Bajaj Allianz Pension Plans

Bajaj Allianz, a prominent insurance company in India, has consistently made progress toward satisfying customer needs. This insurance company is committed to offering a wide range of Pension for elderly people, including Retirement Pension Plan & Senior Citizen Health insurance products that would satisfy all its old age customers’ financial needs and goals.

The company offers a wide range of comprehensive insurance solutions that assist in catering to and meeting all the financial goals of each and every individual. The arrangements offered by Bajaj Allianz give financial security and protection to you and to your family in your absence. Bother free policy servicing, a simple restoration system, and speedy case settlement make Bajaj Allianz one of the prominent names in the confidential sector insurance organizations

Benefits Of Early Retirement Plan

● Unforeseen medical emergencies: As you become older, your well-being turns out to be more delicate, and you are more inclined to fall debilitated. Clinical costs are steep, and they can wear out your savings. Illnesses or sicknesses don’t hit with a warning, and, therefore, it is smarter to begin building a corpus for the equivalent from the time you are young and solid. By doing this, eventually, you really want not to rely upon another person to cover your well-being bills.

● The advantage of the power of compounding: Assuming you start early, you give more chance for your money to compound. By starting early, you can regularly set aside a small amount of money and still generate a decent corpus after some time compared to somebody who starts a lot later, regardless of whether they wind up investing more money.

● Supporting wards: If you are the main breadwinner in your family, you have a reason to start saving immediately. Over the span of your career, you would want to accumulate as much wealth as conceivable so both you and your family can carry on with a decent life without monetary issues. Nonetheless, what happens to them in case something unfortunate happens to you? What’s to come is uncertain, and you can protect their future with the assistance of a life insurance-based pension or a solid early retirement plan.

● The tax benefit: You can avail tax benefits of retirement plans. One of the major advantages is that they lessen the amount of income tax you will otherwise have to pay to the public authority during retirement. You can also guarantee that your beneficiaries to the retirement corpus pay diminished tax. You can pick tax diversification as well. This means you can differentiate your money into tax-deferred, tax-free, and taxable accounts. By doing this, you can withdraw your retirement corpus strategically from all three accounts, depending on the future circumstances.


Tips To Choose An Appropriate Retirement Plan 

  • Earlier the better: Retirement planning should begin early on. How early? Right from the time you draw your most memorable check, put away some money for a rainy day. After some time, as your salary/income increases, climb the commitments.

    • Values are important: Studies have demonstrated that after some time, values can add significant value to the portfolio compared to other assets like fixed deposits, securities, gold, and property. So when you are planning for retirement, make sure values are part of your plan. This could be in the form of unit-linked pension plans or value assets, or stocks.

    • Think diversification: Equities are great, yet fixed deposits, bonds, and gold are as well. Wait, aren’t we contradicting the past point where we said values work harder than other assets. Valid, yet that isn’t to say values will tackle all your concerns. You really want a portfolio with values in it along with other assets like fixed deposits and gold. All these assets should be in a particular weightage or allocation. Together they form a portfolio that can assist you with achieving post-retirement aspirations.

    • PPF won’t be sufficient: Many individuals go into retirement planning with an auto pilot mindset. They contribute money towards choices like PPF (opportune public asset) or EPF (representative’s fortunate asset) and accept they are set to resign in comfort. This is far from reality. These choices are, at best, one of the avenues we talked about earlier (recollect values, fixed deposits, bonds, gold). There is more to be finished as far as building a portfolio than just PPF. PPF or EPF won’t be sufficient to battle inflation. Picture this if long-haul inflation is at 6% and the PPF rate is 8.5%, that’s a simple 2.5% (8.5%-6.0%) net of inflation. Imagine you go into PPF thinking you will make Rs 85 on each r 1,000, and you wind up making Rs 25 on each r 1,000 because inflation stole the remainder of the money from you.

    • Vesting age: Go for a pension plan with a vesting age that matches your needs. There are some pension plans with a vesting age starting at 40 years. So in the event that you want an income stream that early on in life, go for such a plan. Then again, there are plans with a vesting age of 85 years, which is suitable assuming that you plan to resign late.

    • Higher total assured: Go for a pension plan that gives out a higher total assured on vesting and accrued rewards or guaranteed benefit.

    • Assured death benefit: Prefer a plan with a minimum payment on death, for example, 100 percent of repayment of expenses.

