Bajaj Allianz Life Guaranteed Pension Goal Plan
Bajaj Allianz Life Guaranteed Pension Goal provides a guaranteed lifelong income so that your lifestyle goals are not compromised. Because the plan includes an instant annuity, your income can begin as soon as you begin your anticipated retirement, allowing you to live stress-free.
The retirement life insurance plan also gives you the freedom to select from nine different annuity income options to suit your specific lifestyle needs after you retire. With the Bajaj Allianz Life Guaranteed Pension Goal plan, policyholders can choose between starting their regular income later through a delayed annuity plan or receiving it immediately with an immediate annuity plan.
Continue reading to know more about the Bajaj Allianz Guaranteed Income Goal’s eligibility criteria, benefits & features, exclusions, premium calculation, and more.
Here is the eligibility criteria for Bajaj Allianz Life Guaranteed Pension Goal.
For policies sold through POS Channel, the minimum entry age will be 40 years, and as per prevailing IRDAI POS Guidelines, as amended from time to time
For policies sold through POS Channel, the maximum entry age will be 70, and as per prevailing IRDAI POS Guidelines, as amended from time to time
84 years subject to Annuity starting at a maximum age of 85 years
Higher ages at entry may be allowed under the annuity options, Life Annuity with Return of Purchase Price on death and Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price on death of last survivor to cater to the needs of NPS subscribers, as per extant PFRDA guidelines
|Purchase Policy||As per the prevailing Board Approved Underwriting Policy|
|Minimum Annuity Amount|
Yearly- Rs. 12,000
Half-Yearly- Rs. 6,000
Quarterly- Rs. 3,000
Monthly- Rs. 1,000
|Maximum Annuity Amount||No limit|
|Modes of Payment of Premium (only under Deferred Annuity Regular/Limited Premium)|
Yearly, half-yearly, quarterly, monthly
Quarterly & monthly Premium frequencies are available only with auto-debit mode (as approved by RBI)
|Deferment Period (applicable only for Deferred Annuity)|
|Premium Paying Term|
Single Premium (Immediate / Deferred Annuity)
Regular Premium (Deferred Annuity)
|Minimum Group Size||5 members|
Best Features & Benefits of Bajaj Allianz Guaranteed Income Goal
The following are the key features of the Bajaj Allianz Guaranteed Income Goal:
Benefit Payout Options:
Based on the choice of benefit payment, the plan is offered in two variations: Lump Sum Benefit and Income Benefit. As a result, you have the option of receiving the plan’s benefits in one lump payment or through consistent income installments.
- Lump Sum Benefit
- When using the lump sum benefit option, the life assured receives an increased portion of their sum assured as the Guaranteed Maturity Benefit upon plan maturity.
- If the Extended Life Cover (ELC) option is selected, the policy will expire after the ELC period; if not, it will do so on the maturity date.
- Income Benefit
For the income benefit version, the Guaranteed Maturity Benefit is paid out as Guaranteed Maturity Instalments (GMIs) beginning on the maturity date and continuing for the designated premium-paying term. The benefit can be paid out in yearly, half-yearly, quarterly, or monthly installments at your discretion. Additionally, each additional installment beyond the first will have a 5% rise in price.
Extended Life Cover (ELC):
For an ELC period equating to the length of your premium payment term, you have the option of extending the life insurance past the plan’s maturity date.
If ELC is chosen, the nominee will receive the highest of the following payments if the life assured throughout the ELC period passes away unexpectedly:
- 10 times of annualized premium
- 105% of all premium payments made up to the time of death
- Sum assured
High Sum Assured Rebate:
On policies with a minimum sum assured of INR 1 Lakh or above, the plan offers a high amount promised rebate.
If the plan has acquired the surrender value, you may be eligible for a policy loan up to 70% of the surrender value of your policy with 9% p.a. interest. Compounding every six months. During the ELC time, the policy loan option is not available.
There are 5 optional riders available with the plan namely Accidental Death Benefit Rider, Accidental Permanent Total/Partial Disability Benefit Rider, Critical Illness Benefit Rider, Family Income Benefit Rider, and Waiver of Premium Benefit Rider.
A paid-up or lapsed policy may be reinstated within five years of the first unpaid premium date.
If the life assured passes away, the death benefit will be paid by the selected plan version.
