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Retirement Plan

After you retire and bid adieu to active employment, your primary source of income usually dries up. However, your lifestyle expenses continue, and you might even need more money to pay for your medical needs. This is where retirement plans come into the picture. These plans help in creating a financial corpus for your old age and also provide  Read More

annuity income that helps you meet your financial needs with ease. You can buy a retirement plan at an early age and create a suitable financial corpus over a long-term period. This corpus can give you financial freedom in your golden years and also help you leave behind a legacy for your loved ones. Read Less

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What is a retirement plan?

Retirement plans are retirement-oriented insurance plans, which help save up for retirement. With retirement plans, you can create a corpus, which can then be used to create a regular source of annuity income for your lifetime. 

What are annuity plans?

Annuity plans are a type of retirement-oriented life insurance plans. These plans are called so because they pay annuities throughout your life. An annuity is a type of periodic and regular payment that you receive.

If you choose deferred annuity plans, you defer the annuity payments and receive them at a later date. However, if you choose immediate annuity plans, you can start receiving annuity payments immediately from the next year, half-year, quarter or month, depending on the frequency that you choose.

How do annuity plans work?

There are two types of annuity plans⁵, and their workings depend on which type of plan you choose. Let’s understand –

  1. Deferred annuity plans


    Under these plans, you first pay premiums to create a retirement corpus. After that, when the plan vests (matures), you can choose to commute (withdraw) up to 60% of the accumulated corpus in cash and utilise the remaining amount to purchase an immediate or deferred annuity at the then prevailing annuity rates. You can also purchase immediate annuity or deferred annuity from another insurer, at the then prevailing annuity rate, by utilising not more than 50% of the proceeds of the policy net of commutation.

     

    If the policy proceeds, either on surrender or vesting, net of commutation, are not sufficient to purchase the minimum annuity, the proceeds might be paid to the policyholder or beneficiary as lump sum


  2. Immediate annuity plans


    As the name suggests, immediate annuity plans are those wherein the annuity payment starts immediately after you buy the policy. Usually, a single premium, called the purchase price, is paid to buy the policy. Once the policy starts, you start receiving the annuity payments in the chosen frequency, i.e., monthly, quarterly, half-yearly, or annually.

    In the case of the death of the annuitant, the annuity payments stop. However, if the joint life annuity option is selected, the annuity payments continue to be paid to the surviving spouse.

Why do you need to invest in a retirement plan?

A retirement plan makes sense because of the following reasons –

  1. Creates a corpus for retirement

    The purpose of a retirement plan is to create a retirement fund which will help you meet your financial needs in your golden years. This makes it essential for retirement planning.
  2. Gives financial security against the unforeseen:

    Deferred annuity plans, being life insurance plans, have a protection component. They pay a death benefit if the life assured passes away during the policy tenure. This death benefit can provide financial assistance to your family and meet their needs and goals in your absence.
  3. Creates a regular source of income:

    Retirement plans, both deferred and immediate, create annuity payments which continue lifelong. These annuity payments can become a source of regular income in your old age when you don’t have an active source of income from employment or occupation.

Why should you invest early in Retirement plans?

It is better to buy retirement plans early in life because of the following reasons –

  1. When you start early, you get a long-term horizon to save for the retirement corpus. This helps you to save in small and affordable amounts and still accumulate a good corpus over time.
  2. The power of compounding works wonders when you give it time. When you buy retirement plans early, you can allow compounding of returns to grow your corpus considerably with time. In fact, the longer you stay invested, the higher the returns you will be able to get.
  3. Inflation tends to decrease the purchasing power of money. As a result, the value of goods and services increases. This increases the retirement corpus needed in old age.If you want to create a good corpus which will be optimal even after inflation, you need to start early so that you can save affordably.

