Bajaj Allianz Life Insurance provides various Retirement Plans to help the people to organise Finances and Prepare for Retirement. Financial barriers may occur when you retire. In those Situations, Bajaj Allianz Pension Plans will help you to lead a happy life with your Family. So the People who like to buy Bajaj Allianz Retirement Plans can check the details like Features and Benefits given below.
Bajaj Allianz Pension Plans Review
Retirement is when you stop living to work and start working towards your happy living. A Pension plan is usually a type of retirement plan that gives an opportunity for employees to make you financially sound even in the later days of your life. Bajaj Allianz Life Insurance Offers the Best Pension plans to build a secure and comfortable retirement plan for your future. Hence People can invest the Money in the Bajaj Allianz Pension Plans to continue your life in a Joyful way at the age of Relaxation. Bajaj Pension Plan is less expensive when compared to other Pension Plans.
A Pension Plan will help you to save money for your retirement and to secure Family in your absence. For that Purpose, Bajaj Allianz provides two types of Retirement Plans. So as per requirement, People can Buy Bajaj Allianz Pension Plans. Before going to Buy, You need to check the Bajaj Retirement Plan Details, Features, and Benefits. The Complete information regarding Bajaj Allianz Insurance Plans is Given Below.
Types of Bajaj Allianz Retirement Plans
There are two Pension Plans are available in Bajaj Allianz. To meet the Post Retirement needs, you can buy the required Bajaj Retirement Plans. The details of the various types of Bajaj Allianz Pension Plans or Annuity are provided below.
- Pension Guarantee Plan.
- Retire Rich Plan.
1. Bajaj Allianz Pension Guarantee Plan
It is a Non-linked and Non-par Immediate Annuity Plan. With Bajaj Allianz Pension Guarantee Plan, you can also ensure a regular income after retirement. Therefore, The plan offers you a range of immediate annuities to choose from. Unique Identification Number is UIN: 116N036V04.
Key Features of Bajaj Pension Guarantee Plan:
- Policy Holder can select your annuity payout rate for Monthly, Quarterly, Half-yearly or Annually.
- There is No Limit for Maximum Purchase Price.
- Flexible for Top-Up Premium Payment.
- There is No Life Cover.
- There is an Option to change the Term of Premium Paying.
Benefits of Bajaj Allianz Pension Guarantee Plan:
Death Benefit:
In the case of Unfortunate Death of Life Assured, The Company Offers the following Benefits.
- The annuitant and his/her spouse are covered under the policy.
- The Secondary Annuitant will get the Annuity as long as he/she is alive.
- The purchase price is returned to the nominee on death of the annuitant.
Tax Benefit:
Tax Benefits are applicable as per Applicable Tax Laws.
Bajaj Allianz Pension Guarantee Plan Eligibility Criteria
| Minimum Age at Entry | 37 Years | ||||
| Maximum Age at Entry | 80 Years | ||||
| Minimum Purchase Price | Rs 25,000/-
In case nominee/policyholder of policy under a pension plan of BALIC who wishes to take Bajaj Allianz Pension Guarantee plan, the minimum purchase price is not applicable. |
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| Maximum Purchase Price | NoLimit | ||||
| Minimum Annuity Instalment | Frequency | Yearly | Half Yearly | Quarterly | Monthly |
| Minimum Annuity Instalment | 1,000 | 1,000 | 1,000 | 1000 | |
| If the annuity instalment is less than ` 1,000 for an annuity frequency (for the given purchase price), then, that annuity frequency will not be available, and the annuitant will have to choose from other available annuity frequencies. | |||||
If you want the complete details of this retirement plan then click the brochure link.
Bajaj Allianz Pension Guarantee Plan
2. Bajaj Allianz Retire Rich
This Bajaj Retirement Plan offers you the features of :
- Guaranteed Death Benefit and Guaranteed Vesting Benefit.
- Flexibility to pay top-up premium.
- Policy Holder can select the option like regular, limited or single premium payment.
- It Provides an Option to change the premium payment term.
