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Tuesday, February 24, 2009

Aviva India Launches New Child Plan

Aviva Young Scholar Plan - A plan to secure your child's future

Aviva Young Scholar Plan is a non-participating unit-linked endowment plan that has been specially designed keeping in mind your specific needs as a parent. As parents, you are fully aware of the importance of good education.

Good education helps greatly to pave the way for a young person in the adult world. Unfortunately, the cost of quality education, particularly higher education, can be burdensome. So you need to plan ahead for your child's future. 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 Plan-


Charges -



Premium Allocation Charge (100% - Allocation Rate):

Regular Premium:
Allocation Rates for policies with premium payment term equal to policy term:


Allocation rate for policies with premium payment term of 3 or 5 years:



On Monthly and Quarterly frequency, Allocation Rate will reduce by 1% across all premium slabs.

Top-up premium: The allocation rate shall be 98% of top-up premium.

Fund Management Charge (FMC):

FMC will be applied on the fund while calculating NAV on a daily basis. It can be increased to a maximum of 2% p.a., subject to prior approval by IRDA.




Policy Administration Charge:

Policy administration charge will be Rs. 55 per month irrespective of the premium paid. It will be deducted by monthly cancellation of units from the unit account. This charge will increase from 1st January every year by 5%.

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:


Rider Charge:

The rider charge will be made by monthly cancellation of units from the policy unit account. The ADB, CHB and IB rider charges will apply on their respective Sum Assured figures. The rider charge may change with prior approval by the IRDA.

Switching Charge:

There are no charges on the first 4 switches in a policy year; subsequent switches are charged at 0.5% of amount switched, subject to a maximum of Rs. 500 per switch.

Surrender Charge

Consult for surrender charge & other details
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