Why should you use the Term Insurance Premium Calculator?
ABSLI Child Future Assure Plan calculator helps the customers estimate their corpus required to fund their children's essential milestones such as education and marriage. It helps the customers calculate the amount of savings required to achieve their children's financial goals when they grow up and mature into adults. The company offers multiple plans for children, and one can utilize the calculator to choose the best-suited plan for one’s child.
Some of the reasons to use the Child plan calculator are as follows:
- It determines the fund corpus needed for the child’s education and marriage.
- The calculator also takes into consideration possible interest rates before arriving at the sum assured.
- The most exciting part of the ABSI Child Plan calculator is that it assumes a specific inflation rate while calculating the sum assured, giving the customers insights on the savings amount that needs to be put aside for their children's milestones.
- The customers can use either plan for a child's education, or child’s marriage, or both by making good use of the online tool.
- It helps in determining the percentage of the amount covered with the current savings amount.
- It gives an idea of the premium amount, sum assured, and the amount to be saved for the policy's effective utilization.
The Process to use ABSLI Child Future Assure Plan Calculator
The online tool is easy to use. It is designed and programmed in a user-friendly manner. It comes with interactive features, which makes it a customer-oriented tool. The customers can visit the insurer's official website and choose the desired plan under the sub-menu Child plans. The customer can proceed to use the online calculator with the following steps.
Choose the Goal
The first step is to choose the goal type whether the customer wants to plan the child's education or his marriage. The customer can choose from the two given options depending upon his financial goal. The calculator may also prompt the user to choose one's child's current age when choosing the plan.
Provide the Details of Education
The parent can choose from the options for which he intends to save, such as higher education, graduation and post-graduation. If the parents dream of sending their child abroad to pursue his education, then the parents can also choose the country to which they are sending their child.
The customer can enter the approximate cost of the child’s education as on date and select the child's age at which he will need the funds. The next step is to enter the total savings amount allocated for the purpose and the money saved every month to achieve the target. The customer can also assume the interest rate before calculating the assured sum and premium rate. The final result that provides the sum assured and premium rate can also be recalculated according to its budget.
Advantages of ABSLI Child Future Assure Plan Calculator
ABSLI Child Future Assure Plan calculator helps the customers to determine the amount of savings required to fund their child’s graduation, post-graduation, and marriage. Some of the benefits of using the online calculator are as follows.
Easy way to Calculate the Premium Amount
The online calculator provides a simple way of calculating the sum assured for the policy plan. It gives the customers insight into the expenses involved, inflation rates, and interest rates to fund the child's milestones. The customer may realize that he may have to save more or less to achieve their goal.
A policyholder can access the tool with the click of a mouse by visiting the insurer’s official website. The calculator prompts for relevant information such as the child's age, amount of savings, etc., and the child's age at which the sum assured is needed. The calculator eliminates human error when done using paper and pen.
Using ABSLI Child Future Assure Plan calculator means that the calculations are done at zero charges, meaning it is free of cost. The online calculator also has interactive features custom-made for users to efficiently identify their financial goals and achieve them.
It eliminates the need for the customers to make frequent visits to the insurer's office locations, thus helping them significantly.
Information required while using ABSLI Child Future Insurance Plan
A customer using the calculator would need the following mandatory information.
- Goal type – The customer needs to choose the goal he is trying to attain for his child; in this case, it can be either education or marriage. The customer needs to choose one of the options.
- The policyholder needs to enter his child's age when buying the policy.
- In marriage, one needs to choose the age intended to get his child married.
- The amount required to fund the milestone, total savings in hand, and the amount of money saved each month is also required to estimate the premium and the sum assured.
Key Benefits of buying ABSLI Child Future Assure Insurance Plan
Access to quality education is expensive, and the cost of sending a child to colleges and universities needs careful planning. Some of the benefits of buying a child's future assure insurance plan are as follows.
Education Milestone benefit
Parents who aspire to fulfil their dreams and desires can receive guaranteed annual Assured benefits for their child’s educational needs. The assured benefit payment is designed so that the payouts will commence when the beneficiary child reaches the age between 15 years to 21 years.
The assured benefit is payable annually as per the Education Milestone benefit period of 3, 6 or 9 years chosen by the policyholder. If the policyholder has chosen three years, the company will pay the assured sum of 30 percent in the first and second year consecutively; the company will pay the rest of the 40 percent of the sum assured in the third year. The payout percentage varies for different benefit periods.
