Aviva Life Child Plans

4 / 5 based on 21 User Reviews

Common types of child plans

Child plans are available in different variants and can be taken to suit individual needs and requirements. The following types of plan variants come in the child plan category:

Traditional Endowment Plans

These type of plans come for a longer tenure and have the following features:

  • The plans may or may not be eligible to earn the bonuses which the insurance company declares. The bonus participation depends on the design of the plan. Usually child plans come with the bonus earning feature if they are offered as a traditional endowment plan.
  • The premium, the term for which the premium is to be paid, Sum Assured, maturity benefit and the death benefit is fixed beforehand. While the benefits payable, except bonus, is mentioned in the policy brochure, the premium will depend on the age and the choice of Sum Assured.
  • If the insured parent dies when the term is still continuing, the specified death benefit is paid to the nominee. The policy will continue but the child will not be required to pay any premiums. On maturity, the promised maturity benefit will be paid along with the accumulated bonuses.

Traditional Money-back Plans

Money-back plans are the most popular choice of child insurance plans among investors. These plans do not block the money like in case of the endowment plans but provide certain proportion of the Sum Assured at different intervals. Some features of these plans are mentioned hereunder:

  • The plans have the feature of providing a part of the Sum Assured at different intervals which are mentioned in the policy.
  • Bonuses are usually declared in money back plans.
  • The part of the Sum Assured which is paid at different intervals in between the policy tenure is called the Survival Benefits.
  • On maturity, the remaining part of the Sum Assured along with the aggregate bonuses which the policy has earned over the years is paid to the policyholder.
  • If the policyholder dies, the total Sum Assured is paid to the nominee irrespective of the Survival Benefits which are already paid. The plan will continue just like in case of traditional endowment plans. Survival benefits will continue to accrue as and when they were promised. On maturity, the pre-defined maturity benefit is also payable.

Unit linked child plans

The insurance plans which are linked to reflect market growth are also available in the child plan category. Their features include:

  • The policyholder will decide the amount of premium he wants to invest based on which the Sum Assured will be calculated.
  • The premiums will be invested in the funds which are invested in the market. As such, the policyholder can enjoy the benefit of market growth.
  • These plans promise three distinct benefits. One can enjoy wealth maximization through market participation, have insurance protection and also create a fund for the child’s future.
  • The plan can be taken for shorter duration.
  • There are various flexible options like partial withdrawals, premium redirection, switching, top-ups, etc.
  • On maturity or on death, the fund value will be payable which will depend on the market returns on the premiums invested.
  • The benefit of the inbuilt rider is also available in this variety of the plan.

Aviva Life Insurance Company is a joint venture between Dabur Invest Corp and Aviva Group. Dabur Invest Corp is one of India’s oldest and most respected business houses producing traditional healthcare products since time immemorial. Aviva Group is a UK based insurance group serving 31 million customers across 16 countries. Together Aviva Life Insurance has become a key player in the insurance sector quality products and efficient service. The company boasts of being among the first companies to introduce modern unit-linked and unitized with-profit plans. The company leads the market in protection and child plans with world-class products and a strong sales force.

Aviva Child Plans

Aviva Life Insurance Company currently offers two types of child plans to its customers each offering various features and benefits to the policyholder. Let us take a look at the different child plans offered by the company and the features and benefits of each of the plans in details.

Aviva Young Scholar Advantage Plan

A unit linked child insurance plan which protects the child’s future financially and also provides market linked returns for capital appreciation. The features and benefits of the plan are as follows:

