Amid the COVID-19 pandemic, a robust retirement plan that offers a substantial retirement corpus to policyholders, in order to meet their medical expenses, health contingencies, etc has become the need of the hour. Some policies offer suitable ways to meet retirement expenses, and one of them is the Bajaj Alllianz Life’s annuity plan- which provides guaranteed lifelong regular income for as long as one is alive. The product — Bajaj Allianz Life Guaranteed Pension Goal, stands above the other financial policies for establishing a retirement plan as it locks the annuity amount at the time of purchasing the policy. (Also Read: Battling COVID-19: Does Your Health Insurance Policy Cover Mental Illness? )
The amount stays fixed for a lifetime. Due to this, Bajaj Allianz Life’s annuity plan provides long-term guaranteed income requirements of the policyholders. The life insurance plan for retirement also offers flexibility to choose from nine annuity income options to cater to unique lifestyle goals, after retirement. The plan by Bajaj Allianz Life Guaranteed Pension Goal allows policyholders to opt for either an immediate regular income through an immediate annuity plan, or start the income later through a deferred annuity plan.
The annuity or income amount is fixed at the beginning of the policy. Due to this reason, the policyholders are assured of receiving a guaranteed lifelong regular income. The policyholders can also receive the amount on a yearly or half-yearly or quarterly or monthly basis. The other advantages of the Bajaj Allianz plan involve a joint-life option, where a policyholder has to choice to take a joint-life annuity or income with 50 per cent or 100 per cent annuity payable to the spouse, after their death.
Bajaj Allianz Life’s retirement plan also offers a return of capital (Purchase price) feature, where, regardless of a single life or a joint life cover, the policy provides a choice to receive the entire capital back on death. According to a statement shared by Bajaj Allianz, the plan also gives a choice return of purchase price upon survival. In both cases, the annuity or income is payable for life.
The Bajaj Allianz Life Guaranteed Pension Goal also provides flexibilities. Policyholders can choose premium payment terms for a period of five to 10 years. They can also change the annuity payment frequency, at any policy anniversary. They also have a choice to choose a single. premium policy.