Bajaj Allianz Life Insurance
Bajaj Allianz Retirement Policy

Bajaj Allianz Pension Plans

Many people worry about needing more savings to support themselves in retirement. Will you be able to maintain your current lifestyle? Will you have enough to cover unexpected expenses or pursue new interests? These are common concerns that can make the thought of retirement stressful.

Whether you want to continue living the lifestyle you love or explore new adventures post-retirement, pension plans from Bajaj Allianz provide the financial support you need. These plans are designed to help you save up for your golden years, ensuring a steady income even after you stop working. With an impressive 99.93% claim settlement ratio and 4.19 crores of lives already covered, you can trust the company to take care of your future needs when it matters most.

What Are The Types Of Bajaj Allianz Pension Plans?

The Bajaj Allianz offers the following 3 plans as their pension plans:

Bajaj Allianz Life Saral Pension

Bajaj Allianz Life Saral Pension is a simple plan where you pay once and get a regular income for life. It’s not linked to the stock market and doesn’t share profits. Moreover, if you pass away, your purchase price is returned to your family. It’s a safe way to secure your future.

Eligibility Criteria

Minimum Entry Age40 Years
Maximum Entry Age80 Years
Minimum Annuity Amount
  • Yearly: Rs. 12,000
  • Half-Yearly: Rs. 6,000
  • Quarterly: Rs. 1,000
  • Monthly: Rs. 1,000
Maximum Annuity AmountNo Limit
Purchase PriceDepends On Annuity Amount
Premium Payment TermSingle Premium

Key Features:

  • Liquidity on diagnosis of critical illness
  • Lifelong guaranteed income
  • Receive annuity from upcoming next month
  • Return of purchase price to nominee on death
  • Joint life option along with regular income for both lives
  • Loan facility

2. Bajaj Allianz Life Guaranteed Pension Goal II

Bajaj Allianz understands that with the advent of technology, our lifestyle goals have upgraded. Today, we use gadgets, appliances, and services that were not available 2-3 decades ago. Who knows what the next 2-3 decades will bring? Hence, it is important to have a guarantee that our lifestyle goals are met even in retirement.

The Bajaj Allianz Life Guaranteed Pension Goal II plan assures to fulfill your lifestyle goals by giving guaranteed income throughout life, that too, as per your choices and needs. This plan ensures that you can enjoy a comfortable and fulfilling retirement, no matter what the future holds.

Eligibility Criteria:

Minimum Entry Age

Immediate Annuity: 30 Years

Deferred Annuity: 45 Years

Maximum Entry Age

Immediate Annuity: 85 Years

Deferred Annuity: 84 Years

Minimum Annuity Amount

Yearly: Rs. 12,000

Half-Yearly: Rs. 6,000

Quarterly: Rs. 3,000

Monthly: Rs. 1,000

Maximum Annuity AmountNo Limit
Premium Paying Term
  • Single Premium (Immediate/Deferred Annuity
  • Regular Premium (Deferred Annuity) – Minimum 5 Years
Minimum Group Size5 Members

Key Features:

  • Joint life option
  • Deferred annuity with annuity amount guaranteed at inception
  • Multiple premium payment options
  • Multiple annuity options to choose from
  • Guaranteed lifelong regular income
  • Return of purchase price

3. Bajaj Allianz Life LongLife Goal

Bajaj Allianz Life LongLife Goal helps you enjoy your golden years without worries. It’s a ULIP plan that invests your money for market-linked returns, building a strong retirement fund. You can get a regular income till age 99 and enjoy extra benefits like loyalty additions. This plan ensures your lifestyle stays the same, even after retirement.

