ABSLI Child’s Future Assured Plan

Protecting your child’s key milestones with assured benefits and flexibility

Aditya Birla Sun Life Insurance Child’s Future Assured Plan is a life insurance savings plan, which offers assured benefits to take care of the important milestones in your child’s life – Education and Marriage

Key Features

  • Flexibility to save for child’s Education, Marriage or for both the life goals
  • Complete financial security
  • Flexibility to choose from various Pay term and Policy Terms
  • Worry free goal achievement through Policy Continuance Benefit
  • Assured Benefit

    ABSLI Child’s future assured plan offers assured benefits to fund your child’s education, marriage, or both future milestones. Simply choose one of the following options at policy inception to receive the assured benefits:

    Education Milestone Benefit

    Get assured annual pay-outs amounting to a fixed percentage of your sum assured with this policy. You can choose the tenures of payouts to coincide with your Child's education milestones such as High School, Graduation, and Post-Graduation. The Education Milestone Benefit as a percentage of the sum assured is payable as per the table below:

     

    Education Milestone Benefit payable at the end of each year

    Benefit year
    1st 2nd
    3rd
    4th 5th 6th 7th 8th 9th
    3 years 30% 30% 40%            
    6 years 15% 15% 15% 15% 25% 25%      
    9 years 10% 10% 10% 10% 10% 15% 15% 20% 20%

     

    Marriage Milestone Benefit

    Receive a guaranteed lump sum pay-out for your child’s wedding at the end of the policy term. Your child should be between 24 and 32 years of age to get the policy benefit.

    Education and Marriage Milestone Benefit

    ABSLI Child’s Future Assured Plan offers a combined Education and Marriage Milestone Benefit. The Education Milestone Benefit is paid as defined above on the respective due dates, while the Marriage Milestone Benefit is paid when the policy term ends.

  • Death Benefit

    In case of the life insured’s unfortunate demise during the policy period, the death benefit will be paid to the nominee in either of the following ways:

    • Assured benefits chosen by you shall be paid on their respective due dates; plus
    • Any excess amount of Sum Assured on Death over the discounted value of the payable assured benefits will be paid immediately as lump-sum
    • All future premiums shall be waived off.

    Or

    • Nominee has an option to opt immediate lump sum payment. In that case higher of Sum Assured on Death or discounted value of all the future Assured Benefits, will be paid immediately and the policy will be terminated.

  • Loyalty Additions

    If you pay all your due premiums, a 20% loyalty addition is added to your assured benefits at the end of each scheduled pay-out.

  • Maturity Benefit

    The Maturity Benefit shall be the amount of Assured Benefit payable at the end of the Policy Term.

  • Enhanced Insurance Cover

    At the start of the policy, you can also opt for Enhanced Insurance Cover equal to 50% or 100% or 200% of the sum assured, by paying an additional premium.

  • Customisable Benefits

    You can enhance your insurance cover during the policy term by adding the following riders at a nominal extra cost:

    • ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
    • ABSLI Critical Illness Rider (UIN: 109B019V03)
    • ABSLI Surgical Care Rider (UIN: 109B015V03)
    • ABSLI Hospital Care Rider (UIN: 109B016V03)
    • ABSLI Waiver of Premium (UIN:109B017V03)
    • ABSLI Accidental Death Benefit Rider Plus (UIN:109B023V02)

    Please note that you can opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus, but not both.


  • Entry Age (age last birthday)

    18–65 years (50 years if Enhanced Insurance cover is chosen)

  • Maximum Maturity Age

    75 years

  • Policy Term
    • Education Milestone Benefit: 10 to 29 years
    • Marriage Milestone Benefit: 8 to 32 years
    • Education and Marriage Milestone Benefit: 11 to 32

  • Minimum Sum Assured

    Rs. 4,00,000

  • Maximum Sum Assured

    No Limit (subject to Board Approved Underwriting Policy)

  • Minimum Annualized Premium

    Rs. 30,000 p.a.

  • Payment Mode

    Annual, Semi Annual, Quarterly and Monthly Modal Loading will be applicable as below:

    • Annual - 0.0%
    • Semi-annual - 1.0%
    • Quarterly - 1.5%
    • Monthly - 4.0%
  • Enhanced insurance Cover (Optional)

    50%, 100% or 200% of Sum Assured


  • Premium Paying Term

    Minimum:

    • Education Milestone Benefit/Marriage Milestone Benefit: 5 years
    • Education and Marriage Milestone Benefit: 6 years

    Maximum: 12 years

Need help with life insurance?

+91
I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

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

1800-270-7000 or reach out to us on this number.

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

1800-270-7000 or reach out to us on this number.

