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Aviva Life Child Plans

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.

Features of Aviva Life Child Plans

Common features of Aviva Life Child Plans are

  • Child plans are economical with low premiums that caters everyone
  • Death benefits meant for the family
  • Tax benefits as per applicable income tax laws on premium payments

However, the more specific features based on the different child plans are as follows:

Aviva Young Scholar Advantage Plan

  • Regular Premium payment
  • In case death of the insured, no need of payment of future premium
  • Immediate lump sum pay-out for family support in case of untimely death of insured
  • Flexibility of using funds for planned or unplanned expenses
  • Flexibility to select policy and premium payment terms according to the milestones and priorities set by the investor
  • Option to choose out of 8 funds, e.g., Bond Fund II-, Balanced Fund- II, Growth Fund II, Enhancer Fund-II, PSU Fund, Protector Fund- II as well as Infrastructure Fund, Investor can decide on risk-return of investment and select the suitable fund to invest
  • Facility of partial withdrawal at any time to meet any unforeseen circumstances
  • Plan for systematic transfer and automatic system of asset allocation helps to avoid market volatility

Aviva Young Scholar Secure Plan

  • Mainly secures educational needs of the child at different stages in case the policy holder passes away.
  • Tuition Fee Support (TFS) – Guaranteed annual pay-outs after the premium payment term ends. It will be there up to the age of 17 of the child, enabling the studies till 12th standard.
  • College Admission Fund (CAF) – Lump sum pay-out for college admission when the child enters college at the age of 18.
  • Higher Education Reserve (HER) – It is another lump sum amount that will be paid out for higher education when the child attains the age of 21.
  • Depending on the age of the child, Premiums paid for limited tenure
  • There are 4 variants of this plan based on payment of premium: Silver, Gold, Diamond and Platinum. Pay-outs differ based on the variants.

Benefits of Aviva Life Child Plans

Young Scholar Advantage Plan benefits:

  • premium payment term is equal to the policy term
  • Death benefits for the policy holder or the nominee at different points of policy term
  • Guaranteed Loyalty addition for regular payment of premium and continuing the policy
  • Fund value paid at maturity
  • Policy allows 4 free partial withdrawals of minimum ₹5000 per year

  • No fees imposed for first 12 switches in a year

Young Scholar Secure Plan Benefits:

  • TFS , CAF and HER benefits
  • TFS and CAF that are already paid will not be deducted from sum assured and will be paid as scheduled in case of death of the insured
  • Option to avail ‘Aviva Term Plus’ rider

Aviva Child Plans

Aviva Young Scholar Advantage Plan

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

Aviva Young Scholar Secure Plan

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

Other Aviva Child Plans

  • 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

How can You Buy This Plan?

  • Specific plans are available online only. A customer can log in to company website and select the required plan. Customer has to provide details and select the coverage. Premium will be calculated based on that. Customer has to pay online and the policy will be issued.
  • If certain plans are not available online to purchase, people can purchase from intermediaries like banks, brokers or agents.

FAQs on Aviva Life Child Insurance Plans

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?

  • Tax benefits are applicable on premium payments

What different modes of payment are available with Aviva Life Insurance Company?

  • NEFT
  • ECS System
  • Credit Card or Auto Debit Card
  • Airtel Money
  • Debit cards of SBI/ HDFC/ Axis Bank
  • Cheque or Cash payment
  • Change Payment

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.

  • Click on ‘Policy due for renewal’ payment
  • Click on ‘Pay renewal premium now’
  • Select options for payment: NEFT or Debit/ Credit card
  • Authenticate payment and print receipt

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:

  • Fill the Claim form completely with all relevant details.
  • Arrange for all the supporting documents, duly attested and certified, if required.
  • Provide for the medical reports along with the doctor’s certificate to perform the same. This is necessary for all claims that are related to medical reports.
  • Submit this to the nearest branch of Aviva Life Insurance or mail to the Claim Department at Aviva head office at Gurgaon.

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?

  • For parents it is minimum of 21 and 0 for child. But, again depends on the plan.

What are the minimum and maximum maturity age under Aviva life child insurance plans?

  • Depends on the policy chosen from the various plans available.

What are the premium paying term options available under Aviva life child insurance plans?

  • Could be a fixed number of years or calculated based on the age of the child.

What are the options available for the term of Aviva life child insurance plans?

  • It depends on the entry age of the parent as well as of the child. For certain plans, it could be minimum of 10 years and maximum of 25 years

Are there any riders available under Aviva life child insurance plans?

  • Yes, Riders are optional and certain riders are available with reasonable additional cost