Bajaj Allianz Child Plans: A Detailed Guide

Undeniably, emergency situations and financial crunches can come anytime. However, when your finances start hampering the education or the future of your child, there seems to be nothing more heartbreaking than that.

That is one of the reasons why experts recommend Investing the surplus in child Endowment Plan before it’s too late. These plans don't just offer financial support, but also cover the death benefit of the insured.

Interested in finding out more? Here, in this post, you can find all the details of Bajaj Allianz child plans along with the eligibility criterion and documents required. Have a read ahead!

Types of Bajaj Allianz Child Plans

1. Bajaj Allianz Young Assure Plan

This Bajaj Allianz child insurance is a traditional plan that provides a combination of insurance and savings plan. With this policy, you get a perfect opportunity to become a disciplined investor; hence, making sure that your little one achieves all of the life goals. It is a limited and regular premium payment plan that allows you to strategize the financial milestones of your child.

Features

• Assured maturity benefit along with other additions
• Availability of vested and terminal bonus on maturity
• Choose to receive a benefit in instalments
• Two different premium options available
• Option to select Guaranteed Maturity Benefit (GMB)

2. Bajaj Allianz Lifelong Assure Plan

This Bajaj Allianz child plan is a complete Life Insurance plan that is specifically designed to provide financial support as your child moves towards major life goals. With this plan, you get life cover and Income till you, the parent, turn 100 years. Along with that, you also acquire a cash bonus that begins the moment 6th year of the policy ends. And then, there are certain assured Cash Back options that come to the end of the Premium Payment.

If that is not enough, this plan also offers death benefit of up to 300% of the assured sum, depending upon the chosen PPT.

Features

• This is a whole life plan; thus, covers the policyholder until the age of 100 years
• Bonuses and premiums only for a specific time period
• Cash bonus at the end of the 6th policy year
• Assured cashback at 3% of the sum assured
• Death benefits are given in the form of instalments

Required Documents

If you are thinking to get a Bajaj child plan for your bundle of joy, here are the necessary documents that you would have to put forward to buy a policy:

• ID proof (Passport, Driving License, Voter ID)
• Age proof (Driving License, PAN Card, Aadhar Card, Birth Certificate)
• Address proof (Passport, Driving License, Voter ID, PAN Card)
• Recent photograph

Bajaj Allianz Child Plans FAQs

1. What is the premium payment mode?

A: Whether you have purchased a Bajaj Allianz child education plan or any other, there are two different payment modes, such as NEFT and ECS. You can choose one according to your convenience and pay the premium.

2. What is the claim settlement process?

A: Along with the appropriately filled form, you would have to submit the required documents to claim a settlement. You can either do so online or visit the nearest branch. Upon getting the request and documents, the company settles down the claim within 30 working days.

3. Can I cancel the policy in the middle?

A: Yes, you can. To cancel your policy, you will have to get all the required documents and fill the surrender form. And then, you would have to submit everything at the nearest Bajaj Allianz office branch. On the Basis of the current NAV value, the company will refund you accordingly.

4. Are there any tax benefits available?

A: Yes, Bajaj Allianz offers several tax benefits under Section 80C of the income tax Act, 1961. The death or maturity benefit is exempted from the section 10D of the Income Tax Act, 1961.

Bajaj Allianz Child Insurance Customer Care

• Toll-Free Number: 1800-233-7272
• Email ID: customercare[@]bajajallianz[dot]co[dot]in