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Bajaj Allianz Child Plans

Every parent wishes the best for his or her children and that’s why, their future planning should start at the earliest phase. To ensure that your little ones are enrolled in the best school and utilise the finest facility, making investments in Bajaj Allianz child insurance plans is highly important. The life insurance policies can cater to a child’s demands and meet the financial exigency by securing the future.

The maturity amount of Bajaj Allianz Child Insurance plan helps in contributing to the future needs of the child. Catering to the academic needs, the plan also covers expense surfaced due to the kid’s knack of playing the piano or taking football practice. Therefore, you can implant the seed of interest in your little one without stressing about financial matters.

Bajaj Allianz Child insurance plans are especially designed to make sure that, irrespective of basic or luxury requirements, a child can lead a hassle-free life from the start. With the several premium payments and policy terms choices, inbuilt total disability benefit, guaranteed maturity benefit and cash instalment option, the child plans provided by Bajaj stand out from others. Hence, the parents can have sound sleep at night, rest assured that their children have a secured future.

What are Child Plans?

Once you start investing in the child insurance plans, you are guaranteed of optimal returns in lump sum which can aid in your child’s higher education. If you are not around to see your son or daughter’s established life, the insurance policy can help secure your kid’s future. Generally, education and marriage are two concerns and you should consider the time of maturity before investing.

Types of Child Plans offered by Bajaj Allianz

Bajaj Allianz Lifelong Assure

For keeping up a regular income stream throughout your life and provide sufficient protection to your children, Bajaj Allianz Lifelong Assure is the ideal choice. The plan provides tax benefits under the Section 80C of Income Tax Act, 1961; hence, the premiums paid are tax exempted. In addition to the context, surrender value, death benefit and maturity benefit are also subject to tax benefit under Section 10(10D) of Income Tax Act, 1961.

Features and Benefits

Being slightly different from other Bajaj Allianz child insurance plans, this plan has survival benefit in which you can get 3% of guaranteed cash back on the sum assured per year. It starts from the end of the premium payment term and continues till the end of policy term, i.e. 99 years. The cash bonus starts after completing 6 years till you reach the age mark of 99 years.

  • Death Benefit: If the policyholder passes away and all the due premiums are cleared, the death benefit will be paid.

    • Age Entry 45 years and above - The death benefit is higher of 105% of entire premiums paid or 7 times of annualised premium or 300%, 250% or 200% of sum assured depending on the PPT chosen.
    • Age Entry under 45 years - The higher of 10 times annualized premium or 200%, 250% or 300% of sum assured depending on the PPT chosen or 105% of total premium paid till date of death.
  • Maturity Benefit: Unlike other Bajaj Allianz child insurance plans, the mentioned policy will mature when the policyholder is of 100 years. If the premiums are cleared till the maturity date, the maturity value under Bajaj Allianz Lifelong Assure will be of 200% of sum assured, only when premium payment term is 10 years.

When the premium payment term is of 15 years and 20 years, the maturity value will be 250% and 300% of sum assured respectively. Moreover, the insured will receive a terminal bonus.

Eligibility

Take a look at the following table to understand the eligibility criteria of Lifelong Assure,

Entry age 10 years-55 years
Sum assured Rs. 1 lakh-no limit
Premium payment term 10, 15 or 20 years
Policy term 100-entry age years
Premium payment frequency Monthly, yearly, quarterly and half-yearly

Bajaj Allianz Young Assure

This child plan is designed to meet a child’s educational needs along with other future demands. As the apple of your eye truly deserves the best for putting much effort into academia, it is your responsibility to help them reach their goals easily. Bajaj Allianz Young Assure is a conventional savings insurance plan making sure that the delicate dreams never die of financial constraints.

Features and Benefits

  • Financial cover for crucial years like education and marriage with flexible policy terms and premium payment options
  • Cheaper rates for females
  • Addition of rider benefits for enhancing coverage
  • Three useful cash instalment options
  • Guaranteed additions, guaranteed maturity benefit and bonus for good returns

Eligibility

The minimum entry age is 18 years old and the maximum is 50 years old. Also, 28 years is the minimum age for maturity and the maximum maturity age is 60 years. Take a look at other important sections for understanding whether you are eligible-

  • Guaranteed Maturity Benefit: There is no maximum limit on GMB, but the minimum starts at Rs. 1, 00, 000.
  • Premium payment options: Monthly, quarterly, half-annually and annually
  • Premium: It is based on policy term, GMB, age, premium payment option and policy term. Keep in mind that the premium rate of a female policyholder is that of a 3 years younger male.
  • Sum Assured: You are guaranteed to receive the sum assured which is 10 times more than annualised premium. However, rider premium, GST and additional premium are not included here.

