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  • Bajaj Allianz Young Assure Plus Plan

    We always want the best for our children. While working hard to achieve their goals is their responsibility, being financially sound is ours. Do not regret later for not saving enough for your children’s financial needs. Go ahead and know more about Bajaj Allianz Young Assure Plus Plan. Bajaj Allianz Life Insurance understands every parent’s need to be able to provide financial assistance to their children’s needs. The non-banking financial firm has introduced a new scheme called the Bajaj Allianz Young Assure Plus which helps you meet all your children’s expenses. Whether you need financial aid for your children's education or marriage, this Child Insurance policy will help you out. This traditional participating regular premium payment plan focuses on keeping you funded during financial crisis like child’s education or marriage.

    Type of plan Participating regular and limited premium payment endowment plan.

    Eligibility Conditions for Bajaj Allianz Young Assure Plus:

    Minimum Entry Age 18 years
    Maximum Entry Age 50 years
    Minimum maturity Age 28 years
    Maximum Maturity Age 55 years

    Policy Terms for Bajaj Allianz Young Assure Plus:

    Sum assured 10 times the annualized premium.
    Premium payable As per the Guaranteed Maturity Benefit, tenure of the policy, age, and payment frequency chosen by the policyholder.
    Minimum guaranteed maturity Rs.1,00,000
    Maximum guaranteed maturity No limit
    Policy and premium paying term available in years  
    Policy term Premium paying term
    10 5,7
    15 12,15
    20 12,15 and 20
    Payment frequency
    • Annually
    • Half-yearly
    • Quarterly
    • Monthly
    Grace period 30 days for yearly, half-yearly and quarterly premium payment frequencies and 15 days for monthly mode.
    Policy loan option Available
    Option to change premium payment frequency Available
    Revival period Available within 2 years from the due date of first unpaid premium if all outstanding dues are paid with interest and other conditions are met.
    Free look period 15 days (30 days for policies bought through distance marketing).
    Special rates for women policyholders Available
    Maturity benefit Available
    Death benefit Available
    Surrender benefit Available

    Please note: An annualized premium is the amount excluding extra premium, service tax, cess, rider premium, and other such charges.

    What you should know about Bajaj Allianz Young Assure Plus:

    • This traditional participating regular premium payment plan.
    • Policyholder can choose the premium payment period.
    • Policyholder can choose additional Rider Benefit.

    Advantages and Benefits of Bajaj Allianz Young Assure Plus:

    The features and benefits of Bajaj Allianz Young Assure Plus are as follows:

    Maturity Benefit:

    GMB or Guaranteed Maturity Benefit can be availed as per one of the three cash installment options chosen by the Bajaj Allianz Young Assure Plus policyholder. The Guaranteed Maturity Benefit will be discussed and chosen before the commencement of the policy. The customer can request to alter this during the free look up period.

    Death Benefit:

    Death benefit is available to an insured person under this plan if all premiums due are paid. In case of unfortunate death, the sum assured will be paid immediately and the policy will be marked as fully paid-up policy. Once the policy is marked as fully paid-up, the nominees will receive all the benefits like maturity benefits, lump-sum benefits and other perks that are available for a regular paid-up policy account.

    Accidental Permanent Total Disability Benefit:

    In case of accidental permanent total disability during the policy term, the policy of the insured is converted to a fully-paid policy if all the dues are paid. The converted policy will continue to receive all the upcoming GA, Terminal bonus and other benefits, if any.

    Additional Rider Benefit:

    Policyholder has an option to choose an additional rider plan at a nominal cost. This is a voluntary decision that a policyholder has to make. The available rider benefits offered with Bajaj Allianz Young Assure Plus are as follows:

    • Bajaj Allianz Accidental Death 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
    • Bajaj Allianz Critical Illness Benefit Rider

    Premium Rebate option:

    If the insured has chosen GMB greater than Rs.1,00,000, Bajaj Allianz Young Assure Plus plan offers a premium rebate option. The rebates are available for each completed GMB of Rs.10,000 and above or above the minimum GMB of Rs.1,00,000. It is calculated using the below table.

    Policy term in years 10 15 20
    Premium payment term in years  
    5 7
     
    12 15
     
    12 15 20
    Rebate in Rupees  
    48 37
     
    39 36
     
    46 42 39

    Tax benefit:

    Premiums paid towards Bajaj Allianz Young Assure Plus is tax exempted under section 80C of the income Tax Act. Maturity benefit, surrender benefit and death benefit are also eligible for tax benefits.

    Policy loan option:

    Once the policy has accrued the surrender value, you can avail a loan. You can avail up to 90% of the surrender value. If you are facing a financial crisis, you can always avail a loan on your Bajaj Allianz Young Assure Plus Policy.

    Lump-sum Maturity Benefit:

    On the maturity date, the policyholder will have an option to take the maturity benefit as lump-sum by submitting a written request for the same 3 months before the maturity date.

    How does Bajaj Allianz Young Assure Plus work?

    • Firstly, a policyholder should choose the policy term.
    • Policyholder will then be asked to choose the premium paying term.
    • Policyholder will be asked to select the premium payment frequency.
    • Policyholder should also set the Guaranteed Maturity Benefit before the commencement of the policy.
    • Choose your cash installment option.
    • Pay your dues on time.
    • Enjoy the policy benefits.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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