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Retirement plan

Retirement is the beginning of a new phase in your life where you want to live life on your own terms. Whether you want to accomplish new objectives post retirement or you want to enjoy a relaxed and comfortable lifeRead More

the critical factor is adequate financial support that offers a regular income, to take care of health care costs, day-to-day expenses and ensure that you are able to maintain your standard of living.Read Less

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What is a Retirement plan?

Retirement plans from life insurance companies, work in two ways – help you build a corpus during your earning years when you are able to save, and invest towards building your retirement corpus, in a way that it provides you with financial support throughout your retired years. During the accumulation phase, a retirement plan invests your money, which over the long term generate appropriate returns and help you build a significant corpus for retired life. In the post-retirement phase, through an annuity product, you can get regular income for life

 

Benefits of early Retirement planning

There are several benefits of retirement planning ranging from monetary to personal advantage, like bringing in a financial discipline. Here are the key points on why is it necessary to plan for your retirement early:

 

  • Retired life is all about pursuing your interests, traveling to new places and enjoying a relaxed and comfortable life. Retirement planning in advance ensures that you are able to comfortably provide for your needs, healthcare expenses and also live a retired life of your dreams.

     

  • The earlier you begin planning and saving for retirement, the more you can reap the benefits of the power of compounding, which goes a long way in enhancing your returns on your earnings. Use our retirement calculatorto plan your retirement

     

  • The other major advantage of retirement planning is the tax advantage both during the accumulation phase and later while reaping the returns after retirement. Premiums for retirement policies qualifies for tax deduction under Section 80CCC of the Income Tax Act 1961, subject to provisions contained therein. Further, when you reach vesting age, you can get up to a third of the retirement savings as a tax-free lump sum under Section 10(10A) of the Income Tax Act 1961, subject to provisions stated therein.

     

  • Retirement planning is crucial to ensure that inflation doesn’t derail your dream retired life. By investing systematically, you can ensure that you are able to accumulate significant corpus to fulfil all your dreams and aspirations and to live a comfortable and worry-free retired life.

     

  • The rising life expectancy means that you need to save for a longer retired life. Judicious retirement planning is essential to enable you to live a long and prosperous retired years, with adequate financial support during those years.

     

     

Tips to choose an appropriate Retirement plan

Some crucial points to keep in mind while choosing a retirement plan are:

Age of retirement

Age of retirement:

The average age of retirement in India is typically between 55 to 60 years. However, today the concept of retiring early is also becoming common which means one requires a steady post-retirement income for a longer time. Further, with an increase in life expectancy, you need a corpus which will ensure you continue with the same standard of living as long as you are alive. Also, with more and more people opting for nuclear families, one needs to be independent to take care of oneself and their dependents. Hence, whatever age you decide to retire, accumulation of wealth corpus is essential. You can use our retirement fund calculator to find out how much corpus you will need to live a comfortable and worry-free retired life.

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ROI during earning years

ROI during earning years:

The sooner you start, the more will be your savings for retirement. The risk-taking capacity is also comparatively high when you are young. Your retirement corpus and income received post retirement should be such that helps you take care of the day-to-day expenses, any health contingencies and maintaining the same standard of living. Confused about what should be your ideal corpus? Use our calculator to find out how much you need to accumulate for a dream retired life.

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Expenses after retirement

Expenses after retirement:

The health expenses are likely to increase as you and your spouse grow old. Besides, inflation will also lead to an increase in the cost of living. Your savings may be the only source of income you may have after retirement, so investing in a disciplined manner is highly recommended to ensure you are able to meet expenses, factor in inflation, and live a fulfilling retired life.

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The key to a blissful and stress-free retirement is to keep your retirement fund separate from other financial liabilities such as children’s education or building a real estate property. It is better to start early so that you can enjoy the power of compounding on your investments.

Why Bajaj Allianz Life Retirement Plans

 

When it comes to retirement planning, effective management of your funds, whether it is at the time of accumulation or after retirement, takes precedence. With a proven track record, Bajaj Allianz Life has developed an expertise in managing investors’ fund, which enables the customers to meet their life goals through the yields generated on their investments. Our fund performance speaks for itself. You can check out the performance of Bajaj Allianz Life Funds here. However it is to be reiterated that past performance of the funds are not indicative of future performance.

 

Bajaj Allianz Life offers a range of retirement plans that help you to fulfil all your retirement dreams. Whether it is an annuity plan or a ULIP-based retirement solution, Bajaj Allianz Life has a product to meet your specific requirement for a retirement solution.

