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Birla Sun Life Child Plans

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.

What are Child Plans?

The objective of these special 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.

Features of Birla Sun Life Insurance Child Plans

  • A unique money-back policy that delivers periodic payments over and above plan’s tenure.
  • The plan is eligible for share in profits of the company by way of gathering bonus.
  • The plan has two heads to avail the periodic pay-outs known as survival benefits. Under the first option A, pay-outs start 5 years after the completion of the premium paying term and are thereafter paid every two years. Under the second option, pay-outs start 5 years after the completion of the premium paying term and thereafter, are paid every year.
  • The rate of pay-out in option A is 20% of the Sum Assured in the first two pay-outs and 30% of the Sum Assured in the last two pay-outs.
  • The rate of pay-out in the other option B 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 maturity, the accrued simple bonus and various terminal bonuses are paid to the policyholder. If the policy holder dies during the tenure of the plan future premiums are waived off after the death of the insured while the plan continues.
  • The pay-outs depending on the option chosen will be paid as and when they fall due.
  • Upon maturity, the gathered simple bonuses and any terminal bonus is paid.
  • The pay-outs can also be deferred by the policyholder if required in which case a higher amount of pay-out can be availed.
  • Loans can be availed under the plan with a minimum INR 5000 as value and a max 85% as the applicable Surrender Value Rebates are allowed in the premium rates for higher levels of Sum Assured options.
  • The annual rebate rate and semi-annual premium mode payment stands at 3% and 1.5% each.

Benefits of Birla Sun Life Insurance Child Plans

  • You will receive frequent bonus payments.
  • Terminal bonus is payable upon death, policy maturity or at the surrender of the policy.
  • Death benefit: Nominee will be paid the sum assured in the event of death of policy holder. Assured pay-outs on scheduled dates continue while future premium are waived off.
  • Maturity Benefit: If the insured survives even after completion of maturity, then assured bonuses accrued till date are paid out along with terminal bonus, if any.
  • Policy doesn’t lapse if you stop paying premiums after 3 full years of continuous premium payment. It continues on a reduced paid-up basis.
  • Avail a loan of up to 85% of your policy surrender value against this insurance plan.

BSLI Vision Star Plan

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%.

Eligibility Details

Entry Age (age last birthday)18 – 55 years
Max Maturity Age75 years
Minimum Policy TermFor Option A - 16 years (maximum of 23 years) For Option B - 14 years (maximum of 21 years)
Premium Paying Term5 -12 years
Minimum Sum AssuredRs.100,000
Premium FrequencyAnnual, Semi-annual, Quarterly and Monthly

Applying for a Child Plan from the company

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.

FAQs on Birla Sun Life Child Insurance Plans

How to pay premium? What are the modes of payment available?

One may pay their Birla Sun Life Insurance premium across, using:

  1. Cash and Cheque at the branches,
  1. Online Payment Through- Debit/credit or NEFT Payment ECS SYSTEM

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

  • Intimation The family of the deceased Life Assured intimates the company about the death of the life assured through a Branch executive/Sales officer by giving a written intimation & a copy of the death certificate issued by the Municipal Authority/ Gram Panchayat (mandatory requirement for logging a claim) to the Branch. The Claims Department at BSLI, Head Office can also be directly intimated about the claim.
  • Sending a notification Once the Claims Department receives the intimation of a claim, a notification letter is sent to the claimant along with all required claim forms, depending on the type of the claim and the branch which has been intimated of the same.

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

Outside India:

+91 22 66917777

(Call charges apply)

care.lifeinsurance@adityabirlacapital.com

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

Outside India:

+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.

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