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  • Bajaj Allianz Group Annuity Plan

    Bajaj Allianz Life Insurance

    Overview

    A traditional non linked plan with annuity options that help secure a desired post retirement lifestyle for the members of the group. The annuity options allow for a smooth post retirement scenario for the registered members. The annuitant also has an option to provide for a nominee in the case of his/her untimely death. This is a single premium paying plan meant for having a pension scheme in the form of an annuity from Bajaj Allianz.

    Eligibility Conditions for Bajaj Allianz Group Annuity Plan

    The plan could be of a tenure as low as 5 years and as high as the whole life of the annuitant and as per those, the eligibility conditions for availing this policy can be depicted in the table mentioned below -

    Parameter

    Minimum

    Maximum

    Policy Term

    10 years

    Whole Life

    Entry Age

    40 years

    70 years

    Maturity Age

    N/A

    Whole Life

    All the ages mentioned are as per the last birthday.



    Key Features of Bajaj Allianz Group Annuity Plan

    This plan meant for being an option towards pension payment has the following salient features -

    Parameters

    Details

     

    Plan Type

    Traditional non linked annuity plan

     

    Basis

    Individual life and joint life

     

    Policy Term

    Minimum of 5 years and can go up to covering the whole life

     

    Policy Validity

    Will be for the chosen policy term subject to conditions unless surrendered

     

    Assured Annuity

    Could be a minimum of Rs. 1000 per month, Rs. 2000 quarterly, Rs. 3500 half-yearly or Rs. 5,000 annually and has no maximum limit. The assured annuity on chosen frequency will depend on the purchase price and the prevailing annuity rates at the time of availing the policy and annuity payment will start post the first year after availing the annuity plan from Bajaj Allianz

     

    Annuity Payment

    Frequency

    Annuity Instalment (modal factor)

     

    Annual

    1

     

    Half-yearly

    0.49

     

    Quarterly

    0.242

     

    Monthly

    0.08

    Annuity Options

    Single Life Annuity Options

    Joint Life (Two Lives) Annuity Options

     

    Lifetime Annuity (LA)

    Joint Life, Last Survivor with 100% annuity to the spouse

     

    Lifetime Annuity with Return of Purchase Price (LARPP)

    Joint Life, Last Survivor with 50% annuity to the spouse

     

    Annuity Certain (AC)

    Joint Life, Last Survivor Annuity with Return of Purchase Price

    Coverage

    Annuity Benefit = Assured annuity amount paid in the frequency agreed upon by the annuitant

     
     

    Death Benefit = Depends on the annuity option chosen

     

    Free look Period

    30 days in case of online purchase. 15 days otherwise

     

    Grace Period

    Since it is a single pay plan, grace period is not applicable

     

    Nomination and Assignment

    Nomination facility is available

     

    Benefits and Advantages of Group Annuity Policy

    This plan from Bajaj Allianz life allows a single premium payment to create a pension plan scheme through an annuity option that helps support lifestyle during retirement. Life insurance cover through the annuity options provided by this policy throughout the policy term is an added benefit. The key advantages in opting for this plan can be mentioned in the following points -

    1. Life cover is present throughout the policy term under selective annuity options
    2. Wide range of annuity options
    3. Option of annuity as long as annuitant of partner is alive
    4. Flexible option of receiving annuity in monthly, quarterly, half-yearly or yearly frequencies
    5. Higher annuity values on larger purchase prices
    6. Return of Purchase Price option

    A plethora of annuity options offer multiple benefits to the annuitant and these options can be outlined as below -

    Single Life Annuity Options

    1. Lifetime Annuity - Annuity payment continues in arrears uniformly for the life of the annuitant and stops on the death of the annuitant
    2. Lifetime Annuity with Return of Purchase Price - Annuity payment continues in arrears uniformly for the life of the annuitant and stops on the death of the annuitant and the nominee receives 100% of the purchase price
    3. Annuity Certain - Annuity payment continues in arrears uniformly for 10/15/20 years and the life thereafter of the annuitant and stops on the death of the annuitant

    Joint Life Annuity Options

    1. Joint Life, Last Survivor with 100% annuity to spouse - Annuity payable in arrears uniformly as long member is alive and will be receivable by the nominated spouse post the member’s death
    2. Joint Life, Last Survivor with 50% annuity to spouse - Annuity payable in arrears uniformly as long member is alive and 50% of the annuity amount will be receivable by the nominated spouse post the member’s death
    3. Joint Life, Last Survivor Annuity with Return of Purchase Price - Annuity payable in arrears uniformly as long member is alive and post the death of the member, purchase price is returned to the nominated spouse

    Purchase Price for Bajaj Allianz Group Annuity Plan

    The details of purchase price for this plan can be summarised in the table below -

    Purchase Price Parameter

    Details

    Purchase Price Bands (contribute to higher annuity)

    Band 1 - Less than INR 200,000 Band 2 - INR 200,000 to less than INR 500,000 Band 3 - INR 500,000 to less than INR 10,00,000 Band 4 - INR 10,00,000 to less than INR 15,00,000 Band 5 – INR 15,00,000 to less than INR 25,00,000 band 6 – INR 25,00,000 and above

    Purchase Price Paying Term (PPT)

    Single payment

    Purchase Price Paying Frequency

    Single payment

    Purchase Price Paying Modes

    ECS, debit cards, credit cards, cheques and other acceptable modes

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