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ABSLI Vision Star Life Insurance Plan
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Aditya Birla Sun Life Insurance (ABSLI) Vision Star Plan is a non-linked and participating savings plan which provides you with regular payouts for financing your child’s education. The plan also helps you secure the future of your child in your absence with its comprehensive death benefit. ABSLI Vision Star plan also keeps appreciating your wealth with time by way of regular annual bonuses and a terminal bonus.
In case of an unfortunate demise of the life assured, the plan waives off all the future premiums in order to reduce the financial burden on the family. You can further enhance the coverage of the plan with the help of 6 optional riders. The plan also allows you to avail a loan up to a certain limit of the surrender value to help you meet urgent financial requirements.
Best Features of ABSLI Vision Star Plan
Following are the key features of the ABSLI Vision Star Plan which helps it stand out among its counterpart child plans -
- Assured Benefit Payout Options- You can receive the assured benefit either in 4 binannaul instalments of 20%, 20%, 30%, and 30% or in 5 annual instalments of 15%, 15%, 20%, 20%, and 30%. The assured benefit is payable after the completion of the premium payment term.
- Bonuses- Simple reversionary bonuses, if declared, are added to your savings every year. A terminal bonus may also be payable on plan maturity or surrender, whichever is earlier.
- Rider Benefits- The plan provides 6 optional rider benefits namely Accidental Death and Disability Rider, Critical Illness Rider, Surgical Care Rider, Hospital Care Rider, Waiver of Premium Rider, and Accidental Death Benefit Rider Plus.
- Paid-up Policy- In case you do not pay the premiums after the payment of at least first 2 years’ premiums, the policy acquires the status of a paid-up policy and continues with reduced benefits.
- Policy Loan- You can avail a loan of up to 85% of the surrender value, subject to a minimum loan amount of INR 5,000.
- Sum Assured Rebate- The plan provides a rebate of up to INR 7 per INR 1,000 sum assured for policies with a sum assured of INR 2 Lakh or more.
Benefits of ABSLI Vision Star Plan
ABSLI Vision Star Plan provides the following benefits to its investors -
1. Assured Payout Benefit
To help you support the financial requirements of your child, the plan provides you with assured payouts equivalent to a certain percentage of the sum assured. These payouts are made from the 5th year after the completion of the premium payment term. You can choose to receive these assured payout either as biannual or annual payouts in the following manner -
Option A: 4 Biannual Payouts
|PPT + 5
|PPT + 7
|PPT + 9
|PPT + 11
|% of Sum Assured
Option B: 5 Annual Payouts
|PPT + 5
|PPT + 6
|PPT + 7
|PPT + 8
|PPT + 9
|% of Sum Assured
2. Death Benefit
In case of an unfortunate demise of the life assured, an aggregate of the following is paid to the nominee as the death benefit -
- Sum assured on death equivalent to the higher of sum assured chosen at policy inception or 10 times of the annualised premium
- Bonuses accrued till plan maturity and terminal bonus (if any)
- Assured payouts on scheduled dates
The death benefit is subject to a minimum of 105% of all the premiums paid till the date of death. Also, in addition to the above benefit, ABSLI waives off all the future premiums and lets the plan continue till maturity.
3. Maturity Benefit
In case of survival of the life assured till the plan maturity, an aggregate of the accrued bonuses and a terminal bonus (if any) shall be paid as the maturity benefit. The plan stands terminated after the payment of the maturity benefit.
ABSLI Vision Star Plan Eligibility
ABSLI Vision Star plan features the following set of eligibility conditions -
Eligibility Criteria For ABSLI Vision Star Plan
|Minimum Age At Entry
|Maximum Age At Entry
|Maximum Age At Maturity
Assured Payout Option A: 16-23 years
Assured Payout Option B: 14-21 years
|Premium Payment Term (PPT)
|Minimum Sum Assured
|INR 1 Lakh
|Premium Payment Frequency
|Yearly, Half-yearly, Quarterly, and Monthly
ABSLI Vision Star Plan Review
ABSLI Vision Star plan is an especially designed savings plan which helps you financially meet every milestone of your child. It provides assured payouts, both in your presence and absence, to enable you to ensure the finances for your child’s higher education, marriage, etc with certainty. One of the notable features of this plan is its waiver of premium benefit in the event of an untimely demise of the life assured.
ABSLI Vision Star plan can be shortlisted by individuals who are looking for a simple child savings plan which helps them shield their child’s future along with helping them appreciate their wealth by way of regular bonuses.
ABSLI Vision Star Plan FAQs
1. Is there a benefit payable in case of death of the life assured due to suicide during the policy term?
In case of a death of the life assured due to suicide within 12 months of policy issuance or its revival, an amount equivalent to the higher of the surrender value on the date of death or the total premiums paid till the date of death, shall be paid to the nominee.
2. What happens if I surrender the plan in between the policy term?
In case you surrender the plan anytime before the completion of the policy term but after the payment of at least 2 years’ premiums, you shall be eligible to receive an amount equivalent to the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV). While the SSV is ascertained by ABSLI, GSV is equivalent to an aggregate of certain percentage of the total premiums paid and the surrender value of accrued bonuses less any assured payout paid or deferred.
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