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Bajaj Allianz Life Guaranteed Pension Goal Watch Video A Non-Linked, Non- Participating, Deferred & Immediate Annuity plan

  • No Medicals

  • Quick Issuance

  • Deferment option with annuity guarantee* at policy start

  • Return of your invested amount@ on survival# or death$

Guaranteed pension goal pension plan
  • Overview
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  • How this works
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  • Annuity Options & Benefits
Product Overview

Retirement Plan - Bajaj Allianz Life Guaranteed Pension Goal Overview

With the advent of technology, our lifestyle goals have upgraded. Today we use gadgets, appliances and services which were not there 2-3 decades ago. Who knows what is in store for us in the next 2-3 decades? Hence, it is important for us to have a guarantee that our lifestyle goals are done even in our second innings of life- retirement.  

Presenting Bajaj Allianz Life Guaranteed Pension Goal which assures your Lifestyle goals by giving guaranteed income throughout life as per your choice and need.

Guaranteed^ lifelong regular income

The plan offers a guaranteed regular income, throughout life as per your choice and need (Yearly/Half-yearly/Quarterly/Monthly)



^Conditions Apply – The guaranteed benefits are dependent on the purchase price & annuity option chosen. For more details please refer to sales brochure.

Return of purchase price

Option to receive your invested amount back as Return of Purchase Price1 (ROP) on death or as Survival benefit. 

1The Purchase Price is the single Premium or the sum of all regular/limited Premiums; plus, top-up Premiums paid excluding any GST/any other tax as may be applicable from time to time.

 

Joint Life Option

You can include your spouse in the annuity plan with 50% or 100% annuity payable to your spouse after your death.

Deferred annuity with rate guarantee at inception

The plan offers both immediate and deferred annuity options. In the deferred annuity option, you pay a lump sum or regular/limited Premium, and the annuity payout will start after the deferment period chosen by you at inception. The deferment period can be a minimum of 1 year to a maximum of 10 years.

Multiple annuity options to choose from

Bajaj Allianz Life Guaranteed Pension Goal offers you nine immediate annuity options and five deferred annuity options to choose from in line with your particular needs. 

Multiple premium paying options

Under deferred annuity options, you can opt for single premium or regular/limited premium option for 5 to 10 years. Under a regular/limited premium plan, you can pay your premiums monthly, quarterly, half-yearly or yearly as per your convenience. Under immediate annuity options, only single premium option is allowed.

 

 

^ Regular/Limited premium payment term is only available with Option A and Option B in Deferred Annuity

  1. 1

    Choose Deferred or Immediate Annuity option

    Annuity option has to be chosen at inception and once opted cannot be changed

  2. `
  3. 2

    Enter the Purchase price you wish to pay or the Annuity you wish to receive

  4. `
  5. 3

    Choose The Annuity Payout Frequency

  6. `
  7. 4

    Receive Annuity Payouts As Per Chosen Frequency

  8. `

Minimum Age at Entry

Immediate Annuity 

30 years

For policies sold through POS Channel, the minimum entry age will be 40 years and as per prevailing IRDAI POS Guidelines, as amended from time to time

Deferred Annuity 

45 years

Maximum Age at Entry

Immediate Annuity 

85 years

For policies sold through POS Channel, the maximum entry ages will be 70 and as per prevailing IRDAI POS Guidelines, as amended from time to time

Deferred Annuity 

84 years subject to Annuity starting at a maximum age of 85 years

Higher ages at entry may be allowed under the annuity options, Life Annuity with Return of Purchase Price on dealth and Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price on dealth of last survivor to cater to the needs of NPS subscribers, as per extant PFRDA guidelines

Purchase Price

As per prevailing Board Approved Underwriting Policy

Minimum Annuity Amount

 

Yearly

Half Yearly 

Quarterly

Monthly

Immediate/Deferred Annuity

 

`12,000

`6,000

`3,000

`1,000

The minimum Annuity is not applicable in case the purchase of Annuity is from a superannuation fund, pension fund/Policy or from the NPS fund etc

For policies sold through POS Channel, the Annuity amounts will be as per prevailing IRDAI POS Guidelines, as amended from time to time

