Parenthood is both exciting and challenging. Once you enter this phase of life, your responsibilities increase manifolds. Right from the proper care of the kids, understanding their likes and dislikes, to realizing their dreams, your life revolves around the kids only. However, have you thought about their future? Well, obviously your children have to work hard to get their dreams fulfilled, but as a responsible a parent you should make sure to provide them with a financially protected future.
Are you looking for a really good plan to invest in? Your search ends with Bajaj Allianz Young Assure. This savings insurance policy insures your child’s future, irrespective of any forthcoming eventuality(s).
Main Advantages
There are multiple policy tenure and premium payment options. This makes sure that you have enough financial stability to deal with the crucial years of your child, such as education and marriage.
GA (Guaranteed Additions), GMB (Guaranteed Maturity Benefit) as well as other bonuses are there ensuring good ROI (return on investment).
The policyholder can choose between 3 Cash Installment alternatives to meet the future financial requirements.
The policy offers complete cover in case of accidental disability or death.
The insured can enhance the amount of coverage with rider advantages.
Female applicants can avail special rates.
Policy functioning
Policy customization option is one of the best things about the plans from Bajaj Allianz. In order to get this protection, first of all you have to select the policy term, secondly the PPT, thirdly the frequency of payment, fourthly the GMB and lastly, the cash installment option.
Benefits payable
Maturity Benefits
-
The maturity benefit you ought to get is the GMB + GA + VB (Vested Bonus) + IB (Interim Bonus) + TB (Terminal Bonus), if any.
The areas of risk covered by the policy will come to an end on the date of maturity.
One can get the MB (Maturity Benefits), according to their preferences (given below) at the time of policy commencement. The very first installment will began from the end of the tenure of the policy. Take a look at the table below:
|
Installments |
Options – Cash Installments |
||
|
I – 3 Years |
II – 5 Years |
III – 7 Years |
|
|
Ist |
GA+ (VB + IB), if any |
||
|
IInd |
50% of the GMB |
22% of the GMB |
12% of the GMB |
|
IIIrd |
55% of the GMB + TB, if any |
25% of the GMB |
15% of the GMB |
|
IVth |
NA |
28% of the GMB |
18% of the GMB |
|
Vth |
NA |
34% of the GMB + Tb, if any |
20% of the GMB |
|
VIth |
NA |
NA |
23% of the GMB |
|
VIIth |
NA |
NA |
25% of the GMB + TB, if any |
|
Total GBM |
105% of the GMB |
109% of the GMB |
113% of the GMB |
Here GA is denoted as the percentage of GMB and will be added to the plan at the end of the tenure, as per the data given below:
|
PPT |
5 yrs |
7 yrs |
12 yrs |
15 yrs |
20 yrs |
|
GA |
15% |
25% |
40% |
60% |
90% |
-
VB, as applicable will be added to the policy, each and every year from the very first policy term.
Death Benefit
On the death of the policyholder, provided all due premium payments are clear, the following death benefits are offered:
The sum insured (higher of GMB or sum insured) on death (subject GMB of 105% of the sum of the premiums payments done till the date of demise) will be rendered immediately. Also, the policy will get converted in to a totally paid-up plan.
As a totally paid-up plan, all GA, VB and TB (if any), in the future, will continue to accumulate in the plan.
After the end of policy tenure, maturity benefits will be paid.
Accidental PTD (Permanent Total Disability) Benefit
Unfortunately, if the policyholder has become permanently and totally disabled on account of an accident, when the policy is in-force, then the policy will get converted to a totally paid-up plan and will be eligible to accumulate all the future VB, GA and TB, if any, provide all premiums are paid. When the policy term will end, he or she will get the maturity benefit.
In case, this benefit has already been triggered, then on the policyholder’s demise, death benefit will be given to the nominee.
Additional Rider and surrender Benefits
The policyholder can avail additional coverage by opting for additional rider advantages at minimum extra charges. Also, surrender benefits can be availed.
Frequently Asked questions
Is there any premium rebate?
In case, the GMB you selected is more than Rs. 1, 00,000, premium rebates can be availed. Refer to the table below for details:
|
Policy Term |
10 |
15 |
20 |
||||
|
PPT |
5 |
7 |
12 |
15 |
12 |
15 |
20 |
|
Rebate |
48 |
37 |
39 |
36 |
46 |
42 |
39 |
What are the eligibility parameters?
|
Parameter |
Explanation |
|
|
Age at Entry – Min. |
18 yrs |
|
|
Age at Entry – Max. |
50 yrs |
|
|
Age at Maturity – Min. |
28 yrs |
|
|
Age at Maturity – Max. |
60 yrs |
|
|
Premium |
The amount of premium you ought to pay depends on your age, GMB, policy tenure, PPT and payment frequency. |
|
|
Sum Insured |
10X of your annualized premium amount |
|
|
GMB |
Rs. 1,00, 000 (Min.) |
|
|
No Limit (Max.) |
||
|
Policy Term and PPT |
Policy Term |
PPT |
|
10 |
5, 7 |
|
|
15 |
12, 15 |
|
|
20 |
12, 15, 20 |
|
|
Payment Frequency |
Monthly, Quarterly, ½ Yearly and Yearly |
|
