Bajaj Allianz Young Assure is a traditional savings cum insurance plan that will help you become a disciplined investor, ensuring your child achieves their life goals. It is a conventional, participating, regular, and limited premium payment endowment plan, enabling you to plan for the financial milestones of your child’s growing years.
As a parent, your biggest asset is your children, and you are always most eager to see their life goals getting fulfilled. This non-linked, participating life insurance plan helps you achieve your life goals smartly through savings at the right time.
On the maturity date, the maturity benefits will be:
• Guaranteed Maturity Benefit (GMB) plus Guaranteed Additions plus Vested Bonus (VB) plus Interim Bonus (IB), if any, plus Terminal Bonus (TB), if any
• Risk cover under your policy will cease on the maturity date
• Maturity benefit can be taken as per one of the three cash instalment options, to be chosen as inception, which is paid as annual instalments
• The cash instalment will commence from maturity and will be paid in annual instalments throughout 3, 5, or 7 years, as opted by the policyholder
• Cash instalment shall be as follows:
|Cash Instalments||Cash Instalment options|
|Option-1 (3 Years)||Option-2 (5 Years)||Option-3 (7 Years)|
|1||GA + VB (if any) + IB (if any)|
|2||50% of GMB||22% of GMB||12% of GMB|
|3||55% of GMB + TB, if any||25% of GMB||15% of GMB|
|4||-||28% of GMB||18% of GMB|
|5||-||34% of GMB + TB, if any||20% of GMB|
|6||-||-||23% of GMB|
|7||-||-||25% of GMB + TB, if any|
|Total GMB payable||105% of GMB||109% of GMB||113% of GMB|
You can choose to receive the maturity benefit over three, five, or seven years as per the crucial milestones of your child’s education.
The policyholder or the beneficiary will have the option to take the maturity benefit in a lump sum on the maturity date. The same needs to be informed in writing at least three months before the maturity date. The maturity benefit will consist of guaranteed maturity benefit + guaranteed addition + vested bonus, if any + interim bonus, if any + terminal bonus if any.
If all due premiums are paid, and in case of unfortunate death of the insured, the benefit payable will be:
• The sum assured on death^
• The policy will be converted to a fully paid-up policy (all future premiums will be waived)
• All future guaranteed additions, vested bonus, and terminal bonus, if any, will continue to accrue in the policy
• The maturity benefit will be paid at the end of the policy term
^Sum assured on death is the higher of sum assured or the GMB
^Sum assured on death will at least be equal to 105% of total premiums, exclusive of extra premium, rider premium, and GST or any other taxes applicable subject to change in tax laws, if any, paid till the date of death.
If during the policy term, the policyholder suffers from accidental permanent total disability, then the policy will be converted to a fully paid-up policy and will continue to accrue all future GA, vested bonus, and terminal bonus, if any. It is applicable only if all due premiums are paid. At the end of the policy term, the maturity benefit will be paid. If an accidental permanent total disability benefit has already been availed, on the death of the policyholder, the death benefit will be paid.
The insured can avail loan on the policy after it has acquired a surrender value. The maximum amount of loan available is 90% of the acquired surrender value.
The premiums paid by the insured under this policy would be exempted from the tax under section 80C up to a limit of Rs. 1.5 lakh. The death benefit or the maturity benefit received would also be deducted from the tax under Section 10 (10D) of the income tax act.
The plan can be purchased by Resident Indians only. The other eligibility criteria of the plan include:
|Minimum age at entry||18 Years|
|Maximum age at entry||50 Years|
|Minimum age at maturity||28 Years|
|Maximum age at maturity||60 Years|
|Premium||Based on guaranteed maturity benefit chosen, age, policy term, premium payment term, and premium payment frequency|
|Sum assured||Ten times annualized premium|
|Guaranteed Maturity Benefit (GMB)||Minimum: Rs. 1,00,000
Maximum: As per Board approved Underwriting Guidelines GMB is as chosen by Policyholder
|Policy Term (PT) and premium payment term (PPT) in Years||Policy term||Premium payment term|
|20||12, 15, 20|
|Premium payment frequency||Yearly, half-yearly, quarterly and monthly**|
|** The monthly mode will be allowed only under salary deduction scheme and ECS|
Under the Bajaj Allianz Young Assure policy, the insured can opt for additional rider benefits at affordable rates. The following riders are available:
You can follow these simple steps to buy this policy:
The following documents will be needed to buy the policy:
The following documents will be needed to buy the policy:
BFL Helpline Number: 08698010101
Bajaj Allianz Life Insurance Helpline Number: 1800-209-7272
E-mail – firstname.lastname@example.org
Mailing address:Ground Floor, Bajaj Finserv Corporate Office, Off Pune-Ahmednagar Road, Viman Nagar, Pune – 411014.
Bajaj Finance Limited (BFL) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future General Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Co. Ltd, ACKO General Insurance Co. Ltd., Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited, and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101.
Please note that BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely voluntary after you exercise independent due diligence on the suitability, viability of any insurance product. Any decision to purchase an insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. This product provides life insurance coverage Bajaj Allianz Young Assure UIN no. 116N128V02.
Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions, and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product.
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