Bajaj Allianz Life Insurance Company Ltd.
Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra
Tel No: 020-66026773
Fax No: 020-66026789
This New Year, Don't Be A Mr. Kalse Re | #StartNow
WATCH VIDEOConvert Your Saving into Investments to Fulfil Future Life Goals.
CALCULATE NOWGet Life Cover worth Rs.1 Crore at Rs.18 per day2 – Bajaj Allianz Life Smart Protect Goal
PLAN NOWFulfill your Life Goals with Bajaj Allianz Life Goal Assure
PLAN NOWLife Insurance Term Plan with Return Of Premium
WATCH NOWGet your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR
KNOW MOREIs your weight right according to your height?
Calculate BMI NowFind out your Immunity Score right away!
Calculate NowHow much Insurance do I need
KNOW MOREPaying your Renewal Premium is Quick and Easy!
Pay NowThere is no denying the need and importance of investing in a pension plan if you are a private sector employee, a businessman or self-employed person in India. While public sector workers are fortunate to have a state-sponsored pension system, it’s not so for a large chunk of the workforce working in the private sector.
Moreover, a government-run social security system doesn’t exist in India; hence citizens have to rely on various types of pension plans to enjoy retirement benefits. Also, the prevalence of nuclear families, economic uncertainty, and rising living and healthcare costs today, demand skilled planning, savings and investments in various pension and annuity plans.
A pension plan, also called an annuity plan or retirement plan, allows you to receive regular monthly income after retirement. To enjoy retirement benefits with a pension plan, you can invest as a lump sum amount in a single time or systematically invest in monthly, half-yearly or annual premiums over a period of time. A pension plan ensures that you don’t have to compromise on your lifestyle and life goals even after retirement
Today, insurance companies have come up with many unique and well-designed pension plans that promise consistent financial support and ensure a worry-free retirement life. Here are the two major types of pension plans in India along with its features and benefits.
In an immediate annuity plan, the insurance company agrees to pay the pension immediately (i.e. starting next month/quarter/half-yearly/yearly as opted for) on investing a lump sum amount.
An immediate annuity plan is an ideal investment if your retirement date is approaching and you need to replace your existing income through another source. By paying a lump sum amount, you can immediately secure a regular income for your entire retirement life.
You can also opt to receive the annuity or pension as monthly/quarterly/half-yearly/yearly from the commencement of the plan. Some insurers allow you to choose from as many as 6 annuity options, such as:
1. Life annuity
2. Life annuity with return of purchase price
3. Annuity plan for a specific period
4. Joint Life Last Survivor with 50% of annuity to spouse
5. Joint Life Last Survivor with Return of Purchase Price on death of Last Survivor
6. Joint Life Last Survivor with 100% of annuity to spouse
In this type of annuity plan, you can accumulate the retirement fund for the long-term by paying premiums systematically on a monthly, quarterly, half-yearly or yearly basis.
A deferred annuity plan can be divided into the accumulation and income phase. During the accumulation phase that lasts from commencement of the plan until you choose to receive the annuity, you will be investing in the plan and growing your retirement savings. Then, during the income phase (post retirement a.k.a. Vesting Age), you have an option to withdraw 1/3 of the retirement fund and invest the remaining on an immediate annuity plan to receive a regular monthly pension or you can invest the entire amount into an immediate annuity plan.
Contributions made on pension plans are eligible for deductions under Section 80CCC of the Income Tax Act 1961, up to an extent of Rs. 1.5 lakh per annum.
In an immediate annuity plan interest earned is taxed as ordinary income but the principal is exempt from tax. But once you have received the principal amount in full, the payments are fully taxable. However, since you will receive the amount post retirement, the income tax rate will be lower.
Before you buy a pension plan ensure that you have carried proper due diligence and chosen the right pension to meet your retirement goals. Make sure that you have a clear estimate of your future life goals and retirement income requirement while taking your current income, inflation and risk profile into account.
The daily ups and downs in the stock markets can be incredibly
We are just two months into the new financial year, and the
The fear of market volatility often keeps retail investors a
Our MD & CEO, Tarun Chugh launches #PlankForIndia campaign and planks with Sanjiv Bajaj MD & CEO, Bajaj Finserv and Chairman Bajaj Allianz Life & the rest of the group leadership team.
Bajaj Allianz Life will contribute to the training and development of India's future sports stars. Come together to Plank for Good Health, PlankforIndia.
#PehlaDinPehlaResolution | Happy New Year | Smart Protect Goal | Bajaj Allianz Life
Bajaj Allianz Life Goal Assure - A ULIP Investment Plan To Achieve Life Goals
A Comprehensive Health Insurance Plan with Critical Illness Cover | Bajaj Allianz Life Health Care Goal
Use our smart calculators to plan and achieve your Life Goals
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:
Weekdays - 9:00 AM to 3:30 PM
Customer Care Helpline:
1800-209-7272
Monday to Saturday: 9:00 AM to 7:00 PM (IST)
For NRI: +91 20 67871700 (Call charges apply)
Monday 07.00 AM to Sunday 07.00 AM
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)
Customer Service :
Sales Enquiry :
Cyber Cell :
If you find any unauthorised or fraudulent sales material online, please mail us at :