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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Birla Sun Life Child Plans Reviews
Birla Life Insurance
Policy I purchased from birla sun life insurance is for my child. Premium of the policy is less and claims are high which is very simple to sanction. Policy coverage is high ~90% and service is fast which is provided by the executives of the company.
Child Future Security
I have finally found a policy for my child which i buy from birla sun life insurance company. The policy coverage is fantastic and it's premium is less. Claims are high which can be easily sanctioned with help of executives of the insurance company.
Birla life insurance is very good insurance company, i purchase child insurance plan and it has great benefits and returns. The premium is low and claims are high which is easy to get due to fast service provided by the staff members.
My father gave me a very nice future securing insurance policy plan which has low premiums and high returns. Child insurance plan, it has good terms and conditions with well behaviour by the staff of the company. Claiming is easy due to fast service.
The child plan I have for my child is very good and has many benefits. The premium is low and the claims are high. Policy coverage is high and easy to sanction the claims due to fast service facilitate by the company members. Updates are also mailed to email id.
Finally found the policy for my child and buy it and the plan is birla sun life child insurance policy plan. The policy coverage is high and the premiums are low. The service provided by you guys is superb and the behaviour of your staff is great with good response. Nice future investment with tax saving.
I purchase birla sun life insurance child insurance policy plan. The policy coverage is high ~93% and the claims are good. The premiums are low approx. 17 K thrice per year. The returning amount is around Rs.27 L. The service provided by the executives is good and the behaviour is nice.
My child policy plan is with birla sun life insurance. The policy premium is low and the policy coverage is high. The service is fast and the claiming is become easy without any paper work. The payback amount is around Rs.31 L after policy get mature. Nice future security and it save tax also.
Superb child policy plan which provided by birla sun life insurance. The policy coverage is 69% and the claims are ~Rs.19.8 L after policy ends. The investment is ~Rs.13 K quarterly per year till policy end. Services are great and fast too. Great work guys. I like the policy plan.
Fantastic Policy Plan
Policy coverage is high ~93% and the policy claims are high. Premiums are low approx. 27.1 L quarterly per year. Nice child policy plan which is good investment for future and it save taxes also. Service is very good which facilitate by the executives and staff members. Good job guys.
Perfect Child Policy Plan
Perfect child policy plan which i buy from birla sun life insurance. Policy coverage is 93% and the premiums are low ~27.8 K thrice per year. The claims are high around 29 L after policy ends. The claiming process is easily done due to fast service provided by the executives and staff members.
Good Policy Coverage
I buy child policy plan with birla sun life insurance which has very good policy coverage ~ 97%. The service is also good, fast and on time. The claims are high approx. 33.9 L and claiming process is easy because the executive and staff members providing good response and quick services. Nice work great policy.
Best Policy Plan
The best child policy plan i bought from birla sun life insurance and the policy plan is awesome. The policy coverage is 93% and the claims are 36.7 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. I like my policy very much.
My child policy plan is very good and the insurer is birla sun life insurance. The policy has many benefits like good investments for future and it save taxes also. Policy coverage is 89% and the claims are around 37 L after policy ends. Fair Terms and Conditions. I like the policy plan.
I purchase child policy plan from birla sun life insurance. The policy coverage is 83% and the claims are good with low premiums. Service you provided is very quick and the behaviour of the executives and staff members is nice. Good future investment and it reduces taxes also. Nice policy plan.
I own child policy plan which i buy from birla sun life insurance. Policy have various benefits but the policy coverage is the best. Approx. 97% is covered in the policy. Claims are high and the premiums are low. Service is good. Nice future investment which saves tax also.
Fair Policy Plan
I purchase birla sun life insurance policy plan and took child insurance policy plan. Policy coverage is good 91% and the payback amount is 29 L in 19 years. Claims are easily get due to great services by executives of the company. Nice future investment and it saves taxes also.
I have birla sun life insurance child policy plan. Policy coverage is good 81% but the premium is low. Service provided is bit slow and claims are good and Rs.23 L is the amount i get after policy get end. I just wanted to say that satisfactory policy plan.
My child policy plan is not super policy but an average one. Birla sun life insurance provide wide range of policies. My policy coverage is good 80%. Service is nice and work is done in short period of time. Claims are high and the payback amount is 29 L after policy get mature. The service provided by the executives and staff members are really nice.
Good Policy Coverage
I buy a child policy plan for my child from birla sun life insurance. Policy coverage is high 91% but the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Fine policy good work.
I purchase child policy plan by birla sun life insurance. Policy coverage is 93% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. I'm happy with the plan, nice job guys.
I found awesome child policy plan from birla sun life insurance. The claim is high and the policy coverage is 90%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also.
I had child policy plan for my child through birla sun life insurance child plan. The policy is nice, Good policy coverage ~91% and claim amount is Rs.27 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice.
Recently i bought a child insurance policy plan for my child from birla sun Life Insurance. The policy having great deals and low premiums. The policy coverage is approx. 86% and the services are even better and on time. The claims are the best. Really happy with the policy.
Nice Child Plan
I bought child insurance policy plan for my child from birla sun life insurance. The Plan is so good and the services is also great. Now I'm tension free for further upcoming money problems for my child in his future. The coverage is good and claims are high that can easily accessible. Really very happy to have this policy for my child.