    • A suitable annuity choice: Opt for a pension plan with the annuity choices that generally fit you. For example, the lifetime choice guarantees annuity for a certain number of years regardless of whether the policyholder makes due or not, and the joint-life/last survivor annuity gives out a pension till the individual is alive, post which his companion gets the pension.

    • Costs: Go for choices where charges/costs are cutthroat. Recollect the more money you lose towards costs, the less you save towards retirement. This calls for a comparison of costs across choices to recognize the savviest one.

    • Financial planner: Retirement planning is a serious business. It is significant enough for you to commit money towards it. And it is significant enough for you to consider engaging an accomplished and equipped financial planner who can handhold you through the retirement planning and execution process.

Why Bajaj Allianz Pension Plan?

Bajaj Allianz Pension Plans offer a variety of pension plans to its customers; however, Bajaj Allianz Retire Rich Plan and Bajaj Allianz Pension Guarantee plan are their most promising plans. Both these plans are intended to create a retirement corpus that shall be useful to maintain a comfortable lifestyle post-retirement.

Bajaj Allianz Retire Rich Plan

This pension plan of Bajaj Allianz is a unit-linked pension plan that aids in meeting all the retirement dreams with no sweat. The plan is a market-linked pension plan, so the performance of the asset is likely to market conditions.

Following are the key features offered by the Bajaj Allianz retire rich plan:

• Guaranteed vesting Benefit

• Guaranteed death Benefit

• Flexibility to pick the premium payment mode according to the comfort of the investor

• Flexibility to change the premium payment term

• The choice to pay an additional or top-up premium

• Tax exclusion is available on premiums paid during the policy residency, the amount drove at the hour of Maturity of the policy, and the death benefit got under this plan.

Bajaj Allianz Retire Rich is a unit-linked pension plan that enables the policyholder to live worry-free post-retirement. The plan offers the policyholder the advantage of a Guaranteed Vesting Benefit of 101% of the total premiums paid.

The plan also gives a Guaranteed Death Benefit of 105% of the total premiums that have been paid. The policyholder can browse regular, limited, or single premium payment options and also can change the premium payment term. The policy also offers the flexibility to enhance the coverage of the base plan by paying an additional premium.

Elegibility Critaria

Customers are required to meet the following eligibility criteria in order to avail Retire Rich Pension Plan from Bajaj Allianz.

Minimum entry age30 years
Maximum entry age73 years
Minimum age at vesting37 years
Maximum age at vesting80 years
Minimum policy termSeven years
Maximum policy term30 years
Deferment period available from 7 to 30 years
Minimum premium payment termFive years (regular & limited pay option)
Maximum premium payment termUp to the chosen policy term

Bajaj Allianz Pension Guarantee Plan

The Pension Guarantee plan of Bajaj Allianz is a non-unit-linked, non-participating immediate Annuity plan that guarantees that the investors get a regular progression of income during the post-retirement phase. The annuity payment is as per the annuity payment mode opted by the investors. Following are the features offered by the Bajaj Allianz pension guarantee plan:

• The plan offers a range of annuity options to the policyholder.

• The plan offers flexibility to choose the immediate annuity option as per the financial goals and needs of the investor.

• The first annuity payment is paid in 1 month/3 months/6 month or in 1 year after the date of commencement of the policy.

• The payment of annuity shall be done yearly/half-yearly/quarterly/monthly as per the annuity payment mode opted by the policyholder. Thus above are the features offered by the two most promising pension plans offered by Bajaj Allianz, namely the Bajaj Allianz Retire Rich Plans and Bajaj Allianz Pension Guarantee Plan.

Eligibility Conditions And Other Restrictions In The Bajaj Allianz Pension Guarantee Plan

Purchase Price (in Rs.)25,000No Limit
Policy Term (in years)Till Death
Premium Payment Term (in years)Single
Entry Age of Life Insured (in years)4080
Age at Maturity (in years)80
Annuity Instalment (in Rs.)1,000No Limit
Annuity modesYearly, Half-Yearly, Quarterly, and Monthly

Applying For A Pension Plan From The Company 

Pension plans give financial security and stability during advanced age when individuals don’t have a regular type of revenue. A retirement plan guarantees that individuals live proudly and without settling for less on their standard of living during advancing years. Pension conspire offers a chance to invest and accumulate savings and get a singular amount as regular income through an annuity plan on retirement.

