Bajaj Allianz Young Assure
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, the 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 -
1. Maturity Benefit
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 Instalment Options
Option 1 (3 years)
Option 2 (5 years)
Option 3 (7 years)
Guaranteed additions + vested and interim bonus, if any
50% of GMB
22% of GMB
12% of GMB
55% of GMB + Terminal Bonus, if any
25% of GMB
15% of GMB
28% of GMB
18% of GMB
34% of GMB + Terminal Bonus, if any
20% of GMB
23% of GMB
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
Maximum Age at Entry
Minimum Age at Maturity
Maximum Age at Maturity
Policy Term and Premium Payment Term (PPT)
Premium Payment Frequency
Yearly, Half-yearly, Quarterly, and Monthly
10 times of the annualised premium
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.