Bajaj Allianz Young Assure Plan

What is Bajaj Allianz Young Assure Plan?

The Bajaj Allianz Young Assure is a Non-Linked, Participating, Life Insurance Plan. This child plan functions as a traditional participating, life, individual, regular, and limited premium payment endowment savings plan. This plan focuses on securing a bright financial future for your family, particularly your children.

Features of Bajaj Allianz Young Assure Plan

The investment plan offers several key features to provide flexibility and robust financial planning:

• Customization Options: Policyholders can tailor their plan by choosing their Policy Term, Premium Paying Term, Premium Payment Frequency, Guaranteed Maturity Benefit (GMB), and Cash Installment Option.

• Premium Calculation: Your premium is determined by your chosen GMB, age, policy term, premium payment term, and premium payment frequency.

• Sum Assured: The Sum Assured for this plan is 10 times your Annualised Premium.

• Special Rates for Female Policyholders: The plan offers special premium rates for female policyholders, based on the premium rate of a male 3 years younger.

• Premium Rebate: A premium rebate is available if your chosen GMB is greater than ₹1,00,000. This rebate applies for each complete additional GMB of ₹10,000 above the minimum GMB of ₹1,00,000.

• Option to Change Premium Payment Frequency: You have the flexibility to alter your premium payment frequency (yearly, half-yearly, quarterly, or monthly) at any time during the policy, subject to alignment of existing and requested frequencies and minimum modal premium criteria. Monthly mode is allowed only under salary deduction schemes and ECS.

Eligibility Criteria for Bajaj Allianz Young Assure Plan

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Secure

Secure your child’s future with or without you

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₹10,000/Month

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₹1 Crore^*

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Benefits of Bajaj Allianz Young Assure Plan

Bajaj Allianz Young Assure Plan provides comprehensive benefits designed to secure your child's future:

• Guaranteed Maturity Benefit (GMB), Guaranteed Additions (GA) and Bonuses: The plan ensures a good return through GMB, GA, and various bonuses.

  • Guaranteed Additions (GA): Expressed as a percentage of GMB and attached to the policy at the end of the policy term, provided all due premiums are paid.

  • Vested Bonus: Compound Reversionary Bonus declared annually and attached to the policy from the first policy year.

  • Interim Bonus: Payable in case of death or maturity partway through a financial year or before valuation results are declared.

  • Terminal Bonus: Payable as part of the Maturity Benefit if the policy completes 10 policy years and all due premiums are paid.

• Cash Installment Options: Policyholders can choose from three Cash Installment Options to match future financial needs:

  • Option I: 3 years.

  • Option II: 5 years.

  • Option III: 7 years.

  • The first installment commences from the end of the policy term.

• Maturity Benefit: The total Maturity Benefit includes Guaranteed Maturity Benefit (GMB) plus Guaranteed Additions (GA) plus Vested Bonus (VB), Interim Bonus (IB) if any, and Terminal Bonus (TB) if any. The risk cover ceases on the maturity date.

• Option to take Maturity Benefit as a Lumpsum: You have the choice to receive the entire Maturity Benefit as a lump sum on the maturity date, provided you inform the company in writing at least 3 months prior to the maturity date.

• Death Benefit: In case of the unfortunate death of the Life Assured, if all due premiums are paid, the benefit payable is the Sum Assured on Death, which is the higher of the Sum Assured or the GMB. This amount is paid immediately, and the policy turns into a fully paid-up policy. As a fully paid-up policy, all future GA, Vested Bonus, and Terminal Bonus (if any) will continue to accrue, and the Maturity Benefit will be payable at the end of the policy term.

• Accidental Permanent Total Disability Benefit: If the Life Assured suffers accidental permanent total disability during the policy term (and all due premiums are paid), the policy becomes fully paid-up. All future GA, Vested Bonus, and Terminal Bonus will continue to accrue, and the Maturity Benefit will be paid at the end of the policy term. If death occurs after this benefit is triggered, the death benefit will be paid.

• Tax Benefits: Premium paid, Maturity Benefit, Death Benefit, and Surrender Benefit may be eligible for tax benefits under the Income Tax Act, subject to its provisions. It is recommended to consult a tax consultant for independent advice.

Riders Under Bajaj Allianz Young Assure Plan

To enhance your coverage at a nominal extra cost, Bajaj Allianz Young Assure offers the following optional additional rider benefits:

• Bajaj Allianz Accidental Death Benefit Rider (UIN: 116B034V02).

• Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider (UIN: 116B036V02).

• Bajaj Allianz Critical Illness Benefit Rider (UIN: 116B035V02).

• Bajaj Allianz Family Income Benefit Rider (UIN: 116B037V02).

• Bajaj Allianz Waiver of Premium Benefit Rider (UIN: 116B031V02).

Additional Details of Bajaj Allianz Young Assure Plan

Below are the additional details of the Young Assure Plan: 

• Policy Loan: Once the policy acquires a surrender value, you can avail of a loan up to 90% of that surrender value. The current loan interest rate is 8% p.a. compounded half-yearly.

• Surrender Option: You can surrender your policy anytime, provided at least one full year’s premium has been paid for a premium paying term less than 10 years, or at least two full years’ premiums have been paid for a premium paying term of 10 years or more. The surrender value will be the higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

• Revival: If your policy lapses or becomes paid-up due to non-payment of premiums, it can be revived within 5 years from the due date of the first unpaid premium, but before the maturity date. This requires payment of all due premiums with interest (currently 8.0% p.a. compounded half-yearly), and potentially providing satisfactory evidence of good health.

• Grace Period: A grace period of 30 days is allowed for premium payment frequencies other than monthly, and 15 days for monthly frequency, if premiums are not paid by the due date. If death occurs during this period, the Death Benefit is payable as if the policy were in force, after deducting outstanding premiums.

• Foreclosure: If a policy loan is taken and the outstanding loan plus interest equals the surrender value, the company will notify you. If the payment is not made, a paid-up policy will be foreclosed, ceasing all benefits

• Free Look Period: Policyholders have a 15-day period (30 days for electronic or distance mode policies) from receipt to review the terms and conditions. If dissatisfied, the policy can be returned for a refund of premiums (excluding applicable taxes), less risk premium and medical examination/stamp duty charges

Exclusions Under Bajaj Allianz Young Assure Plan

Certain situations are excluded from the policy's coverage:

• Suicide Exclusion: If the Life Assured commits suicide within 12 months from the date of commencement of risk or latest revival, the nominee will receive the higher of 80% of total premiums paid or the surrender benefit, provided the policy is in force.

• Accidental Permanent Total Disability Exclusions: This benefit will not be payable if the disability results from:

  • Committing any breach of law with criminal intent.

  • War, invasion, civil war, rebellion, or riot.

  • Being under the influence of alcohol or drugs (unless prescribed by a registered medical practitioner).

  • Participating in any naval, military, or air force operation.

  • Participating in or training for any dangerous/hazardous sport or competition, or racing.

  • Aviation, gliding, or any aerial flight other than as a fare-paying passenger on a civilian airline plying on regular routes.

  • Attempted self-injury.

  • Poison, gas, or fume (voluntary or involuntary, accidental or otherwise taken, administered, absorbed, or inhaled).