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Bajaj Allianz Pension Guarantee Plan

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.

Eligibility - Who is the Bajaj Allianz Pension Guarantee Plan for?

In order to buy the Bajaj Allianz Pension Guarantee Plan, a customer has to fulfill the following eligibility criteria:

Parameter Eligibility
Minimum Entry Age 37 years
  • For annuity options D, E, and F, the minimum entry age of the annuitant and spouse is 37 years.
  • If this policy is purchased with the proceeds from a deferred pension policy with the insurer, then the minimum entry age criteria is as given below:
    • For annuity options A, B, and C, the minimum entry age of the annuitant is 0 years.
    • For annuity options D, E, and F, the minimum entry age of the annuitant is 18 years
    • The entry age of the life assured and the spouse should be at least 18 years.
Maximum Entry Age 80 years
  • For annuity options D, E, and F, the maximum entry age of the annuitant and spouse is 80 years.
  • If this policy is purchased with the proceeds from a deferred pension policy with the insurer, then the maximum entry age of the annuitant is 100 years. For annuity options D, E, and F, the annuitant and spouse’s entry age should be a maximum of 100 years.

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured:

The minimum annuity per installment is as follows:

Frequency Annuity Installment (Rs.)
Yearly 12,000
Half Yearly 6,000
Quarterly 3,000
Monthly 1,000

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.

Premium:

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.

Plan Coverage - What the Bajaj Allianz Pension Guarantee Plan covers?

The Bajaj Allianz Pension Guarantee Plan works in the following manner:

  • The customer first selects the purchase price, i.e., the amount that is required to buy the plan.
  • The annuity option and annuity payment frequency are chosen next.
  • The customer is then required to provide the details of his/her spouse (if the Joint Life Last Survivor option is selected).
  • The annuity is based on the annuity option chosen and the prevailing rates at the time of annuity purchase.
  • The coverage of the Bajaj Allianz Pension Guarantee Plan is as detailed below:
Option Detail
Option A Life annuity
  • The annuity is paid to the annuitant till his/her death.
  • When the annuitant dies, all outstanding annuity installments on the date of death are paid to the nominee.
Option B Life annuity with Return of Purchase Price
  • The annuity is paid to the annuitant till his/her death.
  • When the annuitant dies, the purchase price and all outstanding annuity installments on the date of death are paid to the nominee.
Option C Annuity certain for a period of 5, 10, 15, 20 years, and thereafter
  • The annuity is paid to the annuitant till his/her death.
  • If the annuitant dies before the expiry of the chosen period, the nominee receives the annuity for the remaining chosen period.
  • If the annuitant dies after the expiry of the chosen period, all outstanding annuity installments are paid to the nominee.
Option D Joint Life Last Survivor with 50% of annuity to spouse
  • The annuitant and spouse are offered coverage under the policy.
  • The annuity is paid as long as the annuitant is alive.
  • If the annuitant dies and the spouse is alive, all outstanding annuity installments on the date of death are paid out. An additional 50% of the annuity installment is paid to the spouse till his/her death.
  • If the spouse dies first and the annuitant is alive, there is no change in the payment of the annuity.
  • If the spouse dies after the death of the annuitant, all outstanding annuity installments are paid to the nominee.
Option E Joint Life Last Survivor with Return of Purchase Price on death of Last Survivor (100% of annuity to spouse)
  • The annuitant and spouse are offered coverage under the plan.
  • The payment of annuity is made to the annuitant and spouse as long as at least one of them is alive.
  • At the first death, the annuity payment remains as is.
  • When the last survivor dies, the purchase price of the policy plus all outstanding annuity installments are paid to the nominee.
Option F Joint Life Last Survivor with 100% of annuity to spouse
  • The annuitant and spouse are offered coverage under the policy.
  • The annuitant or spouse receives the annuity as long as at least one of them is alive.
  • If the annuitant dies first, and the spouse is alive, all outstanding annuity installments are paid to the spouse. An additional 100% of annuity installment is payable to the spouse till his/her death.
  • If the annuitant is alive at the time of the spouse’s death, there will be no changes in the annuity payment.
  • If the spouse faces death after the annuitant dies, all outstanding annuity installments will be paid to the nominee.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

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.

Tax Benefits – How you can save with the Bajaj Allianz Pension Guarantee Plan?

  • Premiums paid towards the Bajaj Allianz Pension Guarantee Plan are eligible for tax benefits under Section 80C of the Income Tax Act.
  • The payouts from the policy are eligible for tax rebates under Section 10(10D) of the Income Tax Act.

Since tax rules are subject to change, it is advisable to approach a tax consultant for the latest regulations.

Other Benefits – How you can save with the Bajaj Allianz Pension Guarantee Plan?

  • Customers can make use of the online customer portal at the Bajaj Allianz website to access their insurance details.
  • The website also enables policyholders to renew their insurance online.
  • Payments for policy renewal can be made through the following channels:
    • Credit cards - American Express, Visa, Maestro, MasterCard, and Diners Club cards are accepted.
    • Debit cards - Visa, Maestro, MasterCard, and RuPay cards can be used to make online payments.
    • Bill Junction - Customers can login to Bill Junction and make premium payments.
    • Netbanking - Customers can pay premiums through the Netbanking facility offered by their banks.
    • e-Wallets - Premium payment can be done through e-Wallets such as iCashCard, Airtel Money, ITZCash, Jio Money, Oxigen, PayCash, and Idea Money
  • Policyholders can chat with a customer service representative through the Bajaj Allianz website. They will be able to get clarifications to queries and resolution to issues through this facility.
  • The insurer also offers the SMS Support facility using which policyholders can request for a callback from the customer service team.
  • The insurer’s website also enables customers to request for a callback.

Why you should buy the Bajaj Allianz Pension Guarantee Plan from Bajaj Allianz?

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.