Exclusions Under the Bajaj Allianz Life Guaranteed Pension Goal
The higher of 80% of the Total Premiums Paid (including any Top-up Premium) or the Surrender Value as of the date of death will be paid as Death Benefit, provided the Policy is in force if the Annuitant’s death or the death of the Last Survivor in a joint life policy is caused by suicide within 12 months of the date of commencement of risk or the date of the latest revival of the Policy, whichever is later. Suicide clauses or any other exclusions are not applicable under an immediate annuity or a deferred annuity throughout the annuity period.
Illustration Of Bajaj Allianz Life Guaranteed Pension Goal Plan
|Age at last birthday||Purchase Price||Immediate Annuity|
(Deferment Period=10 years, Single premium payment
|NA||NA||Option A: Life Annuity (Rs.)||Option B: Life Annuity with ROP on death|
Option B: Life Annuity
with ROP on death
|50 years / Male||Rs. 25 Lakhs||1,84,500||1,69,200||3,49,000||3,12,475|
|55 years / Male||1,94,775||1,69,750||3,78,175||3,20,150|
|60 years / Male||2,08,450||1,70,075||4,18,200||3,24,600|
Tips To Revive The Bajaj Allianz Life Guaranteed Pension Goal Plan
If you want to revive your Bajaj Allianz Life Guaranteed Pension Goal Plan, listed below are the tips you need to follow:
- The Insurance Company receives a written application for revival within five (5) years of the first unpaid premium’s due date and before the Deferment Period expires.
- Arrears in premium payments are paid, along with interest (calculated at the Insurance Company’s discretional rate), and any relevant taxes. The appropriate revival interest rate at the moment is 9.0% per year, compounded semi-annually.
- The policyholder/member provides proof of continued insurability on their dime via the master policyholder. Only once the Insurance Company has explicitly informed the Policyholder of the revival will it take effect.
- The Annuity Benefit, Survival Benefit, and Death Benefit under the Policy that was in effect before the date of the last lapse/Paid-up will be reinstated upon resurrection, as appropriate.
- The Policy will be attached with any Guaranteed Addition that is past due but not yet paid.
How To Buy the Bajaj Allianz Life Guaranteed Pension Goal Plan?
Here are the steps to buy Bajaj Allianz Guaranteed Pension Goal Plan.
Step 1: Simply visit the official website of Bajaj Allianz life insurance.
Step 2: After that, you will see the “Plans” section at the top. Hover over it. Under Retirement plans, you will see “Guaranteed Pension Goal”. Click on it.
Step 3: When you see the plan page, you will see the “Buy Now” option in the banner. Click on it.
Step 4: Then, you will need to select one option:
- Start Pension Now
- Start Pension in Later Years
After that, you are required to enter the name of the annuitant, select your gender, and date of birth, enter your mobile number, Email Id, and then you will need to select “Are you an existing Bajaj Employee”. Check all the boxes. Then, click on “Proceed”.
Step 5: A new page will be displayed where you need to select your “Annuity Type”. Select your Annuity Frequency, I want to include Annuity for a certain period, Annuity Options, and then enter the value under single premium and proposer Type. Finally, you need to click on “Calculate Annuity”.
Step 5: Once you’re done entering all the details, you will then get the amount that you will need to pay. Then, you should make the payment using your Credit/Debit card.
Step 7: Congratulations- You’ve purchased your Bajaj Allianz Life Guaranteed Pension Goal.
Through Branch Or Customer Service:
Though the plan is available online, you may also purchase the Bajaj Allianz Life Guaranteed Pension Goal via the offline method.
Simply visit any Bajaj Allianz Insurance branch office in your area and speak to the staff members who are currently on duty to receive extra assistance. Before helping the consumer purchase the bundle, the salesman who is presenting the plan will enquire about a few details.
In addition, customers can phone the business’ helpline at 1800 209 7272, which is open Monday through Saturday from 9:00 AM to 6:00 PM. The executive will give the client instructions on how to purchase the plan from the company.
Even with all of these options, Probus Insurance is always available to help if a customer still encounters issues when purchasing the plan. The company’s team members will take all necessary actions to assist its clients with their concerns.
Frequently Asked Questions
Depending on the type of annuity you selected. Your spouse will continue to receive annuity benefits even after your passing if you decide to go with the joint life, the last surviving option.
After the death of the Life Assured, Pension Guarantee has the option of returning the purchase price (or the money invested). The invested sum initially in the insurance is returned to the nominee/legal heir at the death of the life assured, depending on the annuity type chosen.
The frequency of annuity payments you select will determine everything. Monthly, quarterly, half-yearly, and yearly annuity frequency options are available from Pension Guarantee. If you choose the monthly option, for instance, your annuity begins one month following the policy’s start date.
The Plan does not permit the loan.