Plan with Aviva New Young Scholar
Aviva New Young Scholar is a comprehensive plan that enables you to secure your child’s future in any eventuality through:
- Attractive returns, enhanced by loyalty additions every year starting end of 5th year and maturity addition to build the desired corpus of funds on maturity of the policy
- All future premiums being waived off and invested as a lump sum amount in to the funds, so the policy continues even in the unfortunate event of the parent’s death, disability or on contracting a critical illness, while the Sum Assured is paid out immediately
- Provision of a regular income for the minor child, in the event of parent’s death
- Systematic Transfer Plan (STP) for safe entry and safer exit into equities
- Option to minimize the effect of inflation through Indexation
- Specifications
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Policy Term : 10 to 25 years, subject to the maximum maturity age parent as 70 years
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Premium payment term : 3 years or 5 years or equal to the policy term
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Premium Payment Frequency: Annually, Half yearly, Quarterly or Monthly
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Annual Premium:
- If premium payment term equals policy term, Minimum Rs 18,000; Maximum: No limit
- If premium payment term is 3 years or 5 years, Minimum Rs 50,000; Maximum: No limit
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Top-up Premium: Minimum - Rs 1,000; Maximum - up to 25 per cent of total regular premiums paid
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Fund Options:· Fund Options: Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure, PSU, and Index-II Funds
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Riders Available:
- Easy Steps to your plan
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Step 1
Decide the corpus you wish to provide for your child's future and the time when the same should be made available. This will influence the choice of premium and the policy term
Tip - Use the Child Education calculator to help you decide |
Policy Term (PT) - 10-25 years, subject to maximum maturity age of 70 years |
Step 2
Choose the level of protection you desire through: |
Life Cover = 5 x Annual Premium to 1.5 x Policy Term x Annual PremiumRiders available: |
Step 3
Arrive at the amount of premium you wish to pay, which will be determined by step 1&2. Also choose the Premium Payment Term (PPT) and Premium Payment Frequency (PPF) based on your convenience |
Premium paying term (PPT) - 3 years or 5 years or equal to policy term - Minimum premium: Rs 50,000 (if PPT = 3 years or 5 years)
18,000 (if PPT = PT) Maximum = No limit - Premium frequency: Yearly, Half-yearly, Quarterly, Monthly
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Step 4
Choose the funds you want to invest in depending on your risk appetite |
Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure, PSU, and Index-II Funds - Automatic Asset Allocation (AAA) Plan
For details refer to the ‘Investment options’ section in the product brochure - Systematic Transfer Plan (STP)
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- What am I going to get?
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Death Benefit:
- All future premiums are waived off and invested as a lump sum amount into the fund, so the policy continues even in the unfortunate event of the parent's death while the Sum Assured is paid out immediately (same benefit on disability and critical illness can be added using Comprehensive Health Benefit (CHB) rider)
- Provision of a regular income for the minor child, in the event of parent's death with the Income Benefit (IB) rider
Maturity Benefit:
- Attractive returns enhanced by loyalty additions and maturity addition to build the desired corpus of funds on maturity of the policy
- Loyalty Additions: If you pay all premiums on the policy, then we provide you with Fund Value related loyalty additions every year, starting end of 5th policy year.
- Maturity Addition: If you pay all due premiums, we provide you with maturity addition (2% of for regular premium policy and 0.5% for PPT of 3 or 5 years) as a percentage of Fund Value
To see an illustration for yield net of charges click here
If you are alive till maturity, we will pay you the Fund Value (value of units pertaining to regular premium and top-up premium, if any) plus Maturity Addition as on the maturity date.
Following are the projected maturity values for a male aged 35 years, who pays premiums yearly and invests 100% into Enhancer Fund-II:
Tax Benefit:
- The Policy offers tax benefits as per the prevailing laws of the Income Tax Act, 1961. Tax laws are subject to change
*Refer to the policy brochure for disclaimers
- What are the charges I am paying?
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The policy will attract charges under various heads. The details of the same are given below:
Charges for |
Year 1 |
Year 2 |
Year 3 |
Year 4 onwards |
Premium Allocation |
22-25%* |
10% |
5% |
1% |
Fund Management |
1.35% across all funds |
Policy Administration |
Percentage of first year annual premium subject to maximum of Rs 1000 per month |
Mortality |
Refer to the policy brochure |
Surrender Charges# |
Refer to policy brochure. Surrender is possible only after 3 years |
*Charge is based on premium amount.
#This depends on the number of years premiums paid and the year of surrender.
For further details, please refer to the policy brochure.