Compare Bajaj Allianz Child Plans

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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:

Policy Term (in years)

       10

        15

            20

Premium Payment Term (in years)

  5

 7

 12

15

 12

15

20

Rebate (in Rs)

48

37

39

36

46

42

39

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:

Entry Age Minimum: 18 years | Maximum : 50 years
Maturity Age Minimum : 28 years | Maximum : 60 years
Policy Term 10, 15, & 20 years
Premium Payment Term For 10 years Policy Term: 5 & 7 years | For 15 years Policy Term: 12 & 15 years | For 20 years Policy Term: 12, 15, & 20 years
Premium Based on GMB chosen, age, policy term, premium payment term, and premium payment frequency
Sum Assured 10 times Annualized Premium
Guaranteed Maturity Minimum : Rs. 1,00,000
Premium Payment Frequency Yearly, Half yearly, Quarterly, and Monthly

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.

 

Bajaj Allianz Young Assure Plus Solution

Features:

  •  An innovative & one-of-its-kind plan, which lets you enjoy a combination of two policies of Bajaj Allianz Young Assure, having different policy terms, premium payment terms, and/or cash instalment options.
  •  Option to take two Bajaj Allianz Young Assure Policies simultaneously, one with a 15 year policy term and another with a 20 year policy term, so that there is no dearth of funds, when your child is all braced up to pursue higher education or a career of his/her choice
  •  Receive a regular flow of income by way of annual cash instalments for a specified period after the end of the policy terms
  •  Inbuilt accidental permanent total disability benefit and inbuilt waiver of premium benefit ensures wholesome protection in critical situations
  • Enjoy the perks of guaranteed benefits in terms of Guaranteed Maturity Benefit, Guaranteed Additions, and bonuses, so that you can create a corpus to support the needs of your growing child
  • Availability of Riders at an extra nominal cost for enhancing your coverage manifold
  • Income tax benefits as per applicable laws

Benefits:

  • Guaranteed Maturity Benefit:  This is the guaranteed amount receivable in the event of death of the life assured, policy maturity, and at the time of surrender of policies.
  • Guaranteed Additions: These are additions that are expressed as a % of the Guaranteed Maturity Benefit, and are credited to both the policies at the end of the respective policy term.
  • Vested Bonus: This bonus is calculated as a % of the Guaranteed Maturity Benefit, and is accrued to both the policies, every year, starting right from the first policy year.
  • Terminal Bonus: On completion of 10 policy years, provided the policies are in-force, the policyholder is liable to receive a Terminal Bonus, which is credited to the policy every year, and is expressed as a % of Guaranteed Maturity Benefit.  
  • Maturity Benefit: At the end of the policy term, the life assured becomes eligible to receive the Maturity Benefit, which is calculated as a sum of the following:
    1. Guaranteed Maturity Benefit
    2. Guaranteed Additions
    3. Vested Bonus
    4. Interim Bonus, if any
    5. Terminal Bonus, if any
  • Death Benefit: In case of unfortunate death of the parent during the policy term, the beneficiary is entitled to receive the Sum Assured on Death, which is computed as higher of Sum Assured or the Guaranteed Maturity Benefit. Further, both the policies continue as fully paid-up policies, and upon maturity, the Maturity Benefit is also receivable by the nominee.
  • Accidental Permanent Total Disability Benefit: In case the parent develops an accidental permanent total disability during the policy term, the policies are converted into fully paid-up policies, and continue as is till the maturity of each of the policies. Upon maturity, the life assured receives the Maturity Benefit by way of Cash Installments.

Eligibility

Entry Age Minimum: 18 years | Maximum : 50 years
Maturity Age Minimum : 28 years | Maximum : 60 years
Policy Term 15 & 20 years
Premium Payment Term For 15 years Policy Term: 12 & 15 years | For 20 years Policy Term: 12, 15, & 20 years

Riders:

1. Bajaj Allianz Accidental Death Benefit Rider (UIN: 116B034V01)

2. Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider (UIN: 116B036V01)

3. Bajaj Allianz Critical Illness Benefit Rider            (UIN: 116B035V01)

4. Bajaj Allianz Family Income Benefit Rider           (UIN: 116B037V01)

5. Bajaj Allianz Waiver of Premium Benefit Rider (UIN: 116B031V01)

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