Bajaj Allianz Life Insurance Company has two plans in its kitty. The plans are discussed below for a clear understanding with detailed features and benefits. Bajaj Allianz Lifelong Assure A traditional whole of life plan which can be taken for the welfare of the child. The features of the plan are as follows: The policyholder is covered up to the age of 100 years since it is a whole life plan. The plan participates in the profits of the company through earning bonuses and the premium under the plan is payable for a limited tenure only. Cash Bonus is declared under the plan from the end of the 6th policy year A Guaranteed Cash Back payable @ 3% of the Sum Assured is paid every year after the end of the Premium Paying Term and till the policy mature, i.e. the policyholder turns 99 years of age If the insured dies during the tenure of the plan, a benefit which will be higher of 10 / 7 times the annual premium or 105% of total premiums paid till the date of death or 200% / 250% or 300% of the chosen Sum Assured depending on the premium paying term chosen is payable to the nominee If the plan mature, i.e. the policyholder turns 100 years of age, 200% / 250% or 300% of the chosen Sum Assured depending on the premium paying term chosen and any Terminal Bonus is payable to the policyholder The policyholder has a choice to avail the death or maturity benefits in instalments over a period of 5 or 10 years Loan can be availed under the plan up to a maximum of 80% of the Surrender Value The plan also promises rebates in premiums for choosing a higher Sum Assured level of Rs.1 lakh and above. Eligibility Details Bajaj Allianz Young Assure A traditional child insurance plan with the following features and benefits: Bajaj allianz Child Insurance Policy The plan participates in the profits of the company by way of earning bonuses. The premium under the plan can be paid for the entire tenure under the Regular Pay option of premium payment or for a limited tenure under the Limited Pay option of premium payment. Guaranteed Additions are payable under the plan which is expressed as a percentage of the Guaranteed Maturity Benefit and depends on the Premium Paying Term of the plan. On maturity, the Guaranteed Maturity Benefit along with the Guaranteed Additions, vested bonus, interim bonus and any Terminal Bonus is payable can be availed as cash installments in three options Under the first option, vested bonuses including interim bonus and the accrued Guaranteed Additions are paid on the date of maturity. 50% of the Guaranteed Maturity Benefit is paid one year after the maturity date and 55% of the Guaranteed Maturity Benefit and any Terminal Bonus are paid 2 years after the maturity date. Under the second option, vested bonus including interim bonus and Guaranteed Additions are paid on the date of maturity. Thereafter, 22% of the Guaranteed Maturity Benefit is paid after one year, 25% is paid after two years and 28% is paid after three years. Four years post the maturity date, 34% of the Guaranteed Maturity Benefit and any Terminal Bonus are paid Under the third option, vested bonus including interim bonus and Guaranteed Additions are paid on the date of maturity. Thereafter, 12% of the Guaranteed Maturity Benefit is paid after one year, 15% after two years, 18% after three years, 20% after 4 years and 23% after 5 years. After 6 years, 25% of the Guaranteed Maturity Benefit and any Terminal Bonus are paid If the insured dies during the tenure of the plan, higher of the chosen Sum Assured or the Guaranteed Maturity Benefit subject to a minimum of 105% of all premiums paid till the date of death is payable. Thereafter, the policy is converted to a fully paid-up plan. The Guaranteed Additions and the bonuses accrue as and when they fall due and on maturity, the maturity benefits is paid. The plan has an inbuilt Accidental Permanent Total Disability Benefit wherein, if the insured suffers a disability, the policy is converted to a fully paid-up plan. The Guaranteed Additions and the bonuses accrue as and when they fall due and in case of death due to the disability, the death benefit is paid. The maturity benefit can also be taken in a lump sum instead of choosing any of the above mentioned options. Loan can be availed under the plan up to a maximum of 90% of the Surrender Value The plan also promises rebates in premiums for choosing a higher Sum Assured level of Rs.1 lakh and above. The premium payment frequency chosen at inception can be changed anytime. The plan promises five additional riders which can be taken for a more comprehensive coverage. The riders available are: 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 Eligibility Details Applying for a Child Plan from the company: Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
