Bajaj Allianz Pension Guarantee Plan is an insurance product that provides you a guaranteed income post retirement, so that you can live worry-free. The plan offers a wide range of annuity options to suit the varied insurance needs of customers. The policy is flexible enough to enable the customer to alter the annuity payment frequency, if required. The plan also provides tax benefits to the policyholder.
In order to buy the Bajaj Allianz Pension Guarantee Plan, a customer has to fulfill the following eligibility criteria:
|Minimum Entry Age||
|Maximum Entry Age||
The minimum annuity per installment is as follows:
|Frequency||Annuity Installment (Rs.)|
If the Bajaj Allianz Pension Guarantee Plan is bought with the proceeds from a deferred pension plan with Bajaj Allianz, the minimum annuity per installment will not be effective.
There is also no limit on the maximum annuity per installment.
The minimum purchase price of the policy is Rs.25,000. If the Bajaj Allianz Pension Guarantee Plan is bought with the proceeds from a deferred pension plan with the insurance company, the minimum purchase price criteria will not be effective.
There is no limit on the maximum purchase price.
The Bajaj Allianz Pension Guarantee Plan works in the following manner:
Life annuity with Return of Purchase Price
Annuity certain for a period of 5, 10, 15, 20 years, and thereafter
Joint Life Last Survivor with 50% of annuity to spouse
Joint Life Last Survivor with Return of Purchase Price on death of Last Survivor (100% of annuity to spouse)
Joint Life Last Survivor with 100% of annuity to spouse
The salient features of the Bajaj Allianz Pension Guarantee Plan are described below:
|Option to alter annuity payment frequency||The customer can choose from 4 annuity payment frequencies, i.e., yearly, half yearly, quarterly, and monthly. The first annuity is paid after the purchase of the plan, based on the frequency opted for.|
|Free-look period||The policyholder can review the terms and conditions in the policy documentation and if he/she disagrees to any of these, he/she can return the policy back to the insurer. The reasons for the return of the policy will have to be clearly specified. The return of policy should be done within 15 days of receipt of the policy document. This interval is called the free-look period. Policies that were bought through distance marketing have free-look period of 30 days. The insurer is then liable to pay the policyholder a refund of all the paid premiums after deducting the charges for medical examination and stamp duty.|
Since tax rules are subject to change, it is advisable to approach a tax consultant for the latest regulations.
Bajaj Allianz Life Insurance Company Ltd. is a joint venture between Bajaj Finserv and Allianz SE. The participants in the joint venture have immense experience in the finance domain and in-depth market knowledge.
Bajaj Allianz offers an extensive collection of insurance products, ranging from Unit Linked Insurance Policies to child plans, group insurance and pure term insurance plans. The products offered by the company are configured to cater to the varied needs of customers from multiple age and income groups. The insurance company has observed an aggressive claim settlement ratio of 98.07% in the financial year 2015-16. The individual products had a ratio of 91.3%, while the figure for group products was a commendable 98.87%.
The insurer has been recently concentrating on the penetration of insurance into the rural markets in the country. Quick response time for claims and affordable pricing of products are some of the advantages of opting for Bajaj Allianz insurance solutions.
The insurance company has been conferred with several awards in the past for its customer centricity, technical expertise, and marketing solutions. If the insurer fails to settle a claim within 30 days, it offers an interest of 10.5% to the claimant for each day’s delay. Bajaj Allianz also settles most of its claims through direct electronic transfer process. This minimises the delays in claim processing to a large extent.
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