Just like any other fold of life, retirement also have two faces. One that brings the joy of relaxation and the other that gives rise to a sense of insecurity. Most people who are on the verge of retirement go through this phase, if not all. At Bajaj Allianz, they are aware of the aspects of this crossroad, called retirement. Therefore, they have brought Pension Guarantee plan.
The plan ensures that you get to enjoy an uninterrupted income flow after retirement, so that the rest of your life goes well and tension-free.
Learn more about this plan
One of the best features of this retirement plan is – it provides the policyholder with a variety of immediate annuities or allowances to choose from. Take a look at the table for more details –
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Options |
Detail |
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Option A |
Lifelong Allowance |
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This benefit is payable to the insured as long as he or she is alive. |
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Option B |
Lifelong allowance along with Purchase Price Return |
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This allowance is paid to insured as long as he or she is alive. |
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Up on the death of the insured, the buying cost of the policy is returned to the nominee. |
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If a policyholder/nominee (age group – 0 to 36 Yrs or 81 to 100 Yrs.) wishes to get this policy, then just Option B is available. |
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Option C |
Annuity for Fixed Period – 5, 10, 15, 20 Years and Lifelong |
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The insured in entitled to get the allowance for a selected and fixed period of time, if he or she is alive. Otherwise, it would be given to the nominee. |
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At the end of fixed period, in the insured is alive, then the allowance is payable to him or her (till alive). |
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Option D |
Last Survivor (Joint Life) with 50% Allowance to the Spouse |
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The insured and her or his spouse are protected under the plan. |
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The allowance is paid to the insured, till he or she is alive. |
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Up on the death of the insured, 50% of the current allowance is paid to the spouse, till he or she is alive. |
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Option E |
Last Survivor (Joint Life) + Purchase Price Return + 100% Spouse Allowance |
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The insured and his or her other half are protected under this plan. |
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The allowance is payable to the insured/ and spouse, till one among them is alive. |
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After the last survivor’s death, the purchase cost is returned to the nominee. |
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Option F |
Last Survivor (Joint Life) + 100% Allowance to Spouse |
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The insured and his or her other half are protected under this plan. |
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The allowance is owed to the insured/ and spouse, till one among them is alive. |
How this retirement plan works?
Getting started with the policy is very simple. All you need to do for the same is –
Pay an amount (lump sum) to the insurance provider. Once payment has been done, you will start receiving the annuities after the end of 1month or 3 months or 6 months or 1 year from the date of policy purchase. It depends on the mode of payment selected by you.
Also, the allowance installment depends entirely on the annuity preference selected by you.
Whichever annuity option you select, your insurance provider is liable to pay you the same as long as you are alive. This makes your life tension-free.
Eligibility Criteria for this retirement plan
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Criteria |
Details |
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Entry Age – Min. |
37 Years |
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Option B – 0 Year |
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Option D, E & F – 37 Years (Policyholder + Spouse) |
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Entry Age – Max.
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80 Years |
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Option B – 100 Years |
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Option – D, E & F – 80 Years (Policyholder + Spouse) |
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Purchase Price – Min. |
25,000 |
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Purchase Price – Max. |
No Limit |
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Allowance or Annuity Installment – Min. |
Frequency |
1 Year |
6 Months |
3 Months |
1 Month |
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Annuity Installment – Min |
Rs. 1000 |
Rs. 1000 |
Rs. 1000 |
Rs. 1000 |
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Frequently asked questions
Is there any Free Look Period available?
Yes, a Free Look period of 15 days is given to the policyholder from the receipt date of the policy. During this period you can go through the terms and conditions associated with this policy. In case, you disagree or don’t like any of them, you can cancel the policy. You money (premium) would be refunded after deducting the stamp duty charges.
Are there any tax benefits?
Of course, you are entitled to receive handsome rebates on tax.
