Aviva Young Scholar Advantage Plan

Aviva Young Scholar Advantage is a Unit Linked Insurance Plan specifically designed to protect the beneficiary in the unfortunate event of the policyholders’ death. The Life Insured here is the parent, not the child. The beneficiary, however, is always the child. In the absence of the parent, the child’s financial needs are taken care of by the insurer. Thus the child’s future is made secure by the plan.

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Investing in your child's future:A wise decision & a loving choice
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Key Features of Aviva Young Scholar Advantage

  • This Unit-Linked child Insurance Plan ensures comprehensive life cover.

  • The policyholder under this policy gets a choice of 7 different funds for allocating his/her assets for investments.

  • The maintenance and management of investment portfolios are made easier with options such as the Systematic Transfer Plan, the Automatic Asset Allocation or with the fund switching options.

  • Fund Liquidity is also offered under the plan.

  • The policy helps the insured secure the future of his/her child in case of his/her absence.

  • This Aviva unit linked policy has an inbuilt Rider to provide coverage against Accidental Death in order to provide added protection for the future of the beneficiary.

Benefits of Aviva Young Scholar Advantage

  • In case the policyholder survives till the maturity of the policy, he/she is entitled to receive Maturity Benefit, which is equal to the Policy’s Fund Value on the date of maturity.

  • In the unfortunate incident of the policyholder’s demise, the nominee receives the Death Benefit. The Death Benefit, which is paid along with the Top-up Sum assured (if any)  is higher of the following:

    • Base Sum Assured, 

    • 105% of the total premiums paid.

All the schedule future premium payments are waived off and a lump sum payout as per the provisions of the plan is made by the insurer. However, the policy continues till it reaches maturity.

  • The nominee is entitled to receive Accidental Death Sum Assured in event of the accidental death of the policyholder. The amount of Accidental Death Sum Assured is same as the Base Sum Assured. The sum assured, however, limited to Rs. 50 Lakhs.

  • Guaranteed loyalty additions are available with this policy.

  • On the basis of the policyholder’s propensity to bear risks, he is offered a choice of 7 Unit-Linked Funds for investments.

  • The policy ensures liquidity by allowing partial withdrawals. However, the withdrawals are allowable only after the completion of first 5 policy years.

  • The policyholder can opt for the Systematic Partial Withdrawal option as well after completing five policy years.

  • Tax benefits are available on the premium paid and Death Benefit received as per the Sections 80(C) and 10(10D) of the Income Tax Act, 1961.

Product Specification of Aviva Young Scholar Advantage Plan

 Criterion Minimum Maximum
Entry Age of the Policyholder (as per Last Birthday) Parent (life insured) for PT = PPT: 21 – 45 years
Parent (life insured) for PT = PPT: 21 to 40 years
Child (nominee/beneficiary): 0 – 17 years
Maturity Age (Last Birthday) of the Life Assured 31 years 60 years
Policy Tenure 10 years 25 years
Premium Paying Term (PPT) in years 5 years Equal to policy term
Premium Paying Frequency Yearly, Half-yearly, Monthly
Annual Premium Rs. 25000 if PT = PPT
Rs. 100000 if PT = 5 years
No limit
Sum Assured 1/2 x Policy Tenure  x Yearly Premium or 10 x Yearly Premium
Whichever is higher of the two

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Details about Aviva Young Scholar Advantage Plan Premium

Age of life insured (Yrs) Policy year Annual Premium (Rs.) Amount of Premium Allocation Charge Amount available for investment (out of premium) (Rs.) Mortality Charge (Rs.) Policy Admin Charge (Rs.) Fund Management Charge (Rs.) Fund at the end (Rs.) Withdrawal Benefit (Rs.) Death Benefit (Rs.)
21 1 100000 6000 94000 3089 1200 1268 94217 88564 1994217
22 2 100000 5000 95000 3023 1200 2602 195710 191710 1995710
23 3 100000 5000 95000 2942 1200 4023 303764 300764 2003764
24 4 100000 4000 96000 2846 1200 5550 420011 418011 2020011
25 5 100000 4000 96000 2738 1200 7177 543791 543791 2043791
26 6 100000 2000 98000 2618 1200 8941 677988 677988 2077988
27 7 100000 2000 98000 2490 1200 10819 820885 820885 2120885
28 8 100000 2000 98000 2352 1200 12819 973048 973048 2173048
29 9 100000 2000 98000 2209 1200 14948 1135074 1135074 2235074
30 10 100000 2000 98000 2137 1200 17215 1307508 1307508 2357508

Aviva Young Scholar Advantage Details

  • Grace Period: The policy allows a limited period of 30 days since the date of your first unpaid premium. The Policy’s Grace Period is of 15 days if the premiums are paid on monthly basis.