  • Premiums under the plan can be paid for the entire duration of the plan under the Regular Pay option or for a limited tenure of 5 years under the Limited Pay option of premium payment.
  • The premium net of applicable charges can be either self-invested by the policyholder or invested under the Systematic Transfer Plan or Automatic Asset Allocation option.
  • Under the Systematic Transfer Plan, the premium is initially invested in debt fund and then slowly redistributed to the equity fund. This transfer stops in the last 2 policy years when the funds are switched back from the equity fund to the debt fund to protect the fund from market volatility
  • Under the Automatic Asset Allocation option, the net premium is initially invested in a ratio in equity and debt funds with a higher proportion in equity funds. With the passage of tenure, the funds are slowly allocated to debt fund by decreasing the equity exposure.
  • The policyholder has an option of seven funds for investment if he invests the money himself. The funds are Balanced Fund II, Bond Fund II, Enhancer Fund II, Growth Fund II, Infrastructure Fund, Protector Fund II, and PSU Fund.
  • Loyalty Additions accrue at the end of the 15th policy year and thereafter twice after every 5 years and are expressed as a percentage of the available fund value
  • On maturity, the Fund Value is payable.
  • On death of the insured during the tenure of the plan, higher of the basic Sum Assured including any top-up Sum Assured or 105% of all premiums paid till the date of death is paid immediately to the nominee. Moreover, all future premiums are waived off and the total of such premiums is credited to the Fund Value which grows for the remaining tenure. On maturity, the applicable fund value is paid to the nominee
  • There is an inbuilt Accidental Death Benefit feature under which in case of accidental death of the insured, an additional Accidental Sum Assured is paid which is equal to the base Sum Assured subject to a maximum of Rs.50 lakhs
  • 4 free partial withdrawals are allowed every year with a minimum amount of Rs.5000
  • 12 free switches are allowed annually to change between funds and premium redirection facility is also available to redirect future premiums into another fund

Eligibility Details

 

Minimum

Maximum

Entry Age of the Parent

21 years

Regular pay - 45 years

Limited Pay – 40 years

Entry Age of the Child

0 years

17 years

Maturity Age

-

60 years

Policy Term

10 years

25 years

Premium amount

Regular Pay - Rs.25, 000

Limited Pay – Rs.1 lakh

No limit

Sum Assured

Higher of 10 times the annual premium or 0.5*tern*annual premium

No limit

Premium Payment Term

Equal to plan term or 5 years

Premium Paying Frequency

Yearly, half-yearly or monthly

 

Aviva Young Scholar Secure Plan

A traditional child insurance plan to protect the child’s future even in the absence of the parent. The features and benefits of the plan are as follows:

  • Premiums under the plan are paid for a limited tenure only which depends on the age of the child
  • The plan has four variants depending on the amount of premium paid and the benefits payable depend on the plan variant chosen. For instance, for a premium of Rs.25, 000 the applicable variant is Silver, for Rs.50, 000 it is Gold, for Rs.1 lakh is Diamond and for levels above this the variant is Platinum.
  • Various payouts are paid under the plan to take care of the child’s expenses
  • A Guaranteed Annual Payout called the Tuition Fee Support depending on the premium variant is paid out every year after the completion of the premium paying tenure and till the child reaches 17 years of age.
  • A lump sum amount is given as College Admission Fund when the child reaches 18 years of age
  • Another lump sum amount called the Higher Education Reserve is paid when the child attains 21 years of age
  • While the Tuition Fee Support Fee and the College Admission Fund is a fixed amount depending on the premium amount and variant, the Higher Education Reserve is calculated as the maturity Sum Assured net of the Tuition Support Fee and the College Admission Fund already paid.
  • In case of death of the insured during the tenure, the death Sum Assured will be paid which will be higher of 10 times the annual premium or maturity Sum Assured or 105% of all premiums paid till the date of death. Furthermore, the above mentioned benefits will accrue as and when they fall due.
  • Aviva Term Plus Rider can be availed for a more enhanced protection

Eligibility Details

 

Minimum

Maximum

Entry Age of the Parent

21 years

50 years

Entry Age of the Child

0 years

12 years

Maturity Age

-

71 years

Policy Term

21 – entry age of the child

Premium amount

Silver – Rs.25, 000

Gold – Rs.50, 000

Diamond – Rs.1 lakh

Platinum – Rs.2, 4, 6, 8 or 10 lakhs

 

Premium Payment Term

Child aged 0-8 years – 13 minus the entry age of the child

Child aged 8 years and above – 5 years

Premium Paying Frequency

Yearly, half-yearly or monthly

 

Applying for a Child Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Child Plans through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Aviva Life Child Plans - FAQs

1. How to pay premium? What are the modes of payment available?

For receiving continuity of your benefits, it is critical to pay premiums on time. You can pay your AVIVA Life Insurance premium through these 7 methods:

  • Airtel money
  • Auto Debit card or Credit card
  • HDFC/SBI/AXIS Bank debit card
  • ECS SYSTEM
  • NEFT
  • Cash/Cheque Payments
  • Change Payment Mode

Step 1: Enter your policy details – policy number and policyholders date of birth

Step 2: Select your online bank account or debit/ credit card to make the payment

Step 3: Authenticate and confirm your payment details and receive online confirmation


2. How can I check policy status for Aviva Life child plans?

As a registered user, you must log into the e-portal with your Client ID and password to check the policy status.