Marriage Milestone Benefit
The customers can also use the policy for saving and planning the marriage of one’s child. In this case, the sum assured will be paid to the beneficiary child when he/she attains the age between 24 to 32 years. This option will ensure a lump sum paid to the customer at the end of the policy tenure.
Education and Marriage Milestones Benefits
The customers have the privilege to choose both the milestones under this option. In this case, the company will pay the Education milestone as per the customer's benefit period. In the marriage milestone, the sum assured will be paid to the customers at the end of the policy term.
Suppose there is an unfortunate event, such as the life insured's death during the policy term. The company will pay the death benefit to the nominee. The company will pay assured benefits as per the option selected by the policyholder. The insurer will also waive off all future installments in case of death of the life insured. Alternatively, the nominee has an option to receive an immediate payment of death benefit.
Enhanced Insurance Cover
Suppose the customer opts for Enhanced insurance cover at the time of inception. In that scenario, the nominee will receive the additional amount in the death of the life insured during the policy term. The nominee can choose to receive the payment as a lump sum or as a staggered payment with fixed annual or monthly income. If the customer opts for staggered payment, the company will pay 20 percent of the enhanced insurance cover at the settlement time; the remaining amount is paid as an annual or monthly income for 5, 10, or 15 years.
ABSLI Child Future Assure Insurance Plan Premium Rates
- The ABSLI child future-assure insurance plan is a savings plan that secures the child’s future by taking care of important milestones such as education and marriage. The premium rates differ for each purpose chosen by the customer.
- The age limit of the life insured is between 18 years to 65 years.
- The policy term for education milestone benefit ranges from 10 to 29 years, for marriage milestone benefit ranges from 8 to 32 years, for both education and marriage milestone benefits range from 11 to 32 years.
- The payment term for marriage/education milestone benefit is five years; the payment term is six years for marriage and education milestone benefits.
- The minimum annualized premium is Rs.30000 with a minimum sum assured value of Rs.4,00,000 (*Standard terms and conditions apply)
- The payment mode is flexible on an annual, semi-annual, quarterly, and monthly basis.
- There’s a premium rebate offered if both education and marriage milestones are chosen.
*All rates are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.
The customer can use the ABSLI Child Future Assure Plan calculator to calculate and achieve the child's milestone without any worry. It provides a hassle-free experience to the users along with great interactive features.
About Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance is a famous company that offers various insurance policies to guard one’s financial interests throughout his/her lifespan. ABSLI has a flexible, innovative, and caring approach towards its customers and is always keen to add long-term value to those who trust it. ABSLI provides a flagship insurance term plan for children and their future. The insurance covers aspects such as education, marriage, and health. The premium for the term plan can be effortlessly calculated using the ABSLI Child Future Assure Plan Calculator.
A1. Since policy inception, it is the term when the first installment of the assured benefit becomes due for payment.
A2. It is a term insurance plan specifically designed to meet children's milestones such as marriage and education. The child insurance plan provides triple benefits of insurance saving and investment. It clears all financial hurdles for a child’s future.
A3. The child insurance plan's primary purpose is to create a corpus and secure the child's plans. It also ensures that all the child's financial needs are taken care of even during the parent's unfortunate demise event.
A4. It is not compulsory to buy a child insurance plan, but it is an excellent suggestion to consider buying one for the child's benefit. It helps the child tide through uncertain times such as natural disasters, the death of a parent, providing sufficient funds for the child's higher education, and managing marriage expenses.
A5. As a responsible parent, one can start investing in a child's insurance plan when a child is born. Investing early not secures the child's financial future and builds significant wealth by the power of compounding. Thus small and regular savings invested in a disciplined manner leads to financial freedom.
A6. Factors such as sum assured premium paying term and age of the life insured are considered for computing premiums. There is an online calculator at the insurer’s official website that helps customers in calculating the premium.
A7. The customer can easily buy the child insurance plan online by visiting the insurer's official website, browsing through the required information, and selecting the appropriate plan by making an online payment. One can also buy offline by visiting the nearest ABSLI branch and getting in touch with the representatives.
A8. Sum assured, and tax benefits are important considerations for buying an insurance plan for the child.
A9. The benefit paid by the company to the life insured at the end of the policy tenure.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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