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  • Bajaj Allianz Child Insurance Plans

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The child insurance plans from Bajaj Allianz ensure that your child receives the right financial support to meet his/her milestones in life. The plans provide guaranteed payouts and bonuses, irrespective of any eventualities. Most of the Bajaj Allianz child plans also provide special premium rates for female policyholders.

    Benefits of Bajaj Allianz Child Insurance Plans:

    • Bajaj Allianz Child Insurance Plans provide multiple options for policy term and premium payment term. This ensures that the funds are available to you during the significant stages in your child’s life, such as education, marriage, etc.
    • Some of the plans offer guaranteed additions and bonuses that ensure good returns from the policy.
    • The child plans also provide coverage for death or accidental disability.
    • All the child plans can be enhanced through riders that can be purchased at a minimal cost from Bajaj Allianz.
    • Some of the plans provide life insurance coverage up to the age of 100 years.
    • Some child insurance plans offer high sum assured rebate, as well.

    List of Child Insurance Plans Provided by Bajaj Allianz:

    The Child Insurance Plans provided by Bajaj Allianz are the following:

    Bajaj Allianz Lifelong Assure:

    This is a non-linked whole life plan that provides the life assured income and protection till his/her 100th birthday. The plan offers attractive premium rates to female customers. The policy can also be enhanced through the use of riders.

    Benefits and Features of Bajaj Allianz Lifelong Assure Plan:

    • The policy offers cash bonus commencing from the end of the 6th year.
    • When the premium payment term ends, a guaranteed cash back is provided.
    • The life coverage offered by the plan is up to 100 years.
    • The plan provides a Guaranteed Death Benefit up to 300% of the sum assured. This, however, depends on the premium payment term chosen.
    • The plan provides the option of taking the policy benefit in the form of monthly installments.
    • Customers can choose from three premium payment terms i.e., 10, 15, and 20 years.
    • The plan provides a high sum assured rebate to customers.
    • The Bajaj Allianz Lifelong Assure plan provides the following payouts:
      1. Maturity Benefit - The policy matures at 100 years. On the date of maturity, provided that all premiums are paid, the Maturity Value under the policy plus the Terminal Bonus (if applicable) will be paid out. Following this, the policy terminates.
        • When the premium payment term is 10 years, the payout is 200% of the sum assured.
        • When the premium payment term is 15 years, the payout is 250% of the sum assured.
        • When the premium payment term is 20 years, the payout is 300% of the sum assured.
      2. Survival Benefit - The life assured will receive a Guaranteed Cash Back of 3% of the sum assured every year. This starts from the end of the premium payment term till the age of 99 years. The life assured may also receive a declared cash bonus, starting from the end of the 6th policy year. This continues till the age of 99 years, as well.
      3. Death Benefit - If the life assured dies during the policy term, the death benefit that will be paid to the nominee is as follows:
        • When the entry age is less than 45 years, the death benefit is the higher of:
          1. 10 times the annualised premium
          2. 105% of the total paid premiums
          3. 200%, 250%, or 300% of the sum assured, depending on the premium payment term selected.
        • When the entry age is 45 years and above, the death benefit is the higher of:
          1. 7 times the annualised premium
          2. 105% of the total paid premiums
          3. 200%, 250%, or 300% of the sum assured, depending on the premium payment term selected.

    The interim cash bonus and terminal bonus will be paid, if applicable.

    1. Additional Rider Benefit - The policy can be enhanced through optional riders that can be bought from Bajaj Allianz at an additional nominal cost.
    2. Surrender Benefit - If the policyholder has paid the premiums for at least 3 years, the policy can be surrendered. The surrender value is the higher of the Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV).
    Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
    Bajaj Allianz Lifelong Assure Minimum - 10 Maximum - 55 100 Minimum Premium: For premium payment term of 10 years, the minimum premium is:
    • For Yearly premium payment frequency - Rs.18,303
    • For Half-Yearly premium payment frequency - Rs.10,000
    • For Quarterly premium payment frequency - Rs.5,500
    • For Monthly premium payment frequency - Rs.2,000
    For premium payment term of 15 years, the minimum premium is:
    • For Yearly premium payment frequency - Rs.13,401
    • For Half-Yearly premium payment frequency - Rs.8,500
    • For Quarterly premium payment frequency - Rs.4,625
    • For Monthly premium payment frequency - Rs.1,667
    For premium payment term of 20 years, the minimum premium is:
    • For Yearly premium payment frequency - Rs.10,811
    • For Half-Yearly premium payment frequency - Rs.7,000
    • For Quarterly premium payment frequency - Rs.3,875
    • For Monthly premium payment frequency - Rs.1,471
    Maximum Premium: No limit

    Bajaj Allianz Young Assure:

    This is a traditional participating limited and regular premium payment endowment plan that provides your loved ones a bright future. The plan offers special premium rates for female policyholders. It also offers comprehensive coverage in the event of death or accidental disability.

