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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.
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
Minimum Rs 25,000 if PPT = PT
Minimum Rs 100,000 if PPT = 5 years
Maximum: No limit subject to underwriting.
Minimum: Rs 5,000;
Maximum: Total top-up premium not exceeding sum of Premiums paid, subject to underwriting
Yearly, Half yearly, Monthly
For monthly mode, only ECS/ Direct Debit is allowed.
Yearly/Half Yearly: 30 days
Monthly: 15 days
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.
Investment Pattern of Discontinued Policy Fund:
The Investment Pattern for Discontinued Policy Fund will be as follows.
Discontinued Policy Fund
To provide a minimum guaranteed rate as prescribed by IRDA from time to time.
MM : 0 to 40%
Government Securities: 60% to 100%
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.
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:
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:
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 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:
On maturity, the value of units pertaining to regular premium and top-up premium, if any, as on the maturity date is payable
1. Premium Allocation Charge (defined as 100% minus Allocation Rate):
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:
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:
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:
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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