Bajaj Allianz Guaranteed Pension Goal

What is Bajaj Allianz Life Guaranteed Pension Goal?

Bajaj Allianz Life Guaranteed Pension Goal is a non-participating, non-linked individual/group general annuity plan. In simpler terms, it's a retirement planning product that focuses on providing a fixed income stream after you invest a lump sum amount. Unlike market-linked investment plans, this product guarantees your income, offering peace of mind for your golden years.
Bajaj Allianz Guaranteed Pension Goal provides two annuity options to meet your individual needs:

• Immediate Annuity: Pay a lump sum amount upfront, and your pension payouts will begin as early as next month, depending on the frequency you select.

• Deferred Annuity: Choose to pay a lump sum or regular premiums over a set period. Your pension payouts will then commence after the chosen deferment period.

Features of Bajaj Allianz Life Guaranteed Pension Goal

• Guaranteed Lifetime Income: Bajaj Allianz Guaranteed Pension Goal ensures a steady stream of income throughout your life. The annuity amount is fixed at the policy beginning and is paid out regularly according to your chosen frequency - monthly, quarterly, half-yearly, or yearly.

• Flexible Annuity Options: Select from a wide range of annuity options to match your lifestyle goals. Whether you prioritize immediate income or want to defer it for a few years, this plan offers the flexibility you need.

• Deferred Annuity with Rate Lock:  Lock in the annuity rate at the policy inception with the deferred annuity option. This ensures a predictable income stream when your retirement begins.

• Joint Life Annuity for Spouse:  Provide for your spouse's financial security even after you're gone. Choose a joint-life annuity with 50% or 100% of the annuity payable to your spouse after your death.

• Return of Purchase Price:  This plan offers the option to receive your invested amount (purchase price) back as a return of purchase price (ROP) on death or as a survival benefit. This provides peace of mind, knowing your loved ones will receive a payout if needed.

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Eligibility Criteria for the Bajaj Allianz Life Guaranteed Pension Goal

Below is the eligibility criteria for Bajaj Allianz Guaranteed Pension Goal

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Benefits of the Bajaj Allianz Life Guaranteed Pension Goal

The benefits of Bajaj Allianz Life Guaranteed Pension Goal are:

• Guaranteed Regular Income for Life: Receive a steady stream of income throughout your life, exactly how you need it - monthly, quarterly, half-yearly, or annually. This guaranteed income provides a financial safety net during retirement.

• Return of Purchase Price: Get peace of mind knowing your initial investment (purchase price) is protected. You can choose to receive it back as a lump sum upon death or in installments as a survival benefit.

• Joint Life Option with Spouse Coverage: Ensure your spouse's financial security even after you're gone. Include your spouse in the plan and choose to provide them with 50% or 100% of your annuity income after your death.

• Flexible Annuity Options: Choose the plan that best suits your needs. Bajaj Allianz offers 9 immediate annuity options for payouts to begin right away and five deferred annuity options where you can defer your income for up to 10 years while your money grows.

• Multiple Premium Payment Options: Pay your premiums the way that works for you. Under deferred annuities, choose a single premium payment or spread it out with regular/limited payments over 5 to 10 years, with flexible payment frequencies (monthly, quarterly, half-yearly, or yearly). For immediate annuities, a single premium payment is required.

Policy Details of the Bajaj Allianz Life Guaranteed Pension Goal

1. Surrender Value:

   • Surrender Value applies under various annuity options during the annuity period and all annuities during the deferment period.

   • Available after payment of single premium in immediate annuity or after two full years' premium in regular/limited premium deferred annuity.

   • For deferred annuity, the surrender value is either the guaranteed surrender value (GSV) or the special surrender value (SSV), depending on surrender timing.

   • GSV during the deferment period is a proportion of the purchase price, and for regular/limited premium deferred annuity, it includes total premiums and top-up premiums.

   • SSV is the present value of expected outstanding annuity benefits and survival benefits, calculated with a discount rate based on prevailing market conditions.

2. Group Policy:

   • Members can surrender membership, but surrender value goes to the policyholder.

   • Annuitants/members may opt to continue individually after the group policy surrender.

   • No new members can enroll after policy surrender.

3. NPS and QROPS Subscribers:

   • Surrender value goes to the respective fund house based on NPS or HMRC rules.

4. Grace Period:

   • Thirty days for non-monthly frequencies, fifteen days for monthly.

   • Death benefits are payable during the grace period, with due premiums deducted.

5. Revival:

   • Requires application within five years of the first unpaid premium and before the deferment period ends.

   • Arrears of premiums plus interest and evidence of insurability continuity are needed.

   • Policy benefits are reinstated upon revival, including any guaranteed additions.

6. Free Look Cancellation:

   • Fifteen-day free look period for physical policies, thirty days for electronic or distance mode.

   • Option to return policy for cancellation within free look period.

   • Refund of premiums paid, with deductions for the risk premium, medical examination expenses, stamp duty charges, and annuity installments.

7. Loan:

   • Not available under this plan

Exclusions Under the Bajaj Allianz Life Guaranteed Pension Goal

During the deferment period of a deferred annuity:

• If the annuitant or the last survivor in a joint life policy dies by suicide within 12 months from the start of risk or the latest policy revival date, whichever is later, the higher of 80% of the total premiums paid (including any top-up premium) or the surrender value as of the date of death will be paid as the death benefit, provided the policy is active.

• There are no exclusions other than the suicide clause.

During the annuity period of a deferred annuity or under an immediate annuity, the suicide clause or any other exclusion does not apply.

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