Bajaj Allianz Guaranteed Pension Goal

The Bajaj Allianz Life Guaranteed Pension Goal is a non-participating, non-linked individual/group general annuity plan, designed for retirement planning. It ensures a fixed income stream after investing a lump sum amount, providing security during retirement. The plan offers two annuity options: Immediate Annuity, where pension payouts start shortly after a lump sum investment, and Deferred Annuity, where payouts commence after a chosen deferment period, with options for a lump sum or regular premiums.

Read more
  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

What is Bajaj Allianz Life Guaranteed Pension Goal?

Bajaj Allianz Life Guaranteed Pension Goal is a non-participating, non-linked individual/group general annuity plan. In simpler terms, it's a retirement planning product that focuses on providing a fixed income stream after you invest a lump sum amount. Unlike market-linked investment plans, this product guarantees your income, offering peace of mind for your golden years.
Bajaj Allianz Guaranteed Pension Goal provides two annuity options to meet your individual needs:

  • Immediate Annuity: Pay a lump sum amount upfront, and your pension payouts will begin as early as next month, depending on the frequency you select.

  • Deferred Annuity: Choose to pay a lump sum or regular premiums over a set period. Your pension payouts will then commence after the chosen deferment period.

Features of Bajaj Allianz Life Guaranteed Pension Goal

  • Guaranteed Lifetime Income: Bajaj Allianz Guaranteed Pension Goal ensures a steady stream of income throughout your life. The annuity amount is fixed at the policy beginning and is paid out regularly according to your chosen frequency - monthly, quarterly, half-yearly, or yearly.

  • Flexible Annuity Options: Select from a wide range of annuity options to match your lifestyle goals. Whether you prioritize immediate income or want to defer it for a few years, this plan offers the flexibility you need.

  • Deferred Annuity with Rate Lock:  Lock in the annuity rate at the policy inception with the deferred annuity option. This ensures a predictable income stream when your retirement begins.

  • Joint Life Annuity for Spouse:  Provide for your spouse's financial security even after you're gone. Choose a joint-life annuity with 50% or 100% of the annuity payable to your spouse after your death.

  • Return of Purchase Price:  This plan offers the option to receive your invested amount (purchase price) back as a return of purchase price (ROP) on death or as a survival benefit. This provides peace of mind, knowing your loved ones will receive a payout if needed.

People also read: Bajaj Allianz Small Cap Fund NFO

Eligibility Criteria for the Bajaj Allianz Life Guaranteed Pension Goal

Below is the eligibility criteria for Bajaj Allianz Guaranteed Pension Goal

Parameters  Criteria 
Minimum Age at Entry Immediate Annuity 
30 years
(For policies sold through POS Channel, the minimum entry age will be 40 years)
Deferred Annuity  45 years
Maximum Age at Entry Immediate Annuity 
85 years
(For policies sold through POS Channel, the maximum entry age will be 70)
Deferred Annuity 
84 years subject to Annuity starting at a maximum age of 85 years
Minimum Annuity Amount
  Yearly Half Yearly  Quarterly Monthly
Immediate/Deferred Annuity

 
Rs. 12,000 Rs. 6,000 Rs. 3,000 Rs. 1,000
Maximum Annuity Amount No Limit 
Modes of Payment of Premium (only under Deferred Annuity Regular/Limited Premium) Yearly, half-yearly, quarterly, monthly Quarterly & monthly Premium frequencies are available only with auto-debit mode (as approved by RBI)
Deferment Period (applicable only for Deferred Annuity) Minimum
  Single Premium 1 year
Regular/Limited Premium PPT Chosen
Maximum
Single Premium 10 years

Regular/Limited Premium
Premium Paying Term Single Premium(Immediate / Deferred Annuity)
Single Premium
Regular Premium(Deferred Annuity)
Minimum
5 years
Maximum
10 years
Minimum Group Size 5 members 

People Also Read: Bajaj Allianz Life Dynamic Asset Allocation Fund

Benefits of the Bajaj Allianz Life Guaranteed Pension Goal

The benefits of Bajaj Allianz Life Guaranteed Pension Goal are:

  • Guaranteed Regular Income for Life: Receive a steady stream of income throughout your life, exactly how you need it - monthly, quarterly, half-yearly, or annually. This guaranteed income provides a financial safety net during retirement.

  • Return of Purchase Price: Get peace of mind knowing your initial investment (purchase price) is protected. You can choose to receive it back as a lump sum upon death or in installments as a survival benefit.

  • Joint Life Option with Spouse Coverage: Ensure your spouse's financial security even after you're gone. Include your spouse in the plan and choose to provide them with 50% or 100% of your annuity income after your death.

  • Flexible Annuity Options: Choose the plan that best suits your needs. Bajaj Allianz offers 9 immediate annuity options for payouts to begin right away and five deferred annuity options where you can defer your income for up to 10 years while your money grows.

  • Multiple Premium Payment Options: Pay your premiums the way that works for you. Under deferred annuities, choose a single premium payment or spread it out with regular/limited payments over 5 to 10 years, with flexible payment frequencies (monthly, quarterly, half-yearly, or yearly). For immediate annuities, a single premium payment is required.

Policy Details of the Bajaj Allianz Life Guaranteed Pension Goal

  1. Surrender Value:

    • Surrender Value applies under various annuity options during the annuity period and all annuities during the deferment period.

    • Available after payment of single premium in immediate annuity or after two full years' premium in regular/limited premium deferred annuity.

