Savings for children | Young Assure Plan - Bajaj Allianz

Bajaj Allianz Young Assure

- A Traditional Savings Plan

Your family is your joy & pride, and your world revolves around your children who are your future. You always want the best for them, what they truly deserve. While they strive hard to achieve their dreams; it's your responsibility to ensure them the right financial support at all times. Presenting Bajaj Allianz Young Assure - a traditional savings insurance plan that ensures these dreams are fulfilled irrespective of any eventualities.

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SMS LIFE @ 56070

Key Features

    Bajaj Allianz Young Assure is a traditional participating regular and limited premium payment endowment plan to ensure a bright future for your loved ones. The key advantages of this plan are:

  • Multiple premium payment and policy term options to ensure that money is available to you during crucial years like child's education, marriage, etc
  • Guaranteed Maturity Benefit (GMB), Guaranteed Additions (GA) and bonuses to ensure a good return
  • 3 Cash Installment Options to choose from to match the future financial needs
  • Comprehensive coverage in case of death or accidental disability
  • Option to enhance your coverage with rider benefits
  • Special rates for female policyholders

How Does Your Plan Work?

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

  • Step 1: Choose your Policy Term
  • Step 2: Choose your Premium Payment Term
  • Step 3: Choose your Premium Payment Frequency
  • Step 4: 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.
  • Step 5: Choose your Cash Installment option

Am I Eligible?

  • Entry Age
    18 Minimum
    50 Maximum
  • Maturity Age
    28 Minimum
    60 Maximum
  • 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

  • Sum Assured

    10 times Annualized Premium# # Annualized Premium is exclusive of extra premium, rider premium, service tax &cess, if any.

  • Guaranteed Maturity Benefit (GMB)
    Rs 1,00,000Minimum
    No LimitMaximum

    GMB is as chosen by you

  • Policy Term & Premium Payment Term Years

    Policy Term Premium Payment Term
    10 5,7
    15 12, 15
    20 12, 15, 20
  • Premium Payment Frequency

    Yearly, Half yearly, Quarterly and Monthly*

  • *The monthly mode will be allowed only under the salary deduction scheme and ECS.

    Bajaj Allianz Young Assure (UIN: 116N128V01)

    For more details, please refer to the brochure.

Policy Benefits and Features
  • 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 can take 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
    6th - 34% of GMB + TB, if any 20% 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 is exclusive of extra premium, rider premium and service tax & cess, 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: 116B034V01
    2 Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider UIN: 116B036V01
    3 Bajaj Allianz Critical Illness Benefit Rider UIN: 116B035V01
    4 Bajaj Allianz Family Income Benefit Rider UIN: 116B037V01
    5 Bajaj Allianz Waiver of Premium Benefit Rider UIN: 116B031V01

    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 Rs 1,00,000.

    The Premium Rebate is available for each complete additional GMB of Rs 10,000 over & above the minimum GMB of Rs 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 Rs) 48 37 39 36 46 42 39
  • Surrender

    The policy can be surrendered by the policyholder at any time, provided at least 1 full year's premium has been paid if premium paying term is less than 10 years or at least 2 full years' premiums have been paid, if premium paying term is 10 years or more

    The surrender value shall be higher of: Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

Sample Illustration
  • Let's see an example:

    Gautam aged 30 years 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 Rs 3,00,000, for which he will have to pay a premium of Rs 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 Rs 24,363 = Rs 2,43,630.

    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 Investment Return of 8% (in Rs) 4,21,833 66,000 75,000 84,000 1,02,000
    At Investment Return of 4% (in Rs) 1,80,000 66,000 75,000 84,000 1,02,000

    Young Assure BI

    In case of unfortunate death of Gautam during the 5th policy year, his son Arnav, who is the nominee, will receive Rs 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.

  • Note
  • Premium shown above is exclusive of Service Tax 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.

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For more details on the risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
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Tax Benefits

Premium paid are eligible for tax benefits under section 80C of the Income Tax Act and Maturity benefit,death benefit and Surrender value are eligible for tax benefits under Section 10(10D) of the Income Tax Act, subject to the provision stated therein.

Download Brochure
11 pages - 3.52 Mb
Download Policy Document
13 pages - 151 Kb
For more information Click here
*Life Insurance Claims settled as FY 2016-17
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Disclaimer: I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business.

Disclaimer: Insurance is the subject of the solicitation. For more details about risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. Please note that the name of the Bajaj Allianz product/plan does not indicate the quality of the insurance contract and its future prospects or returns. Investment in ULIPs is subject to market risks associated with capital markets. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Service tax and education cess will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.