• Bajaj Allianz Child Plans

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    As a parent, there’s no way you would want to compromise on your children’s future, especially their education. Investing in a child plan, therefore, helps you plan ahead, to ensure that your child is secure, come what may. There are several child plans on offer, from market-linked and traditional plans to plans with regular payouts and lump sum payouts among many others. You can take your pick depending on your specific requirements after weighing in the different premiums and benefits.

    Types of child plans from Bajaj Allianz Life Insurance

    The company primarily offers two types of child insurance plans .

    Traditional plans: Under this plan, the payout amount is guaranteed with investments in low yielding products and stable returns.

    ULIPS: Under this plan, investments are made into equity markets over a period of time. Consequently, there are higher returns. You can, however, choose to invest in debt instruments, which is akin to traditional plans.

    Bajaj Allianz Young Assure

    This is a traditional, participating, regular and limited premium payment endowment plan. Bajaj Allianz Young Assure plan ensures customization of your requirements. The policy allows you to choose your premium payment term, payment frequency and guaranteed maturity benefit. The premium offered will be based on your guaranteed maturity benefit, policy term, age, and premium payment term and payment frequency. You can also choose the cash instalment option. In the case of accidental permanent total disability of the life assured, the plan will be changed to a paid-up policy. All future guaranteed additions, terminal bonus and the vested bonus will be paid. The maturity benefit will be payable at the end of the policy term.

    The plan can be surrendered at any time, provided one year’s premium has been paid (if the policy term is under 10 years) or if two years’ premium has been paid (if the policy term is 10 years or above). The surrender value will be higher than the Special Surrender Value (SSV) and Guaranteed Surrender Value (GSV).

    Why you should opt for Bajaj Allianz Young Assure

    One of the major life Insurance companies in India, Bajaj Allianz Life Insurance Co. Ltd . is a joint venture between Bajaj Finserv Ltd and Allianz SE and began its operations in 2001. It has been in operation for well over a decade.

    • Bajaj Allianz Young Assure Plan is one of the life insurance products offered by the company. The salient features of the plan are as follows:
    • It is a traditional participating child insurance plan, ie, the benefits depend on the performance of the participating fund.
    • It has two premium paying options- regular (customers have to pay throughout the policy term) and limited.
    • Customers get to choose the Guaranteed Maturity Benefit (GMB).
    • Under this plan, the premium is calculated based on age, policy term and premium payment term.
    • Every year the customer gets a bonus as a percentage of GMB.
    • Maturity benefits are divided across a specific period of time, anywhere from 3 to 7 years.
    • Customers may get a terminal bonus at the end of the payout term.
    • If the policyholder dies, the child will get the death benefit immediately. Also, Bajaj Allianz will pay the remaining premiums. As a result, the maturity benefits are not affected.
    • The sum assured is usually ten times the annual premium.
    • The insurer will pay future premiums on behalf of the policyholder in case of accidental disability benefit.
    • The maturity benefits include Guaranteed Maturity Benefit (GMB), Guaranteed Additions, Interim Bonus, Vested Bonus plus and Terminal Bonus.
    • Customers can take the maturity benefit as per cash installment options chosen. The first installment will be paid from the end of the policy term.

    Tips

    If you are looking for a traditional savings plan with benefits such as guaranteed pay-out amount and stable returns, Bajaj Allianz Young Assure plan might just fit the bill. It includes several benefits including waiver of premium (death benefit), which ensures that the maturity corpus is not affected. Nevertheless, these plans offer a return of only 4 to 6%. If you are looking for higher returns, you could opt for a similar plan using a term plan.

    Advantages

    • Offers three cash installment options to customers.
    • Offers multiple premium payment and policy term options.
    • Offers wide coverage in case of accidental disability or death.
    • Offers Guaranteed Maturity Benefit (GMB), Guaranteed Additions (GA) and bonuses.
    • Under this plan, female policyholders get special rates.
    • The maturity benefit will be payable at the end of the policy term.
    • Customers can upgrade insurance coverage with riders.
    • The sum assured on death (guaranteed death benefit of 105% of premium paid till death) will be paid. As a result, the plan will be changed to a fully paid-up policy wherein all future guaranteed additions, vested and terminal bonus will continue to accrue.
    • The plan offers a premium rebate if chosen GMB is higher than Rs. 1 lakh.
    • Premiums paid are eligible for tax benefits under section 80C of the Income Tax Act.
    • Maturity benefit, death and surrender benefits are eligible for tax benefits under section 10 D of the Income Tax Act.