 

Bajaj Allianz Pension Plans For Retirement :

Bajaj Allianz Life Pension Guarantee

Bajaj Allianz Retire Rich

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Bajaj Allianz Life Insurance Security
Bajaj Allianz Life is a trusted insurance partner Reviewed by Life Insurance Experts
Bajaj Allianz Life is a trusted insurance partner

At Bajaj Allianz Life, we are here to support you in building a secure and worry-free future. With over 20 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

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*T& C apply - The guaranteed benefits are dependent on the purchase price & annuity option chosen. For more details please refer to sales brochure.

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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

 

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Bajaj Allianz Life Guaranteed Pension Goal II- A Non-Linked Non Participating Immediate & Deferred Annuity Plan (UIN No:116N187V01)

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

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

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Disclaimer

~Individual Death Claim Settlement Ratio for FY 2023-2024.


25% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency, applicable only on first year’s premium 1% Discount will be available for all policies where premium payment is under auto-debit process (as allowed by RBI from time-to-time) through-out the premium paying term.


3Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.


4Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.


^Above illustration is for Bajaj Allianz Life eTouch - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term( PT)–30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs.6,238. 2nd Year onwards premiumis Rs.6,659. Total Premium Paid is Rs.1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage: 45, Income Payout Percentage: 55) | Premium shown above is exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is exclusive of all the discounts mentioned above.


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

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Disclaimer

^Above illustration is for Bajaj Allianz Life Assured Wealth Goal - A Non linked, Non Participating, Individual, Life Insurance Savings Plan (UIN: 116N170V11) considering male | Age 25 years | Policy Term 30 years | Auto Pay opted | Online Rates | Death benefit at 1st policy year will be Rs.28,08,000. | Total Premium payable = Rs. 25,92,000 | The premium mentioned above are exclusive of any extra premium loading and Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws. | The Income payouts will be paid in arrears as per chosen payout frequency. Assuming the policy holder survived till end of policy term. | Existing Customer2


2Existing customers are referred to as individual policyholders of Bajaj Allianz Life whose policies have been matured or whose policies are inforce for atleast 3 months policy duration.


1Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details please refer to sales brochure.


~Individual Death Claim Settlement Ratio for FY 2022-2023.

$$Tax benefits as per prevailing Section 10(10D) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.


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

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Disclaimer

*Bajaj Allianz Life Diabetic Term Plan II Sub 8 HbA1c, A Non-Linked, Non-Participating, Individual Pure Risk Premium Life Insurance Plan. (UIN -116N183V01) The product provides life insurance cover to Type 2 diabetics (with HbA1c level <= 8%) and pre-diabetics.

15% Discount for salaried customers, applicable only on first year’s premium. 5% Discount on online purchase is available on first year’s premium.

2Tax Benefits is calculated at the rate of 31.20% after considering deduction of Rs.150,000/-under Section 80C of the Income Tax Act,1961

3Get Free Benefits up to Rs. 20,000 per year

Value Added Service

Assumed Expected

12 Doctor Teleconsultations per year

Rs. 6000 per year (@Rs. 500 per consultation)

Nutritionist Consultation

Rs. 12,000 per year (@Rs. 1000 per month)

HbA1c Test for Renewals (Before Policy Anniversary)

Rs. 500 per test

Network Discounts
Medicines (M) - 10%, Lab Booking (L) - 10%,
In-Patient Hospitalization - 5%,
Out-Patient Consultation (O) - 10%

Assumed Total Expenses throughout the Year : Rs. 5000 (M), Rs. 5000 (L), Rs. 5000 (O)

Total Discounts that can be availed throughout the year : Rs. 500 (M), Rs. 500 (L), Rs. 500 (O)

Total per year as per assumptions

Rs. 20,000

Note: The above mentioned costs are based on estimated average market price for assumed frequencies of the mentioned services.

Bajaj Allianz Life Term Insurance with tax benefit up to Rs 46,800

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Bajaj Allianz Life Term Insurance with tax benefit up to Rs 46,800*
99.23% Claim Settlement Ratio~
Premium Holiday1
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Disclaimer
BJAZ-OT-EC-08288/24

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


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


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Life Cover + 16% Discount** +Save Tax*!
Under Section 80C & 10(10D) of Income Tax Act, 1961*
Get Life Cover + Save tax up to Rs 46,800*
₹2 Cr Term Plan
@ 21/Day²
Free Health Management Services
upto ₹ 31,000 p.a.^^
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