Birla Sun Life Child Plans
Children are a very important and integral part of a person’s life and if you have a child yourself, you will understand what I mean. A parent is always interested in saving for his child’s future. However, starting the work is a big deal. More often than not, a parent just keeps thinking and planning rather than opting for a plan. So, when it strikes for the first time in your mind that you need to start some amount of investment for your child is when you need to opt for a plan and start and then plan.
A child plan is a life insurance policy that has been especially designed for the benefit of the child. The plan may be in the name of the child or maybe in the parent’s name but as long as the same has been especially designed for the benefit of the child, it is good enough. The plan needs to be flexible and usable so that when you need to pay for your child’s higher education in the future, this particular plan that you had opted for can come into use.
So for example, if you have a 5 year old child and you are planning for the child to go abroad for her post graduation when she is 21 years of age, then you need to opt for a plan for a period of 21- 5, i.e. 16 years or less. It would be 15 years also depending upon when the plan is taken and when you need the money. But more often than not, you should not opt for a 20 year plan maybe because you have a finite goal of higher education in 16 years which may be 15 or even 17 years depending on which school she gets through, which country, the rank, admission procedure, season of entry, etc. so these are considerations much later in life, when the child is actually old enough to decide what she wants to study but as a parent you need to start way ahead and thus when you plan for her when she is only 5 years old, you need to financially plan for yourself so that your child gets the lumpsum amount when she is 21 years old and does not need to wait for a few more years for a better return, etc. the child’s future will not wait and thus as parent, you need to plan accordingly.
Planning for a child and his future expenses is a step that each and every parent needs to plan and think way before he actually feels the need to spend. So timing the investment as well as the tenure for investment is one of the primary needs of a parent and opting for a child plan!
Birla Sun Life Insurance Company Limited (BSLI)-
Is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., one of the leading international financial services company from Canada. Birla Sun Life Insurance has contributed to the growth and development of the life insurance industry and is currently one of the leading life insurance companies in the country. Their customer base comprises of over two million policy holders. The Company offers a complete range of plans comprising protection solutions, children's future solutions, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions. Its distribution network is in over 500 cities, 560 branches, around 85,000 empaneled advisors and over 140 partnerships with corporate agents, brokers and banks.It’s been a decade that the company has contributed significantly to the growth and development of the life insurance industry of our country. They have also pioneered in the launch of Unit Linked Life Insurance plans. Their vision is to be a leader and role model in integrated financial services. They value Integrity, commitment, passion, seamlessness and speed.
What are Child Plans?
The basic aim of these specially developed plans is to provide for the child in the event of the parent’s death where the child may face financial repercussions. Usually the parent is the one whose life will be insured and on his death the company will pay all due premiums so that the plan continues. The benefits promised will accrue on their intended date so that the child can enjoy financial support at the time when he needs it.
Birla Sun Life Child Plans
Birla Sun Life Insurance Company currently offers child plan called the Vision Star Plan for the benefit of the child. The plan is detailed below with its features and benefits.
BSLI Vision Star Plan
A traditional money-back plan which provides periodic payments over the tenure of the plan. The features and benefits of the plan are as follows:
- The plan participates in the profits of the company by way of earning bonuses and premiums under the plan are required to be paid only for a limited tenure
- The plan has two options of availing the periodic payouts called Survival Benefits.
- Under the first option, payouts start 5 years after the completion of the premium paying term and are thereafter paid every two years. The rate of payout is 20% of the Sum Assured in the first two payouts and 30% of the Sum Assured in the last two payouts.
- Under the second option, payouts start 5 years after the completion of the premium paying term and are thereafter paid every year. The rate of payout is 15% of the Sum Assured for the first two payouts, 20% of the Sum Assured for the next two payouts and 30% of the Sum Assured in the last payout.
- On maturity, the accrued simple reversionary bonuses and any Terminal Bonus is paid to the policyholder
- In case of death of the insured during the tenure of the plan, higher of the chosen Sum Assured or 10 times the annual premium is paid to the nominee subject to a minimum of 105% of all premiums paid till the date of death.
- Furthermore, future premiums are waived off after the death of the insured but the plan continues to run. The payouts depending on the option chosen will be paid as and when they fall due. On maturity, the accrued simple reversionary bonuses and any Terminal Bonus is paid.
- The payouts can also be deferred by the policyholder if required in which case a higher amount of payout can be availed
- Loans can be availed under the plan with a minimum value of Rs.5000 and a maximum of 85% of the applicable Surrender Value
- Rebates are allowed in the premium rates for higher levels of Sum Assured options and also for choosing annual and semi-annual mode of premium payment. The rate of rebate for annual and semi-annual mode of premium payment is 3% and 1.5% respectively.
Option A – 14 years
Option B – 16 years
Option A – 21 years
Option B – 23 years
Depends on the coverage, tenure and age
Premium Payment Term
Premium Paying Frequency
Yearly, half-yearly, quarterly or monthly
Applying for a Child Plan from the company:
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Applying For Child Plans through PolicyBazaar
- On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
- Click New Quotes to compare and choose from top insurance providers.
- Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
- Fill in your name, email address, city, country code, and mobile number. Click Continue.
- You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
- After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
- You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
- This will take you to the insurer’s website. Fill in the necessary details to buy the plan.
Birla Sun Life Child Plans - FAQs
1. How to pay premium? What are the modes of payment available?
You can pay your Birla Sun Life Insurance premium through ANY these following methods:
No Cash Payment is Accepted
- Online Payment- Debit/credit or NEFT
- Cheque Payment
- ECS SYSTEM
Step 1: Enter your policy details – policy number and policyholders date of birth
Step 2: Select your payment method- debit/ credit card or NEFT to pay the premium
Step 3: Authenticate and confirm your payment details and print online payment receipt
2. How can I check policy status for Birla Sun Life child plans?
For all Birla Sun Life Insurance policyholders, online checking of policy status is available.
To check the policy status online, log into the e-portal with your Client ID and password.
3. What is the policy renewal process for Birla Sun Life child plans?
The process of Online Policy Renewal facility is as follows;
Step 1: Log into the e-Portal with your valid credentials
Step 2: Use the mode of payment to renew your policy
Step 3: Print the payment receipt
4. What is the company’s process to settle claim for Birla Sun Life child plans?
The claims must be lodged after 30 days of the expiry of a medical diagnosis or treatment. This process involves a written intimation by the beneficiaries to the claims department, duly signed by the Municipal Authority/Magistrate.
Upon receiving the application, Claims Department sends the claimant a required set of documents including claim forms to be duly filled and sent back for processing the same.
5. What is the policy cancellation process for Birla Sun Life child plans?
The Birala Sun Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The surrender value will be calculated as per the prevailing market rates if the form is submitted before 3:00 PM, else the next day’s value is applicable.
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