Bajaj Allianz Child Gain Plan
Bajaj Allianz Child Gain Plan is a child money back policy with 4 variants. The Survival Benefits are spaced out differently according to the plan selected.
There are 4 variants of this plan namely Child Gain 21, Child Gain 21 Plus, Child Gain 24 and Child Gain 24 Plus.
In Child Gain 21 and Child Gain 21 Plus, is paid out after the child attains 18 years, 19 years, 20 years and 21 years. And in Child Gain 24 and Child Gain 24 Plus, the money is paid out after the child attains 18 years, 20 years, 22 years and 24 years. However, if the child dies after the risk commencement but before the entire money is paid out, then the remaining Sum Assured is paid in a lump sum and the policy is terminated. But if the parent dies during the policy tenure, the future premiums are waived and the policy is continued such that the future Survival Benefits are paid whenever due.
Key Features of Bajaj Allianz Child Gain Plan
- Premium needs to be paid till the child is 18 years old
- Annual Bonus and Terminal Bonus is paid with the first guaranteed payout after the child is 18 years old
- There are in built riders in this plan like Premium Waiver Benefit, which is paid in case of death or Accidental Total Permanent Disability of the policyholder during the premium payment term and Family Income Benefit rider
- There is an option provided to the child to purchase a life insurance policy from Bajaj Allianz when the policy matures, without any medical examination
- In case of Child Gain 21 Plus and Child Gain 24 Plus, for a nominal amount, an additional Sum Assured subject to a maximum limit of Rs. 10 lacs will become payable to enable the child start his/her professional life smoothly, in case of an unfortunate death or Accidental Permanent Total Disability of the Policyholder during the term of the policy
Benefits you get from Bajaj Allianz Child Gain Plan
Death Benefit – In case of death of the insured child
· Below 7 years, i.e. before the risk commencement of the child, Premiums paid will be refunded without interest and the policy will terminate
· Between 7 and 18 years of age, i.e. after risk commencement but before the payout begins, Sum assured with accrued bonuses will be paid and the policy will terminate.
· Between 18 to 24 years of age, i.e. after the payout began, Outstanding payouts will be paid as one lumpsum and the policy will terminate
In case of death of the Parent, i.e. the policyholder, during the premium payment term, all future premium payments are waived but the policy continues such that the future benefits are paid on time.
Survival Benefit –
For Child Gain 21 and Child Gain 21 Plus:
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Age of Child
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Survival Benefit Payable
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At 18 years of age
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20% of the Sum Assured along with Accrued Bonus is paid
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At 19 years of age
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25% of the Sum Assured
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At 20 years of age
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25% of the Sum Assured
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For Child Gain 24 and Child Gain 24 Plus:
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Age of Child
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Survival Benefit Payable
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At 18 years of age
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25% of the Sum Assured along with Accrued Bonus is paid
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At 20 years of age
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25% of the Sum Assured
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At 22 years of age
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25% of the Sum Assured
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Maturity Benefit – For Child Gain 21 and Child Gain 21 Plus: 35% of the Sum Assured is paid when the policy matures at the child’s age of 21 years. Hence a Total of 105% of the Sum Assured is paid out.
For Child Gain 24 and Child Gain 24 Plus: 40% of the Sum Assured is paid when the policy matures at the child’s age of 24 years. Hence a Total of 115% of the Sum Assured is paid out.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility in Bajaj Allianz Child Gain Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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1,00,000
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50,00,000
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Policy Term (in years)
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21/24 years – Child’s Age at Entry
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Premium Payment Term (in years)
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5
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18
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Entry Age of Policyholder (Parent) (in years)
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20
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50
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Entry Age of Life Insured (Child) (in years)
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0
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13
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Age at Maturity of Child (in years)
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-
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21/24
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Single premium (in Rs.)
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NA
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Payment modes
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Yearly, Half-yearly, Quarterly and Monthly
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Sample illustration of premium amount in Bajaj Allianz Child Gain Plan
The below illustration is for a healthy child of 10 years age opting for a
Sum Assured = Rs. 5,00,000
Policy Term= 21/24 years – Age at entry of the child.
Bonus Assumption= @3.25
Additional Features and Benefits of Bajaj Allianz Child Gain Plan
Riders- There are 2 in built riders available with this plan-
- Premium Waiver Benefit Rider, which is paid in case of death or Accidental Total Permanent Disability of the policyholder during the premium payment term
- Monthly Income Benefit of 1% of the sum assured (12% per annum) subject to a maximum of Rs.10,000 p.m. becomes payable till the end of the policy term
You stop paying the premium – The policy would lapse and all benefits would cease to exist.
You want to surrender the policy – Surrender of policy is allowed only after completion of 3 years for Regular Term and 2 years for a Premium Paying Term of 5 or 6 years. The Minimum Guaranteed Surrender Value is 30% of all premiums paid excluding the first year premium less additional rider premium
You want a loan against your policy – Policy Loan is not available in this plan.
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