~ A Child Plan that offers guaranteed returns for a secured future~
Mumbai, June 2020: Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), has launched a one-of-its-kind insurance plan called ABSLI Child’s Future Assured Plan. It aims at assured returns combined with protection, to financially secure a child’s future milestones.
This child plan offers guaranteed returns and is a non-linked non-participating life insurance plan. ABSLI Child’s Future Assured Plan enables you to plan for child’s two significant milestones – education & marriage by providing the required cash flow to help you meet your goals for your child’s future. 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.
|Plan at a glance|
|Entry Age||Minimum: 18 Years
Maximum: 65 Years (50 years if Enhanced insurance cover is chosen)
|Age at Maturity||75 years|
|Minimum Premium||Rs. 30,000 p.a.
Max No Limit
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% of Sum Assured. This plans also enhances the benefits by providing Loyalty Additions of 20% 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 his/her child’s education, marriage, or both together by opting from any of the following options:
- Education Milestone: 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.
- Marriage Milestone: Option to receive a guaranteed lump sum on maturity for a child’s marriage fund preferably on child’s age from 24 to 32 years.
- Education and Marriage Milestones: Option to receive both guaranteed income and a lump sum for a child’s education & marriage.
Death Benefit: In the event of unfortunate death of Life insured, any premiums due thereafter will be waived off and nominee will continue to receive scheduled Assured pay-outs. The nominee can also avail the option to receive a lump sum of future Assured pay-outs at a discounted rate.
Commenting on the launch, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, “Building and sustaining wealth corpus for child’s important milestones has always been the topmost priority for every parent. During such unprecedented times, protection for your child’s dreams and goals becomes a matter of utmost importance, hence the need for creating a tailored solution, which provides guaranteed returns for addressing your child’s future needs. We believe that ABSLI Child’s Future Assured Plan is a distinctive product with assured pay-outs, which will cater to suit financial goals of parents and a defined corpus will ensure peace of mind”.
About Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company
Aditya Birla Sun Life Insurance Company Limited (ABSLI), is a life insurance subsidiary of Aditya Birla Capital Ltd (ABCL). ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organization in Canada.
Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is one of India’s leading life insurance companies offering a range of products across the customer’s life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (“ULIPs”).
As of March 2020, total AUM of ABSLI Stood at Rs. 411,261 million. ABSLI recorded a gross premium income of Rs. 80,100 million in FY 2019-20 and registering a y-o-y growth of 7% in Gross Premium with Individual Business FYP at Rs 18,036 Mn. ABSLI is currently ranked 7th in Individual Business (Individual FYP adjusted for 10% single premium) (Source: IRDAI reported Financials). ABSLI has a nation-wide distribution presence through 397 branches, 8 bancassurance partners, 6 distribution channels, over 82,000 direct selling agents, other Corporate Agents and Brokers and through its website. The company has over 13,000 employees and more than 17 lac active customers.
About Aditya Birla Capital
Aditya Birla Capital Limited (ABCL) is the holding company for the financial services businesses of the Aditya Birla Group.
ABCL’s subsidiaries have a strong presence across Protecting, Investing and Financing solutions, ABCL is a universal financial solutions group catering to diverse needs of its customers across their life stages. Powered by more than 21,000 employees, the subsidiaries of ABCL have a nationwide reach with 850+ branches and more than 2,00,000 agents / channel partners and several bank partners.
As of March 31st, 2020, Aditya Birla Capital Limited manages aggregate assets under management over Rs. 3000 billion, has a consolidated lending book of approx. Rs. 600 billion, and an active customer base of over 20 million, through its subsidiaries and joint ventures.
Aditya Birla Capital Limited is a part of the Aditya Birla Group, a US$ 48.3 billion Indian multinational, in the league of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 36 countries across the globe.
About Sun Life Financial Inc, Canada
Sun Life Financial is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31st, 2020, Sun Life Financial had total assets under management of CAD 1,023 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.