Maximum Annuity Amount

No limit

Modes of Payment of Premium (only under Deferred Annuity Regular/Limited Premium)

Yearly, half-yearly, quarterly, monthly

Quarterly & monthly Premium frequencies are available only with auto-debit mode (as approved by RBI)

Deferment Period (applicable only for Deferred Annuity)

Minimum

 

Single Premium

1 year

Regular/Limited Premium

PPT Chosen

 

Maximum

 

Single Premium

10 years

Regular/Limited Premium

Premium Paying Term

Single Premium(Immediate / Deferred Annuity)

Single Premium

Regular Premium(Deferred Annuity)

Minimum

5 years

Maximum

10 years

Minimum Group Size

5 members

Deferment period will start from the Policy commencement date in a Deferred Annuity policy

Entry age is age at last birthday

  • Annuity

Annuity

 

Age at last birthday

Purchase Price[1]

Immediate Annuity

Deferred Annuity
(Deferment Period=10 years, Single premium payment)

Option A: Life Annuity

Option B: Life Annuity with ROP on death

Option A: Life Annuity

Option B: Life Annuity with ROP on death

50 years / Male

`25 Lakhs

`1,71,900

`1,54,700

`3,28,775

`2,94,700

55 years / Male

`1,82,300

`1,55,200

`3,57,250

`3,02,125

60 years / Male

`1,96,100

`1,55,500

`3,96,325

`3,06,575

[1]Purchase price is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws if any

The plan can be purchased directly from the insurance company’s website also at the applicable annuity rates

Annuity Options

You can choose any of the following Annuity options^ at inception.

Immediate Annuity : Pay a lump sum and the Annuity payout will start immediately, as early as next month, depending up on the Annuity frequency option chosen

Deferred Annuity : Pay a lump sum or regular/limited Premium and Annuity payout will start after the deferment period, chosen by you

Annuity Options

A

B

C

D

E

F

G

H

I

Life Annuity

Life Annuity with ROP on death 

Annuity Certain (5/10/15/20 yrs) and life thereafter

Joint Life Last Survivor with 50% of Annuity to spouse

Joint Life Last Survivor with 100% of Annuity to spouse

Joint Life Last Survivor with 100% of Annuity to spouse & with ROP on death of Last Survivor

 Life Annuity with ROP on death or survival

Life Annuity with ROP on death or in instalments on survival

Family Pension

Immediate Annuity

Deferred Annuity (SP)

Deferred Annuity (RP)

Regular/Limited Premium (RP) and Single Premium (SP)

^Option once chosen at inception cannot be changed during the term of the Policy.

For policies sold under POS, the annuity options available will be:

Type of Annuity

Annuity option available

Only Individual Immediate Annuity

Option B- Life Annuity with Return of Purchase Price (ROP) on death

  • Immediate Annuity
  • Deferred Annuity

Let us look at the benefits available under Immediate Annuity options. In these options, Annuity will be payable to you on each Annuity instalment date according to the Annuity payment frequency opted by you at the inception of the policy.

Option A

Life Annuity: Annuity will be payable to you throughout life.

Option B

Life Annuity with Return of Purchase Price (ROP1)on death: Annuity will be payable to you throughout life and on death the Purchase price will be returned to your nominee.

Option C

Annuity certain and life thereafter: Annuity will be payable to you for a guaranteed period of 5, 10, 15 or 20 years, as chosen by you at inception; or throughout life, whichever is later. On death during the Annuity-Certain period, the remaining Annuity instalments will be paid to your nominee till the end of Annuity-Certain period.

Option D

Joint Life Last Survivor with 50% of Annuity to spouse: Annuity will be payable to you throughout life and on death, your spouse will receive 50% of the prevailing Annuity amount throughout his/her life.

Option E

Joint Life Last Survivor with 100% of Annuity to spouse: Annuity will be payable to you throughout life and on death, your spouse will receive 100% of the prevailing Annuity amount throughout his/her life.

Option F

Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price (ROP1) on death of Last Survivor : Annuity will be payable to you throughout life and on death, your spouse will receive 100% of the prevailing Annuity amount throughout his/her life. On death of the last surviving life, the Purchase Price will be returned to the nominee.

