Aviva Young Scholar Secure

Aviva Young Scholar Secure

Best Child Education Plan in India | Aviva India
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Aviva Young Scholar Secure

Investing for your child’s future

As a parent, your natural instinct is to provide the best for your child. However, raising a child is definitely not a walk in the park as it entails a great sense of responsibility on your shoulders. One of the trickiest decisions you will face as a parent is how to provide the best education for your child. Although the promise of a secure future is probably the best gift you can give to your child, being financially prepared for your child’s education needs is not as easy as it seems. With education costs at a seemingly unstoppable upward trend, the question is, when should you ideally look to kick-start the planning processing order to save up for your child’s education?

Is it too early to plan?

With a substantial increase in educational options out there and the issue of ever-increasing inflation, and suddenly you're looking at massive amounts of money for education. Parents, despite being aware of this, often procrastinate the planning process which results in borrowing money or taking an education loan at the time of need. This borrowing can, in turn, severely impact the personal budget of the family. Moreover, in case you have more than one child to fund and put through to college, the potential figures will be even more alarming.

Ideally, you should start accumulating money towards your child’s education right from the day he/she was born. Simply put, the earlier you start, the higher will be the amount of your contribution to your child’s education fund as you will get a longer time to reach your target funds.

Plan with Aviva Young Scholar Secure

So what can you do to build up a considerable college fund for your child? Saving early and consistently is definitely the first step, but the good news is that by investing in a child education plan such as Aviva Young Scholar Secure Plan, you will have the funds you need to see your child through higher education. Let’s take a look at some of the features and benefits of opting for this education plan:

1. No one else simplifies the process of planning for the cost of education like Aviva. Aviva Young Scholar Secure is a traditional, guaranteed life insurance plan designed to align pay-outs as per your child’s key educational milestones. For instance:

• Tuition Fee Support (TFS):

Thereon, when your child turns 18, you stand to receive a lump sum amount that can be utilized at the time during his/her college admission.

• College Admission Fund (CAF):

Depending on your personal requirements, you can choose the level of protection you need starting from a minimum sum assured of Rs. 5 lakhs up to a maximum of Rs. 50 lakhs.

• Higher Education Reserve (HER):

Last but not the least, you will receive another lump sum amount which can assist you in providing for your child’s post-graduation expenses after he/she turns 21.This way, you will be ready to support your child at every learning milestone.

2. This is a proactive way to plan for your child’s education. At Aviva, we believe that nothing should come in the way of your child’s education & that it should continue unperturbed. In case something untoward were to happen to you, your family will stand to receive a Death Sum Assured (provided all due premiums are paid till date)which is equal to:

a) Higher of {ten times of the annual premium (excluding extra premium, rider premium and taxes, if any) or

b) Maturity Sum Assured or 105 percent of the premiums paid (excluding additional premium, rider premium and taxes, if any).

Furthermore, if the TFS or CAF amounts have already been paid out, they will not be deducted from the Death Sum Assured while any future instalments of TFS, CAF & HER will also be made payable on their respective due dates. This way, you can ensure that your child's needs are taken care of even when you’re not around.

3. On top of that, you also get to opt for Aviva’s Term Plus Rider that provides further protection for you and your child’s education chances should you ever have to encounter an unfortunate event (accidental or natural death). These foundations can help cover against any unforeseen circumstances and provide your child with added stability.

4. Under this plan, you are also handed the option to pay premiums annually, half-yearly, or monthly depending upon your income patterns or as per your convenience.

5. You can enjoy several tax benefits under Aviva Young Scholar Secure. All premiums paid are deductible under section 80C (up to Rs. 1,50,000). Moreover, it also yields tax-exempt payout under section 10(10(d)) of the Income Tax Act, 1961 subject to satisfaction of conditions as provided under the law.

If you are planning to start a family or just welcomed a child into this world, one of the primary requisites is creating a solid savings education plan for your child. With some forward planning, you can provide your child the best platform to achieve their potential.

Let Aviva Young Scholar Secure be your ally in this journey!

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