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Guaranteed* Income throughout life




* T&C apply | BJAZ-WB-EC-05007/23


*Conditions Apply – The guaranteed benefits are dependent on the purchase price & annuity option chosen. For more details please refer to sales brochure.

Bajaj Allianz Life Guaranteed Pension Goal -A Non-Linked, Non- Participating, Deferred & Immediate Annuity plan (UIN: 116N167V10)

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


*Conditions Apply – The guaranteed benefits are dependent on the purchase price & annuity option chosen. For more details please refer to sales brochure.

Bajaj Allianz Life Guaranteed Pension Goal -A Non-Linked, Non- Participating, Deferred & Immediate Annuity plan (UIN: 116N167V10)

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

Immediate Annuity vs Deferred Annuity Plans

Saving money has always been important. While the world is constantly changing, the pace at which these changes have taken place has been particularly fast since 2020 and the onset of the Coronavirus pandemic planning for your financial future is pertinent as it can allow you to focus on your, desired life goals.


Types of pension plans


Deciding how to allocate funds for your future can be a tough feat. However, making a concrete plan for the same is prudent as it allows you to rest easy during your later years. Retirement years are meant to be stress-free and setting aside hard-earned money in a pension plan can prove to be rewarding in the future. Presently, there exists a wide range of pension plans available in the market. Some of the more popular ones have been examined below.

National Pension Scheme allows those who avail of it to receive a regular pension once they retire. They allow for policyholders to contribute to their pension account while they are still involved in their careers. Policyholders’ funds are invested in debt and / or equity markets based on preference. Once policyholders turn 60, they are entitled to withdraw some of their investments and use the remainder to purchase an annuity which provides them with a regular income.

Pension Funds require policyholders to invest a certain amount for a certain timeframe in the fund of their choice. Available funds cater to a wide variety of investor preferences. The investment’s value increase complements the increase in the fund’s value. Once policyholders retire, they are entitled to withdraw all their money from the plan or receive it in the form of a regular income.

Annuity Plans require policyholders to invest lumpsum amount of money or pay premiums in regular intervals which are invested by the plan provider on the policyholder’s behalf. Once retired, policyholders are entitled to withdraw the entire sum of money in one go or receive it in the form of a stable income. Annuity plans are available in two different forms – immediate and deferred each of which has been discussed in detail below.


What is an immediate annuity plan?


Immediate annuity plans provide their policyholders with monthly or annual annuity immediately after investments have been made by the policyholder. Payments provided continue for a specified time frame or may carry on across the policyholder’s lifetime.

With the support of an immediate annuity plan, policyholders are able to secure a steady stream of income for their partners even if they happen to not be present in the future.

Investing in this form of a plan is suitable for those seeking regular annuity payments. The rate of return on annuities varies and is based on the annuity plan selected by the policyholder.


What is a deferred annuity plan?


Deferred annuity plans provide policyholders with the choice to either provide the policy provider with a lump sum amount or pay premiums on an annual or monthly basis for a specified set of time. Policyholders are eligible to avail of annuity payments after a certain time frame or specified term has ended.

Deferred annuity plans allow policyholders to squirrel away funds for their future. This form of plan allows policyholders to withdraw only a third of their corpus on a tax-free basis. The remaining two-thirds are ordinarily required to be a mandatory annuity that provides a steady income. Investing at a young age allows for a greater amount of income generation for your future. Moreover, the longer investments remain untouched, the better their chances of maximizing returns.


How to select between the two aforementioned plans?


When considering which kind of annuity plan might be suitable to a given individual, they must consider their age. For those of whom are close to retirement or have already retired, immediate annuity plans could be more appropriate. This is because they provide policyholders with annuity immediately once enrolled.

Conversely, those who are still starting out, young, and in the prime of their life can afford to invest their money in a deferred annuity plan. This is because investments are required to be made for a particular time frame only after which policyholders are eligible to avail of their annuity.

It is important to bear in mind the following facts –

  • Senior citizens don’t have tax levied on income generated via an annuity plan if the income falls below the maximum limit of the applicable income tax slab.
  • While policyholders are entitled to withdraw 25 to 33% of their investments in one fell swoop without paying taxes for the same, income generated from annuity plans is taxable in accordance with the policyholder’s income tax slab.
  • Retirement calculators can serve as nifty tools to determine what form of pension plan is appropriate.



    Prior to investing in a plan, it is important for prospective buyers to consider their present financial needs, long-standing financial goals, present savings or investment portfolio, the ramifications of inflation, and possible substitute plans presently available to them. >

    Retirement benefits could be maximized provided one has planned well in advance.


#Survey conducted by brand equity – Nielsen in March 2020

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

**Past performance is not indicative of future performance.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.