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Aviva Young Scholar Secure Plan
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Aviva Young Scholar Secure Plan is a non-linked non-participating savings plan which is designed to help you meet your child’s educational milestones without financial worries. The unique benefit payout intervals of the plan help you plan in advance for your child’s school fees, college expenses, and higher education. The benefits payable under the plan remain intact even when you are not around to pay the due premiums.
The plan is available in 4 variants featuring different amounts for the survival and maturity benefits to secure your child’s future. You can further enhance the coverage of the plan by opting for a Term Plus rider which provides additional sum assured in case of life’s assured untimely demise.
Best Features of Aviva Young Scholar Secure Plan
Aviva Young Scholar Secure Plan comes with the following key features -
- Plan Variants - The plan is available in 4 variants namely Silver, Gold, Diamond, and Platinum, featuring a different amount for the survival and maturity benefits payable under the plan.
- Benefits - The plan provides 3 kinds of survival and maturity benefits - Tuition Fee Support, College Admission Fund, and Higher Education Reserve to help you meet different educational milestones of your child.
- Premium Waiver Benefit - In case of a death of the life assured, all the future premiums are waived off and the plan continues till maturity with all the benefits payable.
- Rider Option - You can choose to provide an additional sum assured to your family in case of your unfortunate death by opting for a Term Plus rider.
- Policy Revival - A lapsed policy can be revived within 5 years from the date of the first unpaid premium. Along with all due premiums, a revival fee of INR 250 along with an interest of 9% per annum compounding monthly is payable on all unpaid premiums.
Benefits of Aviva Young Scholar Secure Plan
The following benefits are payable to the investors of Aviva Young Scholar Secure Plan -
1. Survival And Maturity Benefit
The survival and maturity benefits are payable in accordance with the plan variant opted by you at the time of policy inception -
| Plan Variant | Survival Benefits | Maturity Benefit | |
|---|---|---|---|
| Tuition Fee Support | College Admission Fund | Higher Education Reserve | |
| Silver | INR 15,000 | INR 40,000 | Remaining Maturity Sum Assured |
| Gold | INR 20,000 | INR 1 Lakh | Remaining Maturity Sum Assured |
| Diamond | INR 40,000 | INR 2.5 Lakh | Remaining Maturity Sum Assured |
| Platinum | INR 80,000 - INR 4 Lakh | INR 6 Lakh - INR 30 Lakh | Remaining Maturity Sum Assured |
2. Death Benefit
In case of an unfortunate death of the life assured, the following benefits are payable at the policy anniversary immediately following the life assured’s death or at the time when the child attains the required age limit.
- Tuition Fee Support (TFS)
- College Admission Fund (CAF)
- Higher Education Reserve (HER) equivalent to maturity sum assured less TFS + CAF already paid.
Payment of Benefits | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| When the Child’s Age is | Entry Age of Child | ||||||||||||
| 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| 13 | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | ||||
| 14 | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | |||
| 15 | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | ||
| 16 | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | |
| 17 | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS | TFS |
| 18 | CAF | CAF | CAF | CAF | CAF | CAF | CAF | CAF | CAF | CAF | CAF | CAF | CAF |
| 19 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 20 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 21 | HER | HER | HER | HER | HER | HER | HER | HER | HER | HER | HER | HER | HER |
Aviva Young Scholar Secure Plan Eligibility
Aviva Young Scholar Secure Plan comes with the following eligibility conditions -
Eligibility Criteria For Aviva Young Scholar Secure Plan | |
|---|---|
| Minimum Age At Entry | Parent (life assured): 21 years Child (beneficiary): 0 years |
| Maximum Age At Entry | Parent (life assured): 50 years Child (beneficiary): 12 years |
| Maximum Age At Maturity | Parent (life assured): 71 years |
| Policy Term | 21 years minimum entry age of child |
| Premium Payment Term | For child’s entry age 0-8 years: 13 minus age of child For child’s entry age 9 to 12 years: 5 years |
| Premium Frequency | Yearly, Half-yearly, Monthly |
| Fixed Premium Amount | Plan Variant Annualised Premium Half-yearly Premium Monthly Premium Silver INR 33,000 INR 17,000 INR 2,900 Gold INR 50,000 INR 26,000 INR 4,400 Diamond INR 1 Lakh INR 51,500 INR 8,800 Platinum INR 2 Lakh - INR 10 Lakh INR 1,02,500 - INR 5,12,500 INR 17,500 - INR 87,500 |
| Death Sum Assured | Death sum assured is equal to highest of 10 times of the annualised premium, maturity sum assured, or 105% of the total premiums paid till date of death |
| Maturity Sum Assured | Maturity sum assured depends on the age of the lifer assured, policy term, and plan option |
Aviva Young Scholar Secure Plan Review
Aviva Young Scholar Secure Plan is an investment solution for helping you meet your child’s educational dreams with financial ease and stability. The plan provides planned payouts at different ages attained by the child to enable you pay for his/her educational expenses in a systematic manner. The plan is available in 4 variants to allow you choose the amount of survival and maturity proceeds as per your requirements. With its premium of waiver benefit, the plan ensured that the educational dreams of your child do get fulfilled even in your absence. It is a suitable plan for individuals looking for a child-oriented savings plan which takes care of their child’s education from the very beginning till the end.
Aviva Young Scholar Secure Plan FAQs
1. Is any benefit payable in case of death of the life assured due to suicide?
In case of a death of the life assured due to suicide within 12 months of policy issuance or its revival, the higher of at least 80% of all the premiums paid till the date of death or the surrender value shall be paid to the nominee.
2. When does my policy become eligible to receive a surrender benefit?
An Aviva Young Scholar Secure plan becomes eligible for a surrender value if you surrender the plan after the payment of at least 2 years’ premiums. The surrender value is equivalent to higher of the Guaranteed Surrender Value or the Special Surrender Value.