Illustration

illustration
Illustration

Riders

  • ABSLI Accidental Death Benefit Rider Plus (UIN: 109A024V01)

    Get additional protection for accident leading to death at a nominal cost.

  • ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)

    Get additional protection for accident leading to death or disability at a nominal cost.

  • ABSLI Critical Illness Rider (UIN : 109B019VO3)

    Get benefit amount as a lumpsum upon diagnosis of any of the 4 specified critical illnesses.

  • ABSLI Hospital Care Rider (UIN: 109B016V03)

    Get daily cash benefit, additional ICU benefit and lumpsum recuperating benefit upon hospitalization

  • ABSLI Surgical Care Rider (UIN: 109B015V03)

    Get lump sum benefit amount to cover surgical expenses

  • ABSLI Waiver of Premium Rider (UIN: 109A039V01)

    All future premiums waived in case of permanent disability due to illness or accident, any of the specified critical illnesses or death.

FAQs

  • Why should you buy ABSLI Child's Future Assured Plan?

    Child insurance plans like this one provide life cover along with assured benefits to secure your child’s future. A key advantage here is the plan’s flexibility in terms of the premium-paying term and the policy term. Besides, you can choose either or both the following benefits when buying the policy:

    • Education Milestone Benefit: Pays out lump sum amounts as per a pre-decided schedule
    • Marriage Milestone Benefit: Pays out a lump sum when the policy term ends

    The plan also provides a death benefit in the event of the policyholder’s demise.

  • What is the right time to buy ABSLI Child's Future Assured Plan?

    The sooner you start saving in a child future assured plan, the better it is. This gives the money invested more time to grow. An early start ensures that your child has adequate funds for their educational needs and/or for their wedding, when the time comes.

  • What are the things to consider while buying ABSLI Child's Future Assured Plan?

    There are three main aspects to consider when buying a child savings plan like this one:

    1. Life Insurance Cover: The amount should provide for your family’s daily needs in your absence.
    2. Education Milestone Benefit: Factor in the current costs of schooling and higher education. Consider the impact of inflation to ensure that you save enough. Also think about when the pay-outs would be required.
    3. Marriage Milestone Benefit: The child insurance plan pays this benefit at the end of the policy term. So you would need to choose a policy term accordingly.
  • Can I purchase ABSLI Child's Future Assured Plan for my 15-year old kid?

    Yes, you can. But the minimum policy terms are eight years when you choose the Marriage Milestone Benefit, 10 years for the Education Milestone Benefit, and 11 years for the Education and Marriage Milestone Benefit. So, consider the timelines before you finalize the policy terms.

  • When can one withdraw money from ABSLI Child’s Future Assured Plan?

    While you cannot withdraw money from the plan corpus, your nominee will receive the assured benefits as per the schedule:

    1. Education Milestone Benefit: You can time the policy pay-outs based on the child’s educational needs. For instance, you could fix a pay-out date around the time your child is likely to start college.
    2. Marriage Milestone Benefit: This benefit is payable at the end of the policy term.
    3. Death Benefit: If the policyholder passes away during the policy term, the child receives the sum assured.
  • How much coverage should be taken to insure child’s future?

    The life insurance coverage should take care of your family’s regular expenses, including the costs of education and/or marriage for your child. Your loved ones should not have to compromise on their lifestyle in your absence.

  • Can I get tax benefits under the Child's Future Assured Plan?

    The premium paid annually will provide  you tax benefits1 under Section 80C of the Income Tax Act, 1961. Any income received from the plan is eligible for tax benefits1 under Section 10 (10D) upon fulfilling conditions/ requirements of the section.

    1Tax benefits are subject to changes in the tax laws. Please consult your tax adviser to know more.

  • What is so special about ABSLI Child's Future Assured Plan?

    The plan helps you to ensure complete financial security for your child. With the child education benefit option, you can provide for your child’s education over the long term. The Marriage Milestone Benefit allows you to build a corpus for their wedding.  Meanwhile, the life cover ensures that the family is provided for even in your absence. Plus, the plan offers a great deal of flexibility. You can choose the benefit you want, select the premium-paying and policy terms, enhance your life insurance cover, and extend your coverage with additional riders.

Trending Articles

Popular Articles
View All

Disclaimer

The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License.
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). 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. For further details, please refer to the policy contract. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. For more details on the risk factors, terms and conditions please read the sales brochure carefully before concluding the sale. Aditya Birla Sun Life Insurance Company Limited Registered Office: One World Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com IRDAI Reg. No. 109 CIN: U99999MH2000PLC128110 ADV/9/20-21/1161

UIN: 109N124V01

Need help with life insurance?

+91
I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

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

1800-270-7000 or reach out to us on this number.

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

1800-270-7000 or reach out to us on this number.