Retirement Policy - Bajaj Allianz Retire Rich

Minimum age is 30 years

Maximum age is 73 years

Minimum age of Vesting 37 years

Maximum age of Vesting 80 years

Minimum Policy Term 7 years

Maximum Policy Term 30 years

Deferment periods available: 7 years to 30 years (both inclusive) only

Minimum Premium Payment Term (Regular/ Limited Premium Payment option)

5 years

Maximum Premium Payment Term (Regular/ Limited Premium Payment option)

Up to the Policy Term chosen

For Regular and Limited Premium Payment options:

For Single Premium Payment option:

^*Monthly premium payment frequency will be available under salary deduction scheme & ECS.

No Limit

Minimum

`5,000

Maximum

No Limit

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  • On death of the life assured before the vesting date, the death benefit payable to the nominee will be higher of the total Fund Value as on date of receipt of intimation of death or the Guaranteed Death Benefit
  • Guaranteed Death Benefit: 105% of the Total Premiums paid including top-up premiums (if any) paid till date of death
  • The nominee can utilize the death benefit in any of the following ways:
    • Take the entire death benefit as cash lump-sum or
    • Use the entire or part of the death benefit proceeds to purchase an :
      • a. Immediate annuity from us at the then prevailing annuity rates
      • b. Immediate annuity from any other Insurer to the extent of 50% of the death benefit net of any commutation. With the remaining amount immediate annuity has to be purchased from us
      • c. Deferred annuity from us
      • d. Deferred annuity from any other Insurer to the extent of 50% of the death benefit net of any commutation. With the remaining amount deferred annuity has to be purchased from us
    • Total Premiums paid shall be sum of all single/regular/limited and any top up premiums paid till date

• The vesting benefit of your policy on the vesting date will be higher of the Guaranteed Vesting Benefit or the total Fund Value as on the vesting date.
• Guaranteed Vesting Benefit: 101% of the sum of all premium and top-up premiums (if any) paid by you till the vesting date.
• On the vesting date, you have the option to use your vesting benefit in one of the following ways:
  • You may take up to a maximum 60% of vesting benefit as a lump sum and with the balance amount purchase
  • a. Immediate annuity from us at the then prevailing annuity rates, under any immediate annuity plan available on sale then.
  • b. Immediate annuity from any other Insurer to the extent of 50% of the vesting benefit net of any commutation. With the remaining amount immediate annuity has to be purchased from us
  • c. Deferred annuity from us
  • d. Deferred annuity from any other Insurer to the extent of 50% of the vesting benefit net of any commutation. With the remaining amount deferred annuity has to be purchased from us
  • You may extend your prevailing deferment period under the policy to any available period as at the vesting date, provided your age as on the vesting date is less than 60 years. The guaranteed death benefit, guaranteed vesting benefit and option to pay top-up premiums will continue during the extended deferment period. Once the option is chosen, the guaranteed vesting benefit, as at the original vesting date, shall not be applicable at the original vesting date. No premiums need to be paid during the extended deferment period. During the extended deferment period, all applicable charges will get deducted.

Note-You will have to exercise one of the above options before the vesting date.

You will get additional Loyalty Additions added to your Fund Value on the original vesting date of your policy. Loyalty Additions are equal to a percentage of annualized/single premium as given below:

• You may, at any time, surrender the policy
• If the policy is surrendered during the lock in period of five years:
  • Death benefit under your plan will terminate immediately
  • Your Fund Value less the discontinuance/ surrender charge, if any, plus the top up premium Fund Value, if any, as on the date of surrender, will be transferred to the discontinued pension policy fund.
  • The discontinuance value as at the end of the lock-in period will be available to you as surrender benefit
  • Once the policy is surrendered it cannot be revived
• On surrender of the policy after the lock in period of five years, the total Fund Value, on the date of surrender, will be available to you as the surrender benefit and the policy will terminate.
• You should compulsorily use the surrender value available in one of the following ways:
  • You may purchase a single premium deferred pension plan from us, using the entire proceeds of your surrender benefit OR
  • You may take up to 60% of the surrender benefit as a lump sum and utilize the balance to purchase an immediate annuity:
    a. From our Company, at the then prevailing annuity rates
    b. From any other insurer to the extent of a percentage stipulated by the Authority (currently 50%), of the entire proceeds of the policy net of any withdrawal and the remaining proceeds has to be utilized to purchase an immediate annuity from us
  • If the proceeds are not sufficient to purchase a minimum annuity as prescribed by the Authority (and as amended from time to time), the proceeds of the policy will be paid out to the policyholder, as lump-sum