Aditya Birla Sun Life Insurance child plans are a kind of life insurance offered by Aditya Birla Sun Life Insurance. It provides various insurance products, ranging from pure protection plans to child plans, pension plans, unit linked insurance plans and child plans.
What are Aditya Birla Sun Life Insurance Child Plans?
A child plan is a type of life insurance purchased by parents to monetarily secure their child’s future. Along with offering protection, it helps parents to meet the future financial requirements for children even if the parents are not there. It is a traditional participating insurance plan, which offers investment with protection. The investment can be used for meeting the expenses related to higher education, marriage and others.
Types of Aditya Birla Sun Life Insurance Child Plans
Aditya Birla Sun Life Insurance offers only one policy under child plan.
- ABSLI Vision Star Plan
Documents Required to Apply
In order to apply for Aditya Birla Sun Life Insurance child plans, one needs to keep the following set of documents prepared to be sent along with the proposal/application form:
- ID Proof (Aadhar Card, PAN Card, Voter’s ID, etc.)
- Birth Certificate of child
- Address Proof (Aadhaar Card, Passport, Utility Bills, etc.)
- Income Proof of the proposer
- Bank Account Details
Note: This list is non-exhaustive.
Aditya Birla Sun Life Insurance Child Plans
ABSLI Vision Star Plan
The ABSLI Vision Star Plan offers regular payouts for financing child’s education and securing child’s future in case of untimely death of the insured (parent). The plan also comes with comprehensive protection for the loved ones depending on the choice of sum assured.
|Entry Age||18 – 55 years|
|Maturity Age||75 years|
|Policy Term||Option A: 16 – 23 years|
Option B: 14 – 21 years
|Premium Payment Term||5 – 12 years|
|Premium Payment Frequency||Monthly, Semi-Annually & annually|
|Rs. 1 lakh (Minimum)|
Claim Process for Aditya Birla Sun Life Insurance Child Plans
- Intimate the insurance company regarding the claim settlement using one of the following ways:
- Email: email@example.com
- Visit branch office
- Call: 1800 270 7000
- After this, compile all the required documents to be sent
- Once your claim is registered, the company takes over to look over the authenticity of documents sent
- Last step involves claim decision, i.e. whether to accept or reject the claim. If the claim stands authentic and verified, amount is released, else it stands void, and rejection notification citing reasons is sent
Documents Required for Claim Process
- Claim Form (Duly filled & signed)
- Policy Document
- ID Proof of the policyholder and the claimant, both
- Address Proof
- Death Certificate (in case there is a death involved)
- Copy of FIR (in case of unnatural death)
Note: Since this is a non-exhaustive list, it may lead to further changes as per the situation.
Time Taken to Settle Claims
For individual plans, ABSLI takes 4 days to settle claims whereas for group policies it is set for 3 days. This time period starts post receipt of all the required documents asked by the company with no further investigation required.
Riders (Add-on Coverage)
To amplify Aditya Birla Sun Life Insurance child plans, one has the option to buy any or all of the following mentioned riders on payment of little extra on premium:
- ABSLI Surgical Care Rider: Lump-sum amount is paid in case a surgery is to be performed and hospitalisation is thus required for the same
- ABSLI Hospital Care Rider: Daily Cash Benefit is paid when hospitalised. Enhanced Daily care Cash Benefit is also paid if they are admitted in ICU
- ABSLI Accidental Death and Disability Rider: Sum Assured of up to Rs. 50 lakh is paid to beneficiary, in case of untimely demise of policyholder
- ABSLI Critical Illness Rider: 100% of the Rider Sum Assured is paid on diagnosis of any of following ailments: Cancer, Major Organ Transplant, Stroke and Heart Attack
Exclusions under Aditya Birla Sun Life Insurance Child Plan
Some of the cases are not covered by Aditya Birla Sun Life, also called exclusions. Claims are not entertained if death occurs due to these situations.
- In case the life insured dies due to suicide within a year from the start of the policy or the revival of the policy, the company will return the premiums paid till that date or the surrender value, whichever is higher
- Death or disability due to alcohol or drug abuse
- War-like situation, terrorist attacks, invasions, etc.
- Taking part in any flying act (except for travelling in a commercially licensed aircraft)
- Participation in any of the criminal activities, and suffer injuries or succumb to the same
- Although there is rebate in income tax, but other taxes like GST will be levied when and where applicable
- Loan facility can be availed against the policy once it acquires the surrender value. One can take a loan of minimum Rs. 5,000 while there is a capping of 85% of the surrender value on the maximum loan one can take
- For annual and semi-annual premium payments, there is rebate given at 3% and 1.5%, respectively
Advantages of Aditya Birla Sun Life Insurance Child Plan
- Regular Bonus: At the end of each policy anniversary, you will enjoy reversionary bonuses that are declared at the end of each financial year.
- Death Benefit: On the untimely death of the policyholder, the nominee will get the sum assured on death, with no future premiums to be paid
- Loan Benefit: A policyholder can avail loan against the policy once it has acquired the surrender value. The minimum loan amount is Rs. 5000 and the maximum is 85% of the surrender value
- Tax Benefit: Investing in Aditya Birla Sun Life Insurance child plans shall unfold tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961 for premiums paid and any benefits received from the same, respectively.
Q1. What are the options available under Assured Pay-out option?
There are two options available under this option, viz. 4 Bi-annual Payout and 5 Annual Payout.
Q2. What are the modes of payment available for payment of premium?
Policyholders can choose different modes of payment for premium:
- Online Payment –Debit/Credit/Net-banking
- Cheque payment
- ECS System
Q3. Is there any rider option under ABSLI Vision Star Plan?
No, there is no rider option available under this plan.
Q4. What is the free-look period of ABSLI Vision Star Plan?
A policyholder holds the right to return the policy within 15 days (30 days in case of policy issued by IRDA of India Guidelines on Distance Marketing of Insurance Products) from the date of receipt of the policy.