Bajaj Allianz Pension Guarantee Plan

Bajaj Allianz Pension Guarantee Plan

 Bajaj Allianz Pension Guarantee Plan is a Traditional Immediate Pension Plan from Bajaj Allianz Life Insurance Company. This is a non unit-linked insurance traditional plan with Single Premium Option.

 

This is a simple Immediate Pension Plan where premium needs to be paid in a Lumpsum and the pension begins in the next cycle according to the pension option selected. The policyholder needs to pay the Purchase Price (Or the Premium) in a lumpsum and gets a guaranteed schedule of pension according to the pension option selected. There are 6 options for pension that is available and the Policyholder needs to select the pension option at the inception of the policy. And the pension would start from the next selected mode of operation like yearly, half yearly, quarterly or monthly. This plan is suitable for people who had not planned for their retirement earlier and would like to avail pension by paying a lumpsum amount.
 

Key Features of Bajaj Allianz Pension Guarantee Plan

• This plan is an Immediate Pension Plan
• There are 6 Pension Options available in this plan
  1. Life Annuity- Annuity is payable as long as Life Insured is alive
  2. Annuity Guarantee for 5 years and then till as long as Life Insured is alive
  3. Annuity Guarantee for 10 years and then till as long as Life Insured is alive
  4. Annuity Guarantee for 15 years and then till as long as Life Insured is alive
  5. Annuity Guarantee for 20 years and then till as long as Life Insured is alive
  6. Return of Capital- Annuity is payable as long as Life Insured is alive and then the remaining Capital would be returned to the nominee
• Since this is a Pension Plan, there is no such Death Benefit except in Option 6 where the remaining fund, if any, would be paid to the nominee.

 

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Benefits you get from Bajaj Allianz Pension Guarantee Plan

Death Benefit – In case of death of the Life Insured, the nominee receives:

1. Life Annuity- Annuity is payable as long as Life Insured is alive and no Death Benefit is paid thereafter
2. Annuity Guarantee for 5 years- Annuity is payable for a minimum period of 5 years and then till as long as Life Insured is alive. Further, no Death Benefit is paid thereafter.
3. Annuity Guarantee for 10 years- Annuity is payable for a minimum period of 10 years and then till as long as Life Insured is alive. Further, no Death Benefit is paid thereafter.
4. Annuity Guarantee for 15 years- Annuity is payable for a minimum period of 15 years and then till as long as Life Insured is alive. Further, no Death Benefit is paid thereafter.
5. Annuity Guarantee for 20 years- Annuity is payable for a minimum period of 5 years and then till as long as Life Insured is alive. Further, no Death Benefit is paid thereafter.
6. Return of Capital- Annuity is payable as long as Life Insured is alive and then the remaining of the capital, if any, would be returned to the nominee on the death of the Life Insured.

Maturity Benefit – Being a Pension Plan, there is no Maturity Benefit.

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and 1/3^rd of the Maturity Proceeds are exempted from tax under Section 10 (10A)

 

 Eligibility conditions and other restrictions in Bajaj Allianz Pension Guarantee Plan

	Minimum	Maximum
Purchase Price (in Rs.)	25,000	No Limit
Policy Term (in years)	Till Death
Premium Payment Term (in years)	Single
Entry Age of Life Insured (in years)	40	80
Age at Maturity (in years)	-	80
Annuity Instalment (in Rs.)	1,000	No Limit
Annuity modes	Yearly, Half-Yearly, Quarterly and Monthly

 

Sample illustration of premium of Bajaj Allianz Pension Guarantee Plan

The below illustration is for a healthy Male (non-tobacco user) opting for a

Age = 40 years and 45 years

Purchase Price = Rs 1,00,000 



 

Additional Features and Benefits of Bajaj Allianz Pension Guarantee Plan

Riders- There are no additional riders in this plan

 

What happens if?

You stop paying the premium – Being a Single Premium Plan, there is no question of future premium payment.

You want to surrender the policy – There is a Surrender Value after 3 policy years

You want a loan against your policy – Loan facility is available under this policy after 3 policy years upto 90% of the Surrender Value under the Plan