Child Insurance Plan by ABSLI

Thank you for your details. We will reach out to you shortly.

Thank you for your details.Currently we are facing issue in our system.

Give ₹ 1 lakh/ year for 10 years Get₹ 21.58 lakhs guaranteed benefits1

Guaranteed# Benefits
Critical Illness - ABSLI
Flexibility to save for child’s life goals.
Tax benefits*
*Please enter a valid First Name.
+91 phone
*Please enter a valid Mobile Number.
*This field is required.

Child Insurance Plan

What is a Child Plan?

A child insurance plan is a long-term investment-cum-insurance product created to safeguard your kid's future. It is sometimes referred to as a child policy or a child savings plan. The greatest kid insurance plan may assist you in building up savings over time to pay for your child's profession, education, and other basic necessities. Additionally, they offer life insurance protection for the parent or legal guardian, protecting the child's financial security in the event of an unexpected circumstance. For this reason, they are also frequently referred to as kid insurance, kid insurance plans, or even kid life insurance.

Why Should You Buy a Child Insurance Plan?

Child insurance plan in India offer multiple benefits, including:

iconbullet
Financial Security:
A child plan makes sure that even if you aren't around, your child's future requirements, including their education and job, will be met.
iconbullet
Life Cover:
The policy provides life insurance coverage for the parent, thereby securing the child's financial future in case of an unforeseen event
iconbullet
Investment Component:
Children insurance plans allow you to invest in various instruments to grow your money and maximise returns over time.
iconbullet
Tax Benefits*:
Premiums paid towards child insurance plans are eligible for tax deductions under Section 80C of the Income Tax Act.
Our Child Plans
ABSLI Child’s Future Assured Plan
Protect the important milestones in your child’s life
Guaranteed1 Returns
Flexibility to save for education or marriage
Life Cover
Tax benefits*
Guaranteed benefits
₹21.58 lakhs
Annualized premium for 10 years
₹1 lakh¹
ABSLI Vision Star Plan
Money Back Plan to nurture your child’s passion
Comprehensive financial protection
Flexible Premium Payment
Future Premium Waiver
Regular assured payouts
Give
Rs.9.36lakhs/year
get total return of
Rs.92.39 lakhs²

Features of a Child Plan

Child education plan comes with the following features:

iconbullet
Maturity Benefit:
Upon policy maturity, a lump sum amount is paid out, which can be used to fund your child's education, marriage, or other essential needs.
iconbullet
Death Benefit:
In case of the policyholder's demise, a death benefit is paid to the nominee to ensure financial security for the child.
iconbullet
Premium Waiver:
If the policyholder passes away during the policy term, future premiums are waived off, and the policy continues to accrue benefits for the child.
iconbullet
Partial Withdrawals:
Child plans allow partial withdrawals to meet immediate financial needs like school fees or medical expenses.
iconbullet
Flexible Premium Payment Options:
You can choose from various premium payment options like monthly, quarterly, half-yearly, or yearly, depending on your financial situation. This way, investing in insurance for children can be quite convenient.

Benefits of child protection plan insurance

iconbullet
Long-term Savings:
Child insurance plans encourage disciplined savings and help accumulate funds over time to meet your child's future financial needs.
iconbullet
Financial Protection:
These plans provide life insurance coverage to the parent, ensuring the child's financial security in case of any unforeseen events.
iconbullet
Tax Benefits*:
Section 80C of the Income Tax Act permits tax deductions for premiums paid for child insurance policies.
iconbullet
Investment Growth:
Child plans allow you to invest in a variety of instruments to maximise returns and grow your wealth.

How Does a Child Insurance Plan Work?

A child insurance plan is a financial product designed to provide financial security for a child's future needs, such as education, marriage, or career, even in the absence of their parents or guardians. These plans usually combine insurance coverage with an investment component to ensure that the child's financial goals are met regardless of the circumstances.

Child insurance plans work as a combination of insurance and investment. You pay regular premiums throughout the policy term, which are then invested in various instruments like equities, bonds, or a combination of both, based on your risk appetite. The plan offers life insurance coverage for the parent and provides a maturity benefit upon policy completion. In case of the policyholder's demise, the child receives the death benefit, ensuring financial security.

It is essential to understand that the performance of child insurance plans, especially those with an investment component, may vary based on market conditions and the performance of the underlying assets. Parents or guardians should carefully assess their financial goals, risk appetite, and available plan options before making a decision.

