Bajaj Allianz Life Guaranteed Pension Goal

At a Glance

With the advent of technology, our lifestyle goals have upgraded. It is important to be well-prepared to ensure that our retirement does not compromise our desired lifestyle goals. Bajaj Allianz Life Guaranteed Pension Goal helps you in fulfilling and maintaining your Lifestyle goals by giving guaranteed* income throughout life as per your choice and need.

Key Features

• Guaranteed* income throughout life: Your annuity amount is guaranteed* at policy inception and is paid regularly as per your choice and need (Yearly/Half-yearly/Quarterly/Monthly)
• Wide range of Annuity Options: Choose from a wide range of Annuity options to meet your Lifestyle goals
• Choose when your second innings starts: Annuity starts immediately or after a few years (from policy inception) as per your choice and need
• Ensure your family's lifestyle goals are met even when you are not around: Option to take Joint life annuity with 50% or 100% annuity payable to your spouse after your death
• Return of cost (Purchase price)^&: Option to receive Return of Purchase Price^& (ROP) on death^ or as Survival Benefit^

^Product features mentioned above are dependent on benefit chosen

*Conditions Apply – The guaranteed benefits are dependent on the purchase price & annuity option chosen. For more details, please refer to sales brochure.

^&Purchase price is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws if any

How does the plan work? 

• Step-1 Choose Deferred or Immediate Annuity option. Annuity option has to be chosen at inception and once opted cannot be changed during the policy term
• Step-2 Enter the Purchase price you wish to pay or the Annuity you wish to receive
• Step-3 Choose the Annuity payout frequency
• Step-4 Receive annuity payouts as per chosen frequency

KEY BENEFITS

ANNUITY OPTIONS AVAILABLE TO YOU

Immediate Annuity - Pay a lump sum and the Annuity payout will start immediately as per your annuity frequency option chosen by you at inception. Annuity options available are mentioned below

Option A: Life Annuity

Annuity will be payable to you throughout life

Option B: Life Annuity with Return of Purchase Price (ROP¹) on death:

Annuity will be payable to you throughout life and on death the Purchase price will be returned to your nominee

Option C: Annuity Certain (5/10/15/20 years) and Life thereafter:

Annuity will be payable to you for a guaranteed period as chosen at inception or throughout life, whichever is later. On death during the Annuity-Certain Period, the remaining Annuity instalments will be paid to your nominee till the end of Annuity-Certain Period.

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

Annuity will be payable to you throughout life and on death, your spouse will receive 50% of the Annuity

amount throughout his/her life

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

Annuity will be payable to you throughout life and on death, your spouse will receive 100% of the annuity throughout his/her life

Option F: Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price¹ on death of Last Survivor: Annuity will be payable to you throughout life and on death, your spouse will receive 100% of the annuity amount throughout his/her life. On death of the last surviving life, Purchase Price will be returned to the nominee

Option G: Life Annuity with Return of Purchase Price¹ on death or survival:

Annuity will be payable to you throughout life and additionally on the policy anniversary after the 25th policy year or the policy anniversary after attaining age 85 (whichever is later), the Purchase Price will be returned to you as Survival benefit² with annuity continuing subsequently. On death before receiving the Survival benefit²,the Purchase price will be returned to your nominee and on death after receiving the Survival benefit², no further benefit shall be payable.

Option H: Life Annuity with Return of Purchase Price¹ on death or in instalments on survival:

Annuity will be payable to you throughout life and additionally, starting from the policy anniversary after the 15th policy year or policy anniversary after attaining age 70 (whichever is later), Survival benefit would be payable to you at each policy anniversary in instalments as per the Annuity payment frequency with Annuity continuing subsequently.

In yearly payment frequency, the Survival benefit² will be in annual instalments equivalent to 5% of the Purchase Price. Under monthly, quarterly and half-yearly, each instalment, respectively, will be (5%/12), (5%/4) and (5%/2) of the Purchase price. Survival benefit² will be payable till the total of all the instalments equals 100% of the Purchase Price.

