Traditional Money-back Plans
Money-back plans are the most popular choice for child insurance plans among investors. These plans do not block the money like in case of the endowment plans but provide a certain proportion of the Sum Assured at different intervals. Some features of these plans are mentioned hereunder:
The plans have the feature of providing a part of the Sum Assured at different intervals which are mentioned in the policy.
Bonuses are usually declared in money back plans.
The part of the Sum Assured which is paid at different intervals in between the policy tenure is called the Survival Benefits.
On maturity, the remaining part of the Sum Assured along with the aggregate bonuses which the policy has earned over the years is paid to the policyholder.
If the policyholder dies, the total Sum Assured is paid to the nominee irrespective of the Survival Benefits which are already paid. The plan will continue just like in case of traditional endowment plans. Survival benefits will continue to accrue as and when they were promised. On maturity, the pre-defined maturity benefit is also payable.
Aviva Child Plans
Aviva Life Insurance Company currently offers two types of child plans to its customers each offering various features and benefits to the policyholder. Let us take a look at the different child plans offered by the company and the features and benefits of each of the plans in details.
Other Aviva Child Plans
Aviva DhanNirman:In addition to giving a guaranteed regular stream of income at the end of premium payment term, this plan also offers a bonus at the end of the policy term. There are 4 policy terms to choose from and the maximum sum assured amount per life is Rs. 1 crore.
Aviva DhanSamruddhi: This traditional life insurance plan helps meet short-term as well as long-term requirements by giving guaranteed cash back every 5 years in addition to a maturity benefit which is also guaranteed. It also offers guaranteed yearly additions up to 9% of annualised premium.
Aviva Life Bond Advantage: This is a medium to long term plan offering the option to switch between 7 different fund options to grow ones wealth. In addition to a life cover, one can partially withdraw money after 5 years.
Aviva Live Smart: This unit linked insurance plan offers the flexibility of making personal investment decisions from 7 funds which have varying degrees of equity and debt exposure for long-term growth. If the need arises, one can partially withdrawal after 5 years without any penalty.
Aviva Wealth Builder: The plan offers the option of 3 policy terms and guarantees to double the amount of money paid by way of premiums at maturity. The maximum premium per life is Rs. 1 crore.
Aviva i-Growth: This plan offers a choice of 3 policy terms and 3 funds, with total administrative charges being as low as 1%. It also allows partial withdrawals after 5 years to meet unexpected expenses.
Aviva New Family Income Builder:This savings cum protection plan guarantees returns as regular payouts for 12 years. The maximum annual premium per life is Rs. 1 crore and sum assured is 24 times the annual premium.
Aviva DhanVriddhi Plus:The unique attraction of this plan is that it offers 100% return on premiums paid at the time of maturity as guaranteed benefit. If there is any accumulated bonus, one also gets that to meet long-term needs. There are 3 payment term options and the premium has to be paid on an annual basis.
Applying for a Child Plan from the company:
The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Applying For Child Plans through PolicyBazaar
On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
Click New Quotes to compare and choose from top insurance providers.
Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
Fill in your name, email address, city, country code, and mobile number. Click Continue.
You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
This will take you to the insurers website. Fill in the necessary details to buy the plan.