Bajaj Allianz Child Plans

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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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

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Average Rating
(Based on 26 Reviews)
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Bajaj Allianz Child Plans Reviews & Ratings

4.3 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Mayank
Bavla, March 02, 2021
Protective layer
I have got the child insurance plan from the website of the policybazaar. It has been a protective layer for my child. I got this plan of bajaj Allianz. It has been a wonderful thing for me and for my child. Great work team.
Viram
Angara, February 19, 2021
Great plans at one place
I recently bought a child insurance plan of bajaj Allianz child plans and I checked this plan into the website of the policybazaar. I found this plan much innovative and into my budget. It is easy to secure my son’s future. Thanks.
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.
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