    Benefits and Features of Bajaj Allianz Young Assure Plan:

    • The plan provides you the options of various policy terms and premium payment terms so that you have sufficient funds to meet the milestones in your child’s life.
    • The policy offers Guaranteed Additions (GA), Guaranteed Maturity Benefit (GMB), and bonuses to the policyholder.
    • Customers can choose from 3 cash installment options, as per their requirements.
    • The plan also offers the option to enhance the insurance coverage through riders.
    • The Bajaj Allianz Young Assure plan provides the following payouts:
      1. Maturity Benefit - The Maturity Benefit paid will be the Guaranteed Maturity Benefit (GMB) plus Vested Bonus (VB) plus Guaranteed Additions (GA) plus Terminal Bonus (TB) plus Interim Bonus (IB).
        • The risk cover under the policy ceases on the date of maturity.
        • The policyholder can choose to take the Maturity Benefit in any of the three cash installment options chosen at the inception of the policy. The first installment starts from the end of the policy term.
        • Vested Bonus will be attached to the policy each year, from the first year onwards.
      2. Accidental Permanent Total Disability Benefit - If all due premiums are paid and the life assured faces Permanent Total Disability in an accident, the policy will be converted to a fully paid-up policy. It will also accrue all GA, Vested Bonus, and Terminal Bonus in the future. The Maturity Benefit will be paid out at the end of the tenure, and Death Benefit will be paid at the death of the life assured.
      3. Death Benefit - If all premiums are paid, in the event of death of the life assured:
        • The Sum Assured at Death will be paid immediately and the policy moves into the paid-up status.
        • All future GA, VB, and TB will accrue on the fully paid-up policy.
        • When the policy tenure ends, the Maturity Benefit is payable.
      4. Additional Rider Benefit - The policy can be enhanced through optional riders that can be bought from Bajaj Allianz at an additional nominal cost.
      5. Surrender Benefit - The policyholder can surrender the policy at any time, provided that at least 1 full year’s premium is paid for premium payment term less than 10 years. If the premium payment term is 10 years or more, the policy can be surrendered if 2 full years’ premium has been paid. The surrender value is the highest of the Special Surrender Value (SSV) and Guaranteed Surrender Value (GSV).
    • In addition to the above benefits, the policy also offers a Premium Rebate, provided that the chosen GMB is greater than Rs.1 lakh.
    Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
    Bajaj Allianz Young Assure Minimum - 18 Maximum - 50 Minimum - 28 Maximum - 60 This is based on the age, premium payment term, policy term, chosen GMB, and premium payment frequency. Also, females get a rate that is based on the premium of a male customer who is 3 years younger.

    Bajaj Allianz Young Assure Plus Solution:

    This is an innovative solution to build your child’s education corpus. The Bajaj Allianz Young Assure Plus Solution is a combination of two policies of the Young Assure plan. Based on the age of the child, you will receive an uninterrupted flow of income during his/her education years. The terms of the policy will also be fixed.

    Benefits and Features of Bajaj Allianz Young Assure Plus Solution:

    • The plan has an in-built accidental permanent total disability cover.
    • The waiver of premium cover that is included in the policy comes into action in the event of untimely death of the parents.
    • The plan helps you save on a regular basis, so that you can meet the career aspirations of your child.
    • The policy term is dependent on the age of the child.
    • The plan works in the following way:
      1. The customer purchases two policies of Bajaj Allianz Young Assure with a combination of various policy terms, cash installment options, and premium payment terms.
      2. The premium will be equally allocated to both the policies to arrive at a Guaranteed Maturity Benefit.
      3. The maturity benefits will be provided as cash installments at the end of the policy term, based on the child’s age.
      4. In case of accidental permanent total disability during the policy term, the policy moves into the fully paid-up status till maturity. At policy maturity, the life assured receives cash installments as maturity benefit.
      5. In the event of untimely death of the policyholder, the child, i.e., the nominee, will receive the Sum Assured at Death.
    Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
    Bajaj Allianz Young Assure Plus Solution Minimum - 18 Maximum - 50 Minimum - 28 Maximum - 60 This is based on the age, premium payment term, policy term, chosen GMB, and premium payment frequency. Also, females get a rate that is based on the premium of a male customer who is 3 years younger.

    Why do you need Bajaj Allianz Child Insurance Plans?

    The life insurance coverage that the Child Insurance Plans from Bajaj Allianz provide you will prove to be invaluable during an eventuality. Additionally these plans offer you tax benefits as described below:

    • Premiums paid towards the policies get tax benefits under Section 80C of the Income Tax Act.
    • The benefits paid out, i.e., Maturity Benefits, Death Benefits, and Surrender Value, are eligible for tax rebates under Section 10(10D) of the Income Tax Act, subject to certain provisions.

    The Bajaj Allianz Young Assure plan also provides you the option to take a policy loan, provided the policy has acquired surrender value. The loan amount can be up to 90% of the surrender value. The Bajaj Allianz Lifelong Assure plan offers an early termination value if the policy has completed certain predefined conditions related to premium payment.

    Other benefits offered by the Bajaj Allianz child insurance plans include the availability of grace period and free-look period.

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