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Bajaj Allianz Young Assure A Traditional Savings Plan

  • Guaranteed maturity benefit and guaranteed additions
  • Three cash instalment options
  • Rider benefits to enhance coverage
  • Multiple premium payment and policy term options
Young Assure, our traditional savings plan
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Download Policy Document 9 pages - 499 KB
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Child Education Investment Plan - Bajaj Allianz Young Assure

As a parent your biggest asset is your child/children and you are always most eager to see their life goals being fulfilled. Each of their precious milestones make a happy memory for you, and also helps them in preparing for their life goals. While some dreams have no financial obligation to them, several others of your child’s goals require both time and a financial investment from you. Perhaps, maybe that is why the wise suggest that you save and invest towards your child’s life goals as soon as they are born.

By starting early, you not only automatically enjoy the several benefits of long-term investing, you are also able to celebrate your child’s milestones with no worry in the financial front. Bajaj Allianz Young Assure, a traditional savings cum insurance plan will help you become a disciplined investor thus ensuring your child achieves their life goals. It is a traditional, participating, regular and limited premium payment endowment plan, which enables you to plan for financial milestones of your child’s growing years.

Guaranteed maturity benefit and guaranteed additions

At maturity, you will receive the guaranteed maturity benefit (GMB) along with the guaranteed additions (GA) of up to 90% of the GMB.

Bonus

On maturity, you will be paid vested bonus, plus terminal bonus, if any.

Three cash instalment options

You can choose to receive the maturity benefit over three, five or seven years as per the crucial milestones of your child’s education journey.

Comprehensive coverage

  • In case of death the nominee receives the higher of sum assured or the GMB immediately and the policy will be converted to a fully paid-up policy and will continue to accrue all future GA, bonuses if any till maturity.
  • In case of accidental permanent total disability, to the Life Assured, the policy will be  converted to a fully paid-up policy and will continue to accrue all future GA, bonuses if any till maturity
  • The maturity benefit payable is GMB plus guaranteed additions and bonuses if any.

Multiple rider benefits

Option to choose among five rider benefits to enhance the coverage at nominal extra cost. These are:

  • 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

##Applicable for other riders chosen, if any.

Please refer to respective rider sales literature or visit Company website or consult your ‘Insurance Consultant’ for more details and eligibility conditions

Multiple premium payment and policy terms

You can choose from any of the 3 policy term options– 10, 15 and 20 years – and for each policy term, there are multiple options of premium paying terms.

You can customize your policy to suit your requirement in the following manner:

Choose your Policy Term

Choose your Premium Payment Term

Choose your Premium Payment Frequency

Choose your Guaranteed Maturity Benefit

(Your premium will be based on Guaranteed Maturity Benefit, age, policy term, premium payment term and premium payment frequency. Your Sum Assured is 10 times of Annualised Premium.)

Choose your Cash Installment option

(Your premium will be based on Guaranteed Maturity Benefit, age, policy term, premium payment term and premium payment frequency. Your Sum Assured is 10 times of Annualised Premium.)

Entry Age

Minimum age is 18 years

Maximum age is 50 years

Maturity Age

Minimum age of maturity 28 years

Maximum age of maturity 60 years

Premium

Based on GMB chosen, age, policy term, premium payment term and premium payment frequency

Premium for female life will be based on the premium rate of 3 years younger male

Guaranteed Maturity Benefit (GMB)

Minimum ` 1,00,000

Maximum As per Board Approved Underwriting Policy

GMB is as chosen by you

Sum Assured

10 times Annualized Premium#

#Annualized Premium is exclusive of extra premium, rider premium, GST/ any other applicable tax levied, subject to changes in tax laws.

Premium Payment Frequency

Yearly, Half yearly, Quarterly and Monthly*

*Monthly premium payment frequency will be available under salary deduction scheme & ECS.

