Bajaj Allianz Young Assure Plan - Features, Benefits & Review

Bajaj Allianz Young Assure is a child plan which gives insurance protection and builds savings for the secured future of the child.

Review

Traditional plan with bonus
Guaranteed additions applicable
Premiums paid either for entire duration of the plan under regular premium payment option or for specified term under limited premium payment option
Flexible options for policy tenure and premium payment tenure
The maturity benefit payable can be availed in three options which provide the benefit in installments over a specified duration.

Benefits

Participative simple child plan
Accidental permanent total disability benefit part of plan
Tax benefit to insured under Section 80C for premiums paid and Section 10 (10D) for benefits received of Income Tax Act, 1961
Flexible plan with different premium paying frequency
The option of lump sum benefit on maturity
Insured assured of guaranteed maturity benefit and guaranteed additions
Cash instalments available under 3 options
Female policyholders are provided special rates

Key Features

Type	Traditional insurance plan
Coverage	Death Benefit		Maturity benefit			Accidental Permanent Total Disability Benefit
	In the event of untimely death of the insured when the policy is still active, beneficiaries receive death benefits similar to sum assured, viz, 105% of total premiums paid till time of death. Additional bonus, if any is paid on maturity.		A maturity benefit equal to total of guaranteed maturity benefit, guaranteed additions, vested bonus and interim bonus is paid.			Policy will continue to accrue any guarantee additions and vested bonus to insured for any accidental permanent total disability of life insured.
Entry Age	Minimum Age (years)			Maximum Age (years)
	18			50
Maturity Age	Minimum Age (years)			Maximum Age (years)
	28			50
Sum Assured	10 times the annualised premium
Premium Tenure (years)	10, 15, 20
Premium Paying Term (PPT)	10-year tenure	15-year tenure					20-year tenure
	5/7	12/15					12/15/20
Premium payment method	Monthly/Quarterly/Half-yearly/Yearly
Rebate	For guaranteed maturity benefit above Rs 1, 00,000, insured offered premium rebate
Lapsed Policy Revival	Within 2 years of first unpaid premium by clearing all dues and providing proof of good health
Grace Period (days)	Yearly, half yearly and quarterly payment				Monthly payment
	30				15
Surrender of Plan	Below 10 years				Above 10 years
	Paying at least 1 full year’s premium for PPT				Paying at least 2 full year’s premium for PPT

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