Alternatively, you can check the status via the SMS facility, provided you are a registered user.

SMS POLSTAT <Policy no> to 9880102266

Example: POLSTAT AILXXXXXXX

Note: Please do not use any brackets or special characters (<>,( ),**) with the keyword or Policy number.

Want to get policy details without login, avail AVIVA Insta Access ™ feature. To know more contact toll free 1-800-703-7766.


3. What is the policy renewal process for Aviva Life child plans?

Online Policy Renewal facility is available to all Aviva customers. The process is as follows;

Step 1: Login into e-portal with your Client ID and password.

Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now

Step 3: Choose payment option- NEFT, Credit Card/Debit Card

Step 4: Authenticate and confirm your payment details and print out the payment receipt


4. What is the company’s process to settle claim for Aviva Life child plans?

For Aviva Health Plus policyholders, Cashless facility is permitted in case of for surgery or hospitalization. For others the process is as follows;

Step 1: Complete the claim form

As per your policy T&C and options, you need to duly fill the forms for claims against riders, hospital cash benefit, death benefit, gratuity and group term insurance.

Step 2: Arrange for correct documents

Based on the claims made, you need to attach the correct supporting documents. You can submit the documents in original or photocopies attested by a Gazetted officer or Magistrate.

Step 3: Arrange for medical reports for medical related claims

In case of hospitalization or surgery; produce the relevant medical reports and bills, issued by the attending physician, who is qualified to issue such a report.

Upon completion of the above-stated documentation, submit them to your nearest AVIVA branch office. Alternatively, you can send the documents to us by post:

Our Address:

Claims Department

Aviva Life Insurance Company India Limited

Aviva Towers, Sector 43,

Opposite DLF Golf Course,

Sector 43,

Gurgaon 122003

For more information, please call Customer Services Helpline at 1800-103-7766.


5. What is the policy cancellation process for Aviva Life term insurance for Aviva Life child plans?

The Aviva Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The value of their units will be calculates at the current market rates, if documents are submitted before 3:00 PM, else the next day’s market rates will be used to calculate unit price.

Reviews for Aviva Life Child Plans

TOTAL REVIEWS (21)
Kaamraj
Surat
March 21, 2016

Good Terms

My child policy plan for my child is great which i bought from aviva life insurance. The premiums are low and the paybacks are high. The policy coverage and claims are high (97%, Rs.34 L). Service is quick and the work is done in just blink of an eye. Always on time till now. Good investments and the policy save taxes also.

Saaras
Manesar
March 21, 2016

superb child plan

Superb child policy plan which provided by aviva life insurance. The policy coverage is 93% and the claims are ~Rs.25 L. The investment is ~Rs.25 K trice per year till policy end. Services are great and fast too. Great work guys.

Saajid
Raj_nagar
March 21, 2016

Great Policy Plan

The child policy plan i have from aviva life insurance is the great policy which provide the great benefits with low premiums. The service is fast and even the web services are good. The policy coverage is high and the claims are easily sanctioned due to executives facilitate and provides the service every time.

Kamadev
Gautam_buddha_nagar
March 21, 2016

Works For Me

I have child policy plan for my children from aviva life insurance. The policy coverage is 94% and the claims is approx. 29 L before policy maturation. The premiums is low ~Rs.2 L per year for both of them. The services is fast and always on time. Executives and staff members behave well. I'm impressed.

Kailash
Rajkot
March 21, 2016

Fair Policy

My child policy plan is with aviva life insurance. The policy plan is very well managed, Policy coverage is 83% and the claiming is easy because of fast service. The web services you provides is also nice. Lucky to have you guys.

Kabir
Siliguri
March 21, 2016

Nice Child Plan

Policy Plan which i took from aviva life insurance is good. Policy coverage and claims are high and the claiming procedure is easy no paper works, every thing is done by home. Nice child policy plan guys. Fantastic investment and tax cutter.