Policy Term & Premium Payment Term (in years)

Policy Term

Premium Paying Term

10

5,7

15

12,15

20

12,15,20

Gautam , 30 years old

He has taken Bajaj Allianz Young Assure for his son Arnav who is 1 year old. Gautam opted for a policy term of 20 years and premium paying term of 15 years. He chose a Guaranteed Maturity Benefit (GMB) of  ` 3,00,000, for which he will have to pay a premium of ` 24,363 p.a. He chose Cash Installment option of 5 years for Arnav and on maturity 5 Cash Installments over 5 years starting from the policy term end will be paid.

Gautam's Sum Assured will be = 10 times of Annualised Premium = 10 X ` 24,363 = ` 2,43,630.

  • Maturity Benefit
  • Death Benefit

On maturity, Gautam will receive Cash Installments as shown in the table below:

Cash Installments

1st

2nd

3rd

4th

5th

5 years (Option II)

Guaranteed Additions + Vested Bonus, if any + Interim Bonus, if any

22% of GMB

25% of GMB

28% of GMB

34% of GMB + Terminal Bonus, if any

At Assumed  Investment Return of 8% (in `)

4,21,833

66,000

75,000

84,000

1,02,000

At Assumed Investment Return of 4% (in `)

1,80,000

66,000

75,000

84,000

1,02,000

Note: Premium shown above is exclusive of GST/ any other applicable tax levied, subject to changes in tax laws and any extra premium.

The percentages (%) of GMB as Cash Installments and on Maturity are guaranteed. Vested Bonus at investment return of 8%& 4% is not guaranteed and is for illustrative purpose only.

The Maturity Benefit demonstrated at 4% and 8% does not include Terminal Bonus. Terminal Bonus, if any, shall become payable along with Maturity Benefit.

In case of unfortunate death of Gautam during the 5th policy year, his son Arnav, who is the nominee, will receive ₹ 3,00,000 (Guaranteed Maturity Benefit). The policy will continue till maturity as a fully paid-up policy and on maturity, Arnav will receive the Cash Installments as Maturity Benefit as per Cash Installment option chosen.

Policy Term: 20 Years

  • Young Assure Plus

Note: Premium shown above is exclusive of GST/ any other applicable tax levied, subject to changes in tax laws and any extra premium.

Terminal Bonus, if any, shall become payable along with Death Benefit.

Maturity Benefit

  • The Maturity Benefit is Guaranteed Maturity Benefit (GMB) plus Guaranteed Additions (GA) plus Vested Bonus (VB) plus Interim Bonus (IB), if any, plus Terminal Bonus (TB), if any.

  • The risk cover under your policy will cease on the maturity date.

  • You will receive the Maturity Benefit as per one of the three Cash Installment options chosen by you at inception, which are paid in annual installments. The first installment will commence from end of the policy term.

Cash Installment

Cash Installment Options

Option I-3 years

Option II-5 years

Option III-7 years

1st

GA + VB, if any + IB, if any

2nd

50% of GMB

22% of GMB

12% of GMB

3rd

55% of GMB + TB, if any

25% of GMB

15% of GMB

4th

-

28% of GMB

18% of GMB

5th

-

34% of GMB + TB, if any

20% of GMB

6th

-

-

23% of GMB

7th

-

-

25% of GMB + TB, if any

Total GMB payable

105% of GMB

109% of GMB

113% of GMB

Where,


  • Guaranteed Addition (GA) is expressed as % of the GMB and will be attached to the policy at the end of the policy term as given below:


PPT

5 years

7 years

12 years

15 years

20 years

GA (%)

15%

25%

40%

60%

90%

Vested Bonus, as declared will be attached to your policy every year starting from your first policy year.

Death Benefit

If all due premiums are paid, then, in case of unfortunate death of the Life Assured, the benefit payable will be

  • The Sum Assured on Death^ , subject to the guaranteed death benefit of 105% of the total premiums1 paid till date of death, will be paid immediately and the policy will be converted to 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 in the policy.
  • At the end of the policy term, the Maturity Benefit will be payable.