Option G

Life Annuity with Return of Purchase Price (ROP1 ) on death or survival:  (Only Single Premium payment is available in this option) Annuity will be payable to you throughout life and additionally on the policy anniversary after the 25th Policy Year or the policy anniversary after attaining Age 85 (whichever is later), the Purchase Price will be returned to you as Survival benefit2 with annuity continuing subsequently.

On death before receiving the Survival benefit2, the Purchase price will be returned to your nominee and on death after receiving the Survival benefit2, no further benefit shall be payable.

Option H

Life Annuity with Return of Purchase Price (ROP1 ) on death or, in instalments, on survival Annuity will be payable to you throughout life and additionally, starting from the policy anniversary after the 15th Policy Year or the policy anniversary after attaining Age 70 (whichever is later), Survival benefit2 would be payable to you at each policy anniversary in instalments as per the Annuity payment frequency with Annuity continuing subsequently

In yearly payment frequency, the Survival benefit2 will be in annual instalments equivalent to 5% of the Purchase Price. Under monthly, quarterly and half-yearly, each instalment, respectively, will be (5%/12), (5%/4) and (5%/2) of the Purchase price. Survival benefit2 will be payable till the total of all the instalments equals 100% of the Purchase Price.

On death, an amount equal to Purchase Price less sum of the Survival benefit2 paid (if any) shall be paid to your nominee

Option I

Family Pension: (Only for NPS subscribers) Life annuity shall be payable to the NPS subscriber as below:

If the NPS subscriber has a spouse/spouse is alive: Annuity will be payable as per the Annuity option, Option F (Joint Life Last Survivor with 100% of annuity to spouse & with ROP on death of last survivor).

If the NPS subscriber does not have a spouse or his/her spouse is not alive: Annuity will be payable as per the annuity option, Option B (Life annuity with ROP on death).

On death of the both the annuitant and the spouse:

The ROP shall be used to purchase an Annuity under Annuity option, Option B, on the dependent mother (if alive) of the deceased NPS subscriber; and

On the death of the mother, ROP shall be used to purchase an Annuity as per Annuity option, Option B, on the dependent father (if alive) of the deceased NPS subscriber.

The Annuity amount, on each purchase (mentioned above), will be based on the prevailing annuity rate then under the mentioned Annuity option.

On the death of the last surviving annuitant (out of the NPS subscriber, the spouse, the mother, the father), and provided the policy has not been terminated prior, the death benefit payable shall be 100% of the Purchase price

1The Purchase Price is the single Premium or the sum of all regular/limited Premiums; plus, top-up Premiums paid excluding any GST/any other tax as may be applicable from time to time.

2 The due date of survival benefit with respect to Top-up premiums (if any) will be assessed from the date of payment of each top-up premium.

Let us look at the benefits available under Deferred Annuity options. In these options, Annuity will be payable to you on each Annuity instalment date, post completion of the Deferment period, and according to the Annuity payment frequency opted by you at the inception of the policy.

On death during the Deferment period, an amount equal to the Purchase price plus attached Guaranteed Additions, subject to a minimum of 105% of Total Premiums paid, shall be paid to your nominee.

Option A

Life Annuity: Annuity will be payable to you throughout life and on death after the Deferment period, no further benefit shall be payable.

Option B

Life Annuity with Return of Purchase Price (ROP1 )on death Annuity will be payable to you throughout life and on death after the Deferment period, an amount equal to the Purchase price plus attached Guaranteed Additions less annuity instalments paid shall be paid to your nominee, subject to a minimum amount equivalent to the Purchase price.

Option F

Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price (ROP1) on death of Last Survivor: (Only Single Premium payment is available in this option) Annuity will be payable to you throughout life and on death, your spouse will receive 100% of the prevailing Annuity throughout his/her life.

On death of surviving life after the Deferment period, an amount equal to the Purchase price plus attached Guaranteed Additions less annuity instalments paid shall be paid to your nominee, subject to a minimum amount equal to the Purchase price

Option G

Life Annuity with Return of Purchase Price (ROP1 ) on death or survival: (Only Single Premium payment is available in this option) Annuity will be payable to you throughout life and additionally on the policy anniversary after the 25th policy year or the policy anniversary after attaining age 85 (whichever is later), the Purchase price will be returned to you as Survival benefit2.

