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Bajaj Allianz Young Assure
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Bajaj Allianz Young Assure is a non-linked and participating child endowment plan which helps you ensure availability of required funds during the key life phases of your child such as schooling, college, and marriage etc. In addition to a Guaranteed Maturity Benefit (GMB), the plan provides guaranteed additions of up to 90% of the GMB along with bonuses to maximise your wealth.
Moreover, in case of an accidental permanent total disability of the life assured, this life insurance plan gets converted into a fully paid-up policy which continues with accrued guaranteed additions and bonuses (if any). You can further enhance the coverage of the plan with the help of 5 optional riders options. The plan is available at discounted premium rates for female lives.
Best Features of Bajaj Allianz Young Assure
The best features of Bajaj Allianz Young Assure are as follows -
- Guaranteed Maturity Benefit- You can choose to receive the maturity benefit as any of the 3 available cash installment options of 3 years, 5 years, and 7 years. This choice is to be made at the time of policy inception.
- Guaranteed Additions- The guaranteed additions are made at the end of the policy term and range between 15%-90% of the guaranteed maturity benefit in accordance with the premium payment term opted by you.
- Bonuses- The plan provides for vested bonus, interim bonus, and terminal bonus as part of its maturity benefit, subject to declaration.
- Rider Benefits- The plan provides 5 rider options namely Accidental Death Benefit Rider, Accidental Permanent Total/ Partial Disability Benefit Rider, Critical Illness Benefit Rider, Family Income Benefit Rider, and Waiver of Premium Benefit Rider.
- Policy Loan- You can avail a loan of up to 90% of the surrender value to meet unplanned financial obligations. The policy loan currently features an interest rate of 8% p.a. compounded half-yearly.
- Discounted Premiums- For female lives, the plan is available at premium rates of 3 years younger males.
- Premium Rebate- The plan offers a rebate of up to INR 48 per INR 10,000 additional GMB, if the GMB chosen by you exceeds INR 1 Lakh.
Benefits of Bajaj Allianz Young Assure
Following are the key benefits provided by Bajaj Allianz Young Assure to its investors -
In case the life assured survives till the end of the policy term, a maturity benefit is payable as an aggregate of the guaranteed maturity benefit, guaranteed additions, vested bonus, interim bonus, and terminal bonus (bonuses are subject to declaration).
You can choose to receive the maturity benefit as per any of the following 3 cash instalment options -
|Cash Instalments||Cash Instalment Options|
|Option 1 (3 years)||Option 2 (5 years)||Option 3 (7 years)|
|1st||Guaranteed additions + vested and interim bonus, if any|
|2nd||50% of GMB||22% of GMB||12% of GMB|
|3rd||55% of GMB + Terminal Bonus, if any||25% of GMB||15% of GMB|
|4th||-||28% of GMB||18% of GMB|
|5th||-||34% of GMB + Terminal Bonus, if any||20% of GMB|
|6th||-||-||23% of GMB|
|7th||-||-||25% of GMB + Terminal Bonus, if any|
|Total GMB Payable||105% of GMB||109% of GMB||113% of GMB|
The guaranteed addition (GA) are equivalent to the following percentages of the GMB in accordance of the premium payment term opted -
|PPT||5 years||7 years||12 years||15 years||20 years|
2. Death Benefit
In case of an unfortunate death of the life assured, the highest of the following is payable as the death benefit to the nominee -
- Death sum assured
- Guaranteed maturity benefit
- 105% of the total premiums paid till the date of death
After the payment of the death benefit, the policy gets converted into a fully paid-up policy with guaranteed additions and applicable bonuses and provides a maturity benefit to the nominee at the end of the policy term.
3. Surrender Benefit
In case you surrender the policy anytime before the completion of the policy term, a surrender benefit is payable, provided at least 1 full year’s premium has been paid in case of PPT of less than 10 years or at least 2 full years’ premiums have been paid, in case of PPT of 10 years or more.
The surrender benefit shall be equivalent to the higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Bajaj Allianz Young Assure Eligibility
Bajaj Allianz Young Assure comes with the following eligibility conditions -
|Eligibility Criteria For Bajaj Allianz Young Assure|
|Minimum Age at Entry||18 years|
|Maximum Age at Entry||50 years|
|Minimum Age at Maturity||28 years|
|Maximum Age at Maturity||60 years|
|Policy Term and Premium Payment Term (PPT)|
|Premium Payment Frequency||Yearly, Half-yearly, Quarterly, and Monthly|
|Sum Assured||10 times of the annualised premium|
|Premium Amount||Based on age and chosen GMB, policy term, premium payment term, and premium payment frequency (discounted premiums for female lives)|
|Minimum Guaranteed Maturity Benefit||INR 1 Lakh|
|Maximum Guaranteed Maturity Benefit||No limit, subject to underwriting|
Bajaj Allianz Young Assure Review
Bajaj Allianz Young Assure is a savings plan specifically designed to cater the financial needs of your children. The plan provides returns to the life assured in the form of guaranteed maturity benefit, guaranteed additions and bonuses. One of the notable features of the plan is its accidental permanent total disability benefit which lets the policy continue as a fully-paid up policy with all its benefits in the case the life assured becomes disable after an accident.
The plan offers discount on premium for female policyholders and premium rebates for policies with guaranteed maturity benefit of more than INR 1 Lakh. Bajaj Allianz Young Assure can be shortlisted by individuals looking for a child plan with a variety of policy term and premium payment term options and additional benefits in case of unfortunate events.
Bajaj Allianz Young Assure FAQs
1. Does the plan come with a free-look period?
Yes, the policy provides a free-look period of 15 days (30 days if policy is bought online) from the date of its receipt, during which you can return the plan if you are not happy with its terms and conditions. The premium paid by you is refunded after deduction of stamp duty charges and medical expenses.
2. Is any benefit payable in case the life assured commits a suicide during the policy term?
In case of death of the life assured due to suicide within 12 months of policy issuance or its revival, the higher of the surrender benefit or 80% of the total premiums paid till the date of death, shall be paid to the nominee.
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