^Sum Assured on Death is the higher of Sum Assured or the GMB

1Total premium paid is exclusive of extra premium, rider premium and GST/ any other applicable tax levied, subject to changes in tax laws, if any

Accidental Permanent Total Disability Benefit

If all due premiums are paid, then, in case of Accidental Permanent Total Disability of the Life Assured during the policy term, the policy will be converted to a fully paid-up policy and will continue to accrue all future GA, and Vested Bonus and Terminal Bonus, if any. At the end of the policy term, the Maturity Benefit will be payable.

If Accidental Permanent Total Disability Benefit has already triggered, on death of the life assured, death benefit will be paid.

Additional Rider Benefits

You can enjoy extra coverage by choosing the optional additional rider benefits at a nominal extra cost. The riders currently available with Bajaj Allianz Young Assure are:

Sr. no

Rider

UIN

1

Bajaj Allianz Accidental Death Benefit Rider

UIN: 116B034V02

2

Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider

UIN: 116B036V02

3

Bajaj Allianz Critical Illness Benefit Rider

UIN: 116B035V02

4

Bajaj Allianz Family Income Benefit Rider

UIN: 116B037V02

5

Bajaj Allianz Waiver of Premium Benefit Rider##

UIN: 116B031V02

##Applicable for other riders chosen, if any.

Please refer to respective rider sales literature or visit Company website or consult your 'Insurance Consultant' for more details and eligibility conditions.

Premium Rebate

This child plan offers a Premium Rebate if your chosen GMB is greater than ` 1,00,000.

The Premium Rebate is available for each complete additional GMB of ` 10,000 over & above the minimum GMB of ` 1,00,000 and is as per the table below:

Policy Term (in years)

10

15

20

Premium Payment Term (in years)

5

7

12

15

12

15

20

Rebate (in `)

48

37

39

36

46

42

39

Example: Gautam aged 30 years has taken Bajaj Allianz Young Assure with GMB of `. 3,00,000, PT of 20 years and PPT of 15 years. His annual premium before Premium Rebate will be `.25,203. For GMB of ` 3,00,000 the Premium Rebate will be ` 840 (Rs. 42 per `10,000 GMB over and above the GMB of `1,00,000). After application of Premium Rebate, Gautam’s annual premium payable is `24,363.

Documents you’ll need before investing

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What is the Maturity Benefit under this plan?

The Maturity Benefit is the sum total of Guaranteed Maturity Benefit (GMB), Guaranteed Additions (GA), Vested Bonus (VB), Interim Bonus (IB), if any and Terminal Bonus (TB), if any.

What will happen if death occurs after availing Accidental Permanent Total Disability Benefit?

In case of the unfortunate occurrence of death of Life Assured after the Accidental Permanent Total Disability Benefit is triggered, then the death benefit will be paid and the policy will continue till maturity. The maturity benefit amount is paid to the nominee at the end of the policy term. The Death benefit, in this case, will be Sum Assured on death and is subject to the Guaranteed Death Benefit of 105% of the total premiums paid till the date of death.

How is the in-built Waiver of Premium rider in Young Assure different from the additional rider?

The in-built Waiver of Premium Benefit (WOP) Rider in this plan is applicable to the base policy premiums. The benefit here is that in case of the occurrence of total permanent disability or death of Life Assured during the policy term, all future premiums under the policy will be waived off. In such a scenario, the policy is treated as a fully paid-up policy. However, in case you opt for WOP as an additional rider, then an additional trigger event is covered which is Critical Illness. That means all future premiums will be waived off on the earlier occurrence of Critical Illness or total or permanent disability or death of the life assured.

Life Insurance Glossary

Annualized Premium

“Annualised Premium” means the total amount of Regular Premiums payable in a Policy Year, after due consideration of applicable premium factors for various Premium Payment Frequency. In this calculation, any extra premium, Rider Premium or applicable taxes are excluded.

Grace Period

“Grace Period” means a period of fifteen (15) days for a monthly Premium Payment Frequency and thirty (30) days for other than monthly Premium Payment Frequency, from the due date of the Regular Premium payment.