Here's how a child insurance plan typically works:

iconbullet
Selection of the plan:
Parents or guardians choose a suitable child insurance plan based on their financial goals, the child's age, and the desired policy term. They can opt for a traditional plan (participating or non-participating), a unit-linked insurance plan (ULIP), or a combination of both, depending on their risk appetite and preferences.
iconbullet
Payment of premiums:
Once the plan is selected, the policyholder (usually the parent or guardian) starts paying regular premiums, either as a one-time lump sum or in instalments (monthly, quarterly, half-yearly, or yearly) for a fixed period.
iconbullet
Life insurance coverage:
The plan provides life insurance coverage for the policyholder. In the unfortunate event of the policyholder's death during the policy term, a death benefit is paid out to the nominee (usually the child).
iconbullet
Waiver of premium rider:
Many child insurance plans offer a waiver of premium rider. If the policyholder passes away or becomes permanently disabled, this rider ensures that all future premiums are waived off, but the policy continues to remain in force.
iconbullet
Investment component:
A portion of the premiums paid is allocated towards investments to build a corpus for the child's future needs. Depending on the type of plan, the funds may be invested in debt instruments, equities, or a combination of both. The returns on these investments accumulate over time and form a part of the maturity benefit.
iconbullet
Maturity benefit:
If the policyholder survives until the end of the policy term, they receive the maturity benefit, which includes the sum assured, any accrued bonuses (for traditional plans), or the fund value (for ULIPs). This payout can be used to fund the child's education, marriage, or any other important life goal.
iconbullet
Partial withdrawals and loans:
Some child insurance plans allow for partial withdrawals or loans against the policy after a certain period, providing financial flexibility in case of emergencies or unforeseen expenses.
iconbullet
Taxation:
Premiums paid towards a child insurance plan may be eligible for tax deductions under Section 80C of the Indian Income Tax Act, while the death and maturity benefits are tax-exempt under Section 10(10D)**.

What are the Child Insurance Riders?

Riders are additional benefits that can be added to your child's insurance policy for enhanced protection. Some popular riders for the insurance plan for child include:

Why should you get child insurance riders?

Child insurance riders are additional benefits that can be added to a parent's life insurance policy to provide coverage for their children. There are several reasons why you should consider getting child insurance riders to enhance child plans in India:

iconbullet
Financial Security:
Child insurance riders offer financial security for your child in the event of your untimely death or disability. The rider provides a lump sum payout, ensuring that your child's financial needs are met, even in your absence.
iconbullet
Education Expenses:
The cost of education is rising steadily, and by having a child insurance rider, you can ensure that your child's education expenses are covered, even if you are not around to provide for them. Kids life insurance can help secure their future and enable them to pursue higher education without financial constraints.
iconbullet
Medical Emergencies:
Children may require medical attention at any time, and the associated costs can be overwhelming. A child insurance rider can cover these medical expenses, ensuring that your child receives the necessary treatment without causing financial strain on the family.
iconbullet
Flexibility:
Child insurance riders offer flexibility in terms of coverage, allowing you to choose the amount and duration of the rider based on your child's needs and your financial goals. You can also opt for riders that cover multiple children under the same policy.
iconbullet
Affordability:
Adding a child insurance rider to an existing life insurance policy is generally more cost-effective than purchasing a separate policy for your child. This makes it an affordable option for providing additional financial security for your family.
iconbullet
Continuation of Coverage:
Some child insurance riders offer the option to convert the rider into a separate policy for the child when they reach a certain age, without the need for further medical underwriting. This ensures continuous coverage and protection for your child as they grow older.
iconbullet
Peace of Mind:
Having a child insurance rider in place offers peace of mind, knowing that your child's financial future is protected, regardless of any unforeseen circumstances that may occur. It allows you to focus on nurturing and caring for your child without worrying about potential financial burdens. Child insurance plans provide essential financial protection for your child's future, ensuring that they have the resources they need for education, medical care, and other expenses. By adding a rider to your existing life insurance policy, you can secure your child's financial future while enjoying the benefits of flexibility, affordability, and peace of mind.

Eligibility Criteria for Child Insurance Plans

The eligibility criteria for child insurance plans vary across insurers, but some common requirements include:

iconbullet
Age of the Parent/Policyholder:
Generally, the minimum age is 18 years, and the maximum age limit ranges from 50 to 65 years.
iconbullet
Age of the Child:
The child's age should be between 0 to 18 years at the time of policy inception.
iconbullet
Policy Term:
The policy term typically ranges from 10 to 25 years, depending on the plan.

