Bajaj Allianz Retire Rich

Guaranteed death and vesting benefits

Different premium payment options – Regular, Limited or Single

Option to alter the term for premium payment

Flexibility, in terms of top-up premium payment

Certain surrender benefits

As mentioned above, there are three types of premium payment options. The policyholder has to choose between them at the time of commencement of the policy.

The premium payments done by the insured will be apportioned to the Pension Builder Fund, after deducting the allocation charge. Also, the units will be apportioned to the policy account at the rate of current unit price.

As far as the policy administration fee is concerned, it will be deducted on a monthly basis via unit(s) cancellation. Guarantee and fund management charges are tuned up with the unit price.
When it comes to conforming with the yield reduction, the service provider might come at a definite claw-back (negative) addition (if any) to be included in the unit fund charge, as needed, at different time intervals after the end of initial 5 years of the policy.

At the end of the policy tenure (vesting date), vesting benefit related to the policy will be the total fund value. It is subject to a 101% guaranteed vesting benefit of the amount of all the premiums as well as top-up payments done by the policyholder till the date of vesting.

The guaranteed death advantage paid to the nominee is 105% of the total premiums as well as top-up premiums (if any), paid up to date specified under the policy.

The nominee gets two optionss in order to make use of the benefits given to him or her:

Take the total amount of money to be given as death benefit as lump sum.
Partially or fully use the death advantage proceeds in order to buy an allowance (annuity) from the insurance provider at the relevant annuity rates.

He or she can buy a deferred pension policy (single premium) from the company using the total amount of proceeds of the benefit given. It is irrespective of the single premium (min.).
He or she can extent the period of prevailing deferment under the plan to any of the periods available at the date of vesting, provide his or her age is less than 55 years on the date.