Overview
Bajaj Allianz Retire Rich helps you to retire without having to stress about anything. You can travel, golf all day or turn your hobby into your post retirement career or just volunteer for a noble cause. You can decide what you want to do in your retirement now and start planning for it at the earliest. You can be in charge of your retirement plan with Bajaj Allianz Retire Rich.
Eligibility Conditions of Bajaj Allainz Retire Rich
Entry Age |
Minimum – 30 years Maximum – 73 years |
Age at Vesting |
Minimum – 37 years Maximum – 80 years |
Key Features of Bajaj Allainz Retire Rich
Type |
A unit linked pension plan. |
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Basis |
Individual |
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Coverage |
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Policy term |
Minimum - 7 years Maximum – 30 years Deferment period available: 7 – 30 years |
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Premium amount |
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Premium paying term |
Less than 7 years, 7-10 years and 11 years and above. |
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Premium paying frequency |
Single, monthly, quarterly, half-yearly and yearly. |
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Renewability |
Cannot be renewed. |
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Riders |
Not available. |
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Bonuses |
No bonus offered. |
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Loan |
Not available. |
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Free look period |
The plan has a 15 days free look period from the date of receipt of the policy document. If it is issued under IRDA Guidelines on Distance Marketing, you get 30 days free look period. You need to provide a written reason of objection along with the policy document. You will receive refund on the date of allocation along with deductions of proportionate risk charges and expenses incurred on medical examination and the stamp duty charges, if any. |
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Grace period |
The policyholder will get 15 days grace period for monthly frequency of premium payment or it is 30 days for other frequencies of premium payment. |
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Tax benefits |
Tax benefits are as applicable are as per Section 80CCC for the premium payments made and as per Section 10(10A) for the commutation amount. |
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Nomination |
You need to nominate a person to receive the death benefit in the event of your death. |
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Exclusion |
If the sum assured commits suicide within one year from the commencement of the policy, then the nominee will get paid the fund value and the top up premiums paid along with the death benefit. |
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Charges |
Top up premiums attract a charge of 2%.
For 30 years- Rs.1.34 per thousand p.a. For 40 years- Rs.2.35 per thousand p.a. For 50 years- Rs.6.52 per thousand p.a. For 60 years- Rs.14.98 per thousand p.a. |
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Fund |
Pension Builder Fund: Medium risk and the investment of this fund is to provide capital appreciation by investing in a suitable mix of debt and equities. Portfolio allocation:
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Loyalty Additions |
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Advantages of Bajaj Allianz Retire Rich
The advantages of Bajaj Allianz Life Retire Rich are:
- You can enjoy the guaranteed vesting benefit and the death benefits.
- You can choose from the regular, limited or single premium payment.
- You can change the premium payment term.
- You get to enjoy the loyalty additions.
- You can take advantage of the Pension Builder Fund.
- You can also avail tax benefits under Section 80CCC and Section 10(10A) of the Income Tax Act, 1961.
How the Plan Works
If Mr. Suresh aged 35 years has taken the for a period of 24 years and he is paying Rs.1 lakh annual premium for a term of 20 years and his vesting benefit will be Rs.26,95,412 at 4% and Rs.48,81,293 at 8% return.
If he dies in the 8th year of the policy, then the nominee will receive Rs.8,40,000 at 4% and Rs.10,00,835 at 8% return provided the fund management charge is at 1.25%.
Premium Payment and Riders
The premium can be paid yearly, half-yearly, quarterly or monthly. The premium paying term is less than 7 years, 7-10 years and 11 years and above. Policyholder will also get 30 days grace period to pay the yearly, half-yearly and quarterly premium payment. For the monthly premium payment, the policyholder will get 15 days grace period.
There are no riders available with this policy.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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