Documents Required for Buying Child Insurance

To buy a child insurance policy, you need to submit the following documents:

iconbullet
Identity Proof:
PAN Card, Aadhaar Card, Passport, or Voter ID
iconbullet
Address Proof:
Aadhaar Card, Passport, Driving License, or Utility Bills
iconbullet
Age Proof:
Birth Certificate, Passport, or School Leaving Certificate
iconbullet
Income Proof:
Salary slips, Income Tax Returns, or Bank Statements
iconbullet
Photographs:
Passport-sized photographs of the policyholder and child

What is the Complete Child Insurance Plan Claim Process?

To claim the benefits under your child insurance policy, follow these steps:

  • Inform the insurance company about the claim event as soon as possible, either online or through their customer care helpline.
  • Submit the required claim forms and documents, such as death certificate, policy document, nominee's ID proof, and medical reports (if applicable).
  • The insurer will assess the claim and, if approved, settle the claim amount within the stipulated time.

Steps to Buy Child Insurance Online at ABSLI

Purchasing a child insurance policy online is quick and hassle-free. Follow these steps to buy online child insurance plans at ABSLI:

  • Visit the ABSLI website and navigate to the child insurance section to find the child plan online.
  • Explore and compare various child insurance plans and select the one that best suits your needs.
  • Use the online premium calculator to determine the premium amount based on your chosen plan, policy term, and sum assured. This way, you can find the best investment plan for child.
  • Fill in the online application form with the required details and upload the necessary documents.
  • Make the premium payment using your preferred mode of payment.
  • After successful payment, your policy will be issued, and you will receive the policy documents via email.

Assistance to buy a child insurance policy

Looking for Assistance?

Need help with your existing policy?
Call us on our toll-free no. for quick response!
icon 1800 270 7000

FAQs on Child Insurance Plans

A kid insurance plan is made to give your child the financial security they'll need for future expenses like education, employment, and marriage. The greatest life insurance for children combines an investing component that builds money over time with life insurance protection for the parent.
Child insurance policies are made precisely to meet your child's financial needs. They provide special features that may not be offered by conventional insurance plans, such as premium waivers, partial withdrawals, and flexible premium payment alternatives.
The majority of kid insurance policies do allow you to choose between several investment options while the policy is still in effect. This adaptability enables you to maximise rewards dependent on the state of the market and your risk tolerance. For this reason, a lot of investors decide to purchase life insurance for a child.
Under Section 80C of the Income Tax Act, premiums paid for child insurance policies are eligible for tax deductions up to a maximum of INR 1.5 lakh each financial year.
The child receives the death benefit in the event that the policyholder passes away as a lump sum payment. Future premiums are also not charged, and the policy will continue to earn benefits until it matures.
Under certain terms and conditions, certain child insurance plans provide a loan facility against the policy's surrender value. You may use this loan to cover any urgent financial obligations without jeopardising the policy's advantages.
Compare several plans based on aspects including coverage, premium, investment possibilities, and flexibility to get the desired kid insurance plan. It's critical to pick a plan that meets your unique requirements and interests. The savings strategy that best meets your needs is the one to choose for your children.
Yes, children as young as 0 years old are eligible for child insurance coverage. Early insurance enrollment enables you to build up funds over a longer time period, assuring sufficient funding for your child's future requirements.
Depending on the insurance company's approval and underwriting standards, certain kid insurance policies provide you the choice to increase or decrease the sum assured at any time during the policy's term.
The grace period for premium payment in child insurance plans typically ranges from 15 to 30 days, depending on the premium payment frequency. If the premium remains unpaid after the grace period, the policy may lapse, and the benefits will cease.
A kid insurance plan is made to take care of your child's specific financial needs in the future, including those related to their education, employment, and marriage. It combines parent life insurance with an investment element to build up money over time. Child plans differ from ordinary insurance plans in that they offer premium waivers, partial withdrawals, and flexible premium payment alternatives.
The amount to invest in a child insurance plan depends on factors like your child's age, your financial goals, and the time horizon you have to accumulate funds. Ideally, you should estimate the future cost of your child's education, marriage, or other financial needs and then choose a plan with a sum assured that matches those requirements. Regularly reviewing and adjusting your investment can help ensure that you stay on track to meet your goals.
Yes, most child insurance plans allow you to choose additional rider benefits or add-ons for enhanced protection. Some popular riders include accidental death and disability, critical illness, income benefit, and waiver of premium. These riders can be added to your base policy at an extra cost, providing added security for your child's financial future.
Many child insurance plans offer partial withdrawal options, which allow you to access funds during the policy term to meet immediate financial needs like school fees or medical expenses. The terms and conditions for partial withdrawals, including the minimum waiting period and the maximum amount that can be withdrawn, vary across plans and insurers. It's essential to review your policy document to understand the specific withdrawal rules applicable to your plan.
Yes, a child plan can be purchased for a 10-year-old. Most child insurance plans accept children between 0 to 18 years of age at the time of policy inception. Purchasing a plan for a 10- year-old allows you to accumulate funds over a longer period, ensuring adequate financial support for your child's future needs.
Under Section 80C of the Income Tax Act, premiums paid for child insurance policies are eligible for tax deductions up to a maximum of INR 1.5 lakh each financial year. Additionally, under Section 10(10D)** of the Income Tax Act, the maturity and death benefits received from a child insurance plan are often tax-free.
A child plan secures your child's future by providing financial protection and long-term savings. The life insurance for kids ensures that your child receives financial support in case of your demise, while the investment component accumulates funds over time to finance their education, career, or other essential needs. With features like premium waiver and partial withdrawals, a child plan offers flexibility and security to help you navigate various stages of your child's life.
The beneficiary or nominee is the person who receives the policy benefits in case of the policyholder's demise. It's essential to appoint a trustworthy nominee, such as your spouse or a close family member, to ensure that the policy proceeds are utilised for your child's welfare and future needs. You can change the nominee during the policy term if required, subject to the insurer's guidelines.
Yes, ABSLI's child insurance plans, such as the ABSLI Vision Star Plan, may include bonuses depending on the type of plan chosen. The bonuses can be in the form of simple reversionary bonuses or terminal bonuses, which are declared annually by the insurance company based on its performance. These bonuses are added to your policy's accumulated value, helping you grow your investment and secure your child's financial future. It's important to note that the declaration and amount of bonuses are not guaranteed and depend on the insurer's financial performance, investment returns, and other factors. Make sure to review your policy documents and consult with your insurance advisor to understand the specific bonus structure applicable to your chosen plan.
SHOW ALL
HIDE

