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Bajaj Allianz Life Saral Pension A Single Premium Non-Linked, Non- Participating, Individual Immediate Annuity plan

  • Guarantee: Lifelong guaranteed regular income1

  • Flexibility: Receive annuity from next month onwards, subject to policy terms and conditions.

  • Legacy: Purchase Price (ROP) paid to nominee on death

  • Family is the key: Joint life option with regular income for both lives2

Saral Pension plan
Download Brochure 9 pages - 499 KB
Download Policy Document 9 pages - 499 KB
  • Overview
  • Key Advantage
  • How this works
  • Eligibility
  • Downloads
  • Sample Illustration
  • Annuity Options & Benefits
Product Overview

Retirement Plan - Bajaj Allianz Life Saral Pension Overview

Bajaj Allianz Life presents a simple yet effective way of achieving your retirement goals. Bajaj Allianz Life Saral Pension is a single premium, non-linked, non-participating, individual immediate annuity plan, which provides regular income and also returns the purchase price on death.

Guarantee

Lifelong guaranteed regular income1

Flexibility

Receive annuity from next month onwards, subject to policy terms and conditions.*

*Receive annuity from next month onwards under monthly annuity option and after 3months, 6 months and 1 year in case of quarterly, half-yearly and annual options respectively

Legacy

Purchase Price3 (ROP) paid to nominee on death

Family is the key

Joint life option with regular income for both lives1

Easy Liquidity

Access to money through loan2

More Benefit

Liquidity on diagnosis of Critical Illness2

 

  1. 1

    Choose the annuity option

  2. `
  3. 2

    Choose 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 Age4 at Entry (applicable for Single & Joint lives)

40 years

For policies sold through POS Channel, the minimum and maximum ages will be 40 years & 70 years respectively and as per IRDAI POS Guidelines as amended from time to time

Maximum Age4 at Entry (applicable for Single & Joint lives)

80 years

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

Annuity Options

Life Annuity with Return of Purchase Price (ROP) on death (Available for all channels including POS Channel)

Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price (ROP) on death of Last Survivor (Available for all channels excluding POS Channel)

Minimum Annuity Amount

 

Yearly

Half Yearly 

Quarterly

Monthly

Minimum

 

`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

Purchase Price3

Depends on annuity amount

Premium Payment Term

Single Premium

3 The Purchase Price is the Single Premium paid excluding any GST/any other tax as may be applicable from time to time

4Age is as of last birthday

Note: GST and cess (if any) will be collected over and above the Single Premium under the policy

  • Annuity

Annuity

Age

Purchase Price (without GST)

Life Annuity with Return of 100% Purchase Price (ROP) (Rs.)

Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor (Rs.)

50 years / Male

`25 Lakhs

`1,49,625

`1,48,150

55 years / Male

`1,49.950

`1,48,700

60 years / Male

`1,50,175

`1,49,050

Annuity Options

You can choose any of the following Annuity options at inception. Option once chosen cannot be changed during the term of the policy

Option A: Life Annuity with Return of Purchase Price3 (ROP) on death:Annuity will be payable to you throughout life and on death the Purchase price will be returned to your nominee.

Option B: Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price3 (ROP) 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 the Last Survivor, the Purchase Price will be returned to the nominee.

3The Purchase Price is the Single Premium paid excluding any GST/any other tax as may be applicable from time to time

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
Retirement Planning – A Comprehensive Guide

Retirement Planning – A Comprehensive Guide

Some people may be married to their work. For others, however, working for long hours becomes a habit

READ MORE

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!

1Features and benefits mentioned above are dependent upon annuity option chosen

2 For details refer Loan and Surrender section from sales literature

3The Purchase Price is the Single Premium paid excluding any GST/any other tax as may be applicable from time to time

This sales literature gives the salient features of the plan only. The Policy document is the conclusive evident of contract and provides in details all the conditions &exclusions related to Bajaj Allianz Life Saral Pension.