Benefits of Bajaj Allianz Retire Rich Plan:
Death Benefit:
On the Unfortunate Demise of Life Assured before the Maturity of the Policy, Bajaj Company will provide the Death Benefit as Follows.
- 105% of the sum of all premiums and top-up premiums (if any) paid till date under the policy.
- The Nominee will get the Total Payable as on the date of intimation of death.
- The Nominee can get the Entire Lump Sum Amount.
Vesting Benefit:
- Buyer will get 101% of the sum of all premium and top-up premiums (if any) paid by you till the VentureDate.
- Life Insured can extend the prevailing deferment period under the policy.
Surrender Benefit:
- The Buyer can surrender the Policy At Any Time.
- On surrender of the policy after the lock-in period of five years, the total Fund Value, on the date of surrender, will be available to you as the surrender value and the policy will terminate.
Eligibility Conditions
| Minimum Entry Age | 30 Years | ||||||||||||||||||||||||||
| Maximum Entry Age | 73 Years | ||||||||||||||||||||||||||
| Minimum Age at Vesting | 37 Years | ||||||||||||||||||||||||||
| Maximum Age at Vesting | 80 Years | ||||||||||||||||||||||||||
| Minimum Policy Term | 07 Years | ||||||||||||||||||||||||||
| Maximum Policy Term | 30 Years | ||||||||||||||||||||||||||
| Minimum Premium Payment Term | 05 Years | ||||||||||||||||||||||||||
| Maximum Premium Payment Term | Up to the Policy Term chosen | ||||||||||||||||||||||||||
| Minimum Regular Premium |
For Regular and Limited Premium Payment options:
For Single Premium Payment option:
Monthly premium payment frequency will be available under salary deduction scheme & ECS. |
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| Maximum Regular premium | No Limit | ||||||||||||||||||||||||||
| Minimum Top Up Premium | Rs 5,000/- | ||||||||||||||||||||||||||
| Maximum Top Up Premium | No Limit |
For detailed information regarding the Bajaj Allianz Retire Rich plan, refer the link provided below.
Bajaj Retire Rich Plan Brochure
Bajaj Allianz Pension Plans Premium Calculator
Policy Holder can quickly calculate the Premium amount, Death Benefit and also other factors of Exide Life Pension Plans with the help of Exide Life Insurance Premium Calculator. The required details are
- Present Annual Income.
- Date Of Birth.
- Age.
- Policy Term.
- Premium Paying Term.
- Sum Assured.
Bajaj Retirement Plans Buying Process
People can Buy the Bajaj Allianz Pension Plans through Online or buy at the Bajaj Life Insurance Branch Office or, from the Agent of Bajaj Allianz Life Insurance Company. You can also download the Proposal Form from the Bajaj Allianz Official website also. The Documents required for buying Bajaj Life Insurance Plans are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required)
Bajaj Allianz Pension Plans Claim Process
Policy Holder can claim the Retirement Plans by giving intimation to the nearest branch. You can get the Claim Form from that Bajaj Life Insurance Company. The Documents required in Bajaj Allianz pension policy Claim Process are
The documents required to request for the Reliance Life Insurance Pension Plans are
- Original Policy Document.
- Proof of title.
- Death Proof.
- Medical treatment documents before death.
- Age proof.
- Additional documents in case of death occurred due to unnatural or accidental death.
Additional Information on Bajaj Allianz Retirement/Pension Plans
Free Look Period:
If the Life Insured doesn’t satisfy with the policy terms and conditions, he/she may return the policy within the Free Look Period mentioned by the company. The free Look Period for these Bajaj Allianz Pension Plans is 15 Days.
Grace Period:
If The Buyer doesn’t pay the premium within time, the company will provide a grace period of 30 days to make the policyholder pay the premium within that time.
Revival Period:
If you have not paid the due premiums within the grace period, the policy lapses. Then you can revive your policy within the duration mentioned by the company from the date of first unpaid premium.
Surrender Value:
Life Assured can surrender the policy at any time during the policy term if you have paid the premiums for the period mentioned by the company.