Bajaj Allianz Child Plans like Young Assure offer guaranteed maturity benefits, regular payouts, and protection for your child's future, even in your absence.
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.
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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.
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).
One of the major life Insurance companies in India, . 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.
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.
If the life assured commits suicide, the company's liability will be limited to the following clauses
The accidental permanent total disability will not be payable in some cases as follows:
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).
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.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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