Insurance Plans April 20, 2020

Every parent takes care of their children and wants to fulfill all their wishes. But have you ever thought that what you have done to secure the future of your children? Their dreams and ambitions not only need moral support but also some financial support. So, you must arrange enough funds that your child’s dreams and ambitions are not paused. Therefore, Aditya Birla Sun Life Insurance has introduced ABSLI Vision Star Plan that is an investment plan for your children. Take this investment plan when you have a newborn baby and once he reaches the age of 18, then you’ll have enough funds for your children. See, how this investment insurance plan will benefit you and your children.

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Benefits of Vision Star Policy

The Sum Assured in the Policy fluctuates with the change in the amount of premium and the age of the policy taker. Let’s understand the benefits of this policy with an illustration.

Applicant’s Age- 32

Investment- INR 5000 per month

Tenure- 12 Years

  1. When your child reaches the age of 17 Years and 19 Years your child will receive approximately INR 1.78 Lacs.
  2. At the age of 21 years of your child, you will receive an amount of 2.67 Lacs.
  3. When your child reaches the age of 23, you will receive an amount of INR 12 Lacs at the rate of 8% and INR 4.3 Lakhs at the rate of 4%.
  4. The assumed rates of return might differ depending upon the option you are taking.

Regular Bonus

You are entitled to get a regular bonus on every policy anniversary and it will be added to your policy at the end of the financial year. The Regular Bonus depends upon the profits that are earned by the participating business.

Terminal Bonus

The Aditya Birla Sun Life Insurance might pay you a terminal bonus at the time of maturity of the policy. You are also entitled to get the terminal bonus if you surrender the policy early depending upon the economical condition of the business.

Death Benefits

Life is uncertain so if you die during the policy term then you will get the following death benefits:-

  1. The Nominee will receive the Assured Sum of money.
  2. All the future premiums will be waived off after your death.
  3. Assured Sum on a certain period of time will be paid to the nominee.
  4. All the bonuses accrued till date including the terminal bonus.

Maturity Benefits

If you survive the whole policy term then you are entitled to the following benefits:-

  1. All Accrued Bonuses till date.
  2. Terminal Bonuses
  3. After the Payment of Maturity Benefits, your policy will be terminated.

Reduced Premium Benefits

If you are unable to pay the amount of premium after the successful payment of premiums for 3 years then your policy will not lapse. The company will reduce the amount of premium in such a situation.

If you have taken a plan for less than 10 years then at least you have to pay 2 years premium to enjoy the reduced premium benefits.

Surrender Your Policy

If you have paid all the premiums of the policy for 3 years regularly then you can surrender your policy and received the reduced sum of money. You can surrender your policy after two years of regular payment of premiums if you have taken the plan for less than 10 years.

Take a Loan Against the Policy

You can even mortgage the policy to take a loan against it. The minimum amount of loan that you can take is of INR 5000 with a maximum of 85% of the surrender value.

Rider Options

You can also take additional coverage with this investment insurance plan. The options available are:-

  1. Accidental Death Coverage
  2. Disability Coverage
  3. Surgical Care Coverage
  4. Hospital Care Coverage
  5. Accidental Death Benefits

Options Available in Vision Star Plan

There are two options available in the ABSLI Vision Star Plan. So, you can choose any options for securing the future of your children.

Option A

In this option, the company will give 4 biannual payouts of 20%, 20%, 30%, and 30%. After the expiry of the premium paying term, the company will give Assured Payouts on the span of every 2 years.

Option B

In Option B the company will give 5 annual payouts of 15%, 15%, 20%, 20%, and 30%. You will receive the Assured Sum every year after the expiration of the premium payout period of 5 years.

Eligibility Criteria of the Plan

ParticularsCriteria
Age of Entry18 Years to 55 Years
Maximum Maturity Age75 Years
Policy TermOption A
· Minimum 16 Years
· Maximum 23 Years
Option B
· Minimum 14 Years
· Maximum 21 Years
The term for Paying the Premium5 Years to 12 Years
Minimum Sum AssuredINR 1 Lac
Premium Payment OptionsMonthly, Quarterly, Half-Yearly, and Yearly

Steps to Take this Policy

  1. Decide the Sum that you want at the time of maturity.
  2. Choose the Options available in the ABSLI Vision Star Plan.
  3. Select terms of paying the premium between 5 Years to 18 Years.
  4. Finally, take the investment insurance plan.

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