Bajaj Allianz Life Launches Young Assure

•  A non-linked, participating plan which comes with in-built premium waiver

• Offers Cash Installment options to help people fund their children’s education at different stages                                                                      

Bajaj Allianz Life Insurance has launched a traditional participating insurance plan called Young Assure with special features to help one ensure enough fund for his or her child’s future.

Bajaj Allianz Young Assure comes with an in-built premium waiver feature in case of an unfortunate event. With this feature, on death or accidental permanent total disability of the life assured, all future premiums will be waived and the policy will continue till the maturity date. Also, on the death of the life assured death benefit will be paid.

The plan offers an opportunity to select minimum guaranteed maturity at the time of buying and also provides guaranteed additions to the maturity amount and applicable bonus, thereby ensuring higher return at the end of the policy term. A policyholder can select a minimum of Rs 1 lakh as the guaranteed maturity benefit and there is no limit on the maximum guaranteed maturity benefit that can be opted. Minimum entry age to buy Bajaj Allianz Young Assure is 18 years and maximum entry age is 50 years. The plan has three policy terms of 10, 15 and 20 years.

Bajaj Allianz Young Assure provides the option to receive maturity benefit in Cash Installments in three optional tenures to suit the need for one’s child’s education or marriage. The optional tenures for Cash Installment are of 3, 5 and 7 years.

In case of an unfortunate death of the life assured, the nominee will get higher of the guaranteed maturity benefit amount as death benefit; all the next premiums will be waived and the nominee will receive maturity benefit on the date of maturity. Therefore, Bajaj Allianz Young Assure ensures your child’s safe future education or marriage even in your absence!

Commenting on the launch of this plan, Anuj Agarwal, MD & CEO, Bajaj Allianz Life Insurance, said: “The cost of higher education or other future needs for one’s children is only increasing by the day. This prompts today’s parents to make adequate provisions to ensure child's future education is not impacted due to death or disability of the earning parent. Keeping this trend in mind, we have launched Bajaj Allianz Young Assure, a plan that can take care of all such needs with higher maturity benefit and provide financial security in unforeseen eventualities like death or accidental permanent total disability with waiver of premium.”

The Company may declare a rate of compound reversionary bonus. This rate will be expressed as a percentage of the Guaranteed Maturity Benefit. An interim bonus may also be declared.

Also, if the policy completes 10 years and all the due premiums have been paid, the company may declare a terminal bonus (applied on the guaranteed maturity benefit), if any. All these three types of bonuses, however, may vary with the policy term chosen by the policyholder.

About Bajaj Allianz Life Insurance:

Bajaj Allianz Life Insurance is a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world. Bajaj Allianz Life Insurance is one of the leading private life insurance companies in India. The Company has developed insurance solutions that cater to every segment and age-income profiles. Currently, Bajaj Allianz Life Insurance has a strong product portfolio with adequate flexible products to cater to all kinds of customer needs from ULIPs to Child plans, from group insurance to health insurance. The Company began its operations in 2001 and today has a pan-India presence with 759 branches in India. Bajaj Allianz Life Insurance has been constantly expanding its operations to be close to their customers.