Bajaj Allianz Pension Guarantee Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Bajaj Allianz Pension Guarantee Plan is a Traditional Immediate Pension Plan from Bajaj Allianz Life Insurance Company. This is a Non Unit-Linked Traditional Insurance Plan with a Single Premium Option.
Product Description
- This plan is an Immediate Pension Plan.
- There are 6 Pension Options available in this plan.
- Since this is a Pension Plan, there is no such Death Benefit except in Option 6 where the remaining fund, if any, would be paid to the nominee.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Bajaj Allianz Pension Guarantee Plan is a Traditional Immediate Pension Plan.
- Premium needs to be paid in a Lumpsum and the pension begins in the next cycle according to the pension option selected.
Eligibility Criteria
| Eligibility Criteria | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Entry Age | |||||||||||
| Minimum | 37 Years | ||||||||||
| For option B, the annuitant's minimum age at entry is 0 year | |||||||||||
| For option B, the annuitant's minimum age at entry is 0 year | |||||||||||
| Maximum | 80 years | ||||||||||
| For option D, E & F Annuitant and Spouse's maximum age at entry is at most 80 years last birthday | |||||||||||
| For option B, the annuitant's maximum age at entry is 100 years | |||||||||||
| Max Age at Maturity | |||||||||||
| Minimum Purchase Price | Rs.25,000 | ||||||||||
| In case nominee/policyholder of policy under a pension plan of BALIC who wishes to take Bajaj Allianz Pension Guarantee plan, the minimum purchase price is not applicable. | |||||||||||
| Maximum Purchase Price | No Limit | ||||||||||
| Minimum Annuity Installment | Frequency | Minimum Annuity Installment | |||||||||
| Yearly | Rs. 1,000 | ||||||||||
| Half Yearly | Rs. 1,000 | ||||||||||
| Quarterly | Rs. 1,000 | ||||||||||
| Monthly | Rs. 1,000 | ||||||||||
| Notes: If the annuity installment is less than Rs. 1,000 for an annuity frequency (for the given purchase price), then, that annuity frequency will not be available and the annuitant will have to choose from other available annuity frequencies. | |||||||||||
OneInsure App Benefits
Product Benefit
| Benefit | Description | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Death | There is no death benefit in this plan. | |||||||||||
| Survival Benefit | Life Annuity - The annuity is paid to the policyholder as long as he/she is alive. | |||||||||||
| 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 is returned to the nominee. | ||||||||||||
| Annuity Certain for a period of 5 years, 10 years, 15 years , 20 years and life thereafter - Annuity is paid for the chosen certain period to the annuitant, if alive, otherwise to the nominee. At the expiry of the certain period, if the annuitant is alive, the annuity is paid to the annuitant as long as he/she is alive. | ||||||||||||
| 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 the death of the annuitant, 50% of the prevailing annuity is payable.to the spouse, as long as the spouse is alive. | ||||||||||||
| 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 death of the last survivor, the purchase price is returned to the beneficiary/nominee. | ||||||||||||
| 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 and/or spouse as long as at least one of them is alive. | ||||||||||||
Other Policy Features
- Annuity Frequency Mode:
4 Annuity Payment Frequencies, viz., Yearly, Half yearly, Quarterly or Monthly
- Surrender:
The policy will acquire surrender value after completion of 3 policy years
- Loan:
Available after completion of 3 policy years
Add-ons
Not Available
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax Benefits will be as per section 80C and 10(D) of Income Tax Act, 1961.
Claim Process
Know Claim Process of Bajaj Allianz Pension Guarantee Plan
Company Overview
Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. Both enjoy a reputation of expertise, stability, and strength. Bajaj Allianz was incorporated in the year March 2001 and started operations in the year August 2001.
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