CHILD PLAN |BSLI Dream Child Plan | Birla Sun Life | Overview | Features |Benefits | Plan Summary including Eligibility

Child Insurance, we all know the importance of children in our lives. We try to do anything and everything for them. But there is a chance that we might not be able to provide for all that we have dreamed of until we plan for them from the very start. Even if we know we are capable of providing for our children there could be an unfortunate event or occurrence that might prove to be roadblocks in our child’s future (education, extra curricular activities, specialization for their career etc.) but not if we have a backup plan like a Child Insurance which will support and foresee your dreams in your absence. BSLI Dream Child Plan is one such Child Plan to make your dream for your child a reality.

Overview

In life there are some dreams like giving your child the best possible education, planning for their career or wedding or helping them start their life on an assured footing. And you would ideally like to guarantee this against any eventuality. Presenting BSLI Dream Child Plan, a plan that gives you the confidence and freedom to keep pace with the ever changing world of your dreams for your child.

Features

The Guaranteed Savings Date

BSLI Dream Child Plan guarantees that you receive no less than the chosen Basic Sum Assured on the Guaranteed Savings Date.
Your Guaranteed Savings Fund will continue to grow at a minimum rate
of 3% per annum less policy charges and less any partial withdrawals.
All Basic Premiums, net of an investment guarantee charge, paid by you are invested in the Enhancer Fund.

Enhancing Your Benefits

You may wish to enhance your financial security by choosing Enhanced Sum Assured. The Enhanced SA Premium as applicable will be invested, net of investment guarantee charge, in the Enhancer Fund thus augmenting your Basic Fund Value. You may also opt for Enhanced Savings Premiums, which increases your savings. The Enhanced Savings Premiums are invested under the Self- Managed Option in our range of ten well established investment funds ranging from 100% debt to 100% equity to suit your particular need and risk appetite – Income Advantage, Assure, Protector, Builder, Enhancer, Creator, Magnifier, Maximiser, Multiplier and Super 20. You will retain the freedom to reallocate your investments and re-direct your future Enhanced Savings Premiums between these funds based on your choice.

The Joint Life Benefit

BSLI Dream Child Plan is designed as a joint Life Insurance Plan. Under this plan you as the grand/ parent are the primary life insured and your child will be the secondary life insured. On the Guaranteed Savings Date, your child will become the primary life insured and will enjoy all the benefits under this plan for the rest of the policy term.

Guaranteed Additions Benefit

You will receive a Guaranteed Addition equal to 2% of your average Basic Fund Value recorded in the last 60 months at the end of 10th year and every 5th year subsequent to that. These will be in the form of additional units allocated to your fund. In case you have chosen to augment your savings through Enhanced Savings Premium, the Guaranteed Additions will be paid on your Fund Value (Basic Fund Value plus Enhanced Fund Value).

Death Benefit

Prior to the Guaranteed Savings Date, upon the unfortunate demise of the primary life insured, the beneficiary will receive the Basic Sum Assured and the Enhanced Sum Assured, if chosen. Also, all future Basic Premiums adjusted for mortality charges will be paid by BSLI every month till the Guaranteed Savings Date. In case of demise of primary life insured after the Guaranteed Savings Date, the beneficiary will receive the Basic Sum Assured.

Maturity Benefit

On maturity you will receive the Basic Fund Value. In case you have
opted for Enhanced Savings Premium, then you will also receive Enhanced Fund Value.

Other Benefits

• Partial Withdrawals

You can make partial withdrawals, after you have completed three policy years, as long as your child has attained the age of 18 years, the minimum amount withdrawn is Rs. 5,000 and the balance amount left in your fund after the withdrawal is equal to at least one annual policy premium plus any surrender charges. The Basic Sum Assured will be reduced by the partial withdrawals made till the Guaranteed Savings Date.

• Surrender Benefits

You can surrender your policy and receive your Fund Value (Basic Fund Value plus Enhanced Fund Value if any) less applicable surrender charges. There are no surrender charges after the completion of 5 policy years. If you surrender the policy prior to the 3rd policy year, your surrender benefit will be kept constant and deferred for payment to the end of the 3rd policy year. In the event of the death of the primary life insured prior to the Guaranteed Savings Date, the secondary life insured can surrender the policy anytime after attaining age of 18 years.

Plan Summary and Eligibility


Entry Age – Grand/Parent- Child	18 – 65 years, provided age on Guaranteed Savings Date is 75 or less 30 days – 17 years

Guaranteed Savings Date	Child’s age 18 – 27, subject to minimum of 10 policy years

Policy Term	Guaranteed Savings Date + 20 years

Pay Term	Years to Guaranteed Savings Date

Basic Sum Assured	Minimum Rs. 2,00,000 , subject to minimum Basic Premium Rs. 8,000.

Enhanced Sum Assured	Minimum Rs. 50,000

Enhanced Savings Premium	Minimum Rs. 5,000

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Tags: CHILD, CHILD ASSURANCE, CHILD INSURANCE, Child Plan, CHILDREN PLAN