Bajaj Allianz Life Insurance Company Limited is an alliance between Bajaj Finserv Limited and Allianz SE. The company has been a leader in the insurance market with world-class products, efficient service and after-sales support. The company has been offering various types of insurance plans both in the Life Insurance category and General Insurance category. Bajaj Allianz Life Insurance is among the market leaders in insurance sector offering a huge range of products at competitive rates. Moreover, the company boasts of a strong foundation of sales force which helps to increase the company’s market share in the insurance sector.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C ApplyPension plans help an individual to plan for his retirement by ensuring regular payment of annuity after retirement.
Some common features of pension plans are:
Bajaj Allianz offers two types of plans. One is a unit linked pension plan while the other is a traditional plan with guaranteed benefits. Let us analyze the plans offered by the company in details
Read Also : What is an Annuity | Present Value of an Annuity |
A linked annuity plan which promises market related returns. The components of the plan include:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
30 years |
73 years |
Vesting Age |
37 years |
80 years |
Policy Term |
7 years |
30 years |
Annual Premium amount |
Regular Pay - Rs.15, 000 Single Pay – Rs.50, 000 |
No limit |
Sum Assured |
204, 841 |
Depends on term, age and premium |
Premium Payment Term |
Equal to the policy term or 5 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A traditional pension plan which has the following features and benefits:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
Option B – 0 years Other Options – 37 years |
Option B –100 years Other Options – 80 years |
Purchase Price |
Rs.25, 000 |
No limit |
Policy Term |
7 years |
30 years |
Annual Annuity Payout |
Rs.1000 |
No limit |
AnnuityPayout Frequency |
Yearly, half-yearly, quarterly or monthly |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
An annuity plan works on a very basic principle – you create a fund for your retirement days by paying regular premiums throughout a period of time, and then when you retire and your regular income stops, the annuity plan substitutes your income by paying you regularly. This payment is made out of the fund you created for yourself.
The purchase price in an annuity plan is the combined value of the premiums you paid during the accumulation period of the plan. Once the accumulation period is over, the annuity period stars and it is at this time that the policyholder or he annuitant begins to receive the regular income.
An immediate annuity plan is a kind of annuity plan where the policyholder begins receiving the annuity as soon as the purchase price is paid. The annuitant may opt to receive the annuity in monthly, quarterly, semi-yearly or annual installments.
In a deferred annuity plan, the annuitant opts to receive the money after a few years, ideally after he retires and his income stops.
As the name suggests, a life annuity plan continues to pay the annuitant till the time he is alive, or in other words till the last day of his life. This is a good type of annuity plan as this ensures that the annuitant doesn’t have to depend on anyone even after he retires and his regular income stops.
ECS
NEFT
Cash/Cheque Payments
However, if a claim settlement is delayed beyond 30 days, the company pays an 11% interest for every day's delay.
You may also like to read National Pension Scheme Details