Bajaj Allianz Child Plans

4.2 / 5 based on 24 User Reviews
*Please note that the quotes shown will be from our partners

Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Finserv Limited and Allianz SE. The company has been a leader in the insurance market with world-class products, efficient service and after-sales support. The company has been offering various types of insurance plans both in the Life Insurance category and General Insurance category. Bajaj Allianz Life Insurance is among the market leaders in insurance sector offering a wide range of products at competitive rates. Moreover, the company boasts of a strong foundation of sales force which helps to increase the company’s market share in the insurance sector. The range of products offered by Bajaj Allianz include Protection plans in the form of term plans, Child education Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are Child Plans?

Child plans are developed on the concept of the child’s future’s protection if the parent is not around to provide for that himself. These plans generally insure the parent while there may be plans which actually insure the child’s life. If the parent meets with an untimely death, the plan runs without any requirement of future premiums which will be paid by the insurance company. The benefits payable under the plan will be paid as promised without being affected by the death of the insured. If the child’s life is insured the company might keep a waiting period of a few years at the start of the policy where no coverage will be provided. This period is called the Deferment Period. Under such plans, the child will become the owner of the policy once he crosses 18 years of age.

Bajaj Allianz Child Plans

Bajaj Allianz Life Insurance Company has two plans in its kitty. The plans are discussed below for a clear understanding with detailed features and benefits.

Bajaj Allianz Lifelong Assure

A traditional whole of life plan which can be taken for the welfare of the child. The features of the plan are as follows:

  • The policyholder is covered up to the age of 100 years since it is a whole life plan.
  • The plan participates in the profits of the company through earning bonuses and the premium under the plan is payable for a limited tenure only.
  • Cash Bonus is declared under the plan from the end of the 6th policy year
  • A Guaranteed Cash Back payable @ 3% of the Sum Assured is paid every year after the end of the Premium Paying Term and till the policy mature, i.e. the policyholder turns 99 years of age
  • If the insured dies during the tenure of the plan, a benefit which will be higher of 10 / 7 times the annual premium or 105% of total premiums paid till the date of death or 200% / 250% or 300% of the chosen Sum Assured depending on the premium paying term chosen is payable to the nominee
  • If the plan mature, i.e. the policyholder turns 100 years of age, 200% / 250% or 300% of the chosen Sum Assured depending on the premium paying term chosen and any Terminal Bonus is payable to the policyholder
  • The policyholder has a choice to avail the death or maturity benefits in instalments over a period of 5 or 10 years
  • Loan can be availed under the plan up to a maximum of 80% of the Surrender Value
  • The plan also promises rebates in premiums for choosing a higher Sum Assured level of Rs.1 lakh and above.

Eligibility Details

 

Minimum

Maximum

Entry Age

10 years

55 years

Maturity Age

-

100 years

Policy Term

(100 – age at entry) years

Sum Assured

Rs.1 lakh

No limit

Annual Premium Amount

Rs.10, 811

No limit

Premium Payment Term

10, 15 or 20 years

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Bajaj Allianz Young Assure

A traditional child insurance plan with the following features and benefits:

