Aviva Young Scholar Advantage is a unit linked insurance plan especially designed to provide protection and educational security to the child of the life insured. The life to be insured here is the parent whereas the receiver of the benefit of the plan is the child. So, in case of any unforeseen event, the child will stand to receive all the benefits of the plan.

Features and benefits

• While the minimum policy term is 10 years, the maximum policy term is 25 years.
• The minimum premium policy term under this plan is 5 years. The maximum premium paying term can be equal to the basic policy term.
• One can choose to pay premiums monthly, half yearly and annually.
• While the minimum premium is Rs 1,00,000 in case of 5 year premium paying term, it is Rs 25,000 in case the premium paying term is equal to the policy term. However, there's no ceiling on the maximum amount of premium to be paid.
• The minimum sum assured under this plan is higher of '5 x policy term x annual premium'or '10 x annual premium'
• Maximum sum assured is 2.5 x policy term x annual premium.
• The plan comes with an in-built 'accidental death benefit rider' apart from 3 other additional riders.
• Death benefit - in case the parent i.E. The life insured dies in the middle of the policy term, the child i.E. The nominee will stand to receive the sum assured along with additional benefits (loyalty additions). The remaining premiums will be paid by the company itself and the policy will continue so that the child receives the fund value (fv) on the maturity of the policy.
• Maturity benefit - once the tenure reaches its end, the policyholder i.e. The parent will be given the fund value for his/her child's education.
• The plan also comes with a feature of Partial withdrawal wherein a maximum of 4 withdrawals can be made up to 25% of the existing fv each year. The minimum withdrawal amount is ?5k. One must note that these withdrawals are allowed only after completion of at least 5 years of the policy term.

Eligibility

In order to be eligible for the plan, the parent i.e. the life to be insured must fall within the age bracket of 21 to 50 years while the entry age of child could be anywhere between 0 to 17 years. The maximum age of maturity is 70 years.