Bajaj Allianz Young Assure Explained

Bajaj Allianz Young Assure is a typical, participating, regular premium payment endowment plan with a restricted premium payment period. The Bajaj Allianz Young Assure plan caters to your specific needs. You may pick your premium payment term, frequency, and assured maturity benefit with this insurance. Your assured maturity benefit, insurance term, age, and premium payment term, and frequency will all influence the premium given. You can also choose a cash installment plan. The plan will be transformed to a paid-up policy if the life guaranteed suffers an accidental permanent complete disability. All future promised additions, as well as the terminal and vested bonuses, will be paid.

What are the Features of Bajaj Allianz Young Assure?

One of India's largest life insurance firms was founded in 2001 as a joint venture between Bajaj Finserv Ltd and Allianz. It has been in use for more than a decade. The Bajaj Allianz Young Assure Plan is one of the company's life insurance plans. The following are the plan's main features:

• It's a typical participating child insurance plan, which means that the benefits are contingent on the performance of the participating fund.
• It offers two premium payment options: regular (customers must pay throughout the policy period) and limited (customers must pay just during the policy term).
• Customers have the option of selecting the Guaranteed Maturity Benefit (GMB).
• Every year, the client receives a bonus in the form of a percentage of their GMB.
• Maturity benefits are distributed over a certain length of time, ranging from three to seven years.
• At the end of the payout period, customers may be eligible for a terminal bonus.
• If the policyholder dies, the policyholder's Child will get the death benefit right away. Bajaj Allianz would also cover the remaining premiums. As a result, the benefits of maturity remain unaffected.
• Typically, the sum assured is 10 times the annual premium.
• In the event of an accidental disability benefit, the insurer will pay future premiums on behalf of the policyholder.
• Guaranteed Maturity Benefit (GMB), Guaranteed Additions, Interim Bonus, Vested Bonus plus, and
• Terminal Maturity Benefit (TMB) are some of the maturity perks.

Bajaj Allianz Young Assure - Benefits

Following are the benefits of Bajaj Allianz Young Assure:

Death Benefits

In the event that the insured dies, the higher of the Sum Assured or Guaranteed Maturity Benefits are awarded, with a minimum of 105 percent of all premiums paid to death. The policy is then converted to a Paid-Up policy, with the Guaranteed Additions and bonuses accumulating.

Maturity Benefits

Guaranteed Maturity Benefit + Guaranteed Additions + Vesting Bonus + Interim Bonus + Terminal Bonus if you live to maturity. Where Guaranteed Additions is expressed as a percentage of the Guaranteed Maturity Benefit.

Tax Benefits

Tax deductions are available for claims received and premiums paid under Sections 10 (10D) and 80C of the Income Tax Act.

Conclusion

Bajaj Allianz Young Assure is a typical Child plan that provides insurance protection as well as investments for a secure future for the child. Several insurance firms around the country provide a variety of Child insurance policies. Choosing the best Child insurance plan necessitates a comparison of many policies, including their advantages and exclusions.

Also read - Mistakes to Avoid While Investing for Your Child's Future

Things to Do As Soon As You Become Parents

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.