  • The plan participates in the profits of the company by way of earning bonuses.
  • The premium under the plan can be paid for the entire tenure under the Regular Pay option of premium payment or for a limited tenure under the Limited Pay option of premium payment.
  • Guaranteed Additions are payable under the plan which is expressed as a percentage of the Guaranteed Maturity Benefit and depends on the Premium Paying Term of the plan.
  • On maturity, the Guaranteed Maturity Benefit along with the Guaranteed Additions, vested bonus, interim bonus and any Terminal Bonus is payable can be availed as cash installments in three options
  • Under the first option, vested bonuses including interim bonus and the accrued Guaranteed Additions are paid on the date of maturity. 50% of the Guaranteed Maturity Benefit is paid one year after the maturity date and 55% of the Guaranteed Maturity Benefit and any Terminal Bonus are paid 2 years after the maturity date.
  • Under the second option, vested bonus including interim bonus and Guaranteed Additions are paid on the date of maturity. Thereafter, 22% of the Guaranteed Maturity Benefit is paid after one year, 25% is paid after two years and 28% is paid after three years. Four years post the maturity date, 34% of the Guaranteed Maturity Benefit and any Terminal Bonus are paid
  • Under the third option, vested bonus including interim bonus and Guaranteed Additions are paid on the date of maturity. Thereafter, 12% of the Guaranteed Maturity Benefit is paid after one year, 15% after two years, 18% after three years, 20% after 4 years and 23% after 5 years. After 6 years, 25% of the Guaranteed Maturity Benefit and any Terminal Bonus are paid
  • If the insured dies during the tenure of the plan, higher of the chosen Sum Assured or the Guaranteed Maturity Benefit subject to a minimum of 105% of all premiums paid till the date of death is payable. Thereafter, the policy is converted to a fully paid-up plan. The Guaranteed Additions and the bonuses accrue as and when they fall due and on maturity, the maturity benefits is paid.
  • The plan has an inbuilt Accidental Permanent Total Disability Benefit wherein, if the insured suffers a disability, the policy is converted to a fully paid-up plan. The Guaranteed Additions and the bonuses accrue as and when they fall due and in case of death due to the disability, the death benefit is paid.
  • The maturity benefit can also be taken in a lump sum instead of choosing any of the above mentioned options.
  • Loan can be availed under the plan up to a maximum of 90% of the Surrender Value
  • The plan also promises rebates in premiums for choosing a higher Sum Assured level of Rs.1 lakh and above.
  • The premium payment frequency chosen at inception can be changed anytime.
  • The plan promises five additional riders which can be taken for a more comprehensive coverage. The riders available are:
    • Bajaj Allianz Accidental Death Benefit Rider
    • Bajaj Allianz Accidental Permanent Total / Partial Disability Benefit Rider
    • Bajaj Allianz critical Illness Benefit Rider
    • Bajaj Allianz Family Income Benefit Rider
    • Bajaj Allianz Waiver of Premium Benefit Rider

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

50 years

Maturity Age

28 years

60 years

Policy Term

10, 15, 20 years

Sum Assured

10 times the annual premium

Guaranteed Maturity Benefit

Rs.1 lakh

No limit

Annual Premium Amount

Depends on the Guaranteed Maturity Benefit, age, term and the premium paying tenure

Premium Payment Term

5 years

20 years

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Applying for a Child Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Why do you need a child insurance plan?

We want to give the best of everything to our children whether in terms of clothes, lifestyle, co-curricular activities, school, education, etc. We provide for all our child’s requirements so that our child remains happy, even if it comes at a cost of sacrificing our happiness. But what will happen to our child if we are not around? Who will support our bundle of joy financially if we do not make provisions for them ourselves?

Investing for the child’s future takes a prime spot of importance in our financial portfolios but when it comes to choosing the right mix of investments; our planning might fail if we do not include the quintessential items in our list. A child insurance plan is that item, in the absence of which, planning for the bright future of our child is a waste. A child insurance plan helps us in a complete financial planning for our child. These plans need to be taken for a longer term so that when our child reaches the defining moments of his life, the plan will provide the much-needed finance. To illustrate my statement with a sentence, let’s say that a money-back child plan is bought when the child id 5 years old with a term of 20 years. The plan promises 25% of the Sum Assured payable after 10 years and thereafter in the 15th a year. On maturity, 60% of the Sum Assured is paid with bonus.

Case 1 – the policyholder, who is the parent, survives till maturity.

For a Sum Assured of Rs.10 lakhs, he will get Rs.2.5 lakhs each after the 10thand the 15th year. At this time the child is aged 15 and 20 years respectively. The money received can be used to pay off the education fees which the child might face for pursuing higher education.

Case 2 – the parent dies in the 12th year

On death, 100% of the Sum Assured will be paid and the plan will continue. The money-back benefits will be paid again in the 15th year and the plan will mature when the child attains 25 years. Since, the plan continues, the child does not face any problem in providing for his higher education and the money-back benefit can be utilized for the same.

