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All about ABSLI Vision Star Plan

Features

Features

  • Assurance – In case of an unfortunate demise, your child’s dreams will still be fulfilled. There will be no burden on your family to pay the premiums to receive the benefits as planned by you.
  • Safety to your loved ones – Comprehensive financial protection of your family depending on your choice of Sum Assured.
  • Growth to your savings – Enhance your savings with accrued bonuses starting from the first policy year which continue to accrue till maturity.
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Benefits

Death Benefit

In the unfortunate event of the death of the life insured during the policy term, the nominee will be paid -

    1. Sum Assured on Death; plus

    2. No premiums are required to be paid in future; plus

    3. Assured Payouts on the scheduled dates as explained in the Assured Payout section; plus

     4. Bonuses accrued till policy maturity date and terminal bonus, if any, will be payable on the policy maturity date.

Sum Assured on Death is the maximum of Sum Assured chosen at inception irrespective of any

guaranteed payouts paid or 10 times the annual premium payable.

The death benefit will be subject to minimum of 105% of total premiums paid to date excluding taxes, any, applicable rider premiums and underwriting extras, if any.

You may also consider taking this plan under MWP Act provision to protect your child’s future as planned by you.

Assured Payout

Starting from 5th year after the premium paying term is over, you shall start receiving Assured Payouts which are a pre-defined percentage of the Sum Assured chosen by you.   Depending on your perceived need for a biannual or annual payout, you can choose one of the following options at inception to receive the Assured Payouts after five years after the premium paying term is over.

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.

These benefits will continue as scheduled irrespective whether life insured is alive or not provided all due premiums are paid till date of unfortunate death of life insured.

You can choose to defer the due Assured Payout until the time the next Assured Payout is due to be paid. The payout will happen only when the Assured Payout is due to be paid. On deferral, the percentage of Assured Payout will be enhanced as given below:

Option A Assured Payout (% of SA) Year till the Assured Payout is deferred/Enhanced
Assured Payout
Year when Assured Payout is due   X + 5 X + 7 X + 9 X + 11
X + 5 20% 20% 22% 25% 28%
X + 7 20% NA 20% 22% 25%
X + 9 30% NA NA 30% 33%
X + 11 30% NA NA NA 30%

Option B

Option B Assured Payout (% of SA) Year till the Assured Payout is deferred/Enhanced Assured Payout
Year when Assured Payout is due   X+ 5 X+ 6 X + 7 X + 8 X + 9
X + 5 15% 15% 16% 17% 18% 19%
X + 6 15% NA 15% 16% 17% 18%
X + 7 20% NA NA 20% 21% 22%
X + 8 20% NA NA NA 20% 21%
X + 9 30% NA NA NA NA 30%

Where X denotes the premium paying term

Upon death or surrender, the discounted value of enhanced assured payouts will be paid along with the normal surrender/ death benefit subject to minimum of the value as payable on the original due date of the assured benefit payment.

Maturity Benefit

If the life insured survives, the following shall be paid on the maturity date

  • Accrued bonuses till date;  plus
  • Terminal bonus (if any)

 The policy shall be terminated once the maturity benefit is paid.

View Commission-related information

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Disclaimer

  • Aditya Birla Sun Life Insurance Company Limited and does not underwrite the risk or act as an insurer.
  • Registered Address: HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Aditya Birla Sun Life Insurance Company Limited and the Insured and not between HDFC Bank and the Insured.
  • This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a traditional participating life insurance plan. All terms & conditions are guaranteed throughout the policy term, except for the bonuses which would be declared at the end of each financial year. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. The insurance cover for the life insured (including minors) will commence on the policy issue date. This brochure contains only the salient features of the plan. For further details please refer to the policy contract. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding the sale. Aditya Birla Sun Life Insurance Company Limited. Registered Office: One Indiabulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. IRDAI reg no.109 CIN: U99999MH2000PLC128110 UIN: 109N096V03 ADV/2/19-20/1870 VER2/FEB/2020
  • BEWARE OF SPURIOUS / FRAUD PHONE CALLS!
  • ​​​​​​​IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
  • “As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law." 
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Frequently Asked Questions

This plan helps you to get regular assured payouts for financing your grand/child’s education and securing their future, even in case of any eventuality. With its unique liquidity feature of assured payouts, bonus accumulation, and a *guaranteed life insurance benefit, this product offers a perfect blend for taking care of all your financial needs.

*Provided all due premiums are paid and the policy is in force

You must have child insurance plan to secure your child’s goals. Uncertainty can strike at any time; it is a terrifying thought for any parent to leave their family without adequate means to lead a comfortable life. Through a child plan, your child’s future will be taken care of.

Starting early with this child insurance plan will secure the future of your child early on. This plan provides a long horizon to invest, helping you to periodically build wealth and will give you a corpus at each of your child’s milestones.

Like some of the best child plans, this plan provides tax benefits under section 80C and 10(10D) of the Income Tax Act, 19611.

1Tax benefits are subject to changes in tax laws. You are advised to consult your tax advisor for the same.

You can calculate your premium based on the age and life cover you wish to take through a premium calculator.

No, your premiums will not increase as per the age.

This plan offers the option to pay your premiums Annually, Semi-annually, Quarterly & Monthly. You also get a premium discount on high sum assured and a premium rebate on annual and semi-annual mode of payment.

You can buy this child plan online as well as offline.

For added protection, you can enhance your insurance coverage during the policy term by adding the following riders for a nominal extra cost.
  • ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
  • ABSLI Critical Illness Rider (UIN: 109B019V03)
  • ABSLI Surgical Care Rider (UIN: 109B015V03)
  • ABSLI Hospital Care Rider (UIN: 109B016V03)
  • ABSLI Waiver of Premium Rider (UIN: 109B017V03)
  • ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)

ABSLI declares simple bonuses regularly at the end of each financial year and those will be accrued in the policy on its policy anniversary, surrender or on death. Bonuses once attached to the policy are payable along with the interim bonuses, as applicable on death, surrender or survival. In case of surrender, the surrender value of the attached bonuses will be payable. The regular bonus rate declared by the company may vary from year to year and will depend on the actual experience regarding various factors and the prevailing economic conditions. Future bonuses are however not guaranteed and will depend upon the future profits of the participating business.

As the name suggests, terminal bonus is added only on the maturity of the policy or on death based on actual experience and prevailing economic conditions. It is a one-time bonus that the insurer may declare for policyholders who have run the policy till its original term.