Bajaj Allianz Life Retire Rich Plan

Listed below are the important features and benefits of the Bajaj Allianz Retire Rich.

Death Benefit:

• If the life assured passes away before the date of vesting, the nominee will receive the Guaranteed Death Benefit that is highest relative to the Fund Value as of the date of the death notification.

• The Guaranteed Death Benefit is equal to 105% of all premium and top-up payments made up to the time of death.

• The nominee may put the death benefit to use in any of the following ways:

• Pay the entire death benefit in one lump sum.

• Invest a portion of the death benefit in a Bajaj Allianz annuity plan.

Grace Period:

A grace period of 15 days is given if the insured fails to pay his monthly premiums on time, and a grace period of 30 days is given if the insured fails to pay his other premium payments.

Policy Termination or Surrender Benefit:

A surrender value over the plan is automatically enabled after five years of participation. The Total Fund Value as of the date of surrender is paid in full if the insured terminates or surrenders his plan after five years have passed. In addition, if the insured surrenders his plan, he is compensated by paying the complete fund value less any relevant discontinuance fees. The fund value, which increases at a 4% annual rate in the policy discontinuance fund, is paid out after five years. The received surrender value should be applied to annuity benefits under the same terms as vesting, with the exception that the date of vesting cannot be postponed.

Free Look Period:

Given that no claims have been made thus far, the insured can cancel the plan after 15 days of receiving the policy paperwork if he is unsatisfied with the benefits or terms and conditions.

Tax Benefits:

The premiums and any top-up premiums, as well as the claims paid, are tax deductible. according to the Income Tax Act’s Sections 80CCC and 10(10A). Section 10(10A) of the Income Tax Act allows for tax exclusions on death benefits.

Vesting Benefit:

1. The Guaranteed Vesting Benefit or the Total Fund Value as of the vesting date, whichever is larger, constitutes the Vesting Benefit under the policy.

2. The Guaranteed Vesting Benefit is equal to 101% of all premium and top-up payments made up until the vesting date.

3. The policyholder may choose to take advantage of the vesting benefit in any of the following ways on the vesting date:

• He or she may get up to one-third of the vesting benefit in a lump sum and use the balance to purchase an instant annuity from the insurer.

• He or she can use the entire vesting benefit to purchase a single premium deferred pension plan from Bajaj Allianz.

• If he or she is younger than 55 at the time of vesting, they may extend the deferment term to any available date.

• During the prolonged deferment period, the Guaranteed Vesting Benefit, Guaranteed Death Benefit, and the choice to pay top-up premiums will continue to exist as-is.

• The original vesting date will not be when the Guaranteed Vesting Benefit is paid.

• During the prolonged deferment period, there is no requirement to pay premiums.

• During the prolonged delay period, all charges are deducted as usual.

Loyalty Addition Benefit:

The maturity on a policy tenure of 11 years to 30 years is further increased by a portion of the selected Annual or Single premium.

Change in Premium Payment Term:

If all premiums have been paid, policyholders may also alter the plan’s premium payment term. It is significant to remember that such a modification must be made before the current premium payment term expires. The decision to invest in a lump amount: The policyholder has the option to invest in a lump sum at any point during the insurance period. This can be accomplished by making top-up premium payments, which also raise the policy’s fund value.