Eligibility Criteria

Minimum Entry Age
  • Life Assured: 0 Years
  • Policyholder With Waiver Of Premium: 18 Years
  • Policyholder Without Waiver Of Premium: 18 Years
Maximum Entry Age
  • Life Assured: 65 Years
  • Policyholder With Waiver Of Premium: 65 Years
  • Policyholder Without Waiver Of Premium: No Limit
Minimum & Maximum Maturity Age99 Years
Policy Term99 Minus ‘Age At Entry Of Life Assured’
Premium Payment Terms10 To 25 Years
Minimum Premium
  • Yearly: Rs. 25,000
  • Half-Yearly: Rs. 12,500
  • Quarterly: Rs. 6,250
  • Monthly: Rs. 2,500
Minimum & Maximum Sum Assured10 X Annualized Premium

Key Features:

  • ‘Retired Life Income’ option till age of 99 years with ‘Return Enhancer’
  • ‘Loyalty Additions’ every year from the 5th policy year till the 25th policy Year
  • Option to reduce premium
  • ‘Whole Life Insurance Cover’
  • ‘Periodical Return of Life Cover’ charges
  • Choice of 15 funds
  • Tax benefits under section 80C & 10(10D)
  • Choice of 2 plan variants (with waiver of premium and without waiver of premium)

What Are The Benefits Of Choosing Bajaj Allianz Pension Plans?

Bajaj Allianz Pension Plans offer several benefits that ensure your future financial security. Here, there are some of them:

  • Expert Fund Management

Bajaj Allianz has a strong history of effectively managing investors’ funds. As of June 19, 2024, Bajaj Allianz’s Asset Allocation Pension Fund had returns of 19.2% over one year and 40.3% over two years.

So, when you invest in a Bajaj Allianz Pension Plan, you can trust that your money will be managed wisely both before and after you retire. This ensures that you accumulate enough funds for retirement and that these funds are managed well even after you stop working.

  • Range Of Retirement Plans

Bajaj Allianz offers a variety of retirement plans to suit different needs. Whether you prefer a steady income or want to invest in plans linked to market performance, there are options available. This includes annuity plans and ULIP (Unit Linked Insurance Plan)-based solutions.

These plans are designed to meet specific retirement goals and financial needs. This means you can choose a plan that fits your personal situation and future goals.

  • Performance-Driven Investments

Bajaj Allianz emphasizes the performance of the funds in which you invest. They aim to generate good returns so that your money grows over time. You can look at the funds’ past performance to see how well they have done. This transparency helps you make informed decisions about where to invest your money.

  • Robust Digital & Customer Support

With Bajaj Allianz’s digital services, managing your pension plan is easy. You can quickly get help and information using live chat, WhatsApp servicing, and video connect.

The ‘Life Assist App’ is a handy tool for managing your policy. You can use it to pay premiums, check your policy details, and get help with claims. This makes managing your pension plan simple and convenient.

  • Ease Of Transactions

Bajaj Allianz Pension Plans make it easy to handle transactions like paying premiums and getting policy statements. You can set up AutoPay to automatically pay your premiums. This ensures you never miss a payment and keeps your policy active without any hassle. 

If you need to make a claim, pension plans from Bajaj Allianz offer hassle-free assistance. They guide you through the process, making it easy to get the help you need when you need it.

  • Future Security

With Bajaj Allianz Pension Plans, you can plan for a secure retirement. Their plans help you build a stable financial future, so you don’t have to worry about money when you retire.

Some plans offer additional features that enhance financial security. These include guaranteed income or returns of the purchase price to your nominee if you pass away.

  • Great Solvency Ratio & Rating

Bajaj Allianz has a high solvency ratio of 432%. This means the company has more than enough financial resources to meet its obligations. In simple terms, it shows that the company is financially strong and reliable.

Moreover, Bajaj Allianz has also been given a AAA; which is a stable rating by CARE$. This is the highest rating possible and indicates that the company is very stable and secure. You can trust that your money is in safe hands.

How Does A Bajaj Allianz Pension Plan Work?

Let’s take the example of Mr. Ravi, a 30-year-old who wants to have enough money to live comfortably after retiring at age 60. He decided to invest in a pension plan from Bajaj Allianz. Here’s how it works step-by-step:

  • Paying The Premiums

Ravi decides how much money to invest each year (premium). Let’s say he chooses to pay Rs. 50,000 every year. He will pay this amount regularly until he turns 60, which means he will invest for 30 years.

  • Fund Management

Bajaj Allianz invests Ravi’s money in different assets, like stocks and bonds, which helps the money grow over time. Expert fund managers manage the investments well to get good returns.

