Bajaj Allianz Life Insurance Company

Bajaj Allianz Life Insurance Company Limited (Bajaj Allianz Life Insurance) is a joint venture between India’s reputed business conglomerate, Bajaj Finserv Limited, and Germany’s renowned financial services company, Allianz SE. Both the companies are backed by an extensive technical expertise, and together, they have put forth a best-in-class product portfolio, which perfectly caters to the financial planning and protection requirements of Indian citizens. Since its inception in the year 2001, the company has been providing comprehensive insurance products & solutions that are not only benefit-driven, but are competitively priced too. With a presence of over 700 branches across the country, the company holds a massive team of advisors and channel partners, who are always willing to serve and help customers in fulfilling their insurance needs.

Bajaj Allianz Life Child Plans

Parenthood brings with it a sense of duty and responsibility of carving a safe and refulgent future for the child. To this effect, it is important that you accumulate a corpus, so that you have enough funds to support the needs and fulfil the dreams of your kid. Child Plans from Bajaj Allianz Life have been precisely designed to cater to this requirement of parents, thereby enabling them to lead a stress-free life, knowing that their child will always receive the much needed financial assistance, be it in their presence or absence. Apart from ensuring financial security, these plans also offer the flexibility of receiving the policy benefits in cash instalments. Further, there is a wide range of Riders on offer that helps you to enhance your protection against unforeseen exigencies.

Child Plans: A Child Plan is revered as a long-term investment cum protection tool that induces parents to save systematically so that they can provide their children with financial aid, when they are ready to embark on a new phase of life, be it higher education, career, or marriage. These plans also come with a Death Benefit, thereby ensuring that in the unfortunate event of death of the parent, the child can still continue pursuing education.

List of Different Child Plans Offered By Bajaj Allianz Life Insurance Company, With Features, Benefits And Eligibility

Bajaj Allianz Young Assure

Features:

• A Traditional, Participating, Child Insurance Plan
• Flexibility to choose your policy term from 10, 15, or 20 years and premium payment terms from 5, 7, 10, 15, or 20 years as per the requirements of your growing child
• Assurance of receiving a Guaranteed Maturity Benefit (GMB), Guaranteed Additions, (GA) and bonuses, so that you have sufficient funds to fulfil your child’s dreams
• Liberty to choose the Guaranteed Maturity Benefit amount you wish to avail at policy maturity, depending upon the future education, career, and other needs of your child
• Avail a sum assured of as much as 10 times the annual premium paid by you
• Make a choice between 3 Cash Instalment Options of receiving the Maturity Benefit as per the future financial needs of your offspring:

  Option I – 105% of GMB receivable in 3 annual instalments

  Option II – 109% of GMB receivable in 5 annual instalments

  Option III – 113% of GMB receivable in 7 annual instalments

• Avail comprehensive protection against death / accidental disability, so that your child can continue going to school, in case you meet with an untoward incident
• Take your pick between regular and limited premium payment options, as per your financial status and goals
• At any time during the term, opt for a change in premium payment frequency, to match your changing financial commitments
• Facility of availing a loan under the policy for supporting emergency phases of life, provided it has acquired a surrender value, and subject to a maximum amount of 90% of the surrender value
• Option to take the Maturity Benefit proceeds in lump-sum
• In the unfortunate event of the death of the parent, avail the benefit of continuance of a fully paid-up policy, with other benefits receivable as and when due
• Provision of opting for Riders by paying an extra marginal cost
• Discounted premium rates for women policyholders, where the premium is calculated as per the premium rate of a 3 years younger male
• Enjoy income tax benefits on payments and proceeds
• On choosing a high Guaranteed Maturity Benefit (GMB), enjoy a rebate in premium, which is calculated on each complete additional GMB of Rs 10,000 over & above the minimum GMB of Rs 1,00,000 and is as per the table below:

Benefits:

• Maturity Benefit: At the end of the policy term, the life assured becomes eligible to receive the following Maturity Benefit:

  Guaranteed Maturity Benefit (GMB) + Guaranteed Additions (GA) + Vested Bonus (VB) + Interim Bonus (IB), if any, + Terminal Bonus (TB), if any.
  This Maturity Benefit is availed as per the Cash Installment Option chosen at policy inception and is receivable as per the table below: 

Cash Installment	Cash Installment Options
	Option I-3 years	Option II-5 years		Option III-7 years
1st	GA + VB, if any + IB, if any
2nd	50% of GMB		22% of GMB	12% of GMB
3rd	55% of GMB + TB, if any		25% of GMB	15% of GMB
4th	-		28% of GMB	18% of GMB
5th	-		34% of GMB + TB, if any	20% of GMB
6th	-		-	23% of GMB
7th	-		-	25% of GMB + TB, if any
Total GMB payable	105% of GMB		109% of GMB	113% of GMB
Here, Guaranteed Addition (GA) is expressed as a % of the GMB and is credited to the policy at the end of the policy term as per the chart below: Premium Paying Term 5 years 7 years 12 years 15 years 20 years GA (%) 15% 25% 40% 60% 90%

Here, Vested Bonus, as declared by Bajaj Allianz Life Insurance, is credited to the policy, every year, starting from the first policy year.

• Death Benefit: In the unfortunate event of death of the Life Assured, during the policy term, the child is entitled to receive the following benefits:
1. Sum Assured on Death, which is calculated as the higher of Sum Assured or the Guaranteed Maturity Benefit, subject to the guaranteed death benefit of 105% of the total premiums paid till the date of death
2. The policy continues as a fully paid-up policy, with all the future Guaranteed Additions, Vested Bonus, and Terminal Bonus, if any, being credited to the policy, as and when due
3. Maturity Benefit receivable at the end of the policy term

Accidental Permanent Total Disability Benefit: In case the life assured encounters an Accidental Permanent Total Disability during the term of the policy, then the policy is converted to a fully paid-up policy, provided all the due premiums have been paid in full. Further, all other benefits are paid as and when due. These include the Guaranteed Addition, Vested Bonus, and Terminal Bonus, if any. Upon maturity, the life assured is entitled to receive the Maturity Benefit.

Eligibility:

Riders:

1. Bajaj Allianz Accidental Death Benefit Rider (UIN: 116B034V01): On choosing this Rider, your nominee gets entitled to receive the additional Rider Sum Assured, in case of your untimely death, occurring as a result of an accident.

2. Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider (UIN: 116B036V01): This Rider entitles you to receive the benefit of additional Rider Sum Assured, in case you develop a Permanent Disability due to an accident, during the term of the policy.

3. Bajaj Allianz Critical Illness Benefit Rider (UIN: 116B035V01): Upon first diagnosis of any of the listed 11 Critical Illnesses, you are entitled to receive the additional Rider Sum Assured.

4. Bajaj Allianz Family Income Benefit Rider (UIN: 116B037V01): In the unfortunate event of death, or accidental permanent total disability, or first diagnosis of any of the specified 11 critical illness, the life assured/nominee is entitled to receive a benefit of 1% of the Rider Sum Assured in monthly installments.

5. Bajaj Allianz Waiver of Premium Benefit Rider (UIN: 116B031V01): On selecting this Rider, the future premiums of the policy are waived off, in any of the events of death, accidental permanent total disability, or critical illness developed by the life assured, whichever is earlier.