Bajaj Allianz Retire Rich Plan

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Bajaj Allianz Retire Rich is a unit linked pension plan with annuity payouts and high growth potential through direct market investments for a secured retirement.

Bajaj Allianz Retire Rich - Key Features

  • Non-participating Annuity plan
  • Regular Premium Payment or Single Premium Payment or Limited premium payment option
  • Top Up Premium Payment
  • Flexible Premium Payment Term
  • Guaranteed Vesting Benefits
  • Pension Builder Fund

Bajaj Allianz Retire Rich - Benefits

  • Death Benefits: In case of death of the policyholder,

Higher of,

Fund Value Guaranteed Death Benefit = 105% of Total Premiums Paid till death is payable. The beneficiaries can make withdrawals of the entire death benefit in a lump sum or simply use it to purchase annuity. 

  • Guaranteed Vesting Benefits: The vesting benefits are settled to the insured by paying the,

Higher of,

101% of premiums + Top-up Premiums paid till death will be payable.

Or, Accumulated Fund Value 

Guaranteed benefits can be further used to:

    • To buy a Single Premium Deferred Annuity Plan
    • Convert an average of 1/3rd of the total corpus and buy an Immediate Annuity from the remaining 2/3rd
    • Extend the date for Vesting, given that age is lower than 55 years
  • Loyalty Addition Benefit: A percentage of the Annual or the Single premium chosen is further added to maturity on policy tenure of 11 years to 30 years.
  • Tax Benefits: The premiums and additional top up premiums along with the claims received qualify under tax benefits Under Section 80CCC and 10(10A) of Income Tax Act. The benefits of death are eligible for tax exemptions Under Section 10(10A) of Income Tax Act. 

Bajaj Allianz Retire Rich - Product Specification: 

Product Name

Entry Age

Vesting Age

Policy Term

Premium Payment Term

Premium Payment Frequency

Premium Amount

Bajaj Allianz Retire Rich

30 / 73 years

37 / 80 years

7 / 30 years

5 / Same as policy term

Monthly / Quarterly / Half Yearly / Yearly

Rs 50, 000 (Single)

Rs 15, 000 (Limited and Regular)


Bajaj Allianz Retire Rich - Policy Details 

Grace period: In case the insured fails to pay his monthly premiums on time then he is allowed a grace period of 15days and in case the insured fails to pay his other premium modes then he is allowed a 30 days grace period. 

Policy Termination or Surrender Benefit: On completing 5 year tenure with the plan it automatically enables a surrender value over it. If the insured terminates or surrenders his plan after completing 5 years then the Total Fund Value as on the date of surrender is paid without any additional charges over it. And if, the insured surrenders his plan then he is settled by paying the total fund value net discontinuation charges, as applicable. This fund value is paid after 5 years as it grows at an annual rate of 4% in the policy discontinuation fund. The surrender value received should be used for annuity benefits under the same conditions as of vesting, except that the date of vesting shall not be extended. 

Free Look Period: In a case, where the insured feels that he is not happy with the benefits or terms and conditions of the plan then, he is free to cancel it within 15days of receiving the policy documents, given that no claims have been so far. 


Suicide: If the insured commits suicide within 12 months of the plan since inception, then the fund value as on the date of death shall be paid.


Additional Top Up Premiums: Extra added Top-up premiums can be added which is subject to the minimum additions allowed. 

Read More: Future Value of Annuity | Annuity Calculator

Additional Features or Riders

  • Flexible Premium Payment Frequency: The premium payment frequency can be changed anytime as per policy terms and conditions.
  • Premium Payment Term: The premium payment can also be changed anytime as per the requirement of the insured according to the policy terms and conditions. 

Documents Required

Below are the documents which are required to get insured under Bajaj Allianz Retire Rich Plan are mentioned below:

  • Appropriately filled Application form / Proposal form
  • Address Proof
  • Age Proof
  • Medical History
  • Other KYC documents; Adhaar Card, PAN Card, Tax Details etc 

**Documents required are a subject to the plan options and the cover options as chosen.

You may also like to read: Bajaj Allianz Pension Plan

Bajaj Allianz Retire Rich - Frequently Asked Questions: 

Q.  When do I get to enjoy Loyalty Additions with my plan?

The insured gets the loyalty additions to the fund value as on the original date of vesting the plan. The loyalty additions are equal to the calculated percentage of the Annualized premium amount or the single premium amount which are subject to differ as per the policy terms. 

Q.  What are the conditions to make a lump sum investment into the fund?

The insured can make a lump sum investment into his fund any time during the policy tenure except the last 5 years with the plan. He can make the additional investments by paying unlimited top up premium amounts to increase the fund value, given that all the claims have been done so far. 

Q.  What are the risks associated with Retire Rich plan?

  • The units of the insurance plan are subject to the market risks, which may go high and low based on its market performance. The computations of the market performance of the units are calculated as per their net asset value of the units. Since the unit price is the net asset value, therefore, NAV is calculated as the market value of the investment, including, the value of the current assets which shall be exclusive of the value of the current liabilities, if any. 
  • This plan is simple pension builder plan and hence does not claim to provide any guaranteed returns. All benefits provided by the plan are subject to the benefits mentions under the plan terms, tax regulations and financial performance. 
  • The past performance of the units are not a fool proof analytics of the future performance but can be taken as a reference, however Bajaj Allianz does not guarantee them as grounds for unit performance guarantee. 
Written By: PolicyBazaar - Updated: 15 July 2020
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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