Bajaj Allianz Young Assurance

Bajaj Allianz Young Assure is a traditional child plan that includes both insurance and savings for the long-term financial security of the child. Bajaj Allianz is a world-class insurance company based in India that provides a wide range of insurance plans for a wide range of people. For specific purposes, you can choose from a number of plans. If you want to start saving, you should consider a Bajaj Allianz savings plan, which provides basic protection while also allowing you to save your hard-earned money effectively. It’s a typical participation plan with a low premium.

Features of Bajaj Allianz Young Assurance Plan

This plan was developed with the intention of effectively securing your child’s future. Your child’s dreams and aspirations can be realized with the help of this plan.

This is a classic endowment plan in which bonuses are announced.

Guaranteed Additions are included in the plan, which increases the amount of money that will be paid out as a benefit.

Premiums for the plan can be paid either for the entire term of the plan (regular premium payment) or for a specific period of time (limited premium payment).

According to his needs, the policyholder can select from a variety of policy terms and premium payment terms.

There are three options for receiving the maturity benefit, each of which provides the benefit in installments over a specified time period.

Under the plan, there is an Accidental Permanent Total Disability Benefit Rider. Women pay lower premiums for life insurance.

Bajaj Allianz Young Assurance

  • The policyholder selects the policy term, premium payment period, premium frequency, and Guaranteed Maturity Benefit. These factors, as well as the insured’s age, would be used to calculate the annual premium.
  • The annual premium paid would be multiplied by ten to determine the Sum assured.

The annualized premium is multiplied by ten. Extra premiums, rider premiums, GST/any other applicable tax levied are not included in the annualized premium, which is subject to change as tax laws change.

  • To receive the maturity benefit, the policyholder must select one of three cash installment options.
  • Guaranteed Additions would be added at the end of the plan’s tenure.
  • When a person dies during the period, the death benefit is paid, and the policy is converted to a fully paid-up policy with no premiums due. The maturity benefit is paid again at the end of the term.
  • The maturity benefit is paid based on the cash installment option selected by the policyholder at the time of maturity.

What is the Bajaj Allianz Young Assurance plan?

The Bajaj Allianz Young Assure Plan is an excellent insurance policy that includes a maturity benefit, a death benefit, and an accidental permanent total disability benefit.

Optional benefit

Benefit characteristics

The Benefits of Maturity

A Guaranteed Maturity Benefit (GMB), a Vested Bonus (VB), Guaranteed Additions (GA), an Interim Bonus (IB), and a Terminal Bonus (TB) are all included in this plan. After the policy matures, you will receive your first payment.

Benefit in case of death

The nominee will receive the death benefit if the policyholder dies and all premiums have been paid in full. This benefit is the amount that is guaranteed in the event of death. The GMB or the Sum assured, whichever is greater, can be used.

Permanent total disability benefit due to an accident

The policy will be converted to a fully paid policy if the policyholder is permanently disabled as a result of an accident and all outstanding premiums have been paid.

Key Features

● Riders  The plan comes with five additional riders that can be added to the base policy to increase coverage. The riders are as follows:

  • Rider for Bajaj Allianz Accidental Death Benefit
  • Accidental Permanent Total/Partial Disability Benefit Rider from Bajaj Allianz
    • Critical Illness Rider from Bajaj Allianz
    • Family Income Benefit Rider from Bajaj Allianz
    • Waiver of Premium Benefit Rider by Bajaj Allianz
  • Premium Discounts – Any amount of Guaranteed Maturity Benefit above the minimum of Rs.1 lakh will result in a premium reduction. Depending on the premium paying term and the policy term is chosen, the discount available would range from Rs.36 to Rs.48 per Rs.10,000 Guaranteed Maturity Benefit above the minimum limit.
  • Payment of premiums after the due date is allowed a grace period of 30 days for annual, half-yearly, or quarterly premium payment modes. Monthly modes have a 15-day grace period. During the grace period, the policy’s life insurance coverage would continue.
  • Free Look Period – After the policy is issued, the policyholder is given a 15-day cooling-off period or free look period to review the policy terms and conditions. The plan can be canceled within this time period if it is found to be unsatisfactory, and the premium paid will be refunded after deducting the relevant mortality charge, service tax, cess, and stamp duty paid.

Advantages

● Maturity Benefit  When the plan reaches its maturity date, the following benefits will be paid: Guaranteed Maturity Benefit (GMB) + Guaranteed Additions (GA) + vested Bonuses (VB) + Interim Bonus (IB), if applicable + Terminal Bonus (TB), if applicable.