Features of Annuity Plans

Some of the salient features of annuity plans are as follows –

  • You can choose from two types of annuity plans in India– immediate annuity plans and deferred annuity plans.
  • In deferred annuity plans, there is an accumulation phase wherein you pay premiums and save up to create a retirement corpus. You can withdraw a part of this retirement corpus through commutation and receive annuity income at a future date to create a regular source of income.
  • Immediate annuity plans have an annuity phase wherein you receive annuity payouts throughout your lifetime.
  • Deferred annuity plans can be offered as traditional endowment plans or Unit Linked Insurance Plans.
  • Life insurance coverage in majority of the cases, is offered under deferred annuity plans.
  • Immediate annuity plans have different types of annuity options to choose from.
  • You can choose a joint life annuity and add your spouse as a secondary annuitant. This would allow your spouse to continue receiving annuity payments after your demise.

Benefits of Annuity Plans

Some of the benefits of an annuity plan are as follows –

  1. Helps you plan for retirement


    Annuity plans can create an earmarked corpus for retirement. With a deferred annuity plan, you can pay premiums during your active working life and create a retirement corpus. This corpus can provide you with the funds needed when you retire, as your primary source of income stops.

  2. ULIPs can offer flexibility 


    If you choose ULIPs that aim to build a retirement fund, you can enjoy market-linked returns, life insurance protection, and also flexibility in managing the fund value. With ULIPs, you can –

    • Choose the amount that you want to pay as premium
    • Select the fund into which you want to invest depending on your investment strategy and risk appetite
    • Switch between the available funds with changing market dynamics and investment strategies
    • Make partial withdrawals after a 5-year lock in period during the policy tenure to cater to financial emergencies
    • Pay top-up premiums to save more and enhance the retirement corpus.

    So, when you choose ULIPs, you can get additional benefits and create a good retirement corpus.

  3. Creates a source of lifelong income


    Retirement plans are designed to offer annuity payments either immediately (under immediate annuity plans) or after a specific period (under deferred annuity plans). The annuity payments, when started, create a regular source of income which you can use for meeting your lifestyle expenses and medical needs and also to fulfil your bucket list.

  4. Legacy planning


    Deferred annuity plans, in most of the cases, pay a death benefit in the case of death during the policy tenure. Similarly, under immediate annuity plans, if you choose the return of purchase price option, the single premium paid to buy the plan is returned on the death of the annuitant.

    The benefit received on death can be used to leave behind a legacy for your loved ones.

  5. Tax benefits


    If you buy an annuity plan, the premium paid towards the plan qualifies for a deduction under Section 80CCC of the Income Tax Act2 if opted under old tax regime. Similarly, on vesting, the commuted value of maturity benefit that you receive is tax-free under Section 10(10A) subject to specific provisions3.

    These benefits help in lowering your tax liability and also create a tax-efficient retirement fund.

  6. Different types of payouts


    Annuity plans give you different options of receiving annuity payouts. Some of these options are as follows4

    • Life annuity
    • Annuity certain with a guaranteed payout for specified amount of time such as 5, 10, 15 or 20 years
    • Life annuity with return of purchase price on death of the annuitant
    • Joint life annuity with 50% or 100% of the annuity payout to the last survivor
    • Joint life annuity with 50% or 100% of the annuity payout to the last survivor with a return of purchase price on the death of the last survivor
    • Variable annuity
    • Any other annuity options as approved.

Types of retirement plans in India

There are two main types of retirement plans, which are as follows1

 

  1. Deferred annuity plans

    Deferred annuity plans are those that help you save up a retirement corpus during your active working life. Under these plans, there are two phases –the accumulation phase and the vesting phase.

    The accumulation phase is when you pay the premiums, and the corpus is accumulated. The vesting phase is when you start receiving annuities from the accumulated corpus.

    Deferred annuity plans also in many cases, offer insurance protection. If the life insured passes away during the policy tenure, the death benefit is paid.

  2. Immediate annuity plans

    Immediate annuity plans are those wherein the annuity payments usually start immediately after you buy the policy. You can choose to receive the annuity payouts from the next month, quarter, half-year or year. Usually, a single premium is paid to buy the policy which is called the purchase price.

