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Aviva Young Scholar Advantage

Overview

Aviva Young Scholar Advantage is a non-participating unit-linked regular premium payment plan that has been specially designed keeping in mind your specific needs as a parent. This plan enables you to create wealth that your child will require for important milestones in his life and also ensures that the same is made available to him even if you are not around.

The specially designed benefit structure of this product offers you complete protection against death. This benefit come to you with a simple and competitive charging structure which ensures that you get the best – in – class investment returns.

  • No liability to pay future premium, in case of death of parent
  • Guaranteed loyalty additions to enhance your fund value
  • Option to choose Policy Term and Premium Payment Term to let you decide your key milestone
  • Choice of 7 (seven) Funds for investors with different risk appetites
  • Flexibility to make Partial Withdrawals to meet unplanned expenses
  • Systematic Transfer Plan and Automatic Asset Allocation mechanism to protect your investments against market volatility
Eligibility
Entry age (last birthday)

Parent (life insured) for PT=PPT: 21 – 45 years

Parent (life insured) for PPT= 5 years: 21 – 40 years

Child (Nominee (Beneficiary)): 0 – 17 years

Policy Term (PT) 10 - 25 years, subject to maximum maturity age of 60 years.
Premium Payment Term (PPT) 5 years or equal to the policy term
Annual premium

Minimum Rs 25,000 if PPT = PT

Minimum Rs 100,000 if PPT = 5 years

Maximum: No limit subject to underwriting.

Sum Assured (SA) Maximum/Minimum Sum Assured: 0.5 x Policy Term X Annual premium or 10 x Annual premium whichever is higher
Top-up premium

Minimum: Rs 5,000;

Maximum: Total top-up premium not exceeding sum of Premiums paid, subject to underwriting

Top-up Sum Assured 1.25 x Top-up premium
Premium frequency

Yearly, Half yearly, Monthly

For monthly mode, only ECS/ Direct Debit is allowed.

Grace Period

Yearly/Half Yearly: 30 days

Monthly: 15 days

Partial Withdrawl Yes
Systematic Transfer Plan and Automatic Asset Allocation Yes
Switching 12 free switches in a year
Tax Benefits As applicable under section 80 C and 10 (10D)
Investment Options

Investment Funds:

This plan provides you the flexibility to simultaneously invest in one or more of the seven unit linked funds. You can invest 100% of your premiums in any of the funds or choose a combination of funds. The minimum allocation in each selected fund should be 10% if more than one fund option is selected.

Fund name and objective Asset allocation Risk profile
Balanced Fund-II [SFIN: ULIF01508/01/2010LIBALAN-II122]: To generate a balance of capital growth and steady returns.

Debt

MM

Equity

(25%-100%)

(0%-40%)

(0%-45%)

Medium
Bond Fund-II [SFIN: ULIF01608/01/2010LIFDEBT-II122]: To generate a steady income through investment in high quality fixed income securities.

Debt

MM

Equity

(60%-100%)

(0%-40%)

(0%)

Low
Enhancer Fund-II [SFIN: ULIF01708/01/2010LIFENHN-II122]: To provide aggressive, long term capital growth with high equity exposure.

Debt

MM

Equity

(0%-40%)

(0%-40%

(60%-100%)

High
Growth Fund-II [SFIN: ULIF01808/01/2010LIGROWT-II122]: To generate long term capital appreciation with high equity exposure.

Debt

MM

Equity

(0%-50%)

(0%-40%)

(30%-85%)

High
Infrastructure Fund [SFIN: ULIF01908/01/2010LIFEINFRAF122]: To generate steady returns through investment in infrastructure and related equities.

Debt

MM

Equity

(0%-40%)

(0%-40%

(60%-100%)

High
Protector Fund-II [SFIN: ULIF02108/01/2010LIPROTE-II122]: To generate steady returns with a minimum exposure to equities.

Debt

MM

Equity

(25%-100%)

(0%-40%)

(0%-20%)

Low
PSU Fund [SFIN: ULIF02208/01/2010LIFEPSUFND122]:To generate steady returns through investment in PSU and related equities

Debt

MM

Equity

(0%-40%)

(0%-40%)

(60%-100%)

High

Investment Pattern of Discontinued Policy Fund:

The Investment Pattern for Discontinued Policy Fund will be as follows.

Fund name and objective Asset allocation Risk profile

Discontinued Policy Fund

[SFIN: ULIF03127/01/2011LIDISCPLCY122]

To provide a minimum guaranteed rate as prescribed by IRDA from time to time.

MM : 0 to 40%

Government Securities: 60% to 100%

Low

The interest rate applicable to the Discontinued Policy Fund shall be declared subject to minimum guaranteed interest rate prescribed by IRDA from time to time. The current minimum guaranteed rate of interest applicable to the Discontinued Policy Fund shall be 4% per annum. The excess income earned in the Discontinued Policy Fund over and above minimum guaranteed interest rate shall also be apportioned to the discontinued policy fund.