  • The maturity benefit can be taken as a lump-sum payment or in one of three different cash The plan includes a number of options, including payment options. This option pays the benefit in annual installments after the plan’s tenure has ended.
  • The death benefit payable if the insured dies during the plan’s term is the Sum Assured on Death, less a minimum of 105% of all premiums paid up to the time of death.
  • On death, the Sum Assured would be the greater of the following:
  • Benefits of Maturity are Guaranteed
  • Amount Assured
  • After the death benefit is paid, the policy will be converted to a fully paid-up policy, and no further premium payments will be required. Future bonuses, as well as any Guaranteed Additions, would be included in the policy. When the policy reaches maturity, the maturity benefit is paid, and the plan ends.
  • If the policyholder is rendered permanently and totally disabled as a result of an accident while the policy is in effect, the policy will be converted to a fully paid-up policy with no premiums due. The plan would accrue all future bonuses and Guaranteed Additions, and the maturity benefit would be paid upon maturity. The death benefit is paid if the insured dies during the tenure after receiving the accidental benefit.
  • Every year that the policy is active, bonuses are declared in the plan and paid out. On the death or maturity of the plan, an interim bonus and a terminal bonus may be paid.
  • Guaranteed Additions (GA)  A percentage of the Guaranteed Maturity Benefit is added to the policy at maturity as Guaranteed Additions (GA). The following enhancements are based on the plan’s Premium Paying Term (PPT):
  • PPT
  • 5 years
  • 7 years
  • 12 years
  • 15 years
  • 20 years
  • GA
  • 15%
  • 25%
  • 40%
  • 60%
  • 90%
  • A loan can be taken out on a policy that has a Surrender Value. The maximum loan amount is 90% of the Surrender Value that has been acquired.
  • Premiums paid under the plan are tax-free up to Rs.1.5 lakhs under Section 80C. Section 10(10D) of the Income Tax Act would also make the death benefit or maturity benefit tax-free.

What the Bajaj Allianz Young Assurance covers?

Taking part in a traditional child care plan.

There are two premium payment terms: limited premium payment and regular premium payment.

Maturity Benefits are a given.

There are three different types of cash installments available. Accidental Permanent Total Disability Benefit is built-in.

Why do you need a Bajaj Allianz Young Assurance and Investment Plan?

Your child/children are your most valuable asset as a parent, and you are always eager to see them achieve their life goals. Each of their significant anniversaries brings you joy while also assisting them in achieving their life objectives. Some dreams are free, but others will cost you time and money. Perhaps this is why wise people advise you to start saving and investing for your child’s future goals as soon as they are born.If you begin investing in Bajaj Allianz Young Assurance and Investment Plan early, you will not only reap the many benefits of long-term investing.You can also celebrate your child’s milestones without having to worry about money. The traditional savings and insurance plan, the Bajaj Allianz Young Assurance and Investment Plan, will help you become a disciplined investor and ensure that your child achieves their life objectives. It’s a traditional, participatory, regular, and limited premium payment endowment plan that allows you to put money aside for your child’s future financial needs.

Applying for a Traditional / Investment Plan from the company

Select the type of investment strategy you desire.

Choose how much coverage you want and how much you want to pay in premiums.

Select the funds in which you want to put your money. That’s all there is to it! Now all you have to do is sit back and wait for your investments to catch up to your goals.

Before you invest, you’ll need the following documents.

Proof of identification, proof of age, proof of address, and a recent photograph

How can you save with the Bajaj Allianz Young Assurance?

The Sum assured is a predetermined amount that will be paid whether or not a specific event occurs. The Sum insured, on the other hand, is the maximum amount that will be paid out in the event of a particular occurrence.

What are the benefits of purchasing the Bajaj Allianz Young Assurance Plan?

The successful claim settlement process of Bajaj Allianz is well-known. During the 2015-16 fiscal year, the company settled 98.1% of life insurance claims. You will receive international quality services when choosing Bajaj Allianz as your insurance provider.

For its hard work, the company has received numerous awards, including the Golden Globe Tigers Award 2017 for Best Life Insurance Company of the Year, the Golden Globe Tigers Award 2017 for Claims Initiative of the Year, the 7th CMO Asia Awards for Excellence in Branding & Marketing, and many more.

How to Apply for Bajaj Allianz Young Assurance

Bajaj Allianz Save Assure Plan Eligibility Criteria

Parameter

Minimum Maximum

Entry Age

1 year

60 years

Maturity Age

18 years

75 years

Original claim form with your signature as Valid proof of identity. A doctor’s prescription suggests that you be admitted to the hospital for treatment. Diagnostic tests, medicines, and consultations are all recommended by a doctor’s prescription.

FAQs on Bajaj Allianz Young Assurance

What is the policy renewal process for Bajaj Allianz Young Assurance?

To log in to the portal, the policyholder can use his or her Gmail or Facebook account. The policyholder can check the status of his or her Bajaj Allianz policy by policy number after successfully logging into the account. The information about your policy will appear on the screen once you type in your policy number.

How can I check the policy status for Bajaj Allianz Young Assurance?

You can call 1800-209-7272 if you have any service-related questions.

You can contact the number 1800-209-4040 if you have any questions about online purchasing or renewing your insurance policy.

What is the policy cancellation process for Bajaj Allianz Young Assurance?

You may contact us at travel@bajajallianz.co.in. Another option is to call our toll-free numbers, which are listed in the policy copy; however, you must be careful to call country-specific toll-free numbers as specified in your policy copy.

How to pay a premium? What are the modes of payment available?

The way you pay for premiums isn’t the same as how you pay for everything else. The frequency with which payments are made is determined by the mode of premium payment you choose. It also determines whether you pay with cash, check, credit card, or another method.

What difference is between the in-built Premium Rider Waiver and the additional rider in Young Assure?

The base policy premiums are covered by the plan’s built-in Waiver of Premium Benefit (WOP) Rider. All future premiums under the policy will be waived if Life Assured suffers total permanent disability or dies during the policy term.

In this case, the policy is treated as fully paid up. However, if you add WOP as an additional rider, you’ll get coverage for a third trigger event: Critical Illness. All future premiums will be waived if the life assured suffers a Critical Illness, total or permanent disability, or dies.