Bajaj Allianz Young Assure Child Plan – a traditional savings insurance plan

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Bajaj Allianz Young Assure is the new traditional savings insurance plan launched by Bajaj Allianz. They are targeting this product as a children insurance plan. Young assure is a pure endowment plan which will take care of both life cover with decent return on investment. This a limited premium payment policy with guaranteed maturity benefit options after policy term. Looks like a money back concept to handle financial stress on crucial period of child like 21st, 22nd, 23rd and 24th year. Let’s check out in more detail about the highlights of Bajaj Allianz Young Assure plan.

Key benefits of Bajaj Allianz Young Assure plan

I have prepared a simple chart to explain the major features of this policy. Check out the image below.

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Bajaj Allianz Young Assure Child Plan review

Bajaj Allianz Young Assure plan will highlight GMB as a key factor of this policy. While buying the policy one have to choose for future cash payment option to get after maturity benefit. In case of death within premium paying term, nominee will get 105% of the premium paid. Further premium will be waived off and on maturity Guaranteed Maturity Benefit (GMB), Guaranteed Additions (GA) and bonuses will be provided as per eligibility if any. You can check out the below example taken from Bajaj Allianz website explaining the policy benefits clearly.

Bajaj Allianz Young Assure plan premium calculation

Bajaj Allianz Young Assure plan additional features

One can buy additional riders with this plan. Choose any one as per your need from below available riders

  • 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
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In case of GMB chosen more than Rs 1,00,000 then a premium rebate will apply based on policy term and premium payment terms.

Bajaj Allianz Young Assure premium rebate chart

If you want to surrender Bajaj Allianz Young Assure plan, then you should pay 1 year premium if premium paying term chosen in less than 10 years and 2 year premium if premium paying term chosen more than 10 years. The calculation for Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV) will be as per company policy only.

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Should I buy Bajaj Allianz Young Assure plan?

As this is a typical endowment plan with many complex features and calculations, I don’t think it will be able to perform in the long run as per insurance and investment need. Again they are targeting this plan as child insurance plan. I don’t understand one thing, why one should buy a insurance plan for their children;s future expenditure? You need enough money to support education or marriage expenditure and for that there are better alternatives of endowment plans. But I will request you to know more about this policy by reading the Bajaj Allianz Young Assure brochure and take your own decision as per your risk appetite.

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