Aviva Child Plan Calculator helps the policyholders to calculate the premium for the chosen plan. In the case of a child insurance plan, the online tool helps the investors plan and secures their child’s future.
A customer is spoiled with choices when it comes to purchasing the right insurance plan. Aviva Life Insurance offers a variety of products for its customers. The customer needs to make informed choices when it comes to buying insurance products. One needs to consider factors such as monthly income, medical conditions, child's education, marriage, policy term, etc., to find the best-suited policy.
The insurer has an online calculator that helps its customers decide the policy that works for them. Some of the reasons to use a child plan Calculator:
Aviva Child Plan calculator is easy to access and easy to use. The premium amount for securing a child's future is calculated in a hassle-free manner. The customer can browse the official website of the insurer and follow the below-given steps.
The preliminary step in the process is to enter the first name and last name of the customer, followed by the parent and child's birth date. The calculator also asks for the registered mobile number and email address of the customer.
The calculator displays different plans to choose from, each with a different premium amount to be paid. The customer with lower income can choose the plan with the least premium amount.
The online tool provides a summary of the selected plan. The customer has a chance to modify or edit the entered details before proceeding to purchase the plan.
Aviva Child Plan calculator's significant function is to select the plan according to his/her budget. Some of the advantages of using the online calculator are as follows:
The calculator displays four different types of plans to choose from based on the premium amount. The customer can choose the plan according to his income. The policyholder also has an option to choose the payment frequency according to his/her convenience.
Aviva Child Plan calculator eliminates the policyholders' dependence on representatives, thereby reducing the possibilities of human errors in premium calculation. The customers have plenty of options in reaching out to the insurer online, ranging from the call-back option to the chat option; the customers can also write emails to the insurer or reach out to the customer service executives available throughout the day. Thus, the customers' precious time is saved by eliminating the need to travel to the insurer's office locations.
The child plan calculator is available for free on the insurer’s official website. It provides the user with a stress-free assessment of the policy term, premium rates, and the sum assured. The customer can recalculate and rework the premium amount at his convenience, making the online calculator a great tool available at no cost. Thus the customer stands to gain from the availability of information at his/her fingertips.
The policyholder needs to have some basic information in his kitty to make use of the online calculator. The basic information needed is as follows:
The child insurance plan acts as a savings plan catering to the child's educational needs such as higher education, marriage, and other important milestones. Some of the benefits of buying a child insurance plan are as follows.
Aviva's child insurance plan is insulated from the market risks, and it is a non-participating savings plan that is designed for the benefit of one’s child.
This policy plan helps the child come off age and is more serious about their education plans. Quality education is not readily available, and one needs to spend a considerable amount of money to attain top-class education. With the rise in the inflation rate, the higher education cost is likely to increase in the coming years. Aviva child plan has unique features such as the following:
One can invest in a child plan to meet the expenses of the school tuition fee. When the policy term ends, the company will provide guaranteed annual payouts every year until one’s child attains 17 years of age. This plan helps the customer meet the school's tuition fee until the child completes class 12.
The customers can also opt to receive a lump sum when the child turns 18 years. The bulk amount received at the policy term can fund the child's college expenses, such as semester fees.
The parent can also use the plan to fund the post-graduation expenses of the child. In this scenario, the customer can opt to receive the lump sum when they turn 21 years. The sum assured received at the end of the policy term can be used to attain the child's master's degree in a reputed university.
Aviva Child Plan ensures child’s education is shielded from unfortunate events such as the sudden demise of the life insured, natural disasters, etc. The company will pay all the benefits such as tuition fee support for schooling, a lump sum for college admission, and an additional lump sum for post-graduate education on their respective due dates.
This plan also provides maturity and survival benefits. The policyholders can avail of these benefits irrespective of the mode of premium chosen at the inception of the policy. If the customer has chosen the silver plan with a monthly installment of Rs.2900, he is entitled to receive Rs.15,000 for tuition fee and Rs.40,000 for college admission fund as survival benefits; the company will pay the remaining sum as maturity benefit, which can be used as a reserve for higher education. The payout amount differs for other plans such as gold, diamond, and platinum.