Latest Life Insurance Articles

/sitecore/media library/Project/ABSLI/Article Images/Article Banners/Your-Money/How-to-Choose-the-Best-Investment-Plan-in-India-_T
Mar 19, 2024
How to Choose the Best Investment Plan in India? | ABSLI
/Project/ABSLI/Article Images/Article Banners/Life Insurance/Article-Banner_Dec2022_Smokers
Mar 18, 2024
Life Insurance for Smokers in India 2024 – What You Need to Know | ABSLI
/Project/ABSLI/Article Images/life-insurance/Do-Life-Insurance-Policies-Cover-Suicidal-Deaths-_T
Mar 17, 2024
Does Life Insurance Pay for Suicidal Death in India? | ABSLI
Can I Take More Than One Term Insurance Plan?
Mar 16, 2024
Can I Buy Multiple Term Insurance | ABSLI
  • Disclaimer

    * Tax benefits are subject to changes in tax laws. You are advised to consult your tax advisor for the same.

    # Provided all due premiums are paid.

    ¹ABSLI Child’s Future Assured Plan. Plan option: Education & Marriage Milestone. Male | Age: 35 years | Policy term: 25 years | Premium paying term: 10 years | Education milestone benefit period: 3 yrs & Education assured benefit start term: 15 yrs | Marriage assured benefit start term: 25 years | Annualized premium: ₹1,00,000 (excluding tax) | Total Benefits Payout: Rs 21,58,664 [Education Milestone Payout: Rs 10,79,332 (policy year 15,16,17) and Marriage Milestone Payout: Rs 10,79,332 (policy year 25)] | Age of Child: 0 years, Child as a nominee | Sum assured multiple for marriage: 100%

    ²ABSLI Vision Star Plan, age 30 years, male, sum assured Rs.50 lakhs, premium: Rs.936511/- (including GST) premium paying term 5 years, pay frequency: annual, Assured Payout Option: Policy option B, policy term:14 years, death benefit: Rs.92,22,000 lakhs, Bonus Type: Simple Reversionary.

    ABSLI Vision Star Plan (UIN: 109N096V03) is a traditional participating life insurance plan. All terms & conditions are guaranteed throughout the policy term, except for the bonuses which would be declared at the end of each financial year. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. Some benefits are guaranteed and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions. If your policy offers guaranteed returns then these will be clearly marked "guaranteed" in the illustration table on this page.

    ABSLI Child Future Assured Plan (UIN: 109N124V01) is a non-linked non-participating individual life insurance savings plan. All terms & conditions are guaranteed throughout the policy term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. The insurance cover for the life insured (including minors) will commence on the policy issue date.

    ADV/7/23-24/1000