Claim Settlement Ratio of 99.23%~

Bajaj Allianz Life Guaranteed Pension Goal II

A Non-Linked, Non- Participating, Deferred & Immediate Annuity plan

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Guaranteed*Income throughout life

Multiple Annuity Options

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  • Overview

  • Key Advantages

  • How this works

  • Eligibility

  • Downloads

  • Sample Illustration

  • Annuity Options & Benefits

Retirement Plan - Bajaj Allianz Life Guaranteed Pension Goal II 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.

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Guaranteed^ Lifelong Regular Income

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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 Annuity Amount Guaranteed* 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 plan1, 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.

1Regular/Limited premium payment term is only available with Option A and Option B in Deferred Annuity

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Choose Deferred or Immediate Annuity option

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

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

Choose the Annuity payout frequency.

Receive Annuity Payouts As Per Chosen Frequency

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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)>/h3>

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

1 year

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

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Brochure

Download

Policy Document

Download

Product Presentation

Download

Annuity

Age at last birthday

Purchase Price3

Immediate Annuity

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

Option A: Life Annuity (Rs.)

Option B: Life Annuity with ROP on death (Rs.)

Option A: Life Annuity (Rs.)

Option B: Life Annuity with ROP on death (Rs.)

50 years / Male

Rs. 25 Lakhs

1,72,950

1,55,900

 3,15,800

 2,74,175

55 years / Male

1,83,350

1,56,425

 3,43,825

2,81,275

60 years / Male

1,97,125

1,56,700

3,82,225

2,85,650

3Purchase price is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws if any

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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.

- Premium will vary depending upon the Annuity Option chosen

- 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

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  • 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

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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.

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 X% of Total Premiums Paid shall be paid to your nominee. The proportion (X%) of the Purchase Price given as ROP can range from 50% to 100%, as chosen by the policyholder at inception. The proportion,once chosen, cannot be changed during the term of the policy.

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 throughout his/her life. Under deferred annuity, this option is available only with regular premium payment.

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 throughout his/her life.

On death of surviving life after the Deferment period, an amount equal to X% of Total Premiums Paid shall be paid to your nominee.The proportion (X%) of the Purchase Price given as ROP can range from 50% to 100%, as chosen by the policyholder at inception. The proportion, once chosen, cannot be changed during the term of the policy. Under Deferred Annuity with Single Premium payment,X% is,mandatorily,100%.

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 benefit with Annuity continuing subsequently

On death after the Deferment period and before receiving the Survival benefit, an amount equal to the Purchase price shall be paid to your nominee.On death after receiving the Survival benefit,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 o 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 benefit 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 benefit 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 benefit 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 less sum of the Survival benefit paid (if any) shall be paid to your nominee.This amount shall be subject to a minimum of Purchase price less Survival benefit paid (if any)

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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

Why Bajaj Allianz Life Insurance ?

99.23%
Claim Settlement Ratio of 99.23%~
1 Day
1 Day Claim Approval%
AAA Rating
AAA; Stable Rating by CARE$
₹1,09,829Cr
Assets Under Management (AUM)**
4.19 Cr
Number of Lives Covered#
432%
Solvency Ratio^

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2023-2024 | %96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 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 | **All figures as on 31 March, 2024 | ^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150%. | #Individual & Group.

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Disclaimers:
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*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

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Disclaimer

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

Bajaj Allianz Life Guaranteed Pension Goal II - A Non-Linked Non-Participating Immediate & Deferred Annuity Plan (UIN: 116N187V01)
 

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

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

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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, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

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