Bajaj Life Insurance Annuity Plan

What is Bajaj Life Insurance Annuity Plan?

Bajaj Life Insurance annuity plans are designed to convert a lump sum investment into a steady stream of guaranteed income for life. These plans include variants such as joint life annuity, life annuity, and options with return of purchase price. Each plan guarantees lifelong income, making them suitable for early planners, retirees, and NPS subscribers seeking financial stability. In October 2025, Bajaj Finserv rebranded its insurance businesses, with Bajaj Allianz Life Insurance becoming Bajaj Life Insurance.

Types of Bajaj Life Insurance Annuity Plans

Bajaj Life offers three annuity plans designed to meet various retirement needs. These are the different types of annuities available through Bajaj Life Insurance:

• Bajaj Life Guaranteed Pension Goal II: This non-participating, non-linked plan offers deferred annuity options. Payout modes are flexible, ranging from monthly to annually. Notably, the plan allows a deferment period of 1 to 30 years (for single-premium deferred annuity), making it well-suited for early retirement planning.
• Bajaj Life Saral Pension: Introduced as a standardised immediate annuity plan, Saral Pension delivers lifelong income to retirees. It includes the return of purchase price feature, ensuring the nominee receives the fund upon the annuitant's death. 
• Bajaj Allianz Life Guaranteed Pension Goal: This pension plan offers immediate and deferred annuity variants with a deferment period of up to 30 years. 

Bajaj Life Guaranteed Pension Goal II

Bajaj Life Guaranteed Pension Goal II is a non-linked, non-participating annuity plan offering immediate and deferred options. It provides the flexibility to choose between single and joint life annuity and an option to return 50% to 100% of the purchase price to nominees under select variants. The entry age ranges from 30 to 85 years, and annuity payments can commence from age 40. It is well-suited for NPS subscribers, retirees, and early planners.

Key Features of Bajaj Life Guaranteed Pension Goal II

Sample Illustration - Bajaj Life Guaranteed Pension Goal II

For example, a 60-year-old individual investing ₹25 lakh may receive around ₹1.9 lakh annually under the life annuity option, or a slightly lower payout with return-of-purchase-price benefits. The amount will vary based on the chosen option and prevailing annuity rates.

The policyholder's death returns the purchase price (if applicable under the chosen variant) to the nominee. Annuity payments continue as per the plan's terms for the duration selected.

*Key Notes: The actual annuity amounts offered under this Bajaj Life Insurance Limited pension plan may vary based on the selected option, purchase price, and prevailing annuity rates. Reviewing the official policy brochure or consulting a financial adviser before deciding is recommended.

Bajaj Life Saral Pension

Bajaj Life Saral Pension is an IRDA-compliant immediate annuity plan that offers guaranteed lifelong income following a single premium payment. You can opt for a life annuity with 100% of the purchase price returned upon death, or a joint life annuity with the amount returned after the last survivor's death. The entry age ranges from 40 to 80 years, with flexible payout frequencies. The purchase price depends on the annuity amount chosen, and the monthly annuity begins at ₹1,000. 

Key Features of Bajaj Life Saral Pension

Sample Illustration - Bajaj Life Saral Pension (Monthly Payouts)

The example below illustrates how this plan can provide a guaranteed monthly income for life to a 60-year-old individual who has selected the immediate annuity option.

*Note: Purchase price, age, chosen annuity options, and prevailing annuity rates influence the actual annuity amounts. Please refer to the official policy brochure or consult a financial adviser before deciding.

Bajaj Allianz Life Guaranteed Pension Goal

This non-participating, non-linked annuity plan provides lifelong income through immediate or deferred options, with a deferment period of up to 30 years. It offers life annuity, life annuity with return of purchase price, and joint life annuity variants. The entry age ranges from 30 to 85 years for an Immediate annuity and 45 to 84 years for a Deferred annuity, with annuity payments commencing from age 40. 

Key Features of Bajaj Allianz Life Guaranteed Pension Goal

Sample Illustration - Bajaj Allianz Life Guaranteed Pension Goal (Monthly Payouts)

For example, a 50-year-old individual investing ₹25 lakh under the Life Annuity with Return of Purchase Price option (10-year deferred) may receive an annual annuity of approximately ₹2.67 lakh for life. The annuity payments begin after the deferment period and continue throughout the annuitant's lifetime. Upon death, the purchase price is returned to the nominee.

*Note: The actual annuity amounts may vary depending on purchase price, age, selected annuity option, and prevailing rates at purchase.

Key Takeaways

Bajaj Life Insurance annuity plans provide a customisable and reliable solution for achieving financial security after retirement. Whether you choose the Guaranteed Pension Goal II, Saral Pension, or the original Guaranteed Pension Goal plan, you can select between deferred and immediate annuity options. With monthly payouts starting from ₹1,000 and entry ages ranging from 30 to 85 (depending on the plan), these pension plans cater to diverse retirement needs. Approved by the IRDAI, they support policyholders in enjoying a stable, stress-free retirement with guaranteed lifelong income.