- 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
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:
How Does Your Plan Work?
- 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
You can customize your policy to suit your requirement in the following manner:
Am I Eligible?
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
10 times Annualized Premium# # Annualized Premium is exclusive of extra premium, rider premium, service tax &cess, if any.
Guaranteed Maturity Benefit (GMB)
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
- 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.
- 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:
- Vested Bonus, as declared will be attached to your policy every year starting from your first policy year.
PPT 5 years 7 years 12 years 15 years 20 years GA (%) 15% 25% 40% 60% 90%
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:
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:
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).
|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|
|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.
|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|
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:
|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|
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.
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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