India's 1st IRDAI Approved Insurance Web Aggregator

Aviva Young Scholar Advantage

  •  views
  •  views

Aviva Young Scholar Advantage Policy

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. The future premiums would also be paid by the company such that the Fund Value would also be paid out on maturity of the policy.

 

Key Features of Aviva Young Scholar Advantage 

  • 3 riders are available in this plan
  • Loyalty Additions are added from the end of the 11th policy year
  • This policy has an inbuilt Accidental Rider and an option to decrease Sum Assured
  • Systematic Transfer and Automatic Allocation of Fund Options are 2 Investment Options available with this policy along with 9 Fund Options and a facility of Systematic Partial Withdrawal provide a complete investment opportunity


COMPARE THIS PLAN WITH OTHER CHILD PLANS

 

Benefits you get from Aviva Young Scholar Advantage

Death Benefit – 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.

Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C.

 

Eligibility conditions and other restrictions in Aviva Young Scholar Advantage

 

Minimum

Maximum

Sum Assured (in Rs.)

0.5 x Policy Term x Annual Premium

or

10 x Annual Premium,

whichever is higher

2.5 x Policy Term x Annual Premium

 

Policy Term (in years)

10

25

Premium Payment Term (in years)

5

Equal to Policy Term

Entry Age of Policyholder

21

50

Entry Age of Child (Nominee)

0

17

Age at Maturity

-

70

Single Premium (in Rs.)

NA

NA

Payment modes

Yearly, Half-yearly and Monthly

 

Sample illustration of premium amount in Aviva Young Scholar Advantage

Premium = Rs. 1,00,000 and Rs. 2,00,000

Age = 20 years

Policy Term = 20 years

Premium Paying Term = Regular Pay

Total Investment :
Rs 1,00,000 X 20 years = Rs 20,00,000
Rs 2,00,000 X 20 years = Rs 40,00,000

 

Aviva Young Scholar Advantage - Sample Illustration of Returns 
 

Additional Features and Benefits of Aviva Young Scholar Advantage

Riders – Accidental Death Benefit Rider is an in-built rider.

There are 3 additional riders available in this policy

1.     Child Education Rider- provides a monthly benefit to the family after the death of the life insured.

2.     Comprehensive Health Benefit Rider- Covers Total and Permanent Disability and 18 Critical Illnesses under this rider.

3.     Term Plus Rider- helps to enhance the life coverage beyond the Sum Assured provided.

Investment Fund Options- There are 9 Investment Funds available

  1. Bond Fund II
  2. Protector Fund II
  3. Balanced Fund II
  4. Growth Fund II
  5. Enhancer Fund II
  6. PSU Fund
  7. Infrastructure Fund
  8. Index Fund II
  9. Dynamic P/E Fund


And 2 Investment Options available

  1. Systematic Transfer Strategy
  2. Automatic Asset Allocation

Top-up - The minimum Top-up amount is Rs 5,000. Top Up can be done anytime except during the last 5 years of the Policy Term and each Top-up Premium also has a Lock-in Period of 5 years. Top-Up Premium will have a Sum Assured of 1.25 times the Top-Up Premium paid.

Switching - The minimum amount that you can switch is Rs 5,000. First 12 switches in a year are free of cost.

Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years. Four Partial Withdrawals are allowed in each policy year upto a maximum of 25% of the existing Fund Value. The minimum partial withdrawal is Rs 5,000 subject to at least one years’ Annual Premium should remain in the Fund Value.


Plan Details

Let's Understand The Plan With An Example:

In case of death, all future premiums will be waived paid as a lump sum in the policy fund. In addition, your family will get a lump sum to meet immediate financial needs.

Please note: Policy term ic 10-25 years ,subject to maximum maturity age of 60 years. Premium Payment Term equal to the policy term.

The value with assumed rates of returns@ 4% and 8% p.a. are not guranteed and they are not the upper or lower limits of returns of the Funds selected by the policyholder and that the performance of the Funds selected by the policyholder and that the performance of the Funds is dependent on a number of factors including future investment performance.   
                        

What happens if?

You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund.

The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. It can also be revived.

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

You want a loan against your policy - No loan is available under this plan.



 

Other Child Plans from Aviva
Compare Child Plans

Leave a Comment

Child Plan Calculator