Bajaj Allianz Young Assure

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.

Key Features and Benefits


The key features covered under this policy are as follows:

  • Maturity benefit

    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

  • Three cash instalment benefit

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

  • Option to take maturity benefit in lump-sum

    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.

  • Death coverage

    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.

  • Accidental permanent total disability coverage

    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.

  • Policy loan benefit

    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.

  • Tax benefit

    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.

Eligibility Criteria

The plan can be purchased by Resident Indians only. The other eligibility criteria of the plan include:

Parameter Detail
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
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 salary deduction scheme and ECS

Additional Riders

Under the Bajaj Allianz Young Assure policy, the insured can opt for additional rider benefits at affordable rates. The following riders are available:

  • Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider
  • Bajaj Allianz Critical Illness Benefit Rider
  • Bajaj Allianz Family Income Benefit Rider
  • Bajaj Allianz Waiver of Premium Benefit Rider

Note: Kindly refer to the sales literature to know more details and eligibility conditions for each of the mentioned riders.

How to Purchase the Policy

You can follow these simple steps to buy this policy:

  • To apply for the product, click on ‘Apply Now’ and fill in the necessary details in the application form.
  • Make the fee payment online.
  • If required opt for a call back from our representatives or complete the process by clicking ‘Buy now'.

List of Documents to Buy the Plan

The following documents will be needed to buy the policy:

  • A filled proposal form furnishing all the details of the proposed life assured
  • A recent passport-sized coloured photograph of the life assured
  • A self-attested xerox copy of proof of address like Aadhaar Card, Passport, Electricity Bill
  • A self-attested xerox copy of Proof of Identity like an Aadhaar Card, Pan Card, Passport
  • A self-attested xerox copy of Age Proof-like Pan Card, Passport, School Leaving Certificate
  • A cheque towards payment of the first premium of the insurance policy

Major Policy Exclusions

The following documents will be needed to buy the policy:

  • If the policyholder commits suicide within a year of policy issuance, 80% of the premiums paid would be returned, and no death benefit would be payable.
  • If suicide is committed within a year of policy revival, a higher of 80% of the premiums paid till death or the surrender value acquired would be paid provided the policy is in force.
  • For the accidental disability benefit, disabilities arising out of criminal acts, war, riots, rebellion, alcohol and drug abuse, participation in defence operations, participation in hazardous sports and activities, aviation, self-inflicted injury or as a result of inhalation of poison, gas or fume would be excluded from coverage.
  • To know more about the exclusions under the policy, please refer to the policy wordings.

Claim/Assistance Contact Details

BFL Helpline Number: 08698010101

Bajaj Allianz Life Insurance Helpline Number: 1800-209-7272

E-mail –  wecare@bajajfinserv.in

Mailing address:Ground Floor, Bajaj Finserv Corporate Office, Off Pune-Ahmednagar Road, Viman Nagar, Pune – 411014.


*For claim related issues please refer to your policy document or certificate of insurance (COI).

Disclaimer

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, Tata AIG General Insurance Company Limited, ACKO General Insurance Limited, Max 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.