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Bajaj Allianz Pension Guarantee Plan is a simple immediate pension plan where the premium has to be paid as a lumpsum amount.  You can start receiving the pension from the next cycle as per the pension option opted for.

Salient Highlights:

Immediate Pension Plan

The plan has 6 Pension Options:

  • Life annuity- annuity payable till insured is alive
  • Annuity guarantee – 5 years and later payable till insured is alive
  • Annuity guarantee – 10 years and later payable till insured is alive
  • Annuity guarantee – 15 years and later payable till insured is alive
  • Annuity guarantee – 20 years and later payable till insured is alive
  • Return of capital - annuity payable till insured is alive and then remaining capital returned to the nominee of the insured

No death benefit granted in the policy, except in option 6 where any excess capital is reimbursed to the nominee.

Pension plan so no maturity benefit.

Features

Minimum

Maximum

Entry age of insured (years)

40

80

Age at maturity (years)

-

  80

Policy term(years)

Till the death of the insured 

Lumpsum amount (Rs.)

25,000

No upper limit

Plan term (years)

Single

Annuity Instalment (Rs.)

1,000

No upper limit

Premium payment method

Monthly, quarterly, half-yearly and annually

Benefits

The frequency of annuity payment is as per the chosen option after payment of premium.

An annuity is payable to the insured and the beneficiary and under some circumstances, even 100% of lumpsum paid is given back.

Income tax benefit can be availed under section 80CCC of the Income Tax Act,1961.

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