May 8th, 2014; Mumbai: A new plan is launched by Bajaj Allianz Life Insurance with an option of return of purchase price- Pension Guarantee. Pension Guarantee- a non-linked immediate annuity plan has been launched by Bajaj Allianz Life Insurance.
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In addition of offering a guaranteed income for policyholder's lifetime, this plan has the option to extend annuity (pension plan) to the spouse too.
With minimum entry age of 37 years and maximum of 80 years, this plan comes with six options. It offers provisions for annuity payment to the spouse of the annuitant after his demise. The annuity payment depends on the Joint Life Last Survivor options chosen.
There is also an option of return of purchase price in this plan along with the annuity in case of the death of annuitant. The legal heir will get the outstanding annuity under this option after the death of the nominated spouse.
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The Head, Product Development of Bajaj Allianz Life Insurance, Rituraj Bhattacharya said that this plan provides options that extend annuity benefit for both policyholder and his/her spouse considering the rising life expectancy among Indians. He added that this option of return of purchase price can be effectively utilized for passing inheritance to policyholder's legal heir.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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