May 8th, 2014; Mumbai: A new plan is launched by Bajaj Allianz Life Insurance with an option of return of purchase price- Pension Guarantee.
Pension Guarantee- a non-linked immediate annuity plan has been launched by Bajaj Allianz Life Insurance. In addition of offering a guaranteed income for policyholder's lifetime, this plan has the option to extend annuity (pension) to the spouse too.
With minimum entry age of 37 years and maximum of 80 years, this plan comes with six options. It offers provisions for annuity payment to the spouse of the annuitant after his demise. The annuity payment depends on the Joint Life Last Survivor options chosen.
There is also an option of return of purchase price in this plan along with the annuity in case of the death of annuitant. The legal heir will get the outstanding annuity under this option after the death of the nominated spouse.
The Head, Product Development of Bajaj Allianz Life Insurance, Rituraj Bhattacharya said that this plan provides options that extend annuity benefit for both policyholder and his/her spouse considering the rising life expectancy among Indians. He added that this option of return of purchase price can be effectively utilized for passing inheritance to policyholder's legal heir.
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