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Pension Goals: Looking for Lifelong Regular Income? Here's How

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Our lifestyle aspirations have improved as a result of technological advancements. We use gadgets, appliances, and utilities that did not exist two or three decades ago. Who knows what the next 2-3 decades have in store for us?

 

A comprehensive retirement package that provides a large retirement corpus to policyholders in order to meet their medical costs, insurance contingencies, and other needs has become the need of the hour in the wake of the COVID-19 pandemic.
Even in our second innings of life-retirement-it is important that we have an assurance that our lifestyle goals are met.

Bajaj Allianz is offering Life Guaranteed Pension Goal, which ensures your lifestyle goals by providing a guaranteed income for the rest of your life, as per your preferences and needs.

Pension Goals: Looking for Lifelong Regular Income? Here's How

Bajaj Allianz Life Guaranteed Pension Goal Plan

Bajaj Allianz Life Guaranteed Pension Goal is a Non-Participating, Non-Linked, Individual Deferred & Immediate Annuity Plan.

Annuity Details

Your annuity sum is guaranteed at the start of the policy and is compensated on a regular basis based on your preferences. An annuity will begin right away or after a few years, depending on your choice. A joint-life annuity with a 50% or 100% annuity payable to your partner after your death is an option. Pay a lump sum and the Annuity will begin paying out as soon as the next month, depending on the Annuity frequency choice you selected. Pay a lump sum or a regular/limited premium, and the Annuity will begin paying out after the deferment period you selected at the time of purchase.

 

Return of capital (Purchase price)

Bajaj Allianz Life's retirement plan also includes a return of capital (purchase price) feature, which allows policyholders to earn the entire capital back upon death, regardless of whether they have a single or joint life cover. The scheme also offers an option of return of purchase price upon survival, according to a statement released by Bajaj Allianz. The annuity or income is payable for the rest of your life in all cases.

Bajaj Allianz Life Guaranteed Pension Goal has many additional features and flexibilities, including the ability to select premium payment terms over a period of 5 to 10 years, adjust the Annuity (income) payment frequency at every policy anniversary, and even choose a single premium policy.

Customers can buy this plan online or in-person through Bajaj Allianz Life's vast network of Insurance Consultants (Agents) and select bank partners.

How does the Plan Work?

Step-1 Choose the Deferred or Immediate Annuity option.
Step-2 Enter the Purchase price
Step-3 Choose the Annuity payout frequency
Step-4 Receive annuity payouts as per the chosen frequency

Note: The choice of an annuity must be selected at the start, and once chosen, it cannot be modified.

GoodReturns.in

Read more about: pension retirement regular income
Story first published: Thursday, April 22, 2021, 11:04 [IST]
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