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Bajaj Allianz Young Assure Plan

Bajaj Allianz is a first-class insurance company in India that provides numerous insurance plans for different categories of individuals. You can choose from various plans for specific purposes. If you are planning to start saving, you should definitely go for a savings plan offered by Bajaj Allianz as it gives you basic protection coverage and also enables you to save your hard-earned money efficiently. It is a conventional participating plan with a limited premium payment. This plan is specifically designed to build your child’s future effectively. Your kid’s dreams and aspirations can be achieved successfully with the help of this plan.

Eligibility - Who is the Bajaj Allianz Young Assure Plan for?

Bajaj Allianz Young Assure Plan is perfect for anyone who wants to save and increase money for future purposes such as wedding, home construction or renovation, kid’s education, etc. If you are looking for a good endowment plan, this is the ideal plan for you.

Minimum entry age 18 years
Maximum entry age 50 years
Minimum maturity age 28 years
Maximum maturity age 60 years
Policy term 10 years, 15 years, and 20 years
Premium payment term 5, 7, 12, 15, 20
Type of plan Savings insurance plan

Sum Assured and Premium Range - What you get and what it costs?

The sum assured will be fixed according to the premium payment term that you select. Let us take a look at the sum assured and premium range of Bajaj Allianz Young Assure Plan:

Sum assured 10 times your annual premium. Your annual premium will not include rider premium, additional premium, and service tax and cess.
Minimum premium
  • The minimum premium will be determined by your age, premium payment frequency, the GMB that you have selected, and policy period.
  • The premium for a female life will be according to the premium rate given to a male who is 3 years younger.
Maximum premium Information not provided.
Premium payment frequency Half-yearly, annually, monthly, and quarterly
Premium payment mode ECS, salary deduction scheme
Premium modal factor Half-yearly: 51% Annually: 100%
Policy period 5 years, 7 years, 12 years, 15 years, and 20 years

Premiums vary based on age, location, plan term and other factors.

Plan Coverage - What Bajaj Allianz Young Assure Plan covers?

Bajaj Allianz Young Assure Plan is a great insurance plan that offers maturity benefit, death benefit, and accidental permanent total disability benefit.

Benefit option Features of the benefit
Maturity benefit With this plan, you will get Guaranteed Maturity Benefit (GMB), Vested Bonus (VB), Guaranteed Additions (GA), Interim Bonus (IB), and Terminal Bonus (TB). You can choose any one cash installment option for your maturity benefit. You will receive your first installment after the policy matures.
Death benefit When the policyholder dies and if all premiums have been paid completely, the nominee will get the death benefit. This benefit is the sum assured on death. It can be the GMB or the sum assured, whichever is higher.
Accidental permanent total disability benefit When the policyholder suffers from a permanent total disability due to an accident and if all outstanding premiums have been paid, then the policy will be modified into a policy that is completely paid.

Riders / Add-On Plans – Additional Coverage under the Bajaj Allianz Young Assure Plan:

When you take a rider offered by Bajaj Allianz, you will get additional protection for different specific purposes. These riders will protect you and your beloved family members in emergency times. These are the riders that are provided with the Bajaj Allianz Young Assure Plan.

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

Exclusions - What the Bajaj Allianz Young Assure Plan doesn’t cover?

The Bajaj Allianz Young Assure Plan comes with a few exclusions where certain incidents will not be covered under this policy. These are the details regarding the exclusions of this plan:

  • If the policyholder commits suicide in 1 year from when the policy has been taken, and if 80% of the premium has been paid, Bajaj Allianz will offer protection.
  • If the policyholder commits suicide in 1 year from when the policy has been revived most recently, then the nominee will get the surrender value as on the date of the suicide or 80% of the premiums, whichever is higher.

The accidental permanent total disability benefit will not be given if the policyholder suffers from disability due to:

  • War, rebellion, civil war, riots
  • Involving in a criminal activity
  • Military or naval or air force operations
  • Influence of alcohol or drugs
  • Self-injury

Other Key Features of Bajaj Allianz Young Assure Plan:

Let us discuss some of the other important features of Bajaj Allianz Young Assure Plan:

  • Free look period: This plan comes with a free look period of 15 days during which you can give back the policy by giving reasons for your action.
  • Revival: If your policy period expires or becomes paid-up for premiums not being paid, you have the option of reviving your insurance policy.
  • Surrender: Your surrender value will be Special Surrender Value (SSV) or Guaranteed Surrender Value (GSV), whichever is higher. When you choose Bajaj Allianz Young Assure Plan, you have the option to surrender your policy if you have paid your premium for at least 1 year when the premium paying term is below 10 years or if you have paid premiums for at least 2 years when the premium paying term is 10 years or higher.
  • Premium rebate: With the Bajaj Allianz Young Assure Plan, you can enjoy a rebate on your premium if the GMB that you have selected is above Rs.1,00,000.
  • Grace period: If your payment frequency is not a monthly option, you will receive a grace period of 30 days to pay your premiums in case you have missed your payment due date. If you have chosen the monthly option as your payment frequency, you will get 15 days as a grace period.

Tax Benefits – How you can save with the Bajaj Allianz Young Assure Plan?

When you pay premiums for Bajaj Allianz Young Assure Plan, you will receive tax benefits as per section 80C of the Income Tax Act. When you pay for the maturity benefit, surrender benefit, and death benefit, you will get tax benefits as per Section 10(10)D of the Income Tax Act.

Other Benefits – How you can save with the Bajaj Allianz Young Assure Plan?

These are some of the other benefits of the Bajaj Allianz Young Assure Plan:

  • This loan can be purchased online very conveniently simply by visiting the official website of Bajaj Allianz.
  • Bajaj Allianz has an online live chat option through which you can get all your queries clarified very quickly.
  • Bajaj Allianz has introduced a new feature known as Child Future Planner calculator that will help you prepare for your kid’s future for different needs.

Why you should buy the Young Assure Plan from Bajaj Allianz?

Bajaj Allianz is well-known for its successful claim settlement process. For the financial year 2015-16, 98.1% of life insurance claims were settled by the company. When you choose Bajaj Allianz as your insurance provider, you will receive international quality services. The company has won marvellous rewards for its dedicated work and some of the awards include Golden Globe Tigers Award 2017 for Best Life Insurance Company of the Year, Golden Globe Tigers Award 2017 for Claims Initiative of the Year, 7th CMO Asia Awards for Excellence in Branding & Marketing, and lots more!