Aviva Child Plan Calculator

Why Should You Use a Child Plan Calculator?

A customer is spoiled with choices when it comes to purchasing the right insurance plan. Aviva Life Insurance offers a variety of products for its customers. The customer needs to make informed choices when it comes to buying insurance products. One needs to consider factors such as monthly income, medical conditions, child's education, marriage, policy term, etc., to find the best-suited policy.

The insurer has an online calculator that helps its customers decide the policy that works for them. Some of the reasons to use a child plan Calculator:

• Aviva Child Plan calculator provides a wide range of options in choosing the premium amount to be paid, the frequency of payment, and the sum assured
• The customers can use the online calculator for free and take advantage of its various user-friendly features
• The term plan calculator lets one choose a term plan or a savings plan according to his budget
• It also helps the customer decide the amount of money needed to attain his financial goals
• The most important aspect of this online calculator is that it helps one plan their child’s education

The Process to Use Aviva Child Plan Calculator

Aviva Child Plan calculator is easy to access and easy to use. The premium amount for securing a child's future is calculated in a hassle-free manner. The customer can browse the official website of the insurer and follow the below-given steps.

Personal Information

The preliminary step in the process is to enter the first name and last name of the customer, followed by the parent and child's birth date. The calculator also asks for the registered mobile number and email address of the customer.

Select the Plan

The calculator displays different plans to choose from, each with a different premium amount to be paid. The customer with lower income can choose the plan with the least premium amount.

Confirm the Policy Purchase

The online tool provides a summary of the selected plan. The customer has a chance to modify or edit the entered details before proceeding to purchase the plan.

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Key Advantages of Aviva Child Plan Calculator

Aviva Child Plan calculator's significant function is to select the plan according to his/her budget. Some of the advantages of using the online calculator are as follows:

Easy to Choose Plans

The calculator displays four different types of plans to choose from based on the premium amount. The customer can choose the plan according to his income. The policyholder also has an option to choose the payment frequency according to his/her convenience.

Time-saving Option

Aviva Child Plan calculator eliminates the policyholders' dependence on representatives, thereby reducing the possibilities of human errors in premium calculation. The customers have plenty of options in reaching out to the insurer online, ranging from the call-back option to the chat option; the customers can also write emails to the insurer or reach out to the customer service executives available throughout the day.  Thus, the customers' precious time is saved by eliminating the need to travel to the insurer's office locations.

Reduced Cost 

The child plan calculator is available for free on the insurer’s official website. It provides the user with a stress-free assessment of the policy term, premium rates, and the sum assured. The customer can recalculate and rework the premium amount at his convenience, making the online calculator a great tool available at no cost. Thus the customer stands to gain from the availability of information at his/her fingertips.

Information required while Calculating Aviva Child Term Insurance Plan

The policyholder needs to have some basic information in his kitty to make use of the online calculator. The basic information needed is as follows:

• Personal information- a first-time user must submit his/her first name, last name, gender, date of birth, date of birth of the child, mobile number, and email address.
• The calculator may also ask the user about his marital status and the number of dependents such as children, parents, or other loved ones.
• The user needs to have an idea about the kind of plan he/she would like to purchase based on the premium rates available. There are four types of plans for customers to choose from in the Aviva Child Plan calculator case.

Core Benefits of buying Aviva Child Insurance Plan 

The child insurance plan acts as a savings plan catering to the child's educational needs such as higher education, marriage, and other important milestones. Some of the benefits of buying a child insurance plan are as follows.

Funding the Child’s Milestones

Aviva's child insurance plan is insulated from the market risks, and it is a non-participating savings plan that is designed for the benefit of one’s child.

This policy plan helps the child come off age and is more serious about their education plans. Quality education is not readily available, and one needs to spend a considerable amount of money to attain top-class education. With the rise in the inflation rate, the higher education cost is likely to increase in the coming years. Aviva child plan has unique features such as the following:

Support for Tuition fee

One can invest in a child plan to meet the expenses of the school tuition fee. When the policy term ends, the company will provide guaranteed annual payouts every year until one’s child attains 17 years of age. This plan helps the customer meet the school's tuition fee until the child completes class 12.

