These insurance plans are designed keeping in mind that the child gets proper education and adequate financial assistance in reaching the milestones in their life even though there might be some unforeseen eventualities of their parents. Parents are the policy holders and children are the beneficiaries in Life child plans. In case of sudden death of the policy holder during the term of the policy, the policy continues and the insurance company pays the premium. The nominee or beneficiary does not have to pay the premium. And upon maturity, gets the sum assured and the other benefits as per the terms and conditions of the policy.
Aviva Child Plans come in different types and based on the requirement of individuals, it could be chosen. The plan types are:
Traditional Endowment Plans: Most basic child life plan where child (Beneficiary) gets the death benefit, in case policy holder dies during the term and the plan continues. Up on maturity, the beneficiary will get the maturity benefit amount.
Traditional Money Back Plans: This is a popular plan since it offers partial sum assured as the survival benefit at regular intervals throughout the term. Balance amount plus accumulated bonus (if any) is paid at maturity. In case of death of policy holder during the term, sum assured is paid to nominee in spite of survival benefit has been paid. In such cases, the policy continues with survival benefits paid as scheduled and pre-decided maturity benefits are paid upon maturity of policy.
Unit-linked Child Plans: Premium is invested in the market in such plans in an effort to increase the return. Based on the decision of policy holder, money is invested in the market and sum assured is calculated accordingly. It creates a bigger future corpus for the child along with insurance coverage. In case of death, fund value will be paid to the beneficiary.
However, the more specific features based on the different child plans are as follows:
Policy allows 4 free partial withdrawals of minimum ₹5000 per year
No fees imposed for first 12 switches in a year
This unit-linked policy meant for providing financial protection, education support at different milestones of life and wealth appreciation. The eligibility criteria are:
Entry age of parent – Minimum 21 years, Maximum 45 years
Entry age of child – Minimum 0 years, Maximum 17 years
Maturity age – 60 years
Policy Terms – Minimum 10 years, Maximum 25 years
Premium Amount – Minimum amount is 50,000
Sum Assured – Minimum: Higher of (10 x annual premium) OR (0.5 x policy term x annual premium). No upper limit
Premium paying tenure – equal to policy term
Premium payment frequency – Monthly, half-yearly or yearly
This is a traditional plan that benefits the child in absence of parents. Eligibility criteria are:
Entry age of parent – Minimum 21 years, Maximum 50 years
Entry age of child – Minimum 0 years, Maximum 12 years
Policy Terms – 21 minus the entry age of the child
Premium Amount – Silver: 25,000: Gold: 50,000: Diamond: 1 Lakh; Platinum: 2,4,6,8 or 10 Lakhs
Premium payment term -- If child is between 0 and 8 years: 13 minus the entry age of child; if child is 8 and above: fixed at 5 years
Premium payment frequency – Monthly, half-yearly or yearly
Aviva Dhan Nirman
Aviva Dhan Samruddhi
Aviva Life Smart
Aviva Life Bond Advantage
Aviva Wealth Builder
Aviva New Family Income Builder
Aviva i-Growth
Aviva DhanVriddhi Plus
What is the death benefit under a Child plan?
-In case of unforeseen demise of the parent, the child will get the death sum assured along with continuation of policy. Based on the terms and conditions of the policy, base sum assured with bonus (if applicable) at maturity as well.
Can I make an early withdrawal from my Child plan
-Certain plans like Aviva Young Scholar Advantage has the option of partial withdrawal.
Are there tax advantages accompanying Child plans in India?
What different modes of payment are available with Aviva Life Insurance Company?
How to check the status of the Aviva Child Plan that you have applied for?
To check the policy status, one has to be registered user. Using the log in ID and password in the Aviva e-portal, a registered user can check the policy status.
What is the process of renewing your Aviva Child Insurance Plan online?
There is an online method of renewing your Aviva Child Plan wherein you need to log into the company portal using Customer ID along with the password.
How does Aviva settle a claim for a Child Insurance Plan?
In order to get a claim from Aviva Life Insurance for a child plan, the following process needs to be followed:
What is the process for cancelling your Aviva Child Insurance Plan?
If you wish to cancel your Aviva Child Insurance Plan, you would have to visit any branch of Aviva Life Insurance in person. Then you would need to fill up the Surrender Form along with a copy of your valid ID proof and a reason for cancelling/surrendering the same and submit it physically for the policy to be cancelled.
What is the entry age criteria for buying Aviva life child insurance plans?
What are the minimum and maximum maturity age under Aviva life child insurance plans?
What are the premium paying term options available under Aviva life child insurance plans?
What are the options available for the term of Aviva life child insurance plans?
Are there any riders available under Aviva life child insurance plans?
