In a term plan, you get only the Life Cover (Sum Assured) on death of the policyholder. With Aviva Young Scholar, you not only build a corpus to finance the milestones in your child's life, but also insure your life, so that your child's dreams are never affected by lack of monetary support.

If something unfortunate were to happen to you, your child not only gets the sum assured as lump sum, but also the future value of premiums which are automatically transferred to your fund, through the in-built Waiver of Premium rider. With the Income Benefit rider option, you can ensure a regular income for your child until the time your child attains the age of majority.

Yes, under this plan you can increase or decrease your regular premium. You, as the policyholder shall have the option to reduce or increase the regular premium payment from the beginning of 6th policy year, subject to all the due regular premiums have been paid. You also have an option to reconsider (increase/decrease) cover level if you change your premium.

AAA option: This option is available only at policy inception and if your premium frequency is yearly. It helps you to automatically decrease your exposure to equity and increase your exposure to debt, as you grow older. Relies on the fact that an individual's risk appetite reduces with age and he tends to be more conservative with his investment. Provides you the flexibility of leveraging the returns from equity market and secure/book the profits by the way of auto asset allocation as he advances in his age.

STP Option: This option allows you to enter and exit the equity market not abruptly at once but slowly at different times and at different levels. It has the effect of averaging out the risks associated with the equity market, thus reducing the overall risk you face. The facility is available to you if you pay premium on yearly basis. STP is available on a weekly and a monthly basis. Under this, units from Protector Fund II to Enhancer Fund II are transferred through automatic switching free of charge.

Your policy will mature as per the terms and conditions that you opted for earlier. However, we provide a unique ‘Settlement Option’ whereby you can keep your money invested in the fund, even after maturity. This amount will be paid to you over a period of up to 5 years.

To accommodate your changing needs, we provide you the option of reducing your sum assured. However, the reduced sum assured should not be less than the minimum sum assured allowed for the policy.

The above material is provided for general information only and does not constitute legal or other professional advice. This information is current at the date of publication but may be subject to change without notice and accordingly, may not be up to date at the time of viewing. Information specific to a product may be obtained from the Company.