On death after the Deferment period and before receiving the Survival benefit2, an amount equal to the Purchase price plus attached Guaranteed Additions less annuity instalments paid shall be paid to your nominee, subject to a minimum amount equal to the Purchase price. On death after receiving the Survival benefit2, no further benefit shall be payable.

Option H

Life Annuity with Return of Purchase Price (ROP1 ) on death or, in instalments, on survival: (Only Single Premium payment is available in this option) Annuity will be payable to you throughout life and additionally, starting from the policy anniversary after the 15th Policy Year or the policy anniversary after attaining Age 70 (whichever is later), Survival benefit2 would be payable to you at each policy anniversary in instalments as per the Annuity payment frequency with Annuity continuing subsequently.

In yearly payment frequency, the Survival benefit2 will be in annual instalments equivalent to 5% of the Purchase Price. Under monthly, quarterly and half-yearly, each instalment, respectively, will be (5%/12), (5%/4) and (5%/2) of the Purchase price. Survival benefit2 will be payable till the total of all the instalments equals 100% of the Purchase Price.

On death after the Deferment period, an amount equal to the Purchase price plus attached Guaranteed Additions less sum of the Survival benefit2 paid (if any) less annuity instalments paid shall be paid to your nominee. This amount shall be subject to a minimum of Purchase price less Survival benefit2 paid (if any)

1The Purchase Price is the single Premium or the sum of all regular/limited Premiums; plus, top-up Premiums paid excluding any GST/any other tax as may be applicable from time to time

2 The due date of survival benefit with respect to Top-up premiums (if any) will be assessed from the date of payment of each top-up premium

 

Option C, D, E & I shall not be available with Deferred Annuity

Documents you’ll need before investing

Retirement Age - Know How To Prepare For It

Retirement Age - Know How To Prepare For It

Planning for retirement is the most crucial step for every individual.

READ MORE
Retirement Benefits – How To Enjoy Them Without Worry

Retirement Benefits – How To Enjoy Them Without Worry

Most people are guided by the proverb - Work is Worship throughout their professional life.

READ MORE

⭐ How soon can I start receiving annuity payments once the policy has started?

It all depends on the frequency of annuity payment you choose. Pension Guarantee has four annuity frequency options – monthly, quarterly, half-yearly and yearly. For instance, if you opt for the monthly option, your annuity starts a month after the policy commences.

⭐ After my death, would my spouse continue to receive annuity?

It depends on the annuity option you have opted for. If you choose the joint life last survivor option, then your spouse would continue to receive annuity benefits even after your death. 

⭐ Is it possible to ensure that the principal amount remains intact, and it goes back to the nominee after my death?

Pension Guarantee has the option of returning the purchase price (or the money invested) after the death of the Life Assured. Depending upon the annuity option opted for, on the death of the life assured, the invested amount initially in the policy is paid back to the nominee/legal heir.

Life Insurance Glossary

Annualized Premium

“Annualised Premium” means the total amount of Regular Premiums payable in a Policy Year, after due consideration of applicable premium factors for various Premium Payment Frequency. In this calculation, any extra premium, Rider Premium or applicable taxes are excluded.

Grace Period

“Grace Period” means a period of fifteen (15) days for a monthly Premium Payment Frequency and thirty (30) days for other than monthly Premium Payment Frequency, from the due date of the Regular Premium payment.

Life Assured

“Claimant” means the Life Assured (if alive) or Policyholder (if different from the Life Assured) or the assignee or the Nominee or the legal heirs of Policyholder/Nominee(s) to whom the Policy Benefit will be payable.

Maturity Date

“Maturity Date” means the date specified in the Schedule on which the Maturity Benefit as per policy document shall become payable to the Policyholder

Nominee

“Nominee” means the person who has been nominated in writing to the Company by the Policyholder, who is entitled to receive the Death Benefits under the Policy as mentioned in Policy Document

Paid up Sum Assured on Death

“Paid-up Sum Assured on Death” is the reduced value of the Sum Assured on Death arrived at by multiplying the Sum Assured on Death with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy.

