the Aviva Young Scholar Secure Plan, you can choose from four different options – Silver, Gold, Diamond and Platinum. The premium varies depending on the plan chosen by you.
  7. Tax Benefits are also available on the premium amount and maturity payout received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.

Aviva Young Scholar Secure Plan Benefits

What are those benefits that you can enjoy with the Aviva Young Scholar Secure Plan? Well, we are discussing some of the benefits below. Please have a look!

Death Benefits

If something unfortunate like a death happens to the policyholder, this plan will provide the following benefits. However, there’s one condition that you should have paid all the premiums for your policy until the date of death.

Death Sum Assured which will be equal to the highest of the following amounts

  1. Ten times the Annualized Premium
  2. Maturity Sum Assured
  3. 105% of the total premiums being paid till the date of death of the life insured

There is an important thing that you need to remember that any amount of TFS or CAF already paid will not be deducted from the Death Sum Assured amount. Apart from this, there will be no halt on the future installments of TFS, CAF and HER. Your child will receive all of them on scheduled dates.

Survival and Maturity Benefits

With this Insurance Plan from Aviva Life, policyholders will receive survival and maturity benefits according to the plan option chosen at the inception of the policy and the premium amount. The survival benefits include Tuition Fee Support (TFS) and College Admission Fee (CAF). TFS ranges from INR 15,000 to INR 4,00,000, while CAF ranges from INR 40,000 to INR 30,00,000.

Policyholders will receive a lump sum amount in the form of Higher Education Reserve (HER) at maturity. This amount will be the maturity sum assured minus the sum of all the TFS and CAF already paid to you.

Eligibility Criteria of Aviva Young Scholar Secure Plan

There are a few parameters related to the Aviva Young Scholar Secure Plan that you should know. You can check such parameters below.

  1. The entry age for parents can be 21 to 50 years, while the child (nominee) can be 0 to 12 years at the time of entering into the policy.
  2. The maturity age can be as high as 71 years for this Aviva Life policy.
  3. The policy term will be 21 minus the Entry age of the Child. For example, your child is 5 years old at the time of entering into the policy, the policy term for your child will be 16 years.
  4. The premium payment term (PPT) for children with an entry age of 0 to 8 years will be 13 Minus Age of the Child. On the other hand, for the children with an entry age of 9 to 12 years, the PPT will be 5 years.

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