Bajaj Allianz Life Insurance launches pension plan with deferred annuity option

Private life insurer Bajaj Allianz Life on February 24 launched its annuity (pension) plan, Bajaj Allianz Life Guaranteed Pension Goal.

The plan offers nine annuity options to choose from. The insurer said in a statement that it is the only life insurance plan that offers a regular premium-deferred annuity option. This option enables policyholders to guarantee their pension amount at the time of retirement by paying regularly over a period of time.

Additionally, the plan also offers an option for policyholders’ spouse to continue receiving the guaranteed income during his or her lifetime. Further a legacy can be left for the nominees by ensuring the Return of Purchase Price (RoP).

Tarun Chugh, MD & CEO, Bajaj Allianz Life, said while there are several saving instruments that will help build a retirement corpus, annuity plans are one of the most effective tools to ensure individuals receive an income in a sustained manner through their retired life.

Bajaj Allianz Life Guaranteed Pension Goal enables policyholders to opt for immediate regular income through an immediate annuity plan or start the income later through the deferred annuity plans. The plan is designed to help people secure their retirement income for life. To assure policyholders of a secured financial future and receive their pension amount yearly, half-yearly, quarterly or monthly, the annuity (pension) amount is fixed at the beginning of the policy.

The annuity (pension) is paid regularly to policyholders throughout their life as per their choice and need. Whether the customer chooses a single life or a joint life, the plan offers an option to receive the entire capital on death. The plan also comes with an option of return of purchase price on survival. In both cases, the annuity (pension) is payable for life.

There is a premium payment term of 5-10 years along with a single premium option.