Bajaj Allianz Life Insurance has launched a new savings plan – Bajaj Allianz Life ACE. It is a non-linked, participating, early-income life insurance plan, which offers flexibility to customers to tailor-make the cash flows as per their financial requirements, the insurer said in a statement.
Bajaj Allianz Life ACE offers dynamic income options where customers can choose the desired income, income start year, income period, adjust maturity benefits as per their goals and much more at the start of the policy.
The scheme comes with an early or deferred income option, enabling customers to receive income right from the start of the policy or defer the start of their income for up to 5 years. This can be from the end of the first month of paying the premium or deferring it to a specific period to suit their financial needs. The product further allows customers to choose their income tenure, starting with a minimum of 10 years up to the age of 100 years.
Bajaj Allianz Life ACE also provides the Goal Protection Benefit as an option to ensure the policyholder’s family continues to get income through the policy term, even when the policyholder is no more.
For women, Bajaj Allianz Life ACE comes with additional income benefits.
Bajaj Allianz Life ACE may be suitable for those customers who are keen to create and control their income flow to plan for multiple life goals.
The insurer said that through this product, customers can choose either a higher income to create an additional source of income, or a higher lumpsum to create a legacy or enjoy the balance of both regular income and lumpsum. All this in addition to the life cover the product offers.
“To make traditional savings products more beneficial for customers, I’m happy to introduce, for the first time ever, the component of enhanced flexibility in a participating plan. This feature will provide the customers the power of choice. Depending on their financial goal customers can choose the level of income, when & for how long they want the income, and how they want their cash flow. This wasn’t possible earlier. This flexibility backed by our consistent past performance gives me the confidence that our new savings plan will have a strong place in our customers’ financial portfolio,” said Tarun Chugh, MD & CEO of Bajaj Allianz Life.