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:
These type of plans come for a longer tenure and have the following features:
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 insurance plans which are linked to reflect market growth are also available in the child plan category. Their features include:
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.*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
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:
|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|
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:
|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|
In addition to giving a guaranteed regular stream of income at the end of premium payment term, this plan also offers a bonus at the end of the policy term. There are 4 policy terms to choose from and the maximum sum assured amount per life is Rs. 1 crore.
This traditional life insurance plan helps meet short-term as well as long-term requirements by giving guaranteed cash back every 5 years in addition to a maturity benefit which is also guaranteed. It also offers guaranteed yearly additions up to 9% of annualised premium.
This is a medium to long term plan offering the option to switch between 7 different fund options to grow one’s wealth. In addition to a life cover, one can partially withdraw money after 5 years.
This unit linked insurance plan offers the flexibility of making personal investment decisions from 7 funds which have varying degrees of equity and debt exposure for long-term growth. If the need arises, one can partially withdrawal after 5 years without any penalty.
The plan offers the option of 3 policy terms and guarantees to double the amount of money paid by way of premiums at maturity. The maximum premium per life is Rs. 1 crore.
This plan offers a choice of 3 policy terms and 3 funds, with total administrative charges being as low as 1%. It also allows partial withdrawals after 5 years to meet unexpected expenses.
This savings cum protection plan guarantees returns as regular payouts for 12 years. The maximum annual premium per life is Rs. 1 crore and sum assured is 24 times the annual premium.
The unique attraction of this plan is that it offers 100% return on premiums paid at the time of maturity as guaranteed benefit. If there is any accumulated bonus, one also gets that to meet long-term needs. There are 3 payment term options and the premium has to be paid on an annual basis.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
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
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
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:
Aviva Life Insurance Company India Limited
Aviva Towers, Sector 43,
Opposite DLF Golf Course,