Star Medi-classic Individual Insurance
Aviva Young Scholar Secure is a non-linked non-participating insurance plan specially designed to provide for the future educational landmarks of a child. This plan offers guaranteed returns and ensures annual cash inflows to meet the ever-rising educational costs of a growing child.
Aviva Young Scholar Secure Features
The premiums as well as the returns are fixed in this policy, making it a Guaranteed Plan.
Policyholders have four plan options to choose from depending on the premium amount they can afford.
The policy offers educational pool guarantee that ensures the financial support for the childs educational milestones.
The policy helps policyholders secure the future of their children in case of their absence.
The policy has an inbuilt Aviva Term Plus Rider to secure the future of the beneficiary (child) in case of accidental or natural death of the policyholder.
Product Specification Aviva Young Scholar Secure
Details about Premium
Aviva Young Scholar Secure Details
Grace Period: The policy offers a limited period of time, i.e. 30 days since the date due for the payment of unpaid premiums. The Grace Period, in case of monthly payment mode, is 15 days. This insurance policy lapses in case the initial 2 years premiums have not been paid within the given Grace Period.
Surrender Benefit or Policy Termination: This insurance policy can be surrendered after the completion of 2 policy years, provided all the premiums have been duly paid. In case the policy has not been reinstated before the revival period is over, the insurance policy shall be terminated. The policy also gets terminated in case of payment of Death Benefit or Maturity Benefit.
Free Look Period: The insurers allow the insured with a limited period of 15 days since the receipt date of the policy documents, in order to review the terms and benefits of the policy. This period is known as the free look period. In case the insured decides not to keep this policy, he/she may cancel it within this period. The insurer would pay back the customer the premiums that he/she had paid after subtracting the premium for the number of days that insurer has borne the risk for and additional expenses, such as medical test expenses, stamp duty charges, etc.
Additional Features or Riders
This policy has a special rider that can be availed at the time of inception. It is called the Aviva Term plus Rider, which helps to optimize the protection given by the policy. The Sum Assured, under the rider, cannot exceed the Base Sum Assured, and the rider premium should not exceed 30% of the base premium.
Reinforcement of a lapsed insurance policy is possible in case the insured files a reinstatement request within a timeframe of two years from the date of the first unpaid premium.
Suppose the insured pays regular premiums for 2 years and stops paying premiums after that. If this continues till the Grace Period is over, then the policy will acquire its Paid-up Value.
Exclusions under Aviva Young Scholar Secure
Term insurance coverage becomes void in the event of the policyholder (sane or insane) committing suicide in the first policy year. The insurer, in such a scenario, shall refund 80 per cent of the total amount of premiums paid till date. In event of the policyholder committing suicide in the first year since the reinstatement of the policy, the insurer will refund the higher amongst 80 per cent of the already paid premiums or the Surrender Value.
Frequently Asked Questions
Q1. What is the Survival Benefit offered under Aviva Young Scholar Secure Plan?
A. The Survival Benefit under Aviva Young Scholar Secure Plan is provided in the following manner:
Tuition Fee Support Benefit: As per this benefit, every year the insurer pays a guaranteed amount as the childs Tuition Fee Aid to the insured, after the completion of the premium payment term till the child turns 17 years.
College Admission Pool: As per this, a lump sum is given as soon as the child reaches 18 years of age. This will make the burden of paying college admission fees feel lighter for the parents.
Q2. Is there a minimum or a maximum limit to the Sum Assured offered under Aviva Young Scholar Secure Plan?
A. No, there is no such limit. The sum assured varies according to the plan option selected and the age of the child and the parents.
Q3. What are the minimum and maximum age for the parents and the child to enter Aviva Young Scholar Secure Plan?
A. Entry age for the policyholder (parent):
Minimum: 21 years
Maximum: 50 years
Entry age for the nominee (child):
Minimum: 0 years
Maximum: 12 years
Q4. What is the maturity age specified under Aviva Young Scholar Secure Plan?
A. While there is no minimum limit to the maturity age under this policy, the maximum maturity age is 71 years.
Q5. What are the frequencies available under Aviva Young Scholar Secure Plan, for the payment of premiums?
A. There are 3 premium payment frequencies available:
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