ABSLI Child's Future Assured Plan

What is ABSLI Child Future Assured Plan?

The ABSLI Child Future Assured Plan is a child plan made for parents who want to financially support major milestones such as their child’s education or marriage. With flexible terms, milestone-based payouts, and strong insurance cover, this investment plan ensures that your child’s future stays protected and well-funded.

Key Features of ABSLI Child Future Assured Plan

• Assured Milestone Benefits: You get guaranteed payouts that match your chosen milestones—education, marriage, or both.
• Choice of Payout Structure: You can choose whether you want payouts only for education, only for marriage, or a combination of both. Each payout is given as a fixed percentage of the sum assured.
• Flexible Terms and Payment Options: You can select the policy term and premium payment term based on when you want the payouts.
• Enhanced Insurance Cover: You can increase the life cover by 50%, 100%, or 200% of the sum assured by paying a little extra premium.
• Loyalty Additions: If you pay all your premiums, the plan adds a 20% loyalty bonus to the assured benefits.
• Premium Waiver Benefit: If the life insured passes away or suffers a covered condition, all future premiums are waived.

Eligibility Criteria

Benefits of ABSLI Child's Future Assured Plan

1. Assured Benefits

   The plan provides your child with assured benefits on their key milestones, including education, marriage, or both. You can choose an option while buying the policy and receive assured benefits under the same.

   • Education Milestone Benefit: The plan assures a fixed percentage of the sum assured as annual payouts, the tenure of which can be set to coincide with your child's important educational events, be it high-school, graduation, or post-graduation.
   • Marriage Milestone Benefit: You get to select a policy term for your child's marriage at the time of policy inception. The plan assures you a lump-sum payout at the end of the chosen policy term when your child falls within the age bracket 24 to 32 years.
   • Combined Payout Option: You can choose to receive both education and marriage benefits together depending on your child’s needs.

2. Death Benefit

   If the life insured passes away, the nominee can choose one of the following:

   • Option 1: Continue the Policy
     • Assured benefits will be paid on their scheduled dates.
     • Any extra amount (over the Sum Assured on Death) will be paid immediately as a lump sum.
     • All future premiums will be waived.
   • Option 2: Take a Lump Sum
     • The nominee can choose to receive a full lump-sum amount.
     • The amount paid will be the higher of:
       • The Sum Assured, or
       • The discounted value of all future assured payments.
       • The policy will end after this lump-sum payout.
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3. Loyalty Addition

   If you are pro-active with your premium payments, you will be rewarded 20% extra on your Assured Benefits after each scheduled payout.

4. Enhanced Insurance Cover

   You can add extra insurance cover of 50%, 100%, or 200% of the Sum Assured by paying more premium. If the life insured dies, this extra amount is paid immediately to the nominee. The nominee can choose how they want to receive this payout.

5. Premium Waiver

   If the policyholder passes away or suffers a covered illness/disability, all future premiums are waived.

6. Assured Benefits – Deferral Option

   You can choose to delay any of your Assured Benefit payouts by 1, 2, or 3 years. If you defer the payout, the amount will increase by 6% per year (or any rate decided by ABSLI with IRDAI approval). Once you choose to defer a payout, you cannot change this decision later.

7. Tax Benefits

   You may get tax benefits on premiums and payouts as per Section 80C and Section 10(10D) of the Income Tax Act.

8. Reduced Paid-Up Benefits

   • If you stop paying premiums after paying for at least two full years, your policy will not lapse. It will continue as a Reduced Paid-Up (RPU) policy.
   • Under RPU, the Sum Assured, Enhanced Insurance Cover, and Assured Benefits will be reduced based on how many premiums you have paid compared to the total premiums you were supposed to pay.
   • The Loyalty Addition benefit will not be paid, and any rider benefits will stop.

Additional Riders for ABSLI Child's Future Assured Plan

The following riders can be added at a fraction of the cost for adding protection and enhancing your insurance cover.

• ABSLI Accidental Death and Disability Rider
• ABSLI Hospital Care Rider
• ABSLI Critical Illness Rider
• ABSLI Surgical Care Rider
• ABSLI Accidental Death Benefit Rider Plus
• ABSLI Waiver of Premium Rider

Policy Details

1. Surrendering Your Policy:

   You can surrender your policy after paying premiums for at least 2 years. You will get the higher of the guaranteed or special surrender value. After this amount is paid, the policy ends.

2. Policy Loan

   You can take a loan once the policy has a surrender value. You can borrow up to 85% of this value. Interest is charged every year. Any unpaid loan will be deducted from your benefits.

3. Free-Look Period

   If you don’t like the policy, you can return it within 15 days (30 days for online policies). You will get your money back after small deductions.

4. Grace Period

   You get 30 days (15 days for monthly mode) to pay if you miss a premium. Benefits continue during this time. If you miss payment after the grace period:

   • Less than 2 years of premium paid: policy ends
   • At least 2 years paid: policy becomes Reduced Paid-Up

5. Revival

   You can restart the policy within 5 years by paying all unpaid premiums with interest. Full benefits are restored.

6. GST

   GST and other taxes apply as per current rules.

7. Nomination

   You can add a nominee as per the Insurance Act rules.

Exclusions of ABSLI Child's Future Assured Plan

If the life insured commits suicide within 12 months from the policy's commencement, the total premium paid till date or the surrender value available as of death date is paid out. The amount prescribed in the death benefits section is no more applicable.