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Bajaj Allianz Life Pension Guarantee An Immediate Annuity Plan

  • Six annuity options to choose from
  • Option of Return of Purchase Price
  • Option to cover Spouse
  • Multiple Annuity Frequency
Retirement pension plan with multiple annuity options
Download Brochure 9 pages - 499 KB
Download Policy Document 9 pages - 499 KB
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Product Overview

Retirement Pension Plan - Bajaj Allianz Life Pension Guarantee

Retirement is the beginning of a new inning in life. You can continue living your post retirement life independently with a guaranteed & steady pension over the years enabling you to realize many of your retirement goals.

Bajaj Allianz Life Pension Guarantee, an immediate annuity plan, offering retirement pension ensures you receive a regular guaranteed income within one month, three months, six months or a year depending on the annuity payment frequency chosen . It gives you the option to include your spouse in the policy. You can also leave behind a legacy by giving back the principal amount to your spouse/nominee after your death. So, in a way it allows you to enjoy a worry-free post retirement life and also secure the dreams of your loved ones. 

Multiple options

There are six different annuity options available to choose from, including the one with annuity for life, annuity for fixed period & life thereafter, joint life or one that returns purchase price in case of death, as per your requirement.

Option to cover spouse

In case of the annuitant’s death, the policy will continue to offer benefits to the spouse depending on the option chosen.

Return of purchase price

Option where the purchase price is returned to the nominee/spouse after the death of the annuitant.

Multiple annuity frequency

You can choose to receive the annuity amount monthly, quarterly, half-yearly or annually depending on your retirement life goals.

 Choose the purchase price (the amount which is utilized to purchase Bajaj Allianz Life Pension Guarantee) 

 

Choose your annuity option

 

Choose your annuity payment frequency

 

Provide your spouse’s details, if you have opted for Joint Life Last Survivor Options

(The annuity will depend upon the annuity option and rates prevailing at the time of purchase of the annuity.)

Minimum Age at Entry

37 years

For option D, E & F: annuitant & spouse’s minimum age at entry is at least 37 years

If life assured (annuitant)/ nominee/ legal-heirs under a deferred pension policy with BALIC uses the proceeds from that policy to purchase this policy, then the given minimum age at entry will not apply and shall be as given below:

Under annuity Options A, B & C, the annuitant’s minimum age at entry is 0 years

Under Options D, E & F, annuitant’s minimum age at entry is 18 years.

The life assured and spouse’s age at entry has to be at least 18 years

Maximum Age at Entry

80 years

For option D, E & F annuitant and spouse’s maximum age at entry is 80 years

If life assured (annuitant)/ nominee/ legal-heirs under a deferred pension policy with BALIC uses the proceeds from that policy to purchase this policy, then the given maximum age at entry will not apply and the annuitant’s maximum age at entry is 100 years

Under Options D, E & F, the annuitant and spouse’s age at entry has to be at most 100 years 

Minimum Purchase Price

`25,000

In case a nominee/ policyholder/ legal heirs of policy under a deferred pension plan of BALIC wishes to take Bajaj Allianz Life Pension Guarantee plan the minimum purchase price criteria is not applicable 

Maximum Purchase Price

No Limit

Minimum Annuity per Installment 

Frequency

Yearly

Half Yearly 

Quarterly

Monthly

Annuity Installment (in `) 

`12,000

`6,000 

`3,000

`1,000

In case nominee/policyholder/ legal heirs of policy under a deferred pension plan of BALIC wishes to take Bajaj Allianz Life Pension Guarantee plan, the minimum annuity per installment is not applicable

Maximum Annuity per Installment

No limit

Annuity Options

Life annuity
  • The annuity is paid to the annuitant as long as he/she is alive.
  • On death of the annuitant, the purchase price and any outstanding annuity installment as on the date of death will be paid to the nominee/ legal heir.
Life annuity with Return of Purchase Price
  • The annuity is paid to the annuitant as long as he/she is alive. 
  • On the death of the annuitant, the purchase price and any outstanding annuity installment as on the date of death will be paid to the nominee/legal heir.
Annuity Certain for period 5 years, 10 years, 15 years , 20 years and life thereafter
  • The annuity is paid to the annuitant as long as he/she is alive. 
  • On death of the annuitant before the expiry of the chosen certain period, annuity is paid to the nominee/ legal heir for the remaining chosen certain period.
  • On death of the annuitant after the expiry of the chosen certain period, any outstanding annuity installment as on the date of death will be paid to the nominee/ legal heir
Joint Life Last Survivor with 50% of annuity to spouse
  • The annuitant and his/her spouse are covered under the policy.
  • The annuity is paid to the annuitant as long as he/she is alive. 
  • On death of the annuitant, if the spouse is alive, any outstanding annuity installment as on the date of death of the annuitant will be paid and 50% of the annuity installment is payable to the spouse, as long as the spouse is alive.
  • On death of the spouse if annuitant is alive, there is no change in the annuity payment 
  • On death of the spouse after the death of the annuitant, any outstanding annuity installment as on the date of death of the spouse will be paid to nominee/ legal heir.
Joint Life Last Survivor with Return of Purchase Price on death of Last Survivor (100% of annuity to spouse) 
  • The annuitant and his/her spouse are covered under the policy.
  • The annuity is paid to the annuitant and/or spouse as long as at least one of them is alive
  • On the first death, there is no change in the annuity payment.
  • On death of the last survivor, the purchase price plus any outstanding annuity installment as on the date of death of the last survivor will be paid to the nominee/ legal heir.
Joint Life Last Survivor with 100% of annuity to spouse 
  • The annuitant and his/her spouse are covered under the policy.
  • The annuity is paid to the annuitant or spouse as long as atleast one of them is alive. 
  • On death of the annuitant, if the spouse is alive, any outstanding annuity installment as on the date of death of the annuitant will be paid and 100% of the annuity installment is payable to the spouse, as long as the spouse is alive.
  • On death of the spouse if annuitant is alive, there is no change in the annuity payment.
  • On death of the spouse after the death of the annuitant, any outstanding annuity installment as on the date of death of the spouse will be paid to the nominee/ legal heir.

Documents you’ll need before investing

ULIP plan that helps to reach your life goals From Bajaj Allianz Life

Move a step closer to your Life Goals with prudent financial planning

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Avail Systematic Investment Plans for a more stable financial future

Avail Systematic Investment Plans for a more stable financial future

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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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  • Claim deposits via electronic transfer to make process faster
  • Solvency ratio of 767% **
  • Our Priority is not to sell Life Insurance, it is to serve you in the fastest & most convenient manner when you need us.

**All figures as on 31 December, 2018.

"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!