Aviva Life 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:

Best Child Saving Plans
  • Insurer pays your premiums in your absence

  • Invest ₹10k/month and your child gets ₹1 Cr tax free*

  • Save upto ₹46,800 in tax under Section 80(C)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners
Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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

Other Aviva Child Plans:

  • Aviva DhanNirman

    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.

  • Aviva DhanSamruddhi

    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.

  • Aviva Life Bond Advantage

    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.

  • Aviva Live Smart

    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.

  • Aviva Wealth Builder

    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.

  • Aviva i-Growth

    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.

  • Aviva New Family Income Builder

    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.

  • Aviva DhanVriddhi Plus

    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

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

  • On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
  • Click New Quotes to compare.
  • 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.
  • Fill in your name, email address, city, country code, and mobile number. Click Continue.
  • 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.
  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  • 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.
  • This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Aviva Life Child Plans - FAQs

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

    Ans: 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
    • 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

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

    Ans: As a registered user, you must log into the e-portal with your Client ID and password to check the policy status.
  • Q.3. What is the policy renewal process for Aviva Life child plans?

    Ans: 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

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

    Ans: 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

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

    Ans: 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.
Child Plan 1
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Child Plan 2
Average Rating
(Based on 25 Reviews)
Child Plan 3

Nothing is more important than securing your child's future

  • Life Cover paid to family to meet immediate expense
  • Future premiums are paid by the Insurance Company

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Aviva Life Child Plans Reviews & Ratings

4.3 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Rohit
Ludhiana, August 04, 2016
Aviva Insurance Policy
Aviva child insurance policy i bought for my child. The policy is very good in respect of customer service and high benefit returns. Policy premium is low and it covers maximum expenditures spend for my child. Updates are mailed regularly to me about insurance policy.
Arun
Bhagalpur, July 15, 2016
High Coverage
The aviva life insurance provides me child insurance plan which has less premiums and the claims are easy to get because of service provided by the staff of the company is quick. Policy coverage is high. Easy accessible online portal and it gives the information regarding the policy.
Suadhinta
Jalgaon, July 04, 2016
Child Plan
I have a child insurance plan. Policy coverage is good, claiming is easy and very simple to sanctioned the amount. Hassle free documentations and updates are mailed through internet service. This plan is giving me full satisfaction for my child's future.
Prashant
Almora, June 27, 2016
Nice
I bought child insurance plan in low premium. The service is good and claiming get easy due to this. The policy coverage is high and investment is low. The tax is saved in premiums and returns. My child's future is secure and now I'm tension free for my child. The updates are also mailed.
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.
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