Bajaj Saral Pension Plan

The Bajaj Allianz Life Saral Pension Plan is a one-time payment, non-linked, non-participating, individual immediate annuity plan. This plan ensures stable and fixed income for your post-retirement years. Not limited to an individual only, it offers an option to safeguard your partner’s financial safety as well.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is Bajaj Saral Pension Plan?

Bajaj Saral Pension Plan is a retirement plan designed for individuals who need a planned future retirement and a fixed stream of income, which can be paid monthly, quarterly, semi-annually, or annually. This plan offers two annuity options named: Life Annuity with Return of Purchase Price (ROP) and Joint Life Last Survivor Annuity with Return of Purchase Price (ROP).

Key Features Bajaj Saral Pension Plan

Below are the key features of the Bajaj Saral Pension Plan: 

  1. Guaranteed Income for Life

    This plan ensures that you receive steady and consistent income till the time you are alive after your retirement with no hassle of recurring premium payments as it is a lump sum premium payment policy.

  2. Choice in Annuity Options

    This plan provides two annuity options- Life Annuity with Return of Purchase Price and Joint Life Last Survivor Annuity with Return of Purchase Price. Both give you the benefit of a 100% return of the purchase price to the nominee in case of the death of either or both the partners according to the policy.

  3. Flexibility in Annuity payments

    Depending on the demands and needs of the plan holder, the annuity can be received Monthly, Quarterly, Semi-Annually, or Annually.

  4. Easy Liquidity

    This plan allows you to access liquidity by taking out a loan against the policy, ensuring that funds are available when you need them.

  5. Liquidity on Diagnosis of Critical Illness

    You have the flexibility to surrender your policy and access liquidity if you, your spouse, or any of your children are diagnosed with one of the specified critical illnesses.

Eligibility for Bajaj Saral Pension Plan

Parameter Details
Entry Age (applicable for Single & Joint lives) Minimum - 40 years Maximum - 80 years
Annuity Options 1. Life Annuity with Return of Purchase Price (ROP) on death
2. Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price (ROP) on the death of Last Survivor 
Annuity Amount  Min-
Monthly- ₹1,000,
Quarterly- ₹3,000,
Half Yearly- ₹6,000,
Yearly-₹12,000
Max- No Limit
Purchase Price  Depends on annuity amount 
Premium Payment Term Single Premium

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standard T&C Apply *

Benefits of the Bajaj Saral Pension Plan

Below are the benefits of the Bajaj Saral Pension Plan: 

  1. Life Annuity with Return of Purchase Price (ROP)

    Under this option, you will receive a regular annuity for as long as you live. Upon your death, the entire purchase price is returned to your nominee.

  2. Joint Life Last Survivor Annuity with Return of Purchase Price (ROP)

    This option ensures both you and your spouse will receive an annuity for life. After the primary annuitant's death, the surviving spouse continues to receive the same annuity. When both have passed away, the purchase price is returned to the nominee.

  3. Maturity Benefit

    There is no maturity benefit applicable to this policy.

Policy Details of Bajaj Saral Pension Plan

  1. Free Look Period

    If you are not satisfied with the policy terms and conditions, you can return the policy within 15 days (30 days if purchased through distance marketing) from the receipt of the policy document. The premium paid will be refunded after deducting stamp duty charges and any annuity paid.

  2. Surrender Value

    In case you, your spouse, or any of your children are diagnosed with any of the listed critical illnesses, you can surrender your policy any time after 6 months. You will be returned 95% of the Policy Purchase Price, less any outstanding loan amount and loan interest. The policy will terminate on payment of the surrender value.

  3. Loan Facility

    You can avail loan if desired after six months of purchasing the policy. Under the Joint Life option, you can avail of the loan, and in the event of your death, your partner can also avail of the loan facility.

  4. Option to Change Annuity Frequency

    You have the flexibility to change the annuity payment frequency at any policy anniversary. The annuity amount for various payment frequencies is calculated by multiplying the yearly annuity rate by the following factors:

    Annuity Frequency         Yearly  Half-yearly Quarterly  Monthly 
    Annuity Frequency Factor
    1
    0.4910 0.243  0.0805
  5. Grace Period

    Not Applicable 

FAQs

  • Who can purchase this plan?