  • Surrender Benefit or Policy Termination: This policy might be surrendered post 3 policy years, provided all the premiums are paid. In case the policy is not renewed within the given time, then the policy shall be terminated. Termination of this insurance policy also occurs in case of payment of Death Benefit or Maturity benefit.

  • Free Look Period: The policy allows the insured a limited time of free look period (15 days) since the receipt date of the policy documents in order to review the features of the policy. In case the insured does not want to keep the policy, he/she may cancel it. The policyholder shall receive the paid premium after deducting a proportionate amount of premium for bearing the risk for the time of free look period and all sorts of extra expenses.

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Inclusions under Aviva Young Scholar Advantage

  • Top-up premium is allowed at anytime during the term of the policy, provided all premiums are paid. The minimum amount for the Top-up premium is Rs. 5000.

  • The policyholder can switch between 7 unit-linked funds anytime during the term of the policy.

  • The policy also allows the policyholder to redirect the future premiums towards different funds twice a year at any time of the policy year.

  • The policy offers a settlement option for policyholders where they may opt for keeping their money invested in the funds even after maturity. In that case, the policyholder may receive the return systematically over a period of one to five years.

  • With the Systematic Transfer Plan, the policyholder can enter the equity market at different times and different levels.

  • The Automatic Asset Allocation plan helps to decrease the policyholders’ exposure to equity and increase the exposure to debt as time goes on.

Additional Features or Riders offered under Aviva Young Scholar Advantage

  • The renewal of lapsed policy can be done if the insured submits a reinstatement request within a period of 2 years since the date due for the payment of first unpaid premium.

  • The following are the various charges applicable to this policy:

    • Premium Allocation Charge is subtracted from the premiums paid by the insured. The balance premium is invested towards the investment funds selected by the insured.

    • Policy Administration Charges are deducted in the beginning of each month.

    • Fund Management Charge is deducted every year and differs as per the funds selected by the insured.

    • In the starting of every month, Mortality Charges are subtracted by cancelling some units from the fund value.

    • Switching Charge – The policy allows 12 free switches in one policy year. Post that, every switch is charged at the rate of 0.5% of switched amount, subject to a maximum of Rs. 500 per switch.

Exclusions under Aviva Young Scholar Advantage

  • The life insurance coverage becomes void in case the policyholder (sane or insane), commits suicide in the first year of the policy or renewal. The insurer shall refund the Fund Value as on the date of death.

  • Accidental Death Benefit shall not be payable in case the death occurred indirectly or directly because of drug abuse or alcohol, not obtaining or not following medical advice, engaging in racing excluding swimming and athletics, riots, war, participation in dangerous activities, any functional or mental disorder, etc. 

Documents Required

The insured person needs to fill up an ‘Application form’ along with:

  • A photo ID proof, such as PAN Card, Driving License, or Passport.

  • An income proof, such as a copy of Form 16 or last ITR, copy of salary slips or last 3 months.

FAQ's

  • How and when are loyalty additions allocated under Aviva Young Scholar Advantage Plan?

    Aviva allocates Loyalty Additions on the occasion of policy anniversaries in the following manner:
    Policy Year Loyalty Additions (% age of Fund value pertaining to Regular Premium)
    At the end of the 10th Policy Year 1.0%
    At the end of the 15th Policy Year 3.0%
    At the end of the 20th Policy Year 4.0%
    At the end of the 25th Policy Year 5.0%
  • How can I apply for a duplicate Aviva Young Scholar Advantage policy?

    In case you have lost your policy document, you are required to fill up a request form and present it to your nearest branch of the company along with all the required documents in order to receive the duplicate copy of the policy from the insurer.
  • What are the Entry age criteria for Aviva Young Scholar Advantage Plan?

    For parents or the life insured:
    • Minimum Entry Age – 21 years

    • Maximum Entry Age – 50 years

    For Child or the nominee:

    • Minimum Entry Age – 0 years

    • Maximum Entry Age – 12 years

  • What is the policy term offered under Aviva Young Scholar Advantage Plan?

    The term of Aviva Young Scholar Advantage Plan is equal to 21 years minus the age of the child at the time of entry into the plan.
  • What is the maturity age allowed under Aviva Young Scholar Advantage Plan?

    The policy does not imply any minimum age for the maturity of the policy but the maximum maturity age for the parents is 71 years.

*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
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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