A post-retirement income needs proper planning so that you can easily sustain your current lifestyle after retirement. Bajaj Allianz has come up with an innovative retirement solution in the Bajaj Allianz Life LongLife Goal plan.
It is an ideal investment choice that provides good returns along with a secure life cover. This plan is an individual, whole life, non-participating, Unit Linked endowment plan. It helps to build up your retirement income by investing in long-term market-linked investments. This plan is an ideal solution for a comfortable and safe retirement life. Bajaj Allianz Life LongLife Goal reviews have been positive and mention key features like good returns, loyalty additions, and periodic Return of Mortality Charges that help you meet your retirement goals.
|Policy Tenure||Whole Life Cover up to age 99|
|Premium Paying Term||10-25 years|
|Premium Paying Mode||Monthly, Quarterly, Semiannually, and Annually|
|Entry Age||For Waiver of Premium: 0-65 years Without Waiver of Premium: 18 years-no limit|
|Maturity Age||99 years|
|Grace Period||15 days for Monthly Premium, 30 Days otherwise|
|Sum Assured||10 times Annualized Premium|
|Liquidity||Available post the 5 year lock-in period as Surrender Benefit|
The following are the core benefits offered by LongLife Goal Plan by Bajaj Allianz Life:
The policyholder gets an option to choose from 4 investment strategies -Investor Selectable Portfolio, Wheel of Life Portfolio II, Trigger Based Portfolio, and Auto Transfer Portfolio.
The user can use any investment strategies to invest among eight available mid-cap, large-cap, and ethical funds that offer a steady rate of returns.
This plan comes in two variants:
This is available under the LongLife Goal plan with Waiver of Premium variant. Here, in case of the policyholder’s death or his permanent total disablement within the policy tenure, there is a waiver of all future premiums. The policy continues with all the previous benefits.
This policy provides whole life coverage for the policyholder until the age of 99.
The policyholder can opt for systematic fund withdrawal post 55 years of age or upon completion of 10 years of the policy, whichever is later. Any amount between 0-12% of the fund can be withdrawn annually.
The policyholder can start a regular income schedule after 55 years of age, based on his chosen options. Each withdrawal instalment is increased by an extra 0.5% over the desired percentage as an additional benefit.
In case of Long-life Goal with a waiver of premium option, the total amount of premium waiver charges deducted are added back regularly to the value of the fund.
The plan gives a 2-7% of one annualized premium as loyalty additions to the fund value every year. This starts from the 5th policy year till 25 years of the policy. The maximum limit is 102% over 20 years.
This option is allowed after completing 5 policy years. The minimum amount is Rs 5,000, and it is subject to limitations of the fund value post withdrawal.
The policy gives tax benefits on premium payments, partial withdrawal, Death benefits, Maturity benefits, and retirement income.
*Tax benefits are as per prevailing laws of the land
The Bajaj Allianz Life LongLife Goal premium amount will be based on the type of investment portfolio strategy for the fund chosen by the policyholder. Bajaj Allianz Life LongLife Goal calculator online can help you with the various premium amounts.
|Frequency||Minimum Premium||Maximum Premium|
|Monthly||2,500||No such limit ; As per maximum Sum Assured and approved underwriting policies|
You can opt to reduce the existing premium under the policy after the first five years at an additional charge. This reduction will be up to a maximum of 50% of the initial premium.
This policy has a Waiver of Premium or WOP rider as an additional benefit. With this rider in force, in case of any future permanent total disability of the policyholder within the plan tenure, there is a waiver of all future premiums.
For Plan Variant with Waiver of Premium:
Life assured-0-65 years
For Plan Variant without Waiver of Premium:
18 years and above
There is no maximum age limit
Here is the list of documents required to buy Bajaj Allianz Life LongLife Goal Plan: