This one is a unit-linked child plan from Aviva Life Insurance Company that has been meant to offer lump sum amount on maturity. This plan has been designed to offer insurance cover as well as financial assistance to a child even after the death of his or her parents.
Features of Aviva Little Master Children Insurance Plan
In this policy the parents are going to hold this policy until the child attains the age of eighteen. When the child turns eighteen, the policy would soon be transferred to the child. Under this policy the insurer need to pay the premium in the fund option, which was in effect at an unfortunate event of the parent’s death. The child would be getting the fund value at the time of maturity of the policy.
In this policy the minimum life insurance coverage would be five times the annual premium, if the very policy is for ten years or less. In case of longer term, the yearly premium for this insurance policy would be multiplied by half of the policy term.
In this policy there are three riders’ options that are meant offer some added features to the policy in order to offer enhanced insurance coverage. The three riders are comprehensive health benefit rider, income benefit rider and accidental death benefit rider. Under comprehensive health benefit rider, the insured would be eligible to get insurance coverage on eighteen specified diseases.
Under income benefit rider, the insured would be eligible to get monetary income that is spread over a period of time along with the sum that has been assures under the policy. The last rider is the accidental death benefit under which the insured would be getting additional payout on the insured sum.
Other information about the policy
The premium that is to be paid for keeping this policy in force is very low since the annual premium for this policy is less then Rs. 25,000/-. The monthly administrative charge for this policy is fifty rupees and it goes up at a rate of five per cent in each year. 1.5 per cent of the sum that has been assured is charged as yearly fund management charge for the growth fund.