    Individuals between 40 and 80 years old are eligible to buy this plan.
  • Can the Annuity Policy be changed after purchase?

    No, You cannot change the policy after purchase but can choose between a Life Annuity with a Return of Purchase Price or a Joint Life Last Survivor Annuity with a Return of Purchase Price.
  • Can Annuity Frequency be changed?

    Yes, you have the option to change the annuity payment frequency at any policy anniversary.
  • Can the policy be surrendered before maturity?

    Yes, the policy can be surrendered if you or your spouse is diagnosed with a critical illness after the policy has been active for at least 6 months.
  • Is there a maturity benefit?

    No, this plan does not provide any maturity benefits.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*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
^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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Bajaj Saral Pension Plan Reviews & Ratings

3.9 / 5 (Based on 15 Reviews)
(Showing Newest 10 reviews)
Pritum
Mahuva, August 16, 2016
Pension Policy
My retirement plan is fantastic with more benefits in less investments. The policy is from bajaj allianz life insurance. The policy covers maximum expenditures and premiums are less. Claiming process is easy and fast due to fast service provided by the executives and staff members.
Tanishk
Kolhapur, July 15, 2016
Good Plan
The pension plan which i purchase from bajaj allianz life insurance company limited is fantastic with full coverage. Service facilitate by the company is perfect and hassle free documentation. Claiming is easy with fast service response given by the executives and staff members.
Vaibhav
Delhi, March 01, 2016
Awesome.
I have bajaj allianz pension policy plan which has low premiums and payed thrice a year. Policy coverage and claims are high and the payback amount is around Rs.28 K per month. Service is very good and fast. Nice policy, I like it.
Plan Name: Future Gain
Agent Code: BBE05217
Abhishek
Anand, February 28, 2016
Fine Policy.
I gift pension policy plan to my father from bajaj allianz life insurance. Investment is average but the returns are very attractive i.e., 28K per month after 30 years. Service is quick and the service of the executives are good.
Plan Name: Future Gain
Agent Code: BBE04737
Suryakant
Pune, February 27, 2016
Fine pension plan.
I buy bajaj allianz life insurance pension plan. Plan is above average and the payback amount is 30K every month after policy get mature. Claims are easy to get because the service is fantastic.
Plan Name: Future Gain
Agent Code: BBE04737
T
Delhi, February 26, 2016
Okay pension plan
Policy coverage is 60%, claims are 20 K per month after policy get mature. Premium is 3999 for 30 years. Service is slow and waiting is normal thing. Bajaj allianz life insurance are good in claims.
Plan Name: Future Gain
Agent Code: BBE06895
Praveer
Delhi, February 26, 2016
Average Policy.
I buy bajaj allianz life insurance pension plan. The policy coverage is 60%. Claims are fine according to premiums. Service is okay and main thing is nice investment for future. Just improve your website.
Plan Name: Future Gain
Agent Code: BBE06895
Ratikanta
Bhadrak, February 19, 2016
Best Plan Ever.
I buy pension policy for my parents. My parents are happy with the policy due to low premiums. The returns are high ~Rs.20000 per month. The policy coverage is high and service is rapid and on time.
Plan Name: Future Gain
Agent Code: BBE06895
Naresh
Ahmedabad, February 19, 2016
"Bad Policy Plan"
I have pension plan from bajaj allianz insurance. Policy doesn't work for me. Except policy coverage the rest of the things and stuff are bad. Service is really very slow. Claims take's ages to clear. Not satisfied.
Plan Name: Future Gain
Agent Code: BPW00249
Samarpal
Karnal, February 19, 2016
Low Policy Coverage.
Bajaj allianz life insurance pension plan is introduce by an agent of policybazaar and i took the policy plan. Policy coverage is not that good as i expected. Service is good. Claims are also easily sanction.
Plan Name: Future Gain
Agent Code: BPW00249
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