Bajaj Saral Pension Plan

What is Bajaj Saral Pension Plan?

Bajaj Saral Pension Plan is a retirement plan designed for individuals who need a planned future retirement and a fixed stream of income, which can be paid monthly, quarterly, semi-annually, or annually. This plan offers two annuity options named: Life Annuity with Return of Purchase Price (ROP) and Joint Life Last Survivor Annuity with Return of Purchase Price (ROP).

Key Features Bajaj Saral Pension Plan

Below are the key features of the Bajaj Saral Pension Plan: 

1. Guaranteed Income for Life

   This plan ensures that you receive steady and consistent income till the time you are alive after your retirement with no hassle of recurring premium payments as it is a lump sum premium payment policy.

2. Choice in Annuity Options

   This plan provides two annuity options- Life Annuity with Return of Purchase Price and Joint Life Last Survivor Annuity with Return of Purchase Price. Both give you the benefit of a 100% return of the purchase price to the nominee in case of the death of either or both the partners according to the policy.

3. Flexibility in Annuity payments

   Depending on the demands and needs of the plan holder, the annuity can be received Monthly, Quarterly, Semi-Annually, or Annually.

4. Easy Liquidity

   This plan allows you to access liquidity by taking out a loan against the policy, ensuring that funds are available when you need them.

5. Liquidity on Diagnosis of Critical Illness

   You have the flexibility to surrender your policy and access liquidity if you, your spouse, or any of your children are diagnosed with one of the specified critical illnesses.

Eligibility for Bajaj Saral Pension Plan

Benefits of the Bajaj Saral Pension Plan

Below are the benefits of the Bajaj Saral Pension Plan: 

1. Life Annuity with Return of Purchase Price (ROP)

   Under this option, you will receive a regular annuity for as long as you live. Upon your death, the entire purchase price is returned to your nominee.

2. Joint Life Last Survivor Annuity with Return of Purchase Price (ROP)

   This option ensures both you and your spouse will receive an annuity for life. After the primary annuitant's death, the surviving spouse continues to receive the same annuity. When both have passed away, the purchase price is returned to the nominee.

3. Maturity Benefit

   There is no maturity benefit applicable to this policy.

Policy Details of Bajaj Saral Pension Plan

1. Free Look Period

   If you are not satisfied with the policy terms and conditions, you can return the policy within 15 days (30 days if purchased through distance marketing) from the receipt of the policy document. The premium paid will be refunded after deducting stamp duty charges and any annuity paid.

2. Surrender Value

   In case you, your spouse, or any of your children are diagnosed with any of the listed critical illnesses, you can surrender your policy any time after 6 months. You will be returned 95% of the Policy Purchase Price, less any outstanding loan amount and loan interest. The policy will terminate on payment of the surrender value.

3. Loan Facility

   You can avail loan if desired after six months of purchasing the policy. Under the Joint Life option, you can avail of the loan, and in the event of your death, your partner can also avail of the loan facility.

4. Option to Change Annuity Frequency

   You have the flexibility to change the annuity payment frequency at any policy anniversary. The annuity amount for various payment frequencies is calculated by multiplying the yearly annuity rate by the following factors:

   Annuity Frequency	Yearly	Half-yearly	Quarterly	Monthly
   Annuity Frequency Factor	1	0.4910	0.243	0.0805

5. Grace Period

   Not Applicable