Waqar
Pratapgarh
March 21, 2016

Nice

My child's future is secure because i buy child policy plan from aviva life insurance for him. The policy coverage is high premium is low. The claims sanctioned easily due to fast service. The behaviour of the executives and staff members are very nice. Nice policy, keep it up.

Yogesh
Vellore
March 21, 2016

Above Average

I have child policy plan which i buy from aviva life insurance. The policy is above average plan. Policy coverage is fine 80% and the claims are minimum 19 L before policy mature. The investments are 1 L per year. Services provided by you guys is fantastic and on time till now.

Devindra
Kochi
March 21, 2016

Perfect Policy Plan

Policy coverage is high ~97% and the policy claims are high. Premiums are low approx. 25 K quarterly per year. Nice child policy plan which is good investment for future and it save taxes also. Service is very good which facilitate by the executives and staff members. Good job guys.

Umakant
Babhleshwar
March 21, 2016

Poor Policy Plan

The child policy plan i have with aviva life insurance is not good. Poor policy coverage and claims. Service is not fast and waiting is usual. Premiums are high. I must say poor child policy plan.

Sumeet
Mangalore
March 21, 2016

Fantastic Policy Plan

Perfect child policy plan which i buy from aviva life insurance. Policy coverage is 98% and the premiums are low ~30 K thrice a year. The claims are high around 40 L after policy ends. The claiming process is easily done due to fast service provided by the executives and staff members.

Mayank
Faridabad
March 21, 2016

Nice

I buy child policy plan for my child. This policy is good investment for future which save taxes also. Good work aviva life insurance, you provides high policy coverage approx. 92 % and the claims are around 37 k. Service is fast as the claiming process is also quick.

Prashant
Agra
March 21, 2016

Best Child Policy

The child policy plan i own from aivia life insurance is the best among all. The policy coverage is 96% and the claims are high. The Premiums are low ~50 K twice a year and the payback returns are very high and claiming procedure is easy and simple, no paper work issue.

Mohan
Ooty
March 21, 2016

Satisfactory

My child policy plan is with aviva life insurance. The policy coverage is good ~80% and the claims are good ~Rs.32 L. The premiums are Rs.20 K quarterly and the returns are high with good interest. Good investment for future and the taxes are also minimize. I like this policy very much.

Hitesh
Kalyan
March 21, 2016

Policy coverage is good

I buy child policy plan with aviva life insurance which has very good policy coverage ~ 94%. The service is also good and fast. The claims are high approx. 35 L and claiming process is easy because the executive and staff members providing good response and quick services. Nice work.

Joginder
Gwalior
March 21, 2016

slow service

The aviva life insurance is providing me child policy plan. The policy coverage is 79% and the policy claims are easily get due to executives and staff members which do good work. But the services are very slow. Please improve your services.

Lalit
Darjeeling
March 21, 2016

Okay Child Plan

The child policy plan is good and the services provided by the aviva life insurance is good. The policy coverage is 83% and the claiming amount is 32 L which is clear after 25 years. The investments or premiums is 40 K twice a year. The service is fast and the behaviour of staff members is very cool. I like it.

Lakshay
Chennai
March 21, 2016

Awesome

The best child policy plan i bought from aviva life insurance and the policy plan is awesome. The policy coverage is 92% and the claims are 35 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection.

Manmohan
Bihar_sarif
March 21, 2016

Nice Child Plan

My child policy plan is very good and the insurer is aviva life insurance. The policy has many benefits like good investments for future and it save taxes also. Policy coverage is 80% and the claims are around 30 L after policy ends. Fair Terms.

Abhishek
Ahmednagar
March 21, 2016

Good Service

I purchase child policy plan from aviva life insurance. The policy coverage and the claims are good with low premiums. Service you provided is very quick and the behaviour of the executives and staff members is nice. Good future investment and it reduces taxes also. Nice policy plan.

Rajat
Bangalore
December 20, 2015

Aviva child plans highly recommended

I have bought Aviva child plans from Policybazaar, and would like to recommend both the plan and Policybazaar for everyone. Aviva insurance company is providing best claim ratio at very nominal premium so choose the best and buy online from policybazaar, its easy and affordable. p