Thus, by planning ahead, the child’s parent ensured that his death would not affect the child’s future since he invested in a child plan. The plan provided the necessary benefit on death and again on maturity which helped in funding the child’s higher education. A child plan, therefore, is an important requirement of the hour and should be invested in.

Bajaj Allianz Child Plans - FAQs

1. How to pay premium? What are the modes of payment available?

You can pay premium from ANY of these approved methods

ECS

NEFT

Cash/Cheque Payments

2. How can I check policy status for Bajaj Allianz child plans?

As a registered user, you must log into Bajaj Allianz website with your valid User Id and password. On the homepage of your e-portal click “Policy Status” to know.

3. What is the policy renewal process for Bajaj Allianz child plans?

You can authorize your premium payments online through Bill Junction service, available on the insurer’s website. You need to register yourself at Bill Junction and follow the policy renewal instructions.

4. What is the company’s process to settle claim for Bajaj Allianz child plans?

Bajaj Alliance Life Insurance aims to provide faster claims settlement service. You must submit the valid documentation along with suitable claims form and submit it to the nearest branch in you city. Upon receiving the documents and processing it, your claims is settled within 30 days. The claim amount is directly deposietd in your bank account.

However, if a claim settlement is delayed beyond 30 days, the company pays an 11% interest for every day's delay

5. What is the policy cancellation process for Bajaj Allianz child plans?

Bajaj Alliance Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The value of their refund will be calculated based on the current NAV value, if the documents are submitted before 3:00 PM, else the next day’s market rates will be applicable.

Bajaj Allianz Child Plans Reviews

TOTAL REVIEWS (24)
Ritesh
Indore
July 15, 2016

Child Plan

The child plan i purchase from bajaj allianz life insurance. Policy premium is less but the returns are not. Service facilitate is fantastic and hassle free documentation. Policy coverage is high and claiming is easy to do because of fast service given by the company members.

Manj
Jhalawar
July 04, 2016

Child insurance Policy

Child insurance policy for my child is come in less premiums and coverage is good which covers all future planing for his life. Service provided is fast and online service easy to use for renewals and hassle free documentations too.

Radhika
Adimali
June 29, 2016

Very Good

I got very good service

Kamal
Pipili
June 27, 2016

Good

I purchase child insurance plan which secure my child's future. The policy coverage is high and claims are easily sanctioned due to fast service of the company members. The hassle free documentation because of online service which is easy to access. Updates are also mailed to me regularly.

Rohit
Kishangarh
March 23, 2016

Wonderful

My child have secure future because i buy him child policy plan from bajaj allianz life insurance. Premiums are low ~30 K thrice per year and the returns are around Rs.49 L. The executives are highly responsive with any query or anything. Nice terms and conditions. Good tax cutter also, I like the policy plan.

Jigar
Lonavla
March 23, 2016

above average

The Child policy i have is above an average policy plan which i buy from bajaj allianz life insurance. The service providers doing there job very good and the web services are also working perfectly. The policy coverage and claims are high and the premiums are low.

Abhishek
Faizabad
March 23, 2016

Fair policy

I took bajaj allianz child insurance policy plan which has great benefits like the policy premium is low with high policy coverage about 81%. The claims are good and the return payback amount is around 47 L. Good policy with perfect services delivered by executives and staff members.

Harindra
Kota
March 23, 2016

Best Policy Plan

I have bajaj allianz child insurance policy plan which has low premiums and the policy coverage is high 90%. The services are good with good behaviour of the company members. I must say the claiming is getting so easy because of you guys. Great job.

Bhavya
Darjeeling
March 23, 2016

Try This One

I own the child policy plan from bajaj allianz life insurance. The policy plan is nice and have great benefits everyone should try this policy. The policy has low premiums and the taxes get reduced. Policy covers 85% of the investment. The final amount is 39 L after the policy get mature.

Waqar
Gandhinagar
March 23, 2016

Perfect For Future Savings

My child policy plan is with bajaj allianz life insurance. The services you guys provide is awesome and the executives and staff members are doing great job. The policy coverage is 81% and the claims are high as compared to investment. The final amount which is given to the policy holder is around 40-45 L.

