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Bajaj Allianz Pension Secure Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
Bajaj Allianz Pension Secure Plan
Bajaj Allianz Pension Secure Plan is an Immediate Annuity Plan. The plan can be used to generate regular income during your retirement period.
How it works – In this plan, payment needs to be paid in a lumpsum. The initial amount of money paid for the purchase of annuity is called Purchase Price. Once the Purchase Price is bought, annuity starts from the next installment. Annuity can be taken in Monthly, Quarterly, Half yearly and Annually modes.
There is only 1 annuity option available in this plan- Life Annuity with Return of Purchase price. Thus, in this plan the annuity continues till the death of the annuitant and then the Purchase Price is returned to the nominee as Death Benefit and the policy terminates.
Key Features of Bajaj Allianz Pension Secure Insurance Policy
It is an Immediate Annuity Plan without Bonus facility
Premium needs to be paid upfront in this plan
There is only 1 annuity option available in this plan- Life Annuity with Return of Purchase price
There is no Maturity Benefit in this plan
COMPARE THIS PLAN WITH OTHER PENSION PLANS
Benefits you get from Bajaj Allianz Pension Secure Insurance Plan
Death Benefit – In this plan, when the policy terminates, the Purchase Price is returned to the nominee as Death Benefit and the policy terminates.
Maturity Benefit – Being a pure annuity plan, there is no Maturity Benefit in this plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C but the annuity is taxable in the hands of the annuitant. The Death Benefit is tax free under section 10(10)D.
Eligibility conditions & other restrictions in Bajaj Allianz Pension Secure Policy
Minimum
Maximum
Purchase Price (in Rs.)
25,000
No Limit
Policy Term (in years)
Whole Life
Premium Payment Term (in years)
Single
Entry Age of Annuitant (in years)
0
80
Age at Maturity (in years)
-
Lifelong
Annuity Installment (in Rs.)
25,000
No Limit
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
Additional Features and Benefits of Bajaj Allianz Pension Secure 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 further requirement of premium payment.
You want to surrender the policy – There are no Surrender Benefits in this plan.
You want a loan against your policy – Loan facility is not available in this plan.
