The Young Assure Plus Solution from Bajaj Allianz is a creative new solution that allows parents to build a corpus for their children. The plan is basically a combination of two policies offered by Bajaj Allianz, and is a traditional participating regular and limited premium payment endowment plan that has varying policy terms, cash instalment options and/or premium payment terms.
The policy term of the Bajaj Allianz Life Young Assure Plus Solution will depend on the age of the child, as the company takes the age into consideration to offer the best combination of premium payment term and policy term to the parent. The parent will basically purchase two policies from the company at inception with a combination of different premium payment terms and policy terms. The plans combined under this solution are the Bajaj Allianz Young Assure Plan and the Bajaj Allianz Lifelong Assure Plan.
The parent will have to choose a premium amount that will be allocated equally to both plans under the Bajaj Allianz Life Young Assure Plus Solution to determine the Guaranteed Maturity Benefit, and the maturity benefit will be offered to the individual in the form of cash instalments at the end of every policy year. The plan also offers a death benefit which will be the higher of Guaranteed Maturity Benefit or the sum assured.