The corpus accumulated by the policyholder can also be effectively used to create wealth. A disciplined investor can take advantage of the power of compounding to generate enough returns if the plan is started at an early age. It provides ample time for the money to grow and provides sizable returns for the policyholders, leading to financial freedom.
Aviva Child Plan provides customer-focused options when it comes to premium payment. The policyholder can choose to pay the policy premium on an annual basis, semi-annual basis, quarterly basis, and monthly basis according to his/her convenience.
Most importantly, the customers can quickly pay the premium by visiting the insurer's official website.
The policyholders are given reasonable rates for child insurance plans. It is handy for budget-conscious masses that are wary about investing their savings. The child plan has four options to choose from, starting with a silver plan, gold plan, diamond, and platinum plan. The premium rates for each plan are as follows.
The premium amount is designed in the most reasonable way such that it’s affordable for most people. For policyholders with the silver plan, the monthly premium is Rs.2900, a half-yearly premium is Rs.17, 000, and the yearly premium is Rs.33, 000.
The premium amount for the gold plan is slightly higher than the silver plan with a monthly premium of Rs.4400. The policyholders can also pay the half-yearly premium of Rs.26,000 and the yearly premium of Rs.50,000.
The premium amount for the diamond plan is higher compared to the previous plans. The policyholders of the diamond plan can opt to pay a monthly premium of Rs.8,800, or they can choose a half-yearly premium of Rs.51,500, or they can pay a yearly premium of Rs.1,00,000.
The platinum plan is ideal for policyholders with higher monthly income. Platinum plan comes with five different bands where the annual premiums range from Rs.2,00,000 to Rs.10,00,000, the half-yearly premiums varies from Rs.1,02,500 to Rs.5,12,500 and the monthly premiums ranges from Rs.17,500 to Rs.87,500 respectively.
The premium payment term is calculated for two different entry age categories.
If the child's entry age is between 0 to 8 years, then the premium payment term is calculated by subtracting the age of entry from 13.
If the child's entry age is between 9 to 12 years, then the premium payment term is five years.
The policy term is calculated by subtracting the entry age of the child from 21.
Aviva India is one of the long-standing insurance companies in India. It is co-owned by Aviva Plc., an insurance company based in the UK, and Dabur Invest Corp, a famous brand in India. The company provides customer-oriented products that are simple and relevant. The products are designed to help the customers achieve their financial objectives in life, including wealth creation, children's education plan, market-linked plan, etc. The company’s core value is to do the right thing and be customer-focused. The Company has a global presence and serves 33 million customers worldwide.
*All rates are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.
A policyholder who is serious about the child’s financial and educational needs can make use of the online calculator to arrive at the desired plan.
A1. The policy addresses the child’s financial needs during the policyholder's lifetime and after his/her demise. The child is a beneficiary and receives the matured amount either as a lump sum or regular payouts.
A2. Factors such as regular income availability, premium waiver availability, and an option to increase the existing cover are considered.
A3. Some of the child insurance plan benefits include protection against unprecedented events, funding for higher education, and the plan also act as an investment vehicle for long-term wealth creation.
A4. Parents who desire to fund the educational needs of their children should consider buying a child insurance plan.
A5. The child investment plans are of two types, traditional term plans, and market-linked plans.
A6. One can choose a child insurance plan to invest in for his child as the insurance plan considers the growing educational costs and rising inflation rates.
A7. Some of the commonly available plans are traditional plans, market-linked plans, single premium insurance plans, and regular premium insurance plans.
A8. The policyholder must consider the premium frequency, rider benefits, and inflation rate while picking a child’s plan.
A9. The main feature that distinguishes the child’s plan from the rest is the child's plan to secure the policyholder's financial needs even in the absence of the life insured.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.