Comparison between Deferred and immediate annuity plans

Here is a quick table highlighting the primary differences between deferred and immediate annuity plans1

 

Deferred annuity plansImmediate annuity plans

These plans aim to create a retirement corpus

These plans aim to create a regular source of income through annuity payments

Can be taken on a single life

Can be taken on a joint life basis

The death benefit may be available

There is no insurance cover. On the death of the annuitant(s), the annuity payments stop under some annuity options. In the case of joint life annuity, the annuity is paid to the surviving annuitant. The purchase price is also returned, if ROP option is selected

It can be offered as a traditional or unit-linked insurance plan

It is usually offered as a traditional plan wherein the annuity payouts are fixed

Premium paid is allowed as a deduction under Section 80CCC up to ₹1.5 lakhs2

No deduction is allowed on the premium paid

The commuted value of the annuity on maturity is allowed as a tax-free income under Section 10(10A)3

No commutation or tax benefit is allowed

Riders to make your retirement plan complete

Annuity plans offer optional riders that can help in enhancing the scope of coverage of the policy. You can add the riders to the policy at your discretion. While the exact list of available riders depends on the policy chosen, some of the commonly available riders include the following –

  1. Accidental death benefit rider

    This is a rider that covers accidental deaths. If the life insured passes away in an accident during the coverage tenure, the rider benefit is paid in addition to the benefit paid under the basic plan.

  2. Premium waiver rider

    The rider waives the future premiums if the policyholder (who is different from the life insured) passes away or in the case of disability or critical illness depending on the coverage terms. While the premiums are waived, the policy continues unaffected.

  3. Term rider

    This rider covers the risk of death during the policy term. If the life insured passes away, naturally or in an accident, the rider pays the rider benefit.

  4. Critical illness benefit rider

    The rider covers specific critical illnesses and medical procedures. If the life insured suffers from any covered illness or undergoes any covered procedures, the rider benefit is paid. Common critical illnesses covered under the rider include cancer, first heart attack, stroke, paralysis, major organ failure, etc.

Who Should Buy Retirement Plans?

Retirement plans are suitable for everyone looking for financial independence post-retirement. It is a good choice for –

 

  1. Young professionals

    Young individuals, both salaried and self-employed, can choose retirement plans and start saving for their retirement. If they buy the plan at a younger age, they can enjoy lower premiums and create a good retirement corpus over a long-term horizon.

  2. Middle-aged individuals

    Individuals in their late 30s or 40s also need to start planning for their retirement. This is where retirement plans come to their aid. Deferred annuity plans can help such individuals save up and create a retirement corpus during their active working lives.

  3. Individuals approaching retirement

    For individuals who are nearing retirement, retirement plans can help create a source of regular and guaranteed income after retirement. They can buy a deferred annuity plan and create a retirement corpus in a short time. Alternatively, they can buy immediate annuity plans to start receiving immediate annuity payments right after retirement.

  4. Retired individuals

    For individuals who have already retired, retirement plans can help create a source of regular income. Immediate annuity plans will be helpful in these scenarios as these plans pay regular and lifelong annuities, creating a source of income in old age. 

What is the ideal retirement amount?

There is no universal number which underlines the ideal retirement amount. The right amount depends on your financial needs and existing retirement planning. You can find the right amount for retirement by factoring in different factors like –

 

  1. Lifestyle expenses

    Your lifestyle expenses and standard of living will determine the retirement corpus you will need. Higher expenses mean a higher corpus and vice-versa.


  2. Existing liabilities

    If you have existing debts or loans, you will need funds to pay them off before retiring. In such cases, a higher retirement corpus would be needed to pay off the loans and also provide adequate funds for meeting your expenses.


  3. Existing assets

    If you have existing assets, you already have some savings that you can liquidate to fund your retirement. In such cases, the retirement fund needed would be lower. [1] The more the savings, the lower would be the retirement amount you will need.


  4. Inflation

    The rate of inflation also affects your retirement corpus. Inflation tends to increase lifestyle expenses with time. As such, it is recommended to factor in inflation when determining how much money you will need after retirement.


  5. Number of dependents

    The number of family members who will depend on you in your old age also impacts the retirement fund. If you have to bear only your expenses, the retirement amount will be lower compared to when you have to provide for your spouse, too.


