Child Insurance Plan
Child Insurance Plan is an insurance plan that simplifies your requirement of securing a child's future needs. The ever-rising college tuition fees, foreign university fees, and future marriage expenses make it relevant to buy the child plan. The child insurance plan provides both insurance and investment benefits. The child plan prepares you financially to support the dreams of your child. The policy also helps to secure the future of the child financially even after the death of the parent. Save regularly with the child plan so that you are financially ready to fulfill the key milestones of your child’s life like higher education and marriage.
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Get ₹24.62 lakhs Guaranteed11 Benefits @ ₹1 lakh/year3
What is a Child Insurance Plan?
Importance of Child Insurance Plan
As a parent, you have a strong desire dream to provide the best for your child, that your child should have a quality education and lead a comfortable life. A child plan can help you in accomplishing this dream. The policy offers a focused approach towards saving money in a disciplined manner. The child receives the education which she/he desires with a lump sum payout at maturity or when any unfortunate event happens to you. It also helps you beat inflation and save accordingly. A child insurance plan is important for the following factors:
Features of Child Insurance Plan
These are the features of a child insurance plan:
Who should Buy a Child Insurance Plan?
Who wishes to have sufficient funds for the important stages of their child’s life, like marriage or education, must have a child insurance plan. Categorically these people can buy a child plan:
Let us understand the concept with an example. Assume Rahul purchased ABSLI Child Assured Plan when he was 35 years. The policy term was 20 years, the pay-out period is 3 years, sum assured ₹5 lakhs, annualized premium ₹35,775/- (excluding tax), premium paying term 8 years, payment frequency annual, guaranteed pay-out option: Education Milestone. In the 18th and the 19th years, Rahul received ₹1.8 lakhs per year. ₹1.5 lakhs as 30% of the S.A plus ₹30,000 as 20% of loyalty additions. Then in the 20th year, Rahul was paid ₹2.4 lakhs (₹2 lakhs as 40% of S.A. + ₹40,000 as 20% of loyalty additions.
Factors Affecting Child Insurance Premium
These are the factors that affect the child insurance premium:
Child insurance Riders
Riders are additional covers that are taken to increase the scope of cover. These additional covers are available at a nominal premium.
Frequently Asked Questions
Find out more about child insurance plans and explore how it will benefit you.
A child insurance plan will give you an opportunity to save money. The policy gives your child a maturity benefit that helps meet the cost of higher education. The policy will help your child to pursue their dream education in case of unfortunate events. Child insurance plans benefit you with partial withdrawals to meet emergency expenses.
3ABSLI Child’s Future Assured Plan. Plan option: Education & Marriage Milestone. Male | Age: 35 years | Policy term: 29 years | Premium paying term: 10 years | Annualized premium: ₹1,00,000 (excluding tax) | Sum assured: ₹18,65,846 (₹9,32,923 for each benefit) | Payout option: 9 years.
4ABSLI 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.
5As per annual audited figures submitted to IRDAI for the period FY 20-21.
7Tax benefits are subject to changes in tax laws. You are advised to consult your tax advisor for the same.
8As per annual audited figures submitted to IRDAI for the period FY 20-21.
11Provided all premiums are paid.
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.