Fund for College Admission

The customers can also opt to receive a lump sum when the child turns 18 years. The bulk amount received at the policy term can fund the child's college expenses, such as semester fees.

Reserve for Higher Education 

The parent can also use the plan to fund the post-graduation expenses of the child. In this scenario, the customer can opt to receive the lump sum when they turn 21 years. The sum assured received at the end of the policy term can be used to attain the child's master's degree in a reputed university.

Unlimited Supply for Child’s Education, in case the Life Insured Dies

Aviva Child Plan ensures child’s education is shielded from unfortunate events such as the sudden demise of the life insured, natural disasters, etc. The company will pay all the benefits such as tuition fee support for schooling, a lump sum for college admission, and an additional lump sum for post-graduate education on their respective due dates.

Survival and Maturity Benefits 

This plan also provides maturity and survival benefits. The policyholders can avail of these benefits irrespective of the mode of premium chosen at the inception of the policy. If the customer has chosen the silver plan with a monthly installment of Rs.2900, he is entitled to receive Rs.15,000 for tuition fee and Rs.40,000 for college admission fund as survival benefits; the company will pay the remaining sum as maturity benefit, which can be used as a reserve for higher education. The payout amount differs for other plans such as gold, diamond, and platinum.

Accumulation of Wealth 

The corpus accumulated by the policyholder can also be effectively used to create wealth. A disciplined investor can take advantage of the power of compounding to generate enough returns if the plan is started at an early age. It provides ample time for the money to grow and provides sizable returns for the policyholders, leading to financial freedom.

Customer-oriented Options for Premium Payment

Aviva Child Plan provides customer-focused options when it comes to premium payment. The policyholder can choose to pay the policy premium on an annual basis, semi-annual basis, quarterly basis, and monthly basis according to his/her convenience.

Most importantly, the customers can quickly pay the premium by visiting the insurer's official website.

Aviva Child Insurance Premium Rates

The policyholders are given reasonable rates for child insurance plans. It is handy for budget-conscious masses that are wary about investing their savings. The child plan has four options to choose from, starting with a silver plan, gold plan, diamond, and platinum plan. The premium rates for each plan are as follows.

Silver Plan*

The premium amount is designed in the most reasonable way such that it’s affordable for most people. For policyholders with the silver plan, the monthly premium is Rs.2900, a half-yearly premium is Rs.17, 000, and the yearly premium is Rs.33, 000.

Gold Plan *

The premium amount for the gold plan is slightly higher than the silver plan with a monthly premium of Rs.4400. The policyholders can also pay the half-yearly premium of Rs.26,000 and the yearly premium of Rs.50,000.

Diamond Plan*

The premium amount for the diamond plan is higher compared to the previous plans. The policyholders of the diamond plan can opt to pay a monthly premium of Rs.8,800, or they can choose a half-yearly premium of Rs.51,500, or they can pay a yearly premium of Rs.1,00,000.

Platinum Plan*

The platinum plan is ideal for policyholders with higher monthly income. Platinum plan comes with five different bands where the annual premiums range from Rs.2,00,000 to Rs.10,00,000, the half-yearly premiums varies from Rs.1,02,500 to Rs.5,12,500 and the monthly premiums ranges from Rs.17,500 to Rs.87,500 respectively.

The premium payment term is calculated for two different entry age categories.

Category 1:

If the child's entry age is between 0 to 8 years, then the premium payment term is calculated by subtracting the age of entry from 13.

Category 2:

If the child's entry age is between 9 to 12 years, then the premium payment term is five years.

The policy term is calculated by subtracting the entry age of the child from 21.

About Aviva Life Insurance

Aviva India is one of the long-standing insurance companies in India. It is co-owned by Aviva Plc., an insurance company based in the UK, and Dabur Invest Corp, a famous brand in India. The company provides customer-oriented products that are simple and relevant. The products are designed to help the customers achieve their financial objectives in life, including wealth creation, children's education plan, market-linked plan, etc. The company’s core value is to do the right thing and be customer-focused. The Company has a global presence and serves 33 million customers worldwide.

*All rates are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

A policyholder who is serious about the child’s financial and educational needs can make use of the online calculator to arrive at the desired plan.

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