Bajaj Allianz Young Assure Plan

Bajaj Allianz Young Assure is a traditional saving insurance plan protecting the child’s future by insurance coverage and wealth creation.

Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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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.

Investment Investment
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Secure your child’s future with or without you
Start Investing
₹10,000/Month
& Get
₹1 Crore*
*Standard T & C Apply

People also read: Bajaj Small Cap Quality Index Fund

Bajaj Allianz Young Assure - Product Specification: 

Product Name Entry Age Maturity Age Policy Term Premium Paying Frequency Yearly Frequency Sum Assured Guaranteed Maturity Benefits (Min)
Bajaj Allianz Young Assure 18 / 50 years 28 / 60 years 10 / 15 / 20 years 5 / 20 years Monthly / Half Yearly / Quarterly / Annual 10 x Annualized Premium Rs 1, 00, 000

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

Invest More Get More
Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

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 

People Also Read: bajaj allianz midcap index fund

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

FAQ's

  • Can I avail loan under this plan?

    Yes, the insured can avail loan under the plan, given that it has acquired a Surrender Value. The loan amount shall be up to 90% of the Surrender Value. On making surrender or at the time of maturity, the outstanding policy loan with interest, as on the date, shall be deducted from the surrender or the maturity benefits, as payable. Loan interest rate which is applicable based on the company rule which is subject to change from time to time.
  • What are the requirements for renewal of the plan?

    If the plan has lapsed or has become Paid Up due to failure of premium payment, insured can renew his plan as per the following conditions:
    • The renewal request is received within 2 years from the first unpaid premium due date, before the date of maturity.

    • All the premiums due with their interest rate as decided by the company is cleared by making the required payment.

    • Agreeable proof of sound state of health is presented at own expenses.

    • The renewal of the plan shall be done only by sending prior notice to the company about renewal request.

    • The company has rights to refuse to renew the plan, as per the current underwriting guidelines approved by the board.

    • On renewing the plan, the bonuses which are not included shall be included in the policy.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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