Aviva Young Scholar Secure Plan

Aviva Young Scholar Secure is a non-linked non-participating insurance plan specially designed to provide for the future educational landmarks of a child. This plan offers guaranteed returns and ensures annual cash inflows to meet the ever-rising educational costs of a growing child.

Aviva Young Scholar Secure Features

• The premiums as well as the returns are fixed in this policy, making it a Guaranteed Plan.
• Policyholders have four plan options to choose from depending on the premium amount they can afford.
• The policy offers educational pool guarantee that ensures the financial support for the child’s educational milestones.
• The policy helps policyholders secure the future of their children in case of their absence.
• The policy has an inbuilt Aviva Term Plus Rider to secure the future of the beneficiary (child) in case of accidental or natural death of the policyholder.

Benefits of Aviva Young Scholar Secure

• Survival Benefit is payable in two forms:

1. Tuition Fee Support Benefit – The policyholder receives guaranteed payouts from the maturity date of the plan till the child reaches 17 years of age.
2. College Admission Fund – A lump sum amount paid out when the child turns 18 years. The money can be used for college admissions of the child.
3. At the age of 21, the child receives the Higher Education Reserve, which helps provide funds for post-graduation expenses.

• When the policy matures, the policyholder receives the Maturity Benefit, which is the Sum Assured minus the amount already paid out as part of the Tuition Fee Support and College Admission Fund.
• In an unfortunate event of the policyholder’s death, the nominee (child) receives the Death Benefit that is higher amongst the Maturity Sum Assured, 10x of the annual premium and 105 per cent of the premiums paid. All the future premiums are then waived off and paid by the insurer. The plan remains active and the child receives all the future benefits.
• The policy also offers tax benefits on the premiums paid and on the Death Benefit received as under the section 10 (10D) and 80(C) of Income Tax Act, 1961.

Product Specification Aviva Young Scholar Secure 

	Minimum	Maximum
Policyholder’s age at Entry (complete)	Parent (life insured): 21 – 50 years Child (nominee/beneficiary): 0 – 12 years
Policyholder’s age at maturity (complete)	-	71 years
Policy Tenure	(21 – child’s entry age) years
Premium Payment Term	For child entry age 0 – 8: 13 years minus age of child For child entry age 9 – 12: 5 years
Premium Paying Frequency	Yearly, Half-yearly, Monthly
Annual Premium	Dependent on Option chosen: Silver – Rs. 25000 Gold – Rs. 50000 Diamond – Rs 100000 Platinum – Rs. 200000 Rs. 400000 Rs. 600000 Rs. 800000 Rs.1000000
Sum Assured	Dependent on Option Chosen

 

Details about Premium

Age of life insured (Yrs)	Policy year	Annual Premium (Rs.)	Guaranteed Survival Benefit  (Rs.) (at year end)	Guaranteed Death Benefit  (Rs.)	Guaranteed Maturity Benefit (Rs.) (at year end)
25	1	250000	-	537500	-
26	2	250000	-	537500	-
27	3	250000	-	537500	-
28	4	250000	-	537500	-
29	5	250000	-	537500	-
30	6	250000	-	537500	-
31	7	250000	-	537500	-
32	8	250000	-	537500	-
33	9	250000	-	537500	-
34	10	250000	-	537500	-
35	11	250000	-	537500	-
36	12	250000	15000	537500	-
37	13	-	15000	537500	-
38	14	-	15000	537500	-
39	15	-	15000	537500	-
40	16	-	15000	537500	-
41	17	-	40000	537500	-
42	18	-	-	537500	-
43	19	-	-	537500	-
44	20	-	-	537500	422500

 

Aviva Young Scholar Secure Details

Grace Period: The policy offers a limited period of time, i.e. 30 days since the date due for the payment of unpaid premiums. The Grace Period, in case of monthly payment mode, is 15 days. This insurance policy lapses in case the initial 2 years’ premiums have not been paid within the given Grace Period.

Surrender Benefit or Policy Termination: This insurance policy can be surrendered after the completion of 2 policy years, provided all the premiums have been duly paid. In case the policy has not been reinstated before the revival period is over, the insurance policy shall be terminated. The policy also gets terminated in case of payment of Death Benefit or Maturity Benefit.

Free Look Period: The insurers allow the insured with a limited period of 15 days since the receipt date of the policy documents, in order to review the terms and benefits of the policy. This period is known as the free look period. In case the insured decides not to keep this policy, he/she may cancel it within this period. The insurer would pay back the customer the premiums that he/she had paid after subtracting the premium for the number of days that insurer has borne the risk for and additional expenses, such as medical test expenses, stamp duty charges, etc.

Additional Features or Riders

• This policy has a special rider that can be availed at the time of inception. It is called the Aviva Term plus Rider, which helps to optimize the protection given by the policy. The Sum Assured, under the rider, cannot exceed the Base Sum Assured, and the rider premium should not exceed 30% of the base premium.
• Reinforcement of a lapsed insurance policy is possible in case the insured files a reinstatement request within a timeframe of two years from the date of the first unpaid premium.
• Suppose the insured pays regular premiums for 2 years and stops paying premiums after that. If this continues till the Grace Period is over, then the policy will acquire its Paid-up Value.

Exclusions under Aviva Young Scholar Secure

• Term insurance coverage becomes void in the event of the policyholder (sane or insane) committing suicide in the first policy year. The insurer, in such a scenario, shall refund 80 per cent of the total amount of premiums paid till date. In event of the policyholder committing suicide in the first year since the reinstatement of the policy, the insurer will refund the higher amongst 80 per cent of the already paid premiums or the Surrender Value.

Documents Required

The insured needs to fill up the Application Form and submit it along with:

• A copy of his passport, driving license, passport, or any other photo ID proof
• A copy of Form 1, salary slips of previous 3 months, or the last filed ITR as a proof of income.

You may also like to read : Aviva Life Child Plans

Frequently Asked Questions

Q1. What is the Survival Benefit offered under Aviva Young Scholar Secure Plan?

A. The Survival Benefit under Aviva Young Scholar Secure Plan is provided in the following manner:

• Tuition Fee Support Benefit: As per this benefit, every year the insurer pays a guaranteed amount as the child’s Tuition Fee Aid to the insured, after the completion of the premium payment term till the child turns 17 years.
• College Admission Pool: As per this, a lump sum is given as soon as the child reaches 18 years of age. This will make the burden of paying college admission fees feel lighter for the parents.

Q2. Is there a minimum or a maximum limit to the Sum Assured offered under Aviva Young Scholar Secure Plan?

A. No, there is no such limit. The sum assured varies according to the plan option selected and the age of the child and the parents.

Q3. What are the minimum and maximum age for the parents and the child to enter Aviva Young Scholar Secure Plan?

A. Entry age for the policyholder (parent):

• Minimum: 21 years
• Maximum: 50 years

Entry age for the nominee (child):

• Minimum: 0 years
• Maximum: 12 years

Q4. What is the maturity age specified under Aviva Young Scholar Secure Plan?

A. While there is no minimum limit to the maturity age under this policy, the maximum maturity age is 71 years.

Q5. What are the frequencies available under Aviva Young Scholar Secure Plan, for the payment of premiums?

A. There are 3 premium payment frequencies available:

• Annual
• Semi-Annual
• Monthly