What benefits will I receive ?

Death Benefit:

In case of unfortunate death of life insured during the term of the policy and subject to the condition that all due premiums have been paid:

  • ­Higher of (Base Sum Assured,105% of the premiums paid excluding taxes) will be paid immediately along with the Top-up Sum Assured, if any.
  • ­All the future premiums, if any, will be waived and paid (as a lump sum) into your fund basis the last paid premium amount. The lumpsum will be invested in various funds in the same allocation proportion as was prevailing before the date of notification of your death. Unit Price applicable on the date of notification of death shall be used for the creation of such units.
  • After the death of the Policyholder i.e. insured, no rights of the policy will be transferred to either the Appointee or to the Nominee (Beneficiary) and the policy will continue till the date of maturity and policy will be terminated by paying the fund value as on maturity date.

    In case of unfortunate death of Nominee (Beneficiary) before the life insured:

  • ­Other child, if any, should be the new Nominee (Beneficiary)
  • ­In absence of other child, new Nominee (Beneficiary) can be one with whom insurable interest exists
  • ­The policy will continue for the benefit of new Nominee (Beneficiary) appointed by the Policyholder.

In the event of death of Nominee (Beneficiary) after the death of life insured, the policy will terminate and the Fund Value as on date of termination shall be payable to the surviving legal heir.

Loyalty Additions:

Loyalty addition is the addition to the fund value at various durations of time during the policy term.

In case you continue this policy and keep paying all the due premiums, then we shall provide fund value related loyalty additions. The amount of loyalty additions will be % of fund value pertaining to regular premium as given below:

Policy Year Loyalty Additions as % of value of units (Fund Value) pertaining to regular premium
End of 15th policy year 3.0%
End of 20th policy year 4.0%
End of 25th policy year 5.0%

Maturity Benefit:

On maturity, the value of units pertaining to regular premium and top-up premium, if any, as on the maturity date is payable

What are the charges I am paying?

Plan Charges

1. Premium Allocation Charge (defined as 100% minus Allocation Rate):

Regular Premium:

This charge is deducted from the premium and the balance premium after deducting this charge is invested as per the Allocation Rate which will depend on the policy year and annualized regular premium as detailed below:

Policy Year Year 1 Year 2-3 Year 4-6 Year 6+
If Annualised Regular Premium is less than Rs. 1,00,000 94% 95% 96% 97%
If Annualised Regular Premium is Rs. 1,00,000 or more 94% 95% 96% 98%

Top-up premium: The allocation rate shall be 100% of top-up premium.

2. Fund Management Charge (FMC):

An FMC of 1.35% p.a. will be applied for all funds except Discontinued Policy Fund. In case of Discontinued Policy Fund, the FMC would be 0.50% p.a. or as per the guidelines issued by IRDA from time to time. The NAV for each fund will be calculated on a daily basis.

3. Policy Administration Charge (PAC):

Policy administration charge will be levied every month as 0.1% of annual premium subject to a maximum of Rs.175 per month. This charge will be deducted by cancellation of units for the policy term.

4. Mortality Charge:

It is levied on the Sum at Risk (SAR) by monthly cancellation of units from the unit account. Sum at Risk is defined as Sum Assured plus sum of future premiums payable till the date of maturity. Sample annual charges per thousand SAR for a healthy male are given below:

Age 25 30 35 40
Rs 1.4250 1.4638 1.7938 2.6875

In addition to above mortality charge, Re.0.60 per 1000 Sum Assured will be charged for in-built Accidental Death Benefit, if applicable.

5. Discontinuance Charge:

Where the policy is discontinued during the policy year Discontinuance charges for policies having Annualised premium upto Rs. 25000 Discontinuance charges for policies having Annualised premium above Rs. 25000
1 Lower of 20% of AP or Fund Value subject to a maximum of Rs.3000 Lower of 6% of AP or Fund Value subject to a maximum of Rs.6000
2 Lower of 15% of AP or Fund Value subject to a maximum of Rs.2000 Lower of 4% of AP or Fund Value subject to a maximum of Rs.5000
3 Lower of 10% of AP or Fund Value subject to a maximum of Rs.1500 Lower of 3% of AP or Fund Value subject to a maximum of Rs.4000
4 Lower of 5% of AP or Fund Value subject to a maximum of Rs.1000 Lower of 2% of AP or Fund Value subject to a maximum of Rs.2000
5 and onwards Nil Nil

There will be no discontinuance charge on fund value pertaining to Top-up premium, if any.

6. Switching Charge:

There are no charges on the first 12 switches in a policy year; subsequent switches are charged at 0.5% of amount switched, subject to a maximum of Rs 500 per switch.

7. Miscellaneous charge:

Service tax and education cess will be applied as notified by the government from time to time.

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