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!
Is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., one of the leading international financial services company from Canada. Aditya 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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
Aditya 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.
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:
|Entry Age||18 years||55 years|
|Maturity Age||-||75 years|
|Policy Term||Option A – 14 years Option B – 16 years||Option A – 21 years Option B – 23 years|
|Premium amount||Depends on the coverage, tenure and age|
|Sum Assured||Rs.1 lakh||No limit|
|Premium Payment Term||5 years||12 years|
|Premium Paying Frequency||Yearly, half-yearly, quarterly or monthly|
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.
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
To check the policy status online, log into the e-portal with your Client ID and password.
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
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.