Life Assured

“Claimant” means the Life Assured (if alive) or Policyholder (if different from the Life Assured) or the assignee or the Nominee or the legal heirs of Policyholder/Nominee(s) to whom the Policy Benefit will be payable.

Maturity Date

“Maturity Date” means the date specified in the Schedule on which the Maturity Benefit as per policy document shall become payable to the Policyholder

Nominee

“Nominee” means the person who has been nominated in writing to the Company by the Policyholder, who is entitled to receive the Death Benefits under the Policy as mentioned in Policy Document

Paid up Sum Assured on Death

“Paid-up Sum Assured on Death” is the reduced value of the Sum Assured on Death arrived at by multiplying the Sum Assured on Death with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy.

Paid up Sum Assured on Maturity

If the Regular Premiums due for first three (3) Policy Years are paid and subsequent Regular Premiums are not paid, the Policy will, immediately and automatically, be converted to a paid-up Policy on the expiry of the Grace Period as per the conditions stated in the policy document.

Paid up Sum Assured

“Paid-up Sum Assured” is the reduced value of the Sum Assured arrived at by multiplying the Sum Assured with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy

Policyholder

“Policyholder” means the adult person named in the Schedule who has concluded the Policy with the Company

Rider Benefit

“Rider Benefit” means the benefit payable under the Rider on the happening of the contingent event covered under the Rider. For more details, refer to the Policy Document

Rider Life Assured

“Rider Life Assured” means the person named as the Rider Life Assured in the Schedule whose life is assured under this Rider

Rider Premium

“Rider Premium” means the amount exclusive of applicable taxes, if any, payable by the Policyholder at regular intervals during the Rider Premium Paying Term, in amount (along with and as part of the Regular Premium) and at the Premium Payment Frequency.

Rider Premium Paying Term

“Rider Premium Paying Term” means the period specified in the Schedule during which the Rider Premium is payable.

Rider Term

"Rider Term” means the period between the Date of Commencement of Rider and the Rider Maturity Date, as mentioned in the Schedule

Sum Assured

“Sum Assured” is the amount as specified in the Schedule under the Policy.

Surrender Benefit

“Surrender Benefit” means the benefit, if any, payable on the surrender of the Policy. For more details refer to the Policy Document

Vested Bonus

“Vested Bonus” is the amount of compound reversionary bonus already attached with the Policy, based on the rates of compound reversionary bonus declared by the Company in the past for this plan at the end of each Financial Year

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  • Solvency ratio of 804% **
  • Our Priority is not to sell Life Insurance, it is to serve you in the fastest & most convenient manner when you need us.

**All figures as on 31 March, 2019.

"What are your life goals?" is one of the most common questions that comes to one's mind while taking any step further in Life. Most just answer it by laughing it off or saying we will think about it.

A key reason that they feel this way is that they haven't spent enough time thinking about what they want from their life, and haven't set themselves any goals.

Goals keep changing as per different life stages and one has to plan meticulously for their future.

Deciding your Life Goal is all about planning to "Live your life, your way". There could be various Life Goals such as trotting the globe, becoming a food blogger to starting your own business, owning your dream house, or planning your Childs education or marriage.

L"IF"E is full of IF's... and one needs to plan to secure their loved ones and themselves against the Ifs of Life. When you opt for a life insurance plan, you transfer your family's financial risks in case of any unfortunate event to the life insurer. This allows you and your loved ones to live life fearlessly. Life Insurance protects your family's financial wellbeing from the consequences of living without an income.

When you purchase a life insurance policy, one of your major life goal gets fulfilled i.e. you purchase a sense of security. A safety net that cushions your family members from the financial impact of your sudden absence and ensures that any outstanding debts that were incurred during your lifetime don't fall upon your loved ones.

Having life goals is an important aspect in each one's life. One needs to be SMART and plan out well in advance to ensure nothing goes wrong in the future. Life insurance offers a range of products that could come in handy for meeting your financial goals.

To ensure that it is not too late, get your #LifeGoals insured with us today! It will help you smile in the face of tomorrow's uncertainties and let you live a worry free life!