Aman
Nileshwar
March 23, 2016

Great Benefits

My child policy plan is with bajaj allianz life insurance. The policy coverage and claims are high but the premiums are low. The claiming procedure is easy and no paper work. The web services are also good and the behaviour of the staff members are nice.

Karan
Agra
March 23, 2016

Good To Go

The policy plan i have from bajaj allianz child insurance policy plan is good an the benefits are much more than other normal plans provided by other providers. Policy coverage is good and the claims are high with low premiums and the services provided by you is highly rapid like light speed. Good job guys.

Firoz
Jhansi
March 23, 2016

Fantastic plan

Bajaj allianz life insurance provides me a policy plan for my lovely children. I buy three policies in just 60 K premium quarterly per year for all of them. The policy coverage is good and the service is quick because of the executives and the staff members of the company and the Payback returns are around 40 L each.

Gaurav
Chittaurgarh
March 23, 2016

Child Care

Bajaj allianz child insurance policy plan i took for my child. The good thing is premium is low and the returns are high with huge interest. The services you provided is good and on time with good behaviour from executives and staff members.

Akash
Kanpur
March 23, 2016

Having Policy For My Child

Buy child policy plan for my child from bajaj allianz life insurance. The policy is perfect future plan. The policy coverage is high 84% and the claims are good. Services you provide is fast and quick. Premiums are low and the payback returns are high. Executives and staff members behave well and the waiting time reduced due to no paper work is for policy.

Hitesh
Ghaziabad
March 23, 2016

slow service

I got bajaj allianz child insurance policy plan. The policy plan is good just the service you provided is slow. Please improve your services so that the waiting time get reduced. Policy coverage and the claims are good and the premiums are low. Around 50 L rupees is the returning amount at the end of the policy.

Lalit
Chandigarh
March 23, 2016

Nice Child Plan

I purchase child policy plan from bajaj allianz life insurance. The policy coverage is 82% and the claims are high. The services is awesome because the direct executives are providing the service. The premiums are low approx. 40 K twice a year. Finally good plan for future investments and the tax cutter also.

Omesh
Masur
March 23, 2016

Good Service

I purchase child policy plan from bajaj allianz life insurance. The policy coverage is high ~83% and the claims are good. The premiums are low ~26 K quarterly per year. The investment is low and the returns are high ~Rs.45 L. Services you provide is fast and on time.

Kiran
Chennai
March 23, 2016

Excellent Policy

I purchase bajaj allianz child insurance policy plan. The policy coverage is high ~91% and the claims are good. The premiums are low approx. 25 K thrice per year. The returning amount is around Rs.46 L. The service provided by the executives is good and the behaviour is nice.

Nitin
Kolkata
March 22, 2016

Fantastic plan

Bajaj allianz child insurance policy plan provides me various benefits like it secure the future of my child and it helps to reduce the taxes. Policy coverage is 80% and the claims are high but the premiums are low. Service you give is fast and on time . I like the policy.

Yajan
Mohali
March 22, 2016

Awesome

My child policy plan is with bajaj allianz life insurance. The policy premium is low and the policy coverage is high. The service is fast and the claiming is become easy without any paper work. The payback amount is around Rs. 40 L after policy get mature.

Jyotsna
Agartala
March 22, 2016

Good Policy Coverage

I bought bajaj allianz child insurance policy plan. The policy coverage is good and the claims are high but the premiums are low. This is the best future security and the good tax saver. Services are good and even the daily updates are mailed to me regularly.

Hrishikesh
Pune
February 25, 2016

Nice Child Plan.

Policy coverage is more than investment. Claims are easily sanctioned without any interruption. Bajaj allianz child insurance plan provides best services and the payback amount is 20 Lakh rupees.
Plan Name: Future Gain
Agent Code: BPW00249

Kaushik
Mumbai
February 05, 2016

"Worst"

Recently buy policy for my child through bajaj insurance. Very bad experience with it. No services, no claims, no coverages, no cashless garages. Never on time and no updates on internet or through text messages.
Plan Name: Future Gain
Agent Code: BBE06765