Bajaj Allianz Young Assure Plan

Bajaj Allianz Young Assure - Key Features

• Participating traditional child plan

• Limited Premium Payment and Regular Premium Payment term

• Guaranteed Maturity Benefits

• Cash Installments under 3 options.

• Inbuilt Accidental Permanent Total Disability Benefit 

Bajaj Allianz Young Assure - Benefits

• Death Benefits: In case of the insured’s death, Higher of, Sum Assured Or, Guaranteed Maturity Benefits are subject to a minimum 105% of all premiums paid till death is payable. Further, the policy gets converted into Paid-Up policy, where the Guaranteed Additions and the bonuses accumulate.

• Maturity Benefits: On survival till the date of maturity, Guaranteed Maturity Benefit + Guaranteed Additions + Vesting Bonus + Interim Bonus + Terminal Bonus   Where, 
  Guaranteed Additions = % of the Guaranteed maturity Benefit

  • Under Option I: Vesting Bonus + Interim Bonus + Guaranteed Additions 50% of the Guaranteed Maturity Benefit is paid 1year post maturity and 55% of the Guaranteed Maturity Benefit + Terminal Bonus if any is paid 2 years post maturity

  • Under Option II: Vesting Bonus +Interim Bonus And, 22%, 25% and 28% of Guaranteed Maturity Benefit are paid after 1st, 2nd and the 3rd year. After the 4th year, 34% of Guaranteed Maturity Benefit and Terminal Bonus are paid, if any.

  • Under Option III: Vesting Bonuses including terminal bonus is paid on maturity and 12%, 15%, 18%, 20% and 23% of the Guaranteed Maturity Benefit is paid over 5 years. In the 6th year end, 25% of the Guaranteed Maturity Benefits and Terminal Bonus, if any is paid 

• Tax Benefits: The claims received and premiums paid are eligible for tax deductions Under Section 10 (10D) and 80C of Income Tax Act.

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Bajaj Allianz Young Assure - Product Specification: 

Bajaj Allianz Young Assure - Policy Details 

• Free look period: In case the insured is not satisfied with the benefits provided or any of the provisions of the plan, then he is free to cancel it within 15 days since, inception, given no claims has been done so far.

• Grace period: A grace period of 15 days is allowed on the failure of monthly premium payment by the due date. And, a grace period of 30 days is allowed on the failure of other premium payment modes from their due date.

• Policy termination or Surrender Benefits: On completion of 1 year of premium payment, a surrender value gets enabled in the plan with premium payment term less than 10 years. In the case of premium payment term more than 20 years, the surrender value gets enabled once the policyholder completes 2 years by paying his premiums on time.

Surrender value

Higher of,

Guaranteed Surrender Value (GSV)

Or, Special Surrender Value (SSV)

Where,

Guaranteed Surrender Value = (% of all Premiums Paid + % of Vesting Bonus)

Special Surrender Value = % of Paid-Up Sum Assured on Death + % of Guaranteed Maturity Benefit + Paid-Up Guaranteed Additions + % of Vesting Bonus

Inclusions

• Loan Facility of up to 90% of the Surre0nder value

• Lump Sum Maturity benefit 

Additional Features or Riders

• Discounted Premiums for covers above Rs 1, 00, 000.

• Flexible Premium Payment Frequency

• Additional Rider Covers

  • Critical Illness Benefit Rider

  • Accidental Death Benefit Rider

  • Waiver of Premium Benefit Rider

  • Accidental Permanent Total / Partial Disability Benefit Rider

  • Family Income Benefit Rider 

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Documents Required

Below are the documents which are required to be insured under Bajaj Allianz Young Assure Plan:

• Duly filled Application form/Proposal form

• Age Proof

• Residential Proof

• Other KYC documents; PAN Card, Adhaar Card, Tax Details etc

• Past Medical History 

**The documents required are subject to the plan options and the sum assured chosen