Everything You Need To Know About Aviva Young Scholar Secure Plan
Table of Contents
Aviva Young Scholar Secure is a Traditional Money Back Child Plan which provides life protection to the parent(life assured) and monetary plan benefits to the child (beneficiary). This plan does not cover the life of your child as it is specifically made for the security of your child’s future even if anything unfortunate happens to you. Under this plan, if the life assured, i.e. the parent untimely dies within the policy term, the nominee, i.e. the child is entitled to receive the sum assured to provide for the immediate financial needs of the family. The future due premiums would also be paid by the company itself such that the survival benefits are paid out as and when it is due.
Key Features of Aviva Young Scholar Secure
The key features of Aviva Young Scholar Secure Plan are the following-
1. Plan Options
There are 4 Plan Options namely Silver, Gold Diamond and Platinum
2. Guaranteed Payouts
Premium is fixed under all plan options along with the returns, therefore, it is a Guaranteed Plan which provides Tuition Fee Support, College Admission Pool and Higher Education Reserve Money to the child for meeting his future education needs even if the parent is not alive.
3. Rider Options
The plan offers 3 rider options namely Accidental Death Benefit Rider, Dread Disease Rider and Term Plus Rider.
4. Waiver of Premium
The policy has an inbuilt Premium Waiver Rider within which the premiums would be paid by the company if the parent dies within the policy term.
Benefits of Aviva Young Scholar Secure
Aviva Young Scholar Secure Plan provides the following benefits to its policyholders-
1. Death Benefit
In case of the death of the parent (life assured), the child (nominee or beneficiary) is entitled to get a sum assured as Immediate Death Benefit. The future premiums are meant to be paid by the company in a lump sum while the child would also receive the future benefits.
2. Survival Benefit
The beneficiary of the policy is entitled to receive the following payouts as survival benefit-
- Tuition Fee Support Benefit- A guaranteed amount is paid each year after the end of the premium paying term till age 17 of the child as a Tuition Fee Aid.
- College Admission Pool- A lump sum amount is paid when the child turns 18 to assist financially in the college admission fees expenses.
3. Maturity Benefit
Higher Education Reserves along with the remaining (sum assured – amount paid before as Tuition Fee Support and College Admission Pool) is paid on Maturity.
4. Income Tax Benefit
Premiums for this child plan that is paid up to INR 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. Consult your tax advisors for more assistance.
Eligibility Criteria In Aviva Young Scholar Secure
For becoming a policyholder of Aviva Young Scholar Secure Plan, following is the eligibility criteria-
|
Eligibility Criteria |
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
Depends on the age of Parent, Child and the Plan Option opted |
|
|
Policy Term (in years) |
21 years -Age at Entry (Child) |
|
|
Premium Payment Term (in years) |
For ages 0-8 years- PPT = 13 – Age at Entry (Child) For ages 9-12 years- PPT = 5 years |
|
|
Entry Age of Policyholder |
21 years |
50 years |
|
Entry Age of Child (Nominee) |
0 years |
12 years |
|
Age at Maturity |
- |
71 years |
|
Single Premium (in Rs.) |
NA |
NA |
|
Payment modes |
Yearly, Half-yearly and Monthly |
|
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
