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  • Bajaj Allianz Young Assure Plan

    Bajaj Allianz Life Insurance

    Overview

    Our dreams often revolve around keeping our loved ones happy, which is why we strive hard to provide them with the best we can. Life is often unpredictable and there are chances that our dreams could shatter mid-way, leaving the future of our near and dear ones uncertain. This however can be overcome, thanks to Bajaj Allianz Young Assure, an endowment plan which aims to ensure that the future of our family is secured and bright.

    Eligibility Criteria of Bajaj Allianz Young Assure

    Entry Age

    Minimum – 18 years

    Maximum – 50 years

    Maturity Age

    Minimum – 28 years

    Maximum – 60 years

    Premium

    Varies according to policy term, age, etc.

    Sum Assured

    Ten times the annualised premium

    Key Features of Bajaj Allianz Young Assure

    Type

    Traditional savings insurance plan

    Coverage

    Death Benefit – In the event of unfortunate demise of life insured individual during the policy term, his/her nominee will receive a death benefit equivalent to the sum assured, which is 105% of total premiums paid till time of death. Any additional bonus accrued will be paid on maturity.

    Maturity benefit – A maturity benefit equivalent to the sum of Guaranteed Maturity Benefit, Guaranteed additions, vested bonus and interim bonus will be paid. One can opt to cash in the benefit in one go or choose from three cash instalments.

    Accidental Permanent Total Disability Benefit – In the event of accidental permanent total disability of life insured, a policy will continue to accrue any guaranteed additions and vested bonus.

    Basis

    Individual

    Policy terms

    10, 15, 20 years

    Premium paying term (PPT)

    • 5/7 PPT for 10 year policy term
    • 12/15 PPT for 15 year policy term
    • 12/15/20 PPT for 20 year policy term

    Premium paying modes

    Monthly, quarterly, half-yearly and yearly

    Premium rebate

    In cases where the guaranteed maturity benefit is above Rs 1, 00,000/-, individuals are offered a premium rebate.

    Revival

    Lapsed policies can be revived within 2 years of first unpaid premium by paying all dues and furnishing evidence of good health.

    Grace period

    Yearly, half yearly and quarterly payment – 30 days

    Monthly payment – 15 days

    Surrender

    Members can opt to surrender their plans, subject to payment of at least 1 full year’s premium for PPT under 10 years and 2 full year’s premium for PPT over 10 years.

    The surrender value depends on year of surrender and certain other factors.

    Loans

    Loans can be availed under this policy subject to certain conditions.

    Free Look Period

    A 15 day free look period is provided to policyholders wherein they can decide to return this policy if they do not agree with any terms and conditions of this plan. This period is 30 days in case of policies purchased under distance marketing.

    Advantages of Bajaj Allianz Young Assure

    Tax Benefits

    Policyholders are entitled to tax benefits under Section 80C for premiums paid and Section 10 (10D) for benefits received.

    Flexible

    Policyholders can opt to change their premium payment frequency according to their requirements. They can also opt for a lump sum benefit on maturity.

    Guaranteed returns

    Policyholders get guaranteed maturity benefit and guaranteed additions

    Special offers for women

    Female policyholders get special rates.

    Additional protection

    Policyholders can opt for additional riders to enhance their cover.

    How The Plan Works

    Bajaj Allianz Young Assure Plan is an extremely simple plan to adopt and implement, with simple steps guiding the entire plan. Individuals need to choose the term and premium which best suits their needs and ensure the premium amount is paid regularly. An example showcasing how this plan works is mentioned below.

    Mr Harish, a media professional opts for Bajaj Allianz Life Young Assure Plan for his two year old daughter Riya. He chooses a policy term of 20 years with a premium paying term of 15 years, with a Guaranteed Maturity Benefit (GMB) of Rs 3,00,000/-. His annual premium comes up to Rs 24,363, making his sum assured equivalent to Rs 2,43,630/-. He opts to receive the maturity benefit in 5 instalments over 5 years. The table below shows the returns he receives on maturity.

    Year

    1

    2

    3

    4

    5

     

    Guaranteed addition + Bonus

    22% of GMB

    25% of GMB

    28% of GMB

    34% of GMB + bonus

    Returns @ 8% (Rs)

    4,21,832

    66,000

    75,000

    84,000

    1,02,000

    Returns @ 4% (Rs)

    1,80,000

    66,000

    75,000

    84,000

    1,02,000

    Premium Payments

    Policyholders should pay premiums depending on their policy term. The premium payment term is shown in the table below.

    Policy Term

    Premium Paying Term

    10

    5, 7

    15

    12, 15

    20

    12, 15, 20

    Riders

    Policyholders can enhance their cover by choosing from the riders mentioned below.

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