This child plan offers guaranteed returns and is a non-linked non-participating life insurance plan. ABSLI Child’s Future Assured Plan enables you to plan for child’s two significant milestones - education & marriage by providing the required cash flow to help you meet your goals for your child’s future. It has an in-built Waiver of Premium element that ensures that the policy continues in case anything unfortunate happens to the life insured. This plan offers the flexibility to choose periodic pay-outs of 3, 6 or 9 years to plan for child’s education and a lumpsum at the desired milestone, to plan for marriage. The customer can also avail the option to receive both, guaranteed regular income to plan for their child’s high school, graduation, and post-graduation expenses and guaranteed lump sum as corpus for marriage related expenses.
The plan can be tailor-made and customized basis an individual’s requirement by opting for solutions such as flexible benefit options, premium paying term, death benefit, and additional riders. It offers the choice to enhance risk cover up to 200% of Sum Assured. This plans also enhances the benefits by providing Loyalty Additions of 20% of each pay-out for policies, where all the premiums have been paid through the premium paying term (PPT).
Policyholder can avail assured pay-outs and high sum assured rebate with maximum guaranteed benefits, to plan for his/her child’s education, marriage, or both together by opting from any of the following options:
* Education Milestone: Option to receive guaranteed annual pay-outs for 3/6/9 years as per the need for child’s education preferably on child’s age from 15 to 21 years.
* Marriage Milestone: Option to receive a guaranteed lump sum on maturity for a child’s marriage fund preferably on child’s age from 24 to 32 years.
* Education and Marriage Milestones: Option to receive both guaranteed income and a lump sum for a child’s education & marriage.
Death Benefit: In the event of unfortunate death of Life insured, any premiums due thereafter will be waived off and nominee will continue to receive scheduled Assured pay-outs. The nominee can also avail the option to receive a lump sum of future Assured pay-outs at a discounted rate.
Commenting on the launch, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, “Building and sustaining wealth corpus for child’s important milestones has always been the topmost priority for every parent. During such unprecedented times, protection for your child’s dreams and goals becomes a matter of utmost importance, hence the need for creating a tailored solution, which provides guaranteed returns for addressing your child’s future needs. We believe that ABSLI Child’s Future Assured Plan is a distinctive product with assured pay-outs, which will cater to suit financial goals of parents and a defined corpus will ensure peace of mind”.
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