  6. Legacy planning requirements

    If you want to leave behind a legacy for your loved ones, you will need a higher retirement corpus which will not only meet your retirement-related expenses but also give you a fund for planning an estate.

You can use online retirement planning calculators to find the right retirement amount. These calculators require your –

  1. Average income
  2. Expenses
  3. Existing assets and liabilities
  4. Time to retirement, etc.

They use these inputs to find the right retirement corpus so that you can save up to create the desired corpus.

What is retirement planning & how much can you save for retirement?

Retirement planning means setting aside a sum of money regularly to create a retirement corpus. It is a part of financial planning wherein you determine your retirement corpus based on your lifestyle expenses, existing assets and liability, financial goals after retirement, etc. and then save towards the calculated corpus. 

How to buy an Annuity Plan?

Buying an annuity plan is quite a simple affair. You can buy the policy online or offline. The process is as follows –


For the offline mode –

  • Locate the nearest branch office of the insurance company
  • Visit the branch office and connect with an executive to understand the range of annuity plans available and their benefits
  • Compare and choose a relevant plan based on your retirement needs
  • Fill out the proposal form stating all the necessary information
  • Submit the form along with the relevant documents
  • Premium is required to be paid only after the insurer communicates the decision of acceptance of the proposal
  • Insurer once proposal is accepted and on receipt of the premium, issues the insurance policy

For the online mode

  • Visit the official website of the insurance company and check out the range of annuity plans available
  • Compare and choose a plan that best matches your needs
  • Fill out the online proposal form to buy the annuity plan
  • Premium is required to be paid only after the insurer communicates the decision of acceptance of the proposal
  • Insurer once proposal is accepted and on receipt of the premium, issues the insurance policy
  • You will get the soft copy of the policy at your registered email address, while the policy documents will be mailed to you at the registered address

Eligibility criteria to buy Annuity Plans in India

The eligibility criteria to buy annuity plans depends on the type of plan you choose. Some of the parameters that you might find include the following –

  • Nationality – Usually, resident Indians and non-resident Indians can buy annuity plans in India
  • Age – There might be a minimum and maximum entry age criterion. You should lie within the specified age bracket to be eligible for the plan
  • Policy term – There might be a minimum and maximum term for which you can buy the annuity plan
  • Premium amount – There might be a minimum and maximum premium amount which would be required to buy the annuity plan

After you select a suitable annuity plan, you can check its eligibility criteria to assess whether you will be able to buy the plan or not.

Tips to choose an appropriate Retirement plan

When buying a retirement plan, here are some tips to keep in mind -

  1. Age of retirement


    Assess at what age you plan to retire. This will help you estimate the policy term for which you should buy the retirement plan.

  2. ROI during earning years


    Understand the expected returns that you will be getting on your retirement-related investments. This will help you assess the corpus that you can accumulate till retirement. If the corpus is low, you can step up your savings to reach the desired level.

  3. Expenses after retirement


    Factor in the expected expenses that you will incur after retirement. Add medical expenses to it and increase the estimate for inflationary changes.

  4. Type of policy


    If you have time to retire, you can choose a deferred annuity policy and build up a retirement corpus. On the other hand, if you are nearing retirement and want immediate payouts, an immediate annuity plan will be a better choice.

  5. Expected annuity


    Assess the regular annuity amount that would be adequate to fund your golden years. This will help you calculate the retirement fund which would offer the desired annuity.

Conclusion

Retirement plans are important to ensure that you can be financially comfortable even after leaving active employment. It is recommended to start retirement planning in advance so that you have time to create an adequate retirement corpus for your golden years.

With the different types of retirement plans available and the benefits that they have to offer, you can choose a suitable plan and create a corpus for a comfortable retirement. 

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Bajaj Allianz Life is a trusted insurance partner Reviewed by Life Insurance Experts
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At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

Frequently Asked Questions

1. When should I start planning for retirement?

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It is better to start as early as possible. This will give you two main benefits. One, you can save small and affordable amounts to create your retirement corpus. Two, over time, the power of compounding will help in creating a good corpus for your golden years. 

