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Most of us would unanimously agree that children are the next generation of the society, and few things are as important as securing the life and happiness of our young ones. While everyone looks forward to saving for our future, quite often our plans on this front do not materialise. So, it is a good idea to decide upon a plan and initiate savings. The child plan can be registered in the name of the child or even in the parent’s name. The policy should be flexible and functional whenever you need money for your child’s needs.
Aditya Birla Sun Life Insurance stands as joint venture between the Aditya Birla Group and Sun Life Financial Inc. The latter is a big international financial company based out of Canada. Whereas Aditya Birla Sun Life Insurance has made relevant contributions towards the growth and evolution of the insurance industry in India.
The objective of these child plans is to substantiate support for the child in case of the death of a parent when the child faces financial troubles. Most often, the parent is the one whose life will be insured and on his death, the company will pay the sum assured and all due premiums will be paid by the insurer so that the plan continues and maturity benefits become payable as agreed. The plus points expected of these schemes will gather on the date intended, thereby ensuring that the child enjoys complete financial support when needed.
This is a unique money-back policy that provides periodic payments over the tenure of the plan. Features and pros of the plan are as follows:
The plan is eligible to participate in the profits of the enterprise by the method of gathering bonus and premium along the plan that require payments only along limited tenures. The plan has 2 options of gathering the periodic pay-outs popular as survival benefits. Along the first option A, the pay outs begin in 5 years post completion of the premium payment and after that they are paid at two-year intervals. The pay-out rate is 20% @ assured sum for the first couple of pay-outs and 30% of the assured sum in the last couple of pay-outs. Under the second option B, pay-outs start 5 years after the completion of the premium paying term and are thereafter, paid every year. The rate of pay out is 15% of the Sum Assured for the first two pay-outs, 20% of the Sum Assured for the next two pay-outs and 30% of the Sum Assured in the last pay out. Upon reaching maturity or death of the policyholder, the gathered bonuses and all terminal bonuses accumulated amount is given to the nominee child.
Also, premiums for the future get waived post death of the person insured. Yet, the plan continues to function. The pay-outs that depend upon the selected option is paid when they become due. Upon maturity, the gathered reversionary bonus and all of terminal bonus gets paid. The pay-outs can also be delayed by the policyholder when required, in which case, a higher amount of pay out can be availed. Loans can be gathered under the plan with the smallest value at INR 5000 and at a maximum of 85% of the surrender value. Rebates applicable are passed in the premium rates for higher levels of assured sum options and for deciding upon annual and six-monthly payment mode. The rebate rate for annual and six-monthly premium payment mode stands at 3% and 1.5%.
|Entry Age (age last birthday)||18 – 55 years|
|Max Maturity Age||75 years|
|Minimum Policy Term||For Option A - 16 years (maximum of 23 years) For Option B - 14 years (maximum of 21 years)|
|Premium Paying Term||5 -12 years|
|Minimum Sum Assured||Rs.100,000|
|Premium Frequency||Annual, Semi-annual, Quarterly and Monthly|
You can log into the company’s website, select the plan required, and decide upon the coverage and provide the other required details. The premium is decided as per the sum assured chosen. Then, the client is required to pay premium online using credit card, debit card or net banking facilities and the policy will be issued Intermediaries. In case you require further assistance, you can even contact the registered agents and intermediaries and buy the plan offline.
How to pay premium? What are the modes of payment available?
One may pay their Birla Sun Life Insurance premium across, using:
What are the different modes of payment?
Premium payments can be made via:
The plans offers Annual, Semi-annual, Quarterly and Monthly premium payment modes.
What is the process for renewal of policy under Birla Sun Life child plans?
Online Policy Renewal procedure works along this:
Step 1: Log into the e-Portal using your valid credentials
Step 2: Click on Renew your Policy.
Step 3: Pay the premium amount and Print receipt of Payment.
How to check status for policy under Birla Sun Life child?
You can do the same by login on the customer portal at lifeinsurance.adityabirlacapital.com/insurance-policy-tracker.aspx
What is the process in the enterprise to settle a claim for Birla Sun Life child policy?
This is the process followed for claim settlements
How do I buy Birla Sun Life Child Plan online?
You will have to login into the company website at lifeinsurance.adityabirlacapital.com/child-insurance/ABSLI-Vision-Star and click on the buy now button. After providing the necessary details you would receive the quote. If you find the premiums acceptable, you make payment and fill the proposal form online and buy the plan instantly.
How do I contact Birla Sun Life Child Plan Company?
Toll free (Within India):
1800 270 7000
+91 22 66917777
(Call charges apply)
How do I login Birla Sun Life Child Plan Company website?
You can login using this link: adityabirla.com/businesses/profile/aditya-birla-sun-life-insurance
What is Birla Sun Life Child Plan Company's Contact Number?
Toll free (Within India):
1800 270 7000
+91 22 66917777
Why should I invest in Birla Sun Life Child scheme?
Like any responsible and loving parent, you want only the best for your child. While you save regularly to provide the best of education, shouldn't you also be able secure your child's bright future from any unforeseen circumstance? Presenting BSLI Vision Star Plan (Child) - a plan that secures your child's future even in the event of an untimely demise of the life insured.