Paid up Sum Assured on Maturity

If the Regular Premiums due for first three (3) Policy Years are paid and subsequent Regular Premiums are not paid, the Policy will, immediately and automatically, be converted to a paid-up Policy on the expiry of the Grace Period as per the conditions stated in the policy document.

Paid up Sum Assured

“Paid-up Sum Assured” is the reduced value of the Sum Assured arrived at by multiplying the Sum Assured with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy

Policyholder

“Policyholder” means the adult person named in the Schedule who has concluded the Policy with the Company

Rider Benefit

“Rider Benefit” means the benefit payable under the Rider on the happening of the contingent event covered under the Rider. For more details, refer to the Policy Document

Rider Life Assured

“Rider Life Assured” means the person named as the Rider Life Assured in the Schedule whose life is assured under this Rider

Rider Premium

“Rider Premium” means the amount exclusive of applicable taxes, if any, payable by the Policyholder at regular intervals during the Rider Premium Paying Term, in amount (along with and as part of the Regular Premium) and at the Premium Payment Frequency.

Rider Premium Paying Term

“Rider Premium Paying Term” means the period specified in the Schedule during which the Rider Premium is payable.

Rider Term

"Rider Term” means the period between the Date of Commencement of Rider and the Rider Maturity Date, as mentioned in the Schedule

Sum Assured

“Sum Assured” is the amount as specified in the Schedule under the Policy.

Surrender Benefit

“Surrender Benefit” means the benefit, if any, payable on the surrender of the Policy. For more details refer to the Policy Document

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  • Amongst ‘Top 75 most valuable Indian Brands 2020’1
  • One of the most Trusted Brand2
  • Claims Settlement Ratio 98.48%~
  • 1 Day Claim Approval7
  • Solvency ratio of 666%^
  • AAA (IS):Stable Rating by CARE$
  • Claim deposits via electronic transfer to make process faster
  • ` 73,773 Crore Total Assets Under Management (AUM)**
  • 2.36 Crore number of lives covered#
  • Our Priority is not to sell Life Insurance, it is to serve you in the fastest & most convenient manner when you need us.

~Individual Claims Settlement Ratio for FY 2020-2021

**All figures as on 31 March 2021

^Solvency ratio 666% as at 31 March 2021 against IRDAI mandated 150%

#Individual & Group

1 Report published by Kantar millward brown

2Survey conducted by brand equity – Nielsen in March 2020

795% of non-investigative individual claims approved in one working day for FY 2020-21. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices

$For details refer to press release published by CARE

"What are your life goals?" is one of the most common questions that comes to one's mind while taking any step further in Life. Most just answer it by laughing it off or saying we will think about it.

A key reason that they feel this way is that they haven't spent enough time thinking about what they want from their life, and haven't set themselves any goals.

Goals keep changing as per different life stages and one has to plan meticulously for their future.

Deciding your Life Goal is all about planning to "Live your life, your way". There could be various Life Goals such as trotting the globe, becoming a food blogger to starting your own business, owning your dream house, or planning your Childs education or marriage.

L"IF"E is full of IF's... and one needs to plan to secure their loved ones and themselves against the Ifs of Life. When you opt for a life insurance plan, you transfer your family's financial risks in case of any unfortunate event to the life insurer. This allows you and your loved ones to live life fearlessly. Life Insurance protects your family's financial wellbeing from the consequences of living without an income.

When you purchase a life insurance policy, one of your major life goal gets fulfilled i.e. you purchase a sense of security. A safety net that cushions your family members from the financial impact of your sudden absence and ensures that any outstanding debts that were incurred during your lifetime don't fall upon your loved ones.

Having life goals is an important aspect in each one's life. One needs to be SMART and plan out well in advance to ensure nothing goes wrong in the future. Life insurance offers a range of products that could come in handy for meeting your financial goals.

To ensure that it is not too late, get your #LifeGoals insured with us today! It will help you smile in the face of tomorrow's uncertainties and let you live a worry free life!

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

@ invested amount = Return of Purchase Price& excluding Goods and Service Tax

# Only applicable for Option G and Option H

$ Only applicable for Option B and F

&Purchase price is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws if any