Investment Plans 317 views February 20, 2021

Bajaj Allianz Young Assure is a non-linked non-participating endowment insurance plan that helps you fulfill the dreams of your children even if you are not around. The plan comes with the following key benefits –

  1. 3 Cash Installment Options
  2. Guaranteed Maturity Benefit, Guaranteed Additions and Bonuses
  3. Life Coverage for Death and Accidental Disability
  4. Flexible Policy and Premium Payment Term
  5. Rider Option
  6. Special Premium Rates for Female

Let’s learn more about the above-mentioned benefits in detail and some other benefits of Bajaj Allianz Young Assure on the page below.

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Bajaj Allianz Young Assure 3 Cash Installment Option

At maturity, you’ll receive Guaranteed Maturity Benefit, Guaranteed Additions, Vested Bonus, Interim Bonus and Terminal Bonus, if any. And this maturity benefit shall be paid to you in annual installments. At inception, you need to choose your cash installment option from the following:-

YearOption 1 (3 Years)Option 2 (5 Years)Option 3 (7 Years)
End of the Policy Term = 1st Year of InstallmentGuaranteed Additions + Vested Bonus + Interim Bonus, if any
250% of the Guaranteed Maturity Benefit22% of the Guaranteed Maturity Benefit12% of the Guaranteed Maturity Benefit
355% of the Guaranteed Maturity Benefit plus Terminal Bonus, if any25% of the Guaranteed Maturity Benefit15% of the Guaranteed Maturity Benefit
4-28% of the Guaranteed Maturity Benefit18% of the Guaranteed Maturity Benefit
5-34% of the Guaranteed Maturity Benefit plus Terminal Bonus, if any20% of the Guaranteed Maturity Benefit
6--23% of the Guaranteed Maturity Benefit
7--25% of the Guaranteed Maturity Benefit plus Terminal Bonus, if any
Total Payable
Guaranteed Maturity Benefit
105% of the Guaranteed Maturity Benefit109% of the Guaranteed Maturity Benefit113% of the Guaranteed Maturity Benefit

Bajaj Allianz Young Assure Guaranteed Maturity Benefit, Guaranteed Additions and Bonuses

Guaranteed Maturity Benefit is the total amount payable in cash installments to the life assured. And Guaranteed Additions form a percentage of Guaranteed Maturity Benefit that will be attached to your Bajaj Allianz Young Assure Plan at the end of the policy term as follows:-

Premium Payment Term (In Years)Guaranteed Additions
515%
725%
1240%
1560%
2090%

The vested bonus declared by the company will be attached to each policy year starting from the first policy year.

Bajaj Allianz Young Assure Life Coverage

Bajaj Allianz Young Assure Plan will provide financial protection to you and your family in case of unfortunate events like death or accident disability as follows.

Death Payout:- 

Sum Assured on Death shall be payable to the nominee, provided the policy is in force and all due premiums are paid. After the payment of the sum assured to the nominee, the policy will be converted into a fully paid-up policy. It means all future guaranteed additions, vested bonus, and terminal bonus, if any, will continue to accrue and the same will be payable to the nominee along with the maturity benefit.

The payout on death is the higher of the sum assured or guaranteed maturity benefit, subject to 105% of the total premiums paid till the date of death.

Accidental Permanent Total Disability Payout:-

In case of accidental permanent total disability of the life assured during the policy term, the policy will convert into a fully paid-up policy and will continue to accrue guaranteed additions, vested bonus and terminal bonus, if any. At the end of the policy term, the maturity benefit shall be payable.

If the accidental permanent total disability leads to death, the death benefit shall be payable to the nominee.

Rider Benefits of Bajaj Allianz Young Assure

For extra protection add any of the following riders to your Bajaj Allianz Young Assure Plan –

  1. Bajaj Allianz Accidental Death Benefit Rider:- This rider provides the nominee an additional sum assured in case the life assured dies due to an accident. The additional payable amount should be over and above the base policy sum assured.
  2. Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider:- In this rider, a sum assured will be paid to the life assured in case of an accidental total or partial disability. Also, the company meets the medical expenses and other finances by compensating a pre-agreed proportion of the total sum assured.
  3. Bajaj Allianz Critical Illness Benefit Rider:– Get a lump sum on diagnosis of a critical illness with this rider. It helps you seek medical treatment arising out of the critical illness, as well as ensure that the illness won’t become a burden on your life goals.
  4. Bajaj Allianz Family Income Benefit Rider:- Your family receives 1% of the rider sum assured every month in case of an unfortunate event for a minimum of 10 years.
  5. Bajaj Allianz Waiver of Premium Benefit Rider:-  All your premiums after death, critical illness or permanent total disability will get waived off. This means your policy will remain active until maturity and help secure your family.

Bajaj Allianz Young Assure Plan Eligibility

You need to meet the following if you want to purchase this life insurance plan at Bajaj Allianz –

  1. Entry Age – 18-50 Years
  2. Maturity Age – 28-60 Years

Bajaj Allianz Young Assure Terms and Conditions

  1. Policy Term – 10, 15 and 20 Years
  2. Premium Paying Term – 5 or 7 years for a 10-year policy term, 12 or 15 years for a 15-year policy term and 12, 15 or 20 years for a 20-year policy term.
  3. Premium Payment Frequency – Yearly, Half-yearly, Quarterly and Monthly (note:- the monthly mode frequency shall be available under the salary deduction scheme and ECS only)
  4. Premium amount is based on your Guaranteed Maturity Benefit, age, policy term, premium payment term and premium payment frequency
  5. The premium for a female is based on the premium rate of 3 years younger male
  6. Free Look Period – 15 days (offline purchase) and 30 days (online purchase)
  7. Grace Period – 15 days (monthly mode) and 30 days (other modes)

Exclusions from Bajaj Allianz Young Assure

  1. Upon suicide within 12 months from the date of commencement of risk or the date of revival, the nominee will get the higher of 80% of the total premiums paid or the surrender value, provided the policy is in force.
  2. Committing any breach of law with criminal intent
  3. War, invasion, civil war, rebellion or riot
  4. Alcohol or drugs abuse
  5. Taking part in any naval, military or air force operation
  6. Participating in or training for any dangerous or hazardous sport
  7. Aviation, gliding or any form of aerial flight other than as a fare-paying
  8. Attempted self-injury.
  9. Disability due to poison, gas or fume

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