Bajaj Allianz Life Insurance launches Pension Guarantee plan

Bajaj Allianz Life Insurance has launched a non-linked immediate annuity plan called Pension Guarantee. Apart from providing a guaranteed income for one’s lifetime, this immediate annuity plan has the options to extend annuity (pension) to the spouse too.

Given the trend of increasing life expectancy, Pension Guarantee may well be one of the best immediate annuity plans to help you with a worry free post retirement life.

While the minimum entry age for the policy is set at 37 years, maximum eligible age is 80 years.

Available in six options, the plan gives provisions for payment of annuity to the spouse of the annuitant after his demise (either 50% or 100% annuity depending on the Joint Life Last Survivor options chosen).

This plan also offers annuity with an option of return of purchase price in case of the death of annuitant.  Under this option, the outstanding annuity is paid to the legal heir after the death of the nominated spouse.

Rituraj Bhattacharya, Head, Product Development, Bajaj Allianz Life Insurance, said: “Considering the increasing life expectancy among Indians, the Pension Guarantee plan offers options that extend benefit of annuity not only for one’s lifetime but also spouse. The option of annuity with return of purchase price can be effectively used for passing inheritance to one’s legal heir.”

About Pension Guarantee

Pension Guarantee is an immediate annuity plan with guaranteed pension income for longer life and gives six different options including flexibilities for return of purchase price.

Key features

• First three options assure payment of annuity as long as the annuitant is alive; annuity to the annuitant till he alive and return of purchase price after his death; and annuity payment for the certain chosen period (5, 10, 15 or 20 years) to the annuitant and to the nominee when he is not alive. As per the third option, annuitant will continue to get annuity if the person is alive after the pre-set period.
• The three Joint Life Last Survivor categories have options for pension to the annuitant and after he dies to the nominated spouse; annuity till the death of the last survivor out of the joint lives covered and post the last survivor’s death return of purchase price to the beneficiary; and lifelong annuity for the annuitant and 100 % annuity for the spouse after his death.
• The policy, however, does not have the provision for a loan.

About Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world.Bajaj Allianz Life Insurance is one of the leading private life insurance companies in India. The Company has developed insurance solutions that cater to every segment and age-income profiles. Currently, Bajaj Allianz Life Insurance has a strong product portfolio with adequate flexible products to cater to all kinds of customer needs from ULIPs to Child plans, from group insurance to health insurance. The Company began its operations in 2001 and today has a pan-India presence with nearly 950 towns and cities in India. Bajaj Allianz Life Insurance has been constantly expanding its operations to be close to their customers.