Bajaj Allianz Life Retire Rich Plan
Bajaj Allianz Retire Rich is a unit-linked deferred pension plan that helps you invest and secure your post-retirement life goals. This retirement benefit plan assists you in maximizing the benefits of investing in a market-linked fund to build a corpus that is used to produce consistent income during your retirement.
If you want to maximize your wealth and enjoy a wrinkle-free retirement, considering the Bajaj Allianz Retire Rich will never disappoint you. If you no longer have a reliable source of income after retirement, the ULIP pension plan enables you to meet your changing demands. A Guaranteed Death Benefit of 105% of the total premiums paid is also given to the insured. The consumer has the option of changing the premium payment period as needed and can select from regular, single, or limited premium payment options. If a consumer wants to increase the coverage, the plan also gives them the choice to pay a top-up cost.
Here is the eligibility criteria for Bajaj Allianz Retire Rich Plan.
The minimum age is 30 years
The maximum age is 73 years
The minimum age of Vesting is 37 years
Maximum age of Vesting 80 years
Minimum Policy Term 7 years
Maximum Policy Term 30 years
Deferment periods available: 7 years to 30 years (both inclusive) only
|Premium Paying Term|
Minimum Premium Payment Term (Regular/ Limited Premium Payment option)
Maximum Premium Payment Term (Regular/ Limited Premium Payment option)
Up to the Policy Term chosen
|Top Up Premium|
Key Features & Benefits of Bajaj Allianz Retire Rich
Listed below are the important features and benefits of the Bajaj Allianz Retire Rich.
- 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.
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.
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.
- The Guaranteed Vesting Benefit or the Total Fund Value as of the vesting date, whichever is larger, constitutes the Vesting Benefit under the policy.
- The Guaranteed Vesting Benefit is equal to 101% of all premium and top-up payments made up until the vesting date.
- 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.
What is Not Included Under the Bajaj Allianz Retire Rich?
The nominee or beneficiary of the insured shall be entitled to fund value, depending on availability on the date of intimation of death, in the event of death by suicide within 12 months from the date of start of the policy or from the date of renewal of the policy, whichever occurs later. The fund value as of the date of death notification shall include any charges other than FMC or guarantee charges that are collected after the date of death.
Tips to Revive the Bajaj Allianz Retire Rich
The following conditions must be met before you can reinstate your coverage (only for regular/limited premium options):
- If the policy hasn’t previously been cancelled, the company receives your request for resurrection within three (3) years following the first missed premium.
- b) You provide the Company with any information and documentation they may seek at your own cost.
- According to board-approved underwriting criteria, the policy may be reinstated on the same terms and conditions as when it was first issued, altered terms and conditions, or not at all.
- Regarding the reinstatement of the abandoned policy,
- The risk cover, guaranteed benefit, or loyalty additions will be restored to the insurance.
- We will collect from you all past-due regular or limited premiums without adding any interest or other fees.
- The Discontinuance Value of the Policy, along with the Discontinuance/Surrender Charge amount (without interest) as deducted by the Company on the date of the Policy’s Discontinuance, shall be returned to the Selected Fund, divided into the Applicable Fund/s available as on the Date of Discontinuance, at their then-current unit price.
- The premium allocation charge and policy administration charge, as appropriate, during the discontinuance period shall be subtracted from the fund at the time of revival or from the regular/limited premiums paid.
Premium Illustration- How Does the Bajaj Allianz Retire Rich Work?
Mr. Meena, who is currently working as a software engineer at Accenture in New Delhi, has taken Bajaj Allianz Retire Rich for a Policy Term (PT) of 24 years. Mr. Meena has decided to pay Rs. 1,00,000 as an annual premium for a premium paying term of 20 years.
|Amount Paid||Premium Payment Term||Policy Term||Assumed Investment Return||Maturity Benefit|
|Rs. 1,00,000||20 Years||24 Years||@4%||Rs. 26,95,412|
How to Buy the Bajaj Allianz Retire Rich?
Though the plan is not available online, you may also purchase the Bajaj Allianz Retire Rich plan 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.
Customers can also call the company’s helpline, which is staffed Monday through Saturday from 9:00 AM to 6:00 PM, at 1800 209 7272. The executive will explain how to acquire the package to the client.
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
In the tragic event that the life assured passes away, the nominee has two options: either choose to get the entire death benefit in one lump amount, or choose to spend all or a portion of the death benefit to buy an annuity plan from Bajaj Allianz Life Insurance at the current annuity rates.
You can get a Guaranteed Death Benefit (GDB) from Bajaj Allianz Life Retire Rich which is equal to 105% of the total premiums paid, including any top-up premiums that were paid up until the date of death. The Mortality Charge, which is based on the amount at risk, is subtracted to provide this GDB benefit. The difference between the Fund Value and GDB amount as of the mortality charge due date constitutes the amount at risk.
Except for the final five years of the plan, you can invest a lump sum at any time during the policy term in your fund. To raise the fund value, you can also invest more money by paying a top-up charge.
The loan is not available under this Plan.