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Investment Plans 1090 views April 7, 2021
If you are looking to plan your retirement in the early years of your life, Bajaj Allianz Life Guaranteed Pension Plan could be the right choice for you! This pension plan from Bajaj Allianz Life can help build a retirement corpus over a long period and let you live your retirement days peacefully. The plan helps individuals achieve their lifestyle goals by providing them guaranteed income throughout their lifetime. Before going any further, let’s look at its striking features.
On this page, we will discuss all these features of the Bajaj Allianz Life Guaranteed Pension Plan in detail so that you can make a better decision. Apart from this, you can also know its policy term, sum assured, eligibility criteria, etc. So, let’s start!
Table of Contents
Bajaj Allianz Life Guaranteed Pension Plan is a non-participating, non-linked, individual deferred, and immediate annuity plan. Let’s understand its key features in detail so that you can understand them better.
One of the best features of this pension plan is that you can choose between the two annuity options – Immediate Annuity and Deferred Annuity – at the start of the policy according to your convenience.
With the immediate annuity option, your annuity payout will start as soon you pay a lump sum amount. The payout frequency will depend on the option chosen by you. In contrast, with the deferred annuity option, your annuity payout will start after the deferment period chosen by you at inception.
To know more about the benefits under these annuity options, you can check the below table.
Annuity Option | Benefits |
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Immediate Annuity Option |
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Deferred Annuity Option |
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Bajaj Allianz Life Guaranteed Pension Plan also provides guaranteed additions if you choose the option of deferred annuity. During the deferment period, a single annuity installment will be added to the policy at the end of every month. The number of guaranteed additions will depend on the frequency of annuity chosen by you. The frequency options are annually, half-yearly, quarterly and monthly.
If you want to increase your annuity after the start of your existing immediate or deferred annuity policy, you can do it by paying an additional premium amount as the top-up amount. This amount will be based on the annuity rate at the time of payment of the top-up premium. Also, the top-up premiums will be considered as a single premium.
Policyholders can also change their premium or annuity frequencies with yearly annuity rates. For the regular or limited premium payment mode, the premium frequencies are yearly, half-yearly, monthly and quarterly.
With Bajaj Allianz Life Guaranteed Pension Plan, policyholders can choose the premium payment term from two options of Single Pay and Regular Pay. With the single pay option, you will need to pay a one-time premium towards your policy, while with the regular pay option, the premium payment term can range from 5 to 10 years.
Please check the below table to understand the eligibility criteria of the Bajaj Allianz Life Guaranteed Pension Plan.
Eligibility Condition | Details |
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Entry Age | For Immediate Annuity - 30 years to 85 years For Deferred Annuity - 45 years to 84 years (For policies sold through POS channels, the minimum and maximum age will be 40 and 70 years, respectively.) |
Annuity Amount | Minimum - INR 12,000 per annum (INR 6,000 for 6-months, INR 3,000 per quarter and INR 1,000 per month) Maximum - No Limit |
Purchase Price | According to the final decision taken by the board |
Premium payment modes (Only for Deferred Annuity option) | Yearly, Half-yearly, Quarterly and monthly |
Deferment Period | Minimum - 1 year for Single pay 5 years for Regular pay Maximum - 10 years |
Minimum Group Size | 5 members |
The following individuals can choose Bajaj Allianz Life Guaranteed Pension Plan.