    • For deferred annuity, the surrender value is either the guaranteed surrender value (GSV) or the special surrender value (SSV), depending on surrender timing.

    • GSV during the deferment period is a proportion of the purchase price, and for regular/limited premium deferred annuity, it includes total premiums and top-up premiums.

    • SSV is the present value of expected outstanding annuity benefits and survival benefits, calculated with a discount rate based on prevailing market conditions.

  2. Group Policy:

    • Members can surrender membership, but surrender value goes to the policyholder.

    • Annuitants/members may opt to continue individually after the group policy surrender.

    • No new members can enroll after policy surrender.

  3. NPS and QROPS Subscribers:

    • Surrender value goes to the respective fund house based on NPS or HMRC rules.

  4. Grace Period:

    • Thirty days for non-monthly frequencies, fifteen days for monthly.

    • Death benefits are payable during the grace period, with due premiums deducted.

  5. Revival:

    • Requires application within five years of the first unpaid premium and before the deferment period ends.

    • Arrears of premiums plus interest and evidence of insurability continuity are needed.

    • Policy benefits are reinstated upon revival, including any guaranteed additions.

  6. Free Look Cancellation:

    • Fifteen-day free look period for physical policies, thirty days for electronic or distance mode.

    • Option to return policy for cancellation within free look period.

    • Refund of premiums paid, with deductions for the risk premium, medical examination expenses, stamp duty charges, and annuity installments.

  7. Loan:

    • Not available under this plan

Exclusions Under the Bajaj Allianz Life Guaranteed Pension Goal

During the deferment period of a deferred annuity:

  • If the annuitant or the last survivor in a joint life policy dies by suicide within 12 months from the start of risk or the latest policy revival date, whichever is later, the higher of 80% of the total premiums paid (including any top-up premium) or the surrender value as of the date of death will be paid as the death benefit, provided the policy is active.

  • There are no exclusions other than the suicide clause.

During the annuity period of a deferred annuity or under an immediate annuity, the suicide clause or any other exclusion does not apply.

You may also like to read: Present Value of Annuity Formula | Future Value of Annuity Formula

FAQs

  • What are the benefits available under Immediate Annuity options?

    Immediate Annuity options provide various benefits customised to your needs. Annuity is paid on each installment date according to your chosen frequency at policy inception.
  • How to calculate returns on your Bajaj Allianz Life Guaranteed Pension Goal plan?

    You can use the Bajaj Allianz Guaranteed Pension Goal calculator to calculate the returns.
  • What are the different Immediate Annuity options available?

    There are several options available:
    • Option A: Life Annuity

    • Option B: Life Annuity with Return of Purchase Price (ROP) on death

    • Option C: Annuity certain and life thereafter

    • Option D: Joint Life Last Survivor with 50% of Annuity to spouse

    • Option E: Joint Life Last Survivor with 100% of Annuity to spouse

    • Option F: Joint Life Last Survivor with 100% of Annuity to spouse & with ROP on death of Last Survivor

    • Option G: Life Annuity with ROP on death or survival

    • Option H: Life Annuity with ROP on death or in installments on survival

    • Option I: Family Pension (Only for NPS subscribers)

  • How does the Family Pension option work for NPS subscribers?

    For NPS subscribers with a spouse, the annuity is payable based on Option F. If the subscriber doesn't have a spouse, Option B is applicable.

    In case of both annuitant and spouse's death, the ROP is used to purchase annuity for the dependent mother (if alive), and then for the dependent father (if alive). The annuity amount is based on prevailing rates.

  • What happens on the death of the last surviving annuitant?

    If the policy has not been terminated prior, the death benefit payable is 100% of the Purchase Price.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Secure Your Retirement Today
Start Investing ₹6,000/month
Get Pension ₹60,000/month+
Including Life Cover
View Plan
Pension Plans
+Standard T&A Applied
Pension Plan 1
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Pension Plan 2
Average Rating
(Based on 0 Reviews)
Pension Plan 3
Lic Pension Plan 4

Pension plans articles

Recent Articles
Popular Articles
How Can I Get a 3000 Pension?

01 May 2024

Securing a monthly pension of 3000 rupees is a goal that many
Read more
Pension Calculator

13 Feb 2024

Pension calculator helps you calculate the amount you could
Read more
NPS vs ULIP - Which One Is Better?

10 Oct 2023

NPS (National Pension System) and ULIP (Unit Linked Insurance
Read more
Best Mutual Funds for Retirement

21 Sep 2023

Planning for a secure and comfortable retirement is a financial
Read more
Mahila Samman Savings Certificate (MSSC)

04 Sep 2023

The Mahila Samman Savings Certificate (MSSC) or Mahila Samman
Read more
SBI Annuity Deposit Scheme Calculator 2024
SBI Annuity Deposit Scheme Calculator 2024 is an online tool that helps you figure out your fixed annuity
Read more
Top 15 Pension Plans in India
The Pension Plan, also known as a Retirement Plan is the best investment instrument allowing individuals to build
Read more
Sevarth Mahakosh
Sevarth Mahakosh Portal is a one-stop solution for all state government employees' financial transactions and
Read more
NPS Calculator 2024
NPS Pension Calculator is a financial tool that calculates potential returns on the National Pension Scheme, by
Read more
NPS Calculator for Government Employees
National Pension Scheme or National Pension System (NPS) is launched by the Government of India for all its
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL