Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), on Tuesday launched an insurance plan called 'ABSLI Child’s Future Assured Plan'.
"This plan aims at assured returns combined with protection, to financially secure a child’s future milestones," ABSLI said in a statement.
"ABSLI 'Child’s Future Assured Plan' will enable users to plan for child’s two significant milestones - education and marriage by providing the required cash flow to help them meet the goals for child’s future," it said.
It has an in-built waiver of premium element that ensures that the policy continues in case anything unfortunate happens to the life insured. This plan offers the flexibility to choose periodic pay-outs of 3, 6 or 9 years to plan for child’s education and a lumpsum at the desired milestone, to plan for marriage.
The customer can also avail the option to receive both, guaranteed regular income to plan for their child’s high school, graduation, and post-graduation expenses and guaranteed lump sum as corpus for marriage related expenses.
The plan can be tailor-made and customized basis an individual’s requirement by opting for solutions such as flexible benefit options, premium paying term, death benefit, and additional riders.
It offers the choice to enhance risk cover up to 200 percent of sum assured. This plans also enhances the benefits by providing Loyalty Additions of 20 percent of each pay-out for policies, where all the premiums have been paid through the premium paying term (PPT).
Policyholder can avail assured pay-outs and high sum assured rebate with maximum guaranteed benefits, to plan for child’s education, marriage, or both together by opting from any of the following options:
Option to receive guaranteed annual pay-outs for 3/6/9 years as per the need for child’s education preferably on child’s age from 15 to 21 years