According to United Nations Population Division, World’s life expectancy is supposed to reach 75 years by 2050 from the present degree of 65 years. The better health and sanitation conditions in India have increased the life span. Accordingly number of post-retirement years increases. Thus, rising costs for many everyday items, inflation, and life expectancy make retirement planning an essential part of today’s life. To give social security to more residents, the Government of India has started the National Pension System.

How Does The Annual Plan Works?

Pension Plans or retirement plans are ways in which systematic planning of savings and investments can be done. The pension plans are intended to offer financial support and create a corpus that can be used to combat lifestyle costs, medical expenses, or rising inflation. Pension plans assist us with investing in a systematic and disciplined manner to create a pool of assets that will assist in maintaining the ongoing lifestyle of the policyholder evening during his retirement years. The pension plans help in retiring rich and maintaining a decent and independent life.

What Is The Purchase Price Of An Annuity Plan?

  • Life Annuity with Return of Purchase Price: Until the time you don’t pass away, you will be receiving the payments of annuity constantly at a predefined interval of time. After this, the insurance supplier would return the initial amount that was utilized while buying the annuity to the referenced nominee. This may be viewed as a nice alternative by the individuals who want to leave legacy aftermath.

    • Joint Life Annuity with Return of Purchase Price: Till the time the other half is alive, the payments will be gotten at a constant frame of time. The initial amount of investment will be gotten by the nominee if either the companion or both are no anymore alive.

    • Inflation-indexed Annuity: With each passing year, there is a certain increase in the annuity rate, which could be 2% or even 5%. Conceivably, it would not be associated with the rate of inflation, which is actual; be that as it may, the costs will be taken care of up to a predefined scope.

    • Joint Life Survivor Annuity: It will be paid until you or the better half is alive.

    • Life Annuity: One will actually want to get a constant payout until one passes away. The annuity shall stop the day you are no anymore alive. The payout could be gotten on a monthly, quarterly, or annually.

    • Annuity Payable For a Guaranteed Phase: The annuity to be paid will be for a predefined time span, which could be from 5, 10, or even 15 years in case the purchaser of the annuity passes away. That can be calculated by using an annuity calculator easily. The annuity will stop in case the annuitant is no anymore alive or the period of guarantee is finished accordingly.

What Is The Immediate Annuity Plan?

The annuity plan is defined as a plan that gives you a regular payment for life against a singular amount invested with the specialist organization. In India, the easiest annuity is the insurer’s retirement/pension plan, which helps assemble the necessary corpus to invest and pay you back through the profits. More or less, an annuity is a contract between the insurer and the policyholder, wherein the latter makes either a singular amount payment or installments. A regular income stream starts immediately after paying the singular amount, as in an immediate annuity plan, or at a mutually agreed upon explicit imminent date, usually after retirement.

What Is The Different Annuity Plan?

A deferred annuity is an insurance arrangement that Delivers income for retirement. In exchange for one-time or recurring deposits held for at least a year, an annuity company gives incremental reimbursements of your investment in addition to some amount of earnings.

How Does The Life Annuity Plan Work?

 An annuity plan is a financial item that gives you guaranteed periodic payments for the remainder of your life after making a single amount investment. The life insurance company invests your money and pays back the profits generated from it. You could think of it as a pension payment that is made to you.


Q1. How to pay the premium? What are the modes of payment available?

Ans – You can pay the premium through their website or through an agent. The modes of payment available are online, cash, etc

Q2. How can I check the policy status for Bajaj Allianz pension plans?

Ans – You can check policy status online and via SMS. For online, log into the online platform with your Customer ID and password to check the policy status.

Q3. What is the policy renewal process for Bajaj Allianz pension plans?

Ans – Renewal of the Bajaj Allianz Pension Plan can be done by visiting the nearest office of Bajaj Allianz or through an online channel.

Q4. What is the company’s process to settle claims for Bajaj Allianz pension plans?

Ans – For Maturity Claim settlement, the policyholder can visit the nearest Bajaj Allianz branch office and submit the required documents. In the case of death, the nominee has to first register death intimation with Bajaj Allianz Company with the help of any agent or online.

Q5. What is the policy cancellation process for Bajaj Allianz pension plans?

Ans – If the policyholder is dissatisfied with the terms and conditions of the Bajaj Allianz Pension Plan, then cancellation of policy is possible. The cancellation process needs to be done within 15 days from the date of issuance of the pension policy. The process will start after you submit the orginal document of your policy.