On death, an amount equal to Purchase Price less sum of the Survival benefit² paid (if any) shall be paid to your nominee 

Option I: Family Pension: (Only for NPS subscribers) Life annuity shall be payable to the NPS subscriber as below:

• If the NPS subscriber has a spouse/spouse is alive: Annuity will be payable as per the Annuity option, Option F (Joint Life Last Survivor with 100% of annuity to spouse & with ROP on death of last survivor).
• If the NPS subscriber does not have a spouse or his/her spouse is not alive: Annuity will be payable as per the annuity option,

Option B (Life annuity with ROP on death).

On death of the both the annuitant and the spouse:

• The ROP shall be used to purchase an Annuity under Annuity option, Option B, on the dependent mother (if alive) of the deceased NPS subscriber; and

• On the death of the mother, ROP shall be used to purchase an Annuity as per Annuity option, Option B, on the dependent father (if alive) of the deceased NPS subscriber.
• The Annuity amount, on each purchase (mentioned above), will be based on the prevailing annuity rate then under the mentioned Annuity option.

On the death of the last surviving annuitant (out of the NPS subscriber, the spouse, the mother, the father), and provided the policy has not been terminated prior, the death benefit payable shall be 100% of the Purchase price.

Deferred Annuity: Pay a lump sum or regular/limited Premium and Annuity payout will start post completion of the Deferment period as chosen by you at inception. Annuity options available are mentioned below: 

Option A: Life Annuity:

Annuity will be payable to you throughout life

Option B: Life Annuity with Return of Purchase Price (ROP¹) on death: Annuity will be payable to you throughout life and on death after the Deferment period, an amount equal to the Purchase price plus attached Guaranteed Additions less annuity instalments paid shall be paid to your nominee, subject to a minimum amount equal to the Purchase price

Option F: Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price (ROP ¹) on death of Last Survivor: (Only Single Premium payment is available in this option) Annuity will be payable to you throughout life and on death, your spouse will receive 100% of the prevailing Annuity throughout his/her life.

On death of surviving life after the Deferment period, an amount equal to the Purchase price plus attached Guaranteed Additions less annuity instalments paid shall be paid to your nominee, subject to a minimum amount equal to the Purchase price

Option G: Life Annuity with Return of Purchase Price (ROP ¹) on death or survival: (Only Single Premium payment is available in this option) Annuity will be payable to you throughout life and additionally on the policy anniversary after the 25th policy year or the policy anniversary after attaining age 85 (whichever is later), the Purchase price will be returned to you as Survival benefit².

On death after the Deferment period and before receiving the Survival benefit², an amount equal to the Purchase price plus attached Guaranteed Additions less annuity instalments paid shall be paid to your nominee, subject to a minimum amount equal to the Purchase price. On death after receiving the Survival benefit², no further benefit shall be payable.

Option H: Life Annuity with Return of Purchase Price (ROP¹ ) on death or in instalments on survival: (Only Single Premium payment is available in this option) Annuity will be payable to you throughout life and additionally, starting from the policy anniversary after the 15th Policy Year or the policy anniversary after attaining Age 70 (whichever is later), Survival benefit² would be payable to you at each policy anniversary in instalments as per the Annuity payment frequency with Annuity continuing subsequently.

In yearly payment frequency, the Survival benefit² will be in annual instalments equivalent to 5% of the Purchase Price. Under monthly, quarterly and half-yearly, each instalment, respectively, will be (5%/12), (5%/4) and (5%/2) of the Purchase price.

Survival benefit² will be payable till the total of all the instalments equals 100% of the Purchase Price.

On death after the Deferment period, an amount equal to the Purchase price plus attached Guaranteed Additions less sum of the Survival benefit² paid (if any) less annuity instalments paid shall be paid to your nominee. This amount shall be subject to a minimum of Purchase price less Survival benefit² paid (if any)

Option C, D, E & I shall not be available with Deferred Annuity.

¹The Purchase Price is the single Premium or the sum of all regular/limited Premiums; plus, top-up Premiums paid excluding any GST/any other tax as may be applicable from time to time.

²The due date of survival benefit with respect to Top-up premiums (if any) will be assessed from the date of payment of each top-up premium.

Eligibility

 

⁴Entry age is age at last birthday
Deferment period will start from the Policy commencement date in a Deferred Annuity policy