  • Accumulation Period

Ravi’s money has grown in the pension fund for 30 years, a period called the accumulation phase. The fund grows due to Bajaj Allianz’s investments and sometimes because of bonuses or additional benefits.

  • Retirement

Ravi turns 60 and stops paying premiums. Now, it’s time to start receiving the pension. He chooses how he wants to receive the money. He can get a regular monthly income, a lump sum amount, or a combination of both.

  • Receiving Pension

Ravi starts getting a regular income, called an annuity. This income helps Ravi cover his living expenses, healthcare, and any other needs during retirement.

  • Death Benefit

If Ravi passes away, his nominee (like his wife or children) will receive the amount invested.

Here’s the tabular illustration!

YearRavi’s AgeAnnual Contribution (₹)Action/Status
13050,000Chooses Bajaj Allianz Pension Plan
23150,000Continues to pay and Bajaj Allianz invests money
53450,000Continues to pay and Bajaj Allianz invests money
103950,000Continues to pay and Bajaj Allianz invests money
154450,000Continues to pay and Bajaj Allianz invests money
204950,000Continues to pay and Bajaj Allianz invests money
255450,000Continues to pay and Bajaj Allianz invests money
305950,000Continues to pay and Bajaj Allianz invests money
31600Stops paying and starts receiving a regular income
32+61+0Receives steady pension for a comfortable retirement

How To Choose The Best Bajaj Allianz Pension Plan?

Choosing the right pension plan is essential for a comfortable and worry-free retirement. Here’s a simple guide on how to pick the best Bajaj Allianz Pension Plan:

Think About When You Want To Retire:

In India, people usually retire between 55 and 60 years old, but some people want to retire early. 

If you retire early, you need to save more because you will need income for a longer time. People are also living longer, so you need a plan that ensures you have money for your entire life.

Return On Investment (ROI) During Earning Years:

The earlier you start saving, the more money you will have for retirement. When you are young, you can take more risks, which can lead to higher returns.

Calculate Your Needs:

Your retirement savings should cover everyday expenses. Make sure you have enough for health expenses as you age. You want to continue living comfortably after retirement.

Use a Calculator:

Bajaj Allianz provides a calculator to help you determine how much money you need to save for a comfortable retirement.

Consider Expenses After Retirement:

As you and your spouse get older, health expenses will likely go up. Make sure your retirement savings account for these potential health costs. Moreover, the prices of goods and services will go up over time. So, your retirement plan should account for this.

Seek A Financial Advice:

If you are unsure, talk to a financial advisor. They can help you choose the best plan based on your individual needs and goals.

How To Purchase A Bajaj Allianz Pension Plan?

Purchasing a Bajaj Allianz Pension Plan is easy if you follow these simple steps:

  1. Go to the Bajaj Allianz Life website or visit a branch to see the various pension plans available.
  1. Check the features and benefits of each plan to find the one that best fits your needs.
  1. Use the retirement calculator on the Bajaj Allianz Life website to see how much you need to save. Find out how much you need to pay as premiums to achieve your retirement goals.
  1. Obtain the application form from the branch or download it from the website. Complete the form with your personal details and the plan you have chosen.
  1. Attach necessary documents like ID proof, address proof, and any other required paperwork.
  1. Decide how you want to pay the premium. Options usually include online payment, cheque, or cash.
  1. Now, pay the first premium to start your policy.
  1. After you submit the form and pay the premium, Bajaj Allianz will issue your policy document. Please check the policy document to ensure that all details are correct and that you understand the terms.

Frequently Asked Questions

It’s best to start as early as possible. The earlier you start, the more you can save, and the better prepared you will be for retirement.

If you die before retirement, your nominee (a person you choose) will receive the money you have saved in the pension plan.

Yes, some plans allow you to change the amount you pay, depending on your financial situation.

You will need ID proof, address proof, and some other basic documents. The exact documents may vary based on the plan.

You can check your plan details using the Bajaj Allianz ‘Life Assist’ App, their website, or by visiting a branch.

Yes, you can get tax benefits on the money you invest in Bajaj Allianz Pension Plans under certain sections of the Income Tax Act.