ABSLI Child's Future Assured Plan
ABSLI Child's Future Assured Plan
As a parent, it's quite apparent to be concerned about your child's future. It's every parent's dream to provide financial stability to their children at every critical milestone. Having a child insurance plan offers the security that your young ones always remain on track, with you or without you.
ABSLI Child's Future Assured Plan ensures that your child's aspirations are never compromised. Be it marriage or education, the plan offers assured benefits to cover such important life-events. You can accumulate enough regular premiums to receive a lump-sum amount in the future and provide for your child's dream education or a grand wedding.
In case of any misfortune, all the remaining premiums are waived off, and the policy continues to cover all key events in your child's growth story even when you are absent.
Premium Paying Term
Maximum: 12 years
Premium Paying Mode
Annual, Semi-Annual, Quarterly, and Monthly
Age as of last birthday in between 18 -65 years of age.
30 days( 15 days for monthly mode)
Minimum: Rs. 4,00,000
Maximum: No Limit. It is subject to Board Approved Underwriting Policy.
A loan can be taken against the policy once it acquires surrender value.
Benefits of ABSLI Child's Future Assured Plan
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.
- Education and Marriage Milestone Benefits: As the name suggests, both Education and Marriage benefits can be chosen under this option.
It's the Assured Benefit amount payable towards the end of the ABSLI Child's Future Assured Plan policy term.
In case of an unfortunate demise of the life insured, the nominee is paid in one of the following ways:
- Assured benefits will continue to be paid as per respective dates chosen and
- He will also get any amount in excess of the sum insured paid as lump-sum immediately.
- All future premiums will be waived off.
- The nominee has the right to opt for a lump-sum payment. In that case, the policy will be terminated and higher of the sum insured, or all future assured payments at a discounted value, will be paid immediately.
If you're pro-active with your premium payments, you will be rewarded 20% extra on your Assured Benefits after each scheduled payout.
The premium for ABSLI Child's Future Assured Plan
With ABSLI Child’s Future Assured plan, you can get funds in the future for your child's wedding or education. In case of any unfortunate event, the remaining premiums will be waived off.
The premiums will vary as per the plan variant, age of the policyholder, policy term, the sum assured, and Premium Paying Term.
The premium can be paid yearly, half-yearly, monthly, or even quarterly.
Minimum Annualized Premium- Rs 30, 000 p.a.
*Standard T&C Apply
Additional Riders for ABSLI Child's Future Assured Plan
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
Eligibility for ABSLI Child's Future Assured Plan
The eligibility for this plan is 18 to 65 years. If an enhanced insurance cover is chosen, then the entry age is up to 50 years.
The maximum maturity age is 75 years.
How to buy ABSLI Child's Future Assured Plan online?
- You can log on to the company's website.
- Provide all the details after choosing the required plan and coverage.
- The premium will be calculated as per the fields populated.
- You can then pay the premium online using a debit card, credit card, or net banking facilities and the policy will be issued to you after that.
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.
A. Payment is only received in any of the following methods.
- NEFT or Debit/Credit card online payment
- Cheque payment
- ECS payment
A. Policy status can be checked online after logging into the e-portal with your client-id and password.
A. Log into e-portal with valid credentials and use the payment mode to renew your policy.
A. Yes, an assignment is allowed under the policy as per the Insurance law.
A. Suppose you opt for Enhanced Insurance coverage of equal to 50%, 100%, or 200% during policy commencement. In that case, this additional sum insured will be immediately paid to the nominee in case of the insured's death within the policy term.
A. If you're not satisfied with the policy's terms and conditions, you can return the policy to the company within 15 days from the policy receipt date.
A. The maximum amount of loan that can be taken is 85% of the policy’s surrender value.
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