Investment Plans 308 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.

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  1. Wide range of annuity options according to your lifestyle goals
  2. Option to receive a return of purchase price on death or as survival benefit
  3. Option to start annuity immediately after the plan ends, or as per your convenience
  4. Guaranteed income throughout life and paid as per the choice and need
  5. Option of Joint life annuity with 50% or 100% payable after death
  6. Tax benefits as per the Income Tax Act, 1961
  7. A free look period of 15 or 30 days

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!

Key Features of the Bajaj Allianz Life Guaranteed Pension Plan

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.

Multiple Annuity Options

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 OptionBenefits
Immediate Annuity Option

  1. Life Annuity

  2. Life Annuity with Return of Premium (ROP) on death

  3. Certain annuity for a guaranteed period of 5, 10, 15 or 20 years

  4. Joint life last survivor with 50% of the annuity to spouse

  5. Joint life last survivor with 100% of the annuity to spouse

  6. Joint life last survivor with 100% of the annuity to spouse with ROP on
    death

  7. Life annuity with ROP on death or survival

  8. Life annuity with ROP on death or installments on survival

  9. Life annuity will be paid to the NPS subscriber

Deferred Annuity Option

  1. Life annuity will be payable throughout life

  2. Life annuity with ROP on death

  3. Joint life last survivor with 100% of the annuity to spouse with ROP on death

  4. Life annuity with ROP on death or survival

  5. Life annuity with ROP on death via equal installments, on survival

Guaranteed Additions

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.

Option to Increase the Annuity through Top-up Premiums

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.

Option to Change Premium or Annuity Frequency

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.

Bajaj Allianz Life Guaranteed Pension Plan Premium Payment Term

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.

Bajaj Allianz Life Guaranteed Pension Plan Eligibility Criteria

Please check the below table to understand the eligibility criteria of the Bajaj Allianz Life Guaranteed Pension Plan.

Eligibility ConditionDetails
Entry AgeFor 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 AmountMinimum - 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 PriceAccording to the final decision taken by the board
Premium payment modes (Only for Deferred Annuity option)Yearly, Half-yearly, Quarterly and monthly
Deferment PeriodMinimum - 1 year for Single pay
5 years for Regular pay

Maximum - 10 years
Minimum Group Size5 members

Who Can Purchase Bajaj Allianz Life Guaranteed Pension Plan?

The following individuals can choose Bajaj Allianz Life Guaranteed Pension Plan.

  1. NPS subscribers
  2. Qualifying recognized overseas pension scheme (QROPS) policyholders
  3. Group members
  4. Banks or financial institutions
  5. Individuals who want to purchase annuities under immediate or deferred annuity plans

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