Details about Aviva Young Scholar Advantage Plan Premium Aviva Young Scholar Advantage Details Grace Period: The policy allows a limited period of 30 days since the date of your first unpaid premium. The Policys Grace Period is of 15 days if the premiums are paid on monthly basis. Surrender Benefit or Policy Termination: This policy might be surrendered post 3 policy years, provided all the premiums are paid. In case the policy is not renewed within the given time, then the policy shall be terminated. Termination of this insurance policy also occurs in case of payment of Death Benefit or Maturity benefit. Free Look Period: The policy allows the insured a limited time of free look period (15 days) since the receipt date of the policy documents in order to review the features of the policy. In case the insured does not want to keep the policy, he/she may cancel it. The policyholder shall receive the paid premium after deducting a proportionate amount of premium for bearing the risk for the time of free look period and all sorts of extra expenses. Inclusions under Aviva Young Scholar Advantage Top-up premium is allowed at anytime during the term of the policy, provided all premiums are paid. The minimum amount for the Top-up premium is Rs. 5000. The policyholder can switch between 7 unit-linked funds anytime during the term of the policy. The policy also allows the policyholder to redirect the future premiums towards different funds twice a year at any time of the policy year. The policy offers a settlement option for policyholders where they may opt for keeping their money invested in the funds even after maturity. In that case, the policyholder may receive the return systematically over a period of one to five years. With the Systematic Transfer Plan, the policyholder can enter the equity market at different times and different levels. The Automatic Asset Allocation plan helps to decrease the policyholders exposure to equity and increase the exposure to debt as time goes on. Additional Features or Riders offered under Aviva Young Scholar Advantage The renewal of lapsed policy can be done if the insured submits a reinstatement request within a period of 2 years since the date due for the payment of first unpaid premium. The following are the various charges applicable to this policy: Premium Allocation Charge is subtracted from the premiums paid by the insured. The balance premium is invested towards the investment funds selected by the insured. Policy Administration Charges are deducted in the beginning of each month. Fund Management Charge is deducted every year and differs as per the funds selected by the insured. In the starting of every month, Mortality Charges are subtracted by cancelling some units from the fund value. Switching Charge – The policy allows 12 free switches in one policy year. Post that, every switch is charged at the rate of 0.5% of switched amount, subject to a maximum of Rs. 500 per switch. Exclusions under Aviva Young Scholar Advantage The life insurance coverage becomes void in case the policyholder (sane or insane), commits suicide in the first year of the policy or renewal. The insurer shall refund the Fund Value as on the date of death. Accidental Death Benefit shall not be payable in case the death occurred indirectly or directly because of drug abuse or alcohol, not obtaining or not following medical advice, engaging in racing excluding swimming and athletics, riots, war, participation in dangerous activities, any functional or mental disorder, etc.
