Having a child is a milestone in every parent’s life where the child becomes their little bundle of joy. While a child brings happiness into the family, planning for its secure financial future becomes every parent’s primary responsibility. Parents toil day in and day out to ensure that they can provide the best for their children. If you are a parent, you will relate to this sentiment. You want the best for your child, whether in terms of nutrition, education, or career.

When it comes to the child’s education, you cannot ignore the costs. Academic competition is increasing day by day, and the cost of a good education is steadily becoming unaffordable. That is why you need to plan ahead and create a corpus for your child’s education, whether primary, secondary or higher studies. Aviva Nivesh Bima helps you do just that. Do you know how?

What is Aviva Nivesh Bima?

Aviva Nivesh Bima is a money-back life insurance policy that provides guaranteed payouts, provided all due premiums are paid. Thus, the policy helps you save and create a corpus for your child and get regular incomes during the policy tenure.

How can Aviva Nivesh Bima help you plan your child’s future?

To understand how Aviva Nivesh Bima can help you plan for your child’s needs, let’s take an example. 

Say you, aged 35 years, are the proud parent of a 5-year old daughter, and you want to save for her higher education and marriage. So, you choose a policy term of 20 years. The premium paying term would be 15 years.

Now, if you pay Rs.5 lakhs every year as a premium, here’s how the plan would work –

Premium	Rs.5 lakhs
Death Sum Assured	11 times the premium = Rs.55 lakhs
Maturity Benefit	Rs.1,21,19,500
Survival benefit (Moneyback)	10%  of Maturity Sum Assured = Rs.12,11,950

 

The money-back benefit would be payable at the end of every  5th year, 10th year, and 15th year except at maturity.Thus, you can use the Survival Benefits to pay for your daughter’s tuition and other co-curricular classes in school, admit her to a good college, and enroll her in a prestigious institution for higher studies.

Moreover, when the plan matures, and your daughter turns 25, you would get the Maturity Benefit, i.e. Maturity Sum Assured less the Survival Benefits already received, i.e. Rs.84,83,650. You can use this money to plan a grand wedding for your daughter. If your daughter wants to establish her career and launch her own start-up, you can use the amount to help her get the financial footing that she needs.

 

Other benefits of Aviva Nivesh Bima

Besides the money back benefits and the promise of a guaranteed corpus on maturity (provided all due premiums are paid), Aviva Nivesh Bima also has other benefits which make it a complete package for planning for your child’s future. Have a look –

A guaranteed Death Sum Assured 

While you save in a disciplined manner by paying all due premiums and building up a guaranteed corpus for your child, Aviva Nivesh Bima also promises a guaranteed Death Sum Assured, provided all due premiums are being paid.

Life is uncertain, and if your best-laid plans for your child fail due to an unexpected death, the plan ensures that your child’s future is secured. In the case of death, the plan pays 11 times the annualized premium as the guaranteed Death Sum Assured. What’s more, the Death Sum Assured is not even impacted by the Moneyback benefits that you have already received. So, even if you have earned one or two moneyback payouts, the entire Death Sum Assured is paid in the case of premature death during the policy term.

This lump sum payment provides your child with a financial corpus that can be used to fund their dreams, even in your absence.

Optional coverage against accidental death

Aviva Nivesh Bima offers optional coverage against accidental death. You can choose this coverage by paying an additional premium and enjoy an additional sum assured for accidental death. This additional sum assured cannot exceed the base policy’s Death Sum Assured up to a maximum limit of Rs.30 lakhs. Suppose you have chosen this optional Accidental Death Benefit cover, and you suffer an accidental death. In that case, your family receives an additional death benefit payout over and above the Death Sum Assured promised under the policy.

Tax saving 

Lastly, Aviva Nivesh Bima allows you to create a tax-efficient corpus for your child’s future. The premiums you invest in the policy are permitted as a tax-free investment of up to Rs.1.5 lakhs under Section 80C. Furthermore, the Moneyback and Maturity Benefits you receive enjoy a total tax exemption under Section 10(10D). Lastly, the Death Sum Assured paid by the policy is also completely tax-free, giving your family a substantial corpus to use as per their needs.

Please Note: Tax benefits are available as per the current Tax Laws, which are subject to change.

Do not speculate about your child’s future. If you want your child to have the best that life can offer, invest in Aviva Nivesh Bima. Plan and build your child’s financial future, one premium at a time.

Get guaranteed benefit payouts that help in fulfilling your child’s needs, whatever they might be.

 

 

Aviva Nivesh Bima- A Non-Linked Non-Participating Individual Savings Life Insurance Plan (UIN: 122N139V01)

AN May 47/21

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