    Exclusions

    If the life assured commits suicide, the company’s liability will be limited to the following clauses

    • If the life assured dies within one year from the date of commencement of risk with 80% of the premium paid.
    • If the date of death is within one year from the date of the latest revival, higher of 80% of premiums paid till the date of death or surrender value.

    The accidental permanent total disability will not be payable in some cases as follows:

    • Disability as a result of breach of law with criminal intent, war, invasion, riot, under the influence of alcohol or drugs, naval/military/air force operation, hazardous sport and poison among others.
    Example

    Madhavi, a 30-year-old software executive, has a Bajaj Allianz Young Assure for her one-year-old son Arjun. Madhavi opted for a 20-year policy term with a premium paying term of 15 years. Madhavi chose a Guaranteed Maturity Benefit (GMB) of Rs.3,00,000. She, therefore, pays a premium of Rs.24,363 p.a. Madhavi also chose a cash installment option of 5 years for her son. Madhavi’s sum assured (10 times of annualised premium) is Rs. 2,43,630. On maturity, Madhavi will receive cash installment of Rs. 4,21,833 (investment return of 8% for 5 years).

    How to choose the best option

    There are a slew of child insurance plans offered by several insurance companies in the country. Choosing the right child insurance plan, therefore, requires a comparative analysis of several plans including benefits and caveats. It is here that BankBazaar.com steps in to make your search not only easier and simpler but also sharp and comprehensive. Browse through our pages to understand all about child insurance plans. We are dedicated to keep you abreast of the latest on insurance products.

    Get the details ofBajaj Allianz child Plans insurance at BankBazaar, and help your children to live their dreams.

