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What is a retirement plan?
What are annuity plans?
How do annuity plans work?
Why do you need to invest in a retirement plan?
Why should you invest early in Retirement plans?
Features of Annuity Plans
Benefits of Annuity Plans
Types of retirement plans in India
Comparison between Deferred and immediate annuity plans
Riders to make your retirement plan complete
Who Should Buy Retirement Plans?
What is the ideal retirement amount?
What is retirement planning & how much can you save for retirement?
How to buy an Annuity Plan?
Eligibility criteria to buy Annuity Plans in India
Tips to choose an appropriate Retirement plan
Conclusion
Faq

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 –

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
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 –

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.
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.
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 –

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.
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.
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 –

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.
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.
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.
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.
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 Act²if 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.
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 –

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.
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 plans	Immediate 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 –

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.
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.
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.
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 –

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.
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.
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.
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 –

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.
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.
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.
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.
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.
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 –

Average income
Expenses
Existing assets and liabilities
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 -

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.
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.
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.
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.
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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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?

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?

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?

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?

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?

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?

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?

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

8. When should I buy a retirement plan?

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?

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?

If you buy an annuity plan, the premium paid will qualify as a deduction under Section 80CCC up to ₹1.5 lakhs²if 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?

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?

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?

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

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Disclaimers:

^*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.

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

^*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.

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Bajaj Allianz Life Goal Assure IV with 10X Life Cover²

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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.

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.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo.

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

¹©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

Disclaimer

Claim Settlement Ratio of 99.29%^~

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