Life Goals Loading…

10 Blue cross

Notifications10

  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

    KNOW MORE
  • Here's a Comprehensive Tool To Plan Your Child's Future

    START NOW
  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

    WATCH VIDEO
  • Get Life Cover worth Rs.1 Crore at Rs.21 per day2 – Bajaj Allianz Life Smart Protect Goal

    CALCULATE NOW
  • Life Insurance Term Plan with Return Of Premium

    WATCH NOW
  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

    KNOW MORE
  • Paying your Renewal Premium is Quick and Easy!

    PAY NOW
  • Know the right amount of Insurance you need in just a few steps!

    START NOW
  • Avail Term Insurance Tax Benefits under Section 80D

    READ MORE
  • Know how to invest money during the covid-19 pandemic!

    READ MORE

Thanks for sharing your details, A Sales representative from
Bajaj Allianz Life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead

Have Us Call You
X

Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

What Are Pension Plans And Why You Need One

Pension plan definition

What Are Pension Plans And Why You Need One


calender-blue

January 3, 2020

By : Bajaj Allianz Life

Picture this: you’re officially tired of your work schedule. You seek a stress-free life in the search for peace. However, the thought of early retirement gives you nightmares due to lack of resources for the sustaining your life and the survival of your family members. In the quest of looking out for relaxation, you can’t put your family at risk. The best way to work towards your retirement planning is by investing early in a pension plan.

For the sake of regular flow of funds, a majority of people invest in a pension plan without knowing the basics of the policy. A good pension policy can help reap retirement benefits for you and your entire family. Therefore, take a look at the workings of a pension plan to make informed decisions in the future:

What are Pension Plans?

Popularly known as retirement plans, a pension plan provides its policyholders with dual benefits. It allows the benefits of investment and insurance under a single plan. All you have to do is start by investing a certain amount to allow the growth of funds over the due course. When you retire, you wouldn’t have to worry about lack of resources since you would have already built a significant corpus for yourself to take care of your future needs.

For instance, if you wish to retire early, the maturity corpus must be substantial enough to help you survive the additional years' post-retirement. Investing wisely will eventually help you to be financially secure and independent post retirement without compromising on your life goals.

Take a look at these benefits offered by a retirement plan:

Why do you need a pension plan?

1. Steady income

While a majority of people fear their retirement due to inadequate flow of funds, the rest of them invest in a pension plan to financially secure themselves in the long run. Since pension plans focus on accumulating your funds, it could provide a steady flow of income to its policyholders to cover their post-retirement years.

2. It grants tax benefits

As specified by Section 80C of the Income Tax Act, 1961, pension policies are entitled to exemption of taxes subject to provisions stated therein. The contribution made towards this plan is deductible from the taxable income. These tax benefits eventually allow the policyholder to save more money for a better future.

With the help of a pension plan, one can easily protect the financial needs of the family in the future. If you’re ready to take early retirement, start investing in a retirement plan which suits your requirement.

Bajaj Allianz Life Videos

Video Icon

Dancing Uncle Is Back | Special Bonus | Bajaj Allianz Life

Contact Us

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Fax No: 020-66026789

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM

Saturday - 9:00 AM to 1:00 PM

Customer Care Helpline:

1800-209-7272

Monday to Sunday: 9:00 AM to 7:00 PM (IST)

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:

1800-209-4040

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

For NRI: +91 20 67688888 (Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

Find Us Online

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

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.