Bajaj Allianz Young Assure
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| Launch Date | UIN | Status |
| 2/3/2015 | 116N128V01 | Active |
About Bajaj Allianz Young Assure
Bajaj Allianz Young Assure is a traditional, participating endowment plan that apart from providing financial protection in the event ofan untimely passing awayof the life insured ensures that the life insured’s children’s expenses at key milestones in life, such as education and marriage, are taken care of.
| Modes of Payment | Annually, Semi-annual, Quarterly, and Monthly |
| Claim Settlement Ratio of the Insurer | 91.67% |
| USPs of the Policy |
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| Bonus Rate |
Bonus rate for 2017-18 is as follows:
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| Illustration with INR 1 Lakh Premium |
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At INR 1,00,000 premium, the policyholder stands to receive the following benefits under 3 different options: Option 1 (cash instalment tenureof 3 years) Presuming 8%,INR 21,16,238 on maturity plus as follows in the subsequent cash instalment years:
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Option 2 (cash instalment tenure of 5 years) Presuming 8%, INR 21,16,238 on maturity plus as follows in the subsequent cash instalment years:
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Option 3 (cash instalment tenure of 7 years) Presuming 8%, INR 21,16,238 on maturity plus as follows in the subsequent cash instalment years:
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How Does the Plan Work?
First of all, you need to choose these aspects of the plan:
- Your policy term
- Your premium payment term
- Your premium payment frequency
- Your guaranteed maturity benefit
Your premium will be decided based on your age and the policy details chosen by you. Then choose your cash installment option. Your sum assured will be 10 times the annualized premium amount.
Let’s understand how the plan works with the help of an illustration.
Ravinder (30), who is a sales managerin a leading company, gets the Bajaj Allianz Young Assureplan for his one-year-old son Ayush. Ravinder chooses a policy term of 20 years and a premium paying term of 15 years. He opts for a Guaranteed Maturity Benefit (GMB) of INR 3,00,000, which means his annual premium comes down to INR 24,363. He chooses 5 years as the cash installment option. When the policy matures, 5 cash installments shall be paid over 5 years starting from the end of the policy term.
Note: You can choose cash installments out of these 3 options:
- Option I – 3 years
- Option II – 5 years
- Option III – 7 years
Ravinder’s sum assured will be equal to 10 times the annualised premium; that is, 24,363 * 10 = INR 2,43,630.
On maturity, Ravinder stands to receive cash installments as shown in the following table:
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Cash Instalments |
1st |
2nd |
3rd |
4th |
5th |
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5 Years (Option II) |
Guaranteed Additions + Vested Bonus, if any + Interim Bonus, if any |
22% of GMB |
25% of GMB |
28% of GMB |
34% of GMB + Terminal Bonus, if any |
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At Investment Return of 8% |
INR 4,21,833 |
INR 66,000 |
INR 75,000 |
INR 84,000 |
INR 1,02,000 |
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At Investment Return of 4% |
INR 1,80,000 |
INR 66,000 |
INR 75,000 |
INR 84,000 |
INR 1,02,000 |
In the event of the unfortunate passing away of Ravinder while the policy is active, his son Ayush (who is the nominee) will stand to receive INR 3,00,000 (GMB). The policy from thereon shall continue to exist until maturity as a fully paid-up policy. On maturity, Ayush shall receive cash installments according to the chosen cash installment option.
Note: The premium shown above is exclusive of Service Tax and any additional premium. Also, the percentages of GMB as cash installments and on maturity are guaranteed. One must also note that the vested bonus at investment returns of 8% and 4% are for illustration purposes only and not guaranteed.
Riders and Add-ons
For comprehensive protection, policyholders can opt for the following riders under the Bajaj Allianz Young Assure plan:
- Bajaj Allianz Accidental Death Benefit Rider
- Bajaj Allianz Accidental Permanent Total / Partial Disability Benefit Rider
- Bajaj Allianz Critical Illness Benefit Rider
- Bajaj Allianz Family Income Benefit Rider
- Bajaj Allianz Waiver of Premium Benefit Rider
COMPARE & BUY SIMILAR PLANS
Bonus History
Company Name : Bajaj Allianz Life Insurance
Plan Name : Young Assure
| BonusYear | RevBonus | TerminalBonus | InterimBonus | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2016-17 | 3% | 0.50% | 3% | |||||||
| 2014-15 | 3% | 0.50% | 3% |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
Why Should You Buy This Plan?
The Bajaj Allianz Young Assureplan offers multiple premium payment and policy term options. Besides, key milestones of life, such as providing for child’s education and marriage, can be taken care ofwith the pay-outs of this plan. Moreover, Guaranteed Maturity Benefit, Guaranteed Additions, and bonuses promise good returns to tackle future financial needs too.
Who Should Buy This Plan?
As the name suggest, individuals looking to secure their children’s financial future against life’s uncertainties, such as death, can opt for the Bajaj Allianz Young Assure plan. Not to forget, the plan also provides maturity benefits that can be utilizedto further secure one’s child’s future.
Company Overview
Bajaj Allianz Life Insurance Company is a joint venture between Bajaj Finserv Limited, a leading financial services provider and brand in India, and Allianz SE, a leading financial services provider in the world.
With a focus on customer delight, competitive pricing and efficient customer service the company has earned customer's trust and market leadership in a very short span. Bajaj Allianz offers a wide range of products, such as group insurance, Child plans, ULIP’s and health insurance.
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