2. How do you pay the annuity plan premiums?

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You can pay the premium offline through cash or cheque or online through UPI, net banking, credit and debit cards, etc. 

3. What is the vesting date?

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The vesting date is the date when the annuity plan matures. This is the date when the plan’s benefits become payable to you.

4. What is the average income during retirement?

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The average income will depend on the retirement corpus that you have accumulated, your retirement age, and the frequency of annuity payout selected. 

5. Is there any rule for saving for retirement?

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There is no particular rule for saving for retirement. However, it is better to start planning a retirement fund from an early age so that you have an adequate corpus for a financially comfortable life in old age.

6. What are participating annuity plans and non-participating annuity plans?

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A deferred annuity plan can be offered as a participating or a non-participating plan. Participating plans are those that participate in bonus declarations. If the insurance company declares a bonus, such plans earn a bonus and the benefits increase. Non-participating plans are those that do not earn bonuses.

7. Can one buy multiple annuity plans?

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Yes, you can buy multiple annuity plans depending on your retirement needs. 

8. When should I buy a retirement plan?

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It is advisable to buy a retirement plan when you are young so that you can save affordably and give your savings time to grow through compounding. 

9. How is annuity calculated?

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There is no particular annuity calculation formula. The annuity amount is calculated based on your retirement corpus, the age at which you start receiving annuity, the type of annuity payout option selected and the frequency of payment.

10. What are the tax benefits of a retirement plan?

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If you buy an annuity plan, the premium paid will qualify as a deduction under Section 80CCC up to ₹1.5 lakhs2 if opted under old tax regime. On vesting, if you commute a part of the accumulated corpus, the commuted value will be allowed as a tax-free income under Section 10(10A)3.

11. Can I include my spouse in the annuity plan?

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Under immediate annuity plans, you can choose a joint life annuity, which will continue annuity payments till your spouse is alive if you predecease them. Even in a deferred annuity plan you can add your spouse as the nominee to receive the policy benefits in the case of your unfortunate demise.

12. Should I purchase 100% annuities from the maturity benefit?

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It depends on your requirements. You can either commute a part of the maturity benefit and withdraw it in cash to receive an annuity from the remaining corpus or use the full maturity benefit to receive annuities. 

13. Is there any Guaranteed Maturity Benefit (GMB) in retirement plans?

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The availability of GMB depends on the type of retirement plan you choose. It might not be available in all types of plans. 

Disclaimers:
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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.

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us: customercare@bajajallianz.co.in

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

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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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~Individual Death Claim Settlement Ratio for FY 2024-2025.


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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^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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*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

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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.

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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 2024-2025

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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Disclaimer

*The Premium prices mentioned are the lowest available across all online channels/ platforms for the purchase of this specific version of the product. These rates are subject to input parameters& as required for policy issuance remaining consistent during comparison. No Staff/Partner discount# can be availed with this product. If a lower premium rate is found elsewhere, under the same conditions mentioned above, the policyholder may choose to cancel their policy and receive a full refund of the premium paid. # Staff includes directors and employees of Bajaj Finserv Group & their spouse, children, and dependent parents. Partner includes employees and agents of intermediaries and their family members. &Input parameters include age, medical details, qualifications, occupation, income and other factors required for policy issuance

 

35% 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 on first year's premium.

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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, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, 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

Bajaj Allianz Life Goal Assure IV with 10X Life Cover2

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IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.


Bajaj Allianz Life Goal Assure IV with 10X Life Cover2
Starting from ₹ 3000/ Month1
Zero LTCG Tax$
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BJAZ-WB-EC-13662/25

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Returns upto 26.7%*

Starting from ₹3000/ Month1

Zero LTCG Tax^ + 10x Life Cover#

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^Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

#Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms . Subject to availability in Bajaj Allianz Life ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) are only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

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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, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, 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

X
Disclaimer

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and  Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) is only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. 

$Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

2Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms. Subject to availability in Bajaj Allianz Life ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

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

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