Compare Birla Sun Life Insurance Child Plans

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Birla Sun Life Insurance Company

Birla Sun Life Insurance Company Limited (Birla Sun Life Insurance / BSLI) is a joint venture between the renowned business house of India, the Aditya Birla Group, and Canada’s esteemed international financial services organization, the Sun Life Financial Inc. BSLI offers a diversified product bouquet consisting of a wide range of solutions spanning wealth creation, life coverage, children’s future, retirement planning, health & wellness, and much more. With over 550 offices located across the length & breadth of the country, this insurer has a customer base of 2 and a half million, an advisory network of 1,05,000, and over 100 business & distribution partnerships.

Birla Sun Life Insurance Child Plans

Considering the mounting education expenditures and rising inflation, wouldn’t it be great if you could receive assured payouts from time to time to fund your child’s education, or take care of medical expenses, in case he/she develops a chronic illness? Well, BSLI’s Child Plan offers this exceptional feature of receiving a fixed percentage of the sum assured, every year or two, after 5 years of the completion of the premium payment term. Further, it also gives out bonuses, which may help you to increase your corpus for supporting your child’s ambitions, and in case something untoward happens to you, the policy also provides financial aid, so that your offspring does not have to give up on his/her dreams, in your absence.

Child Plans:
Your child is not only your asset, but also your prime responsibility, and their financial well-being is your top-most priority. Child plans help parents to achieve this goal of providing their children with financial assistance at key milestones of their lives as well as during unforeseen critical situations. They help in creating a kitty, so that there is no dearth of funds, when the child is ready to embrace higher education, take up a career, or when there is a sudden loss of income in the family.

List of Different Child Plans Offered By Birla Sun Life Insurance Company, With Features, Benefits And Eligibility

1. BSLI Vision Star Plan

Features:

  • A Traditional, Participating, Child Plan, which offers assured payouts from time to time
  • Select your premium paying term from 5 years to 12 years
  • Make your choice between two Assured Payout Options that best cater to the requirements of your growing child:
    1. Option A – 4 biannual payouts of 20% | 20% | 30% | 30%
    2. These payouts will start 5 years after the premium paying term is over and will be rendered every two years.

    3. Option B – 5 annual payouts of 15% | 15% | 20% | 20% | 30%

    These payouts will start 5 years after the premium paying term is over and will be granted every year.

  • 4 Bands of Sum Assured:
    1. Band 1: Rs. 1,00,000 to Rs. 1,99,999
    2. Band 2: Rs. 2,00,000 to Rs. 3,99,999
    3. Band 3: Rs.4,00,000 to Rs.7,99,999
    4. Band 4: Rs. 8,00,000 +
  • Provision of waiver of future premiums in case of death of life insured
  • A minimum assurance of receipt of 105% of total premiums paid as Death Benefit in the event of death of life insured
  • Pay premiums annually, semi-annually, quarterly, or monthly – as per your convenience
  • Enjoy a rebate of 3.0% in premiums, when you decide to pay annually, and a rebate of 1.5% in premiums for semi-annual payments
  • Avail discounts in premium on choosing a larger sum assured
Band Premium Rebate per 1000 of Sum Assured
1 Nil
2 1.00
3 5.00
4 7.00

Features:

  • Regular Bonus: Enjoy simple reversionary bonuses that are credited to your policy at the end of each financial year. These bonuses are non-guaranteed in nature and depend upon the performance and profits earned by BSLI. These are received at the time of policy maturity.
  • Terminal Bonus: Based on the prevailing economic conditions, BSLI may pay out a terminal bonus on maturity or surrender.
  • Assured Payout: As per the plan chosen, you are entitled to receive assured payouts, starting from the 5th year after the premium paying term is over. These payouts are expressed as a pre-defined percentage of the Sum Assured.
Option A
  X + 5 X + 7 X + 9 X + 11
%age of Sum Assured 20 20 30 30
Option B
  X + 5 X + 6 X + 7 X + 8 X + 9
%age of Sum Assured 15 15 20 20 30

Where X denotes the premium paying term

  • Death Benefit: In the unfortunate event of the death of the life insured during the policy term, the nominee is entitled to receive the Sum Assured on Death as the Death Benefit. Further, there is no need to pay any future premiums, and the policy continues, with the receipt of Assured Payouts as and when due. At the time of policy maturity, the nominee will also be liable to receive the accrued bonuses and terminal bonus, if any.  Here, the Sum assured on Death is the higher of the following, subject to a minimum of 105% of total premiums paid till the date of death:
    1. Sum Assured chosen at inception, irrespective of the assured payouts received, or
    2. 10 Times the Annual Premium Payable
  • Maturity Benefit: Upon survival, you become eligible to receive the Maturity Benefit, which is a sum of the following:
  • Accrued bonuses till date + Terminal bonus (if any)

  • Reduced Paid-up Benefits: If you are experiencing a financial crunch and not being able to pay the premiums, then your policy can be continued on a Reduced-Paid up basis, provided you have paid premiums for at least three full years.
  • Surrender Benefit: If an emergency situation arises, you can surrender your policy and receive the Surrender Value, provided three full years premiums have been paid.
  • Policy Loan: You are eligible to take a loan against your policy after it has acquired a surrender value, subject to a minimum loan amount of Rs.5,000 and maximum amount of 85% of your policy’s surrender value.

Eligibility:

Entry Age (age on last birthday) Minimum: 18 | Maximum: 55 years
Maximum Maturity Age 75 years
Policy Term : For Option A : Minimum: 16 years | Maximum : 23 years
For Option B: Minimum: 14 years | Maximum : 21 years
Premium Paying Term Minimum: 5 years | Maximum: 12 years
Minimum Sum Assured Rs. 100,000
Premium Frequency Annual, Semi-annual, Quarterly & Monthly

Riders:
Riders are not available under this plan.

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