Policy Benefits and Features

Being one of the effective Bajaj Allianz child insurance plans, Bajaj Allianz Young Assure offers accidental permanent total disability benefit, surrender benefit, premium rebate, maturity benefit, death benefit and also additional rider benefit.

  • When the premiums are cleared till date and the unfortunate events of life lead to accidental permanent total disability, the policy will be converted to a fully paid-up policy and will continue to accrue all future GA, and Vested Bonus and Terminal Bonus, if any. At the end of the policy term, the Maturity Benefit will be payable.
  • Maturity benefit includes Guaranteed Maturity Benefit (GMB) plus Guaranteed Additions (GA) plus Vested Bonus (VB) plus Interim Bonus (IB), if any, plus Terminal Bonus (TB), if any.
  • The death benefit is higher of Sum Assured or the GMB.
  • Additional rider benefit adds extra financial security to the plan.
  • After paying one year of premium and the premium paying term is less than 10 years or at least 2 full years' premiums have been paid, if premium paying term is 10 years or more, the insured can surrender the policy.

How Does Your Plan Work?

The policyholder has to choose the following,

  • Select the policy term
  • Opt for a suitable premium payment term
  • Hand-pick premium payment frequency
  • Select the appropriate Guaranteed Maturity Benefit
  • The premium payable is dependent on age, premium payment term, premium payment frequency, guaranteed maturity benefit and premium payment term. The sum assured is 10 times more than annualised premium. In the fourth stage, choose the sum assured.
  • Select the cash instalment alternative
  • In case of survival till the end of the policy term, maturity benefit is paid and in case of death of the policyholder during the policy term, death benefit is paid.

Why you should opt for Bajaj Allianz Lifelong Assure

This is one of the best Bajaj Allianz Child insurance plans offering cash bonus after completion of the sixth year. The insured is guaranteed life cover till 100 years and from the inception to the premium payment term, you can get guaranteed cash back. There is also monthly instalment option for policy benefit. Other key features of this plan are mentioned below,

  • Enticing rates for female users
  • 20, 15 and 10 years for premium payment terms
  • High value for money along with sum assured rebate
  • Guaranteed death benefit is available up to 300% of sum assured value

Why you should opt for Bajaj Allianz Young Assure

Bajaj Allianz Young Assure is a traditional participating plan offering benefits based on the outcome of participating fund. Limited and regular are two types of premium paying options and the policyholder can get a bonus from GMB.

Apart from the wide coverage on death or accidental disability, Bajaj Allianz Young Assure provides rider benefit. The maturity benefit is paid out when the policy term is over. GA along with GMB and bonuses are available in the policy.

FAQs on Bajaj Allianz Child Plans

How do I buy Bajaj Allianz Child Plans online?

  • Open the official website and click on ‘New’.
  • Provide personal details including first name, middle name, last name and contact address.
  • Choose your gender on the same page and select your date of birth. Also, select your pin code.
  • Click on ‘Next’ and get redirected to a new page.
  • Read the terms and conditions and make the payment online.

How do I contact Bajaj Allianz Child Plans Company?

To contact Baja Allianz Child Plans Company, you can send an email, call on customer care or send a fax to Bajaj Allianz Child Plans Company. Also, you can send a mail to the company’s postal address.

How do I login to Bajaj Allianz Child Plans Company website?

To login to Bajaj Allianz Child Plans Company website, you need to provide your username and password on the login portal. Remember, you must not share these details with anyone.

What is Bajaj Allianz Child Plans Company's Contact Number?

  • Physical Address - Bajaj Allianz House, Airport Road, Yerawada, Pune 411 006, Maharashtra.
  • Fax - (+91 020) 66026789
  • Email - customercare@bajajallianz.co.in
  • Customer Care
    • BSNL : 1800-233-7272 |
    • TATA : 1800-209-7272 |
    • BHARTI : 1800-103-7272 |
    • RELIANCE : 1800-3000-7272

What type of investor should invest in a smallcap scheme?

If you have a high-risk appetite, you should invest in the smallcap scheme.

Which Bajaj Allianz Child Plans should I invest?

Bajaj Allianz Lifelong Assure is a great plan which covers the insured’s life till 100 years. The cash bonus can be availed under this policy at the end of the 6th policy year. Also, you can avail loan under this policy up to 80% of surrender value.

Why should I invest in Bajaj Allianz Child Plans?

You should invest in the Bajaj Allianz Child plans if you wish to secure the child’s life even when you are not around anymore. The sum assured is paid when the parent passes away and the plan ensures a risk-free life to the child.

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