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

    Bajaj Allianz Child Plans Reviews

  • Page 1 of 17 1 2 3 4 5
    • Bajaj Allianz Life Life Insurance
      "Satisfied"
      0.5 3.5/5 "Pretty good"
      I have a Bajaj Allianz life insurance from more than 10 years and it is a long term policy. There are not much branches of Bajaj. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year and i am convenient with the payment options. I have taken this policy mainly for tax savings.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2018
    • Bajaj Allianz Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The main issue with the Life Insurance policy from Bajaj is that I've been receiving n number of fake calls. I never had any issues pertaining to this policy. I pay the premium either via check or online. Overall Their service is not as good as I expected.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • Bajaj Allianz Life Life Insurance
      "GOOD POLICY"
      0.5 5.0/5 "Blown Away!"
      I took this policy mainly because of the good returns, its long tenure process , the payment can be done through easy monthly ecs . The best about the policy is claim rate is high compared to other policy available in the market. There customer service and customer response is good .
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 30, 2018
    • Bajaj Allianz Life Life Insurance
      "Life insurance with BAJAJ"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from BAJAJ ALLIANZ and the policy premium is 30000 annually. This is an investment come insurance policy so i will get some interest from mutual funds. We have to pay the premium for 5 years. The customer service and response with the card is fine.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have four policy's with Bajaj Allianz Life Insurance service. Tenure period is good with Bajaj Allianz Life Insurance service. The payments options are through online. It was an good experience with Bajaj Allianz Life Insurance service.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 25, 2018
    • Bajaj Allianz Life Life Insurance
      "Worst company to buy insurance from"
      0.5 1.0/5 "Really Bad"
      I had bought Super Saver policy which is Super Loser policy. Instead of giving returns, it actually eats up all your money. Agents mislead you that the policy can be withdrawn at early stage of 3 or 5 years. But actual term is 15 years or so. Absolutely rubbish plan. Customer support is pathetic an unhelpful. No knowledge about the product as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 31, 2018
    • Bajaj Allianz Life Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I hold a my life insurance with Bajaj Allianz from last 15 years and it is a long term policy. The tenure of this policy is 10 years. I have to pay a premium for 4-5 years and for remaining years the company will pay. It is an average policy, i am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 29, 2018
    • Bajaj Allianz Life Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 7-8 years and it is a term insurance. The tenure of this life insurance policy is 20 years. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the Life insurance policy from the BAJAJ ALLIANZ LIFE INSURANCE Company. I have got this policy around a year ago. The customer support service is good with the BAJAJ ALLIANZ LIFE INSURANCE company. This policy has the tenure of life time and I have paid Rs,12,000 to this policy .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 14, 2018
    • Bajaj Allianz Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the Life insurance policy from the BAJAJ ALLIANZ LIFE INSURANCE Company. I have got this policy around a year ago. The customer support service is good with the BAJAJ ALLIANZ LIFE INSURANCE company. This policy has the tenure of life time and I have paid Rs,12,000 to this policy .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 14, 2018
    • Bajaj Allianz Life Life Insurance
      "better experience"
      0.5 4.0/5 "Great!"
      I had applied and got a life insurance policy from the famous private sector insurance company BAJAJ ALLIANZ LIFE INSURANCE. Most of all benefits are covered under one policy. I feel that there are no benefits to renew my health policy so I withdrawn my health policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 03, 2018
    • Bajaj Allianz Life Life Insurance
      "Better "
      0.5 3.0/5 "Satisfactory"
      I have taken the life insurance policy with the Bajaj allianz life insurance company. The premium amount is nominal one for me and the coverage value is reasonable one for me with them. Every aspects are better one with the Bajaj allianz life insurance company.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 03, 2018
    • Bajaj Allianz Life Life Insurance
      "Very Good Investment"
      0.5 4.0/5 "Great!"
      This is absolutely a delight to have this Insurance. I took it last November. Their return is around 9.5%. I have been paying Rs.50000 as an annual premium for it. I just need to pay for 6 years and after that it has a 6 years locking period after which I can take out a good return out of it.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 02, 2018
    • Bajaj Allianz Life Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Bajaj Life insurance service is good. I have taken one policy with Bajaj for the period of 15 years. The payments are generally through online and the new schemes and offers they provide is good,it is totally a good experience with Bajaj Life insurance service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 02, 2018
    • Bajaj Allianz Life Life Insurance
      "Good policy to use"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with Bajaj Allianz from last 5 years and it is a short term policy. This policy has a tenure period of 2 years and my premium amount gets auto deducted from the salary account. I am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Okay"
      0.5 2.5/5 "Just OK"
      I am having the life insurance policy with the Bajaj allianz life insurance company. I would like to say that the customer service is good one and the coverage value too. Every aspects are not yet experienced with the Bajaj allianz life insurance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 26, 2018
    • Bajaj Allianz Life Life Insurance
      "Good policy"
      0.5 4.5/5 "Excellent!"
      Recently I took a life insurance with Bajaj Allianz. It was taken through an agent. The representative was very kind and helpful. It is good and secured policy. I paid 25K yearly for this insurance. I made the payment through cheque. The total tenure period is 7 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 08, 2018
    • Bajaj Allianz Life Life Insurance
      "Good Products"
      0.5 5.0/5 "Blown Away!"
      Bajaj Finserv issued insurance for the loan products, its a life insurance cum accidental cover from Bajaj Allianz company. They have taken one time premium around Rs. 3100 for the tenure of six years. They are providing critical illness, accidental care as well. I got the policy copy on time, I am satisfied about it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2018
    • Bajaj Allianz Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with Bajaj Insurance from last 5 years and it is one of the good insurance policy to use. The tenure of this life insurance policy is 15 years and it is long term policy. I pay my premium on monthly basis and the payment options are convenient for me. The coverage and benefits are also good in this policy.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Feb 01, 2018
    • Bajaj Allianz Life Life Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Bajaj allianz general insurance company. Services are good one with them , response and other aspects are better one for me with them. I would like to say that the coverage value is around 10 lakh Rupees.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 24, 2018
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