ABSLI Life Shield Plan

ABSLI Child Future Assured Plan

PROTECTING your child's key milestones with assured benefits and flexibility
PROTECTING your child's key milestones with assured benefits and flexibility
Unlimited Earning Potential Flexibility to save for child’s Education, Marriage or for both the life goals
Complete financial security

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Give ₹1 lakh/year for 10 years
Get ₹ 21.58 lakhs total benefit¹.
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Why buy ABSLI Child’s Future Assured Plan?

ABSLI 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. This plan ensures the key milestones of your child’s future are secured with a guarantee even in your absence.

Key Features:
  • iconbullet Flexibility to save for Child Education, Marriage or for both the life goals
  • iconbullet Flexibility to choose from various Pay term and Policy Terms
  • iconbullet Option to avail of Enhanced Insurance Cover
  • iconbullet Option to enhance your risk cover with appropriate rider option

Benefits of ABSLI Child’s Future Assured Plan

ABSLI Child’s Future Assured Plan ensures that your aspirations for your child are never compromised

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
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.
  • All future premiums shall be waived off.
  • 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
Maturity Benefit
The Maturity Benefit shall be the amount of Assured Benefit payable at the end of the Policy Term.
Enhanced Insurance Cover
At inception you can also opt for Enhanced Insurance Cover equal to 50% or 100% or 200% of the sum assured, by paying an additional premium. If the Enhanced Insurance Cover is opted, additional Sum Assured as chosen at inception will be paid immediately to the nominee in case of death of life insured during the policy term. The Nominee will have the option to choose one of the following

ABSLI Child Future Assured Plan With Riders

  • Entry Age (age last birthday)

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

  • Maximum Maturity Age

    75 years

  • Plan options
    • Education Milestone Benefit
    • Marriage Milestone Benefit
    • Education and Marriage Milestone Benefit
  • Policy Term (PT)
    • 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

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Secure your Child`s Key Milestones

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Suicide Exclusion

We will pay the total premiums paid till date or surrender value available on the date of death, whichever is higher, in the event the life insured dies due to suicide, within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as may be applicable provided the policy is in force

How to initiate Claim?

3 quick steps, everything online.

  • Fill basic details
  • Claim intimation
  • Document submission

Faqs

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.
There are three main aspects to consider when buying a child savings plan like this one:
  • Life Insurance Cover: The amount should provide for your family’s daily needs in your absence.
  • 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.
  • 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.
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.
While you cannot withdraw money from the plan corpus, your nominee will receive the assured benefits as per the schedule:
  • 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.
  • Marriage Milestone Benefit: This benefit is payable at the end of the policy term.
  • Death Benefit: If the policyholder passes away during the policy term, the child receives the sum assured.
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.
The premium paid annually will provide you tax benefits² 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.
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  • Disclaimer

    ¹ ABSLI 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%
    ²Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
    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.
    UIN: 109N124V01
    ADV/1/23-24/3166