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  • Bajaj Allianz Retire Rich Plan

    Bajaj Allianz Life Insurance

    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.

    Basis

    Individual

    Coverage

    • Death Benefit: In the event the sum assured dies before the vesting date, the death benefit payable to the nominee will be a higher of the total fund value on the date of the intimation of death or the guaranteed death benefit. The guaranteed death benefit is 105% of the sum assured of the premiums paid and the top up premiums that were paid. The nominee can choose to take a lump sum of the entire death benefit or can use the part of the death benefit to purchase an annuity at the prevailing rates.

    • Vesting Benefit: Vesting benefit is paid that is higher value of the Guaranteed Vesting Benefit or the total fund value as on the vesting date. The guaranteed vesting benefit is 101% of the sum of all the premiums paid along with the top up premiums paid till the vesting date. On the date of vesting you can both take one third of the vesting benefit in a lump sum payout and purchase an immediate annuity at the prevailing annuity rates. You can also purchase a single premium deferred pension plan using the entire proceeds of the vesting benefits. You can also extend the deferred period provided your age on the date of vesting is less than 55 years.

    • Surrender Benefit: The policy can be surrendered at any time. If the policy is surrendered during the lock-in period, then the death benefit will be terminated and if the fund value is less than the surrender charge, the fund value will be transferred to the discontinued pension policy fund. The policy cannot be revived after discontinuation. If you surrender the policy after 5 years, then the total fund value on the date of surrender will be paid to you and the policy will be terminated. The surrender value should be used to purchase a single premium deferred pension plan or can take one third of the surrender value and purchase an immediate annuity at the prevailing annuity rates.

    Policy term

    Minimum - 7 years

    Maximum – 30 years

    Deferment period available: 7 – 30 years

    Premium amount

    Premium paying term

    Yearly instalment (in Rs.)

    Half-Yearly instalment (in Rs.)

    Quarterly instalment (in Rs.)

    Monthly instalment (in Rs.)

    Less than 7 years

    50,000

    37,500

    25,000

    9,500

    7 – 10 years

    25,000

    19,000

    12,500

    4,500

    11 years and above

    15,000

    11,500

    8,000

    3,000

    Premium paying term

    Less than 7 years, 7-10 years and 11 years and above.

    Premium paying frequency

    Single, monthly, quarterly, half-yearly and yearly.

    Renewability

    Cannot be renewed.

    Riders

    Not available.

    Bonuses

    No bonus offered.

    Loan

    Not available.

    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.

    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.

    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.

    Nomination

    You need to nominate a person to receive the death benefit in the event of your death.

    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.

    Charges

    • Premium allocation charge:

    Policy year

    Regular or limited premium payment option

    Single premium payment option

    1

    8.5%

    4%

    2-5

    5.7%

    -

    6+

    0

    -

    Top up premiums attract a charge of 2%.

    • Fund management charge: If it is the Pension Builder Fund, then the charge is 1.25% p.a. and for the discontinued pension policy fund, the charge is 0.50%.

    • Surrender charge:

    Policy year

    Annual premiums up to Rs.25,000

    Annual premiums above Rs.25,000

    Single Premium

    1

    20% of lower of fund value or annualised premium subject to maximum of Rs.3,000

    6% of lower of fund value or annualised premium subject to maximum of Rs.6,000

    1% of lower of fund value or annualised premium subject to maximum of Rs.6,000

    2

    15% of lower of fund value or annualised premium subject to maximum of Rs.2,000

    4% of lower of fund value or annualised premium subject to maximum of Rs.5,000

    0.5% of lower of fund value or annualised premium subject to maximum of Rs.5,000

    3

    10% of lower of fund value or annualised premium subject to maximum of Rs.1,500

    3% of lower of fund value or annualised premium subject to maximum of Rs.4,000

    0.25% of lower of fund value or annualised premium subject to maximum of Rs.4,000

    4

    5% of lower of fund value or annualised premium subject to maximum of Rs.1,000

    2% of lower of fund value or annualised premium subject to maximum of Rs.2,000

    0.1% of lower of fund value or annualised premium subject to maximum of Rs.2,000

    5 and above

    Nil

    Nil

    Nil

    • Mortality charge:

    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.

    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:

    Equity and equity related instrument

    0-50%

    Debt, fixed deposit and debt related instruments

    25% -100%

    Mutual funds and money market instruments

    0-40%

    Loyalty Additions

    Policy term

    Premiums less than Rs.10 lakhs

    Premiums above Rs.10 lakhs

    Single premium

    7 – 10

    -

    11 – 15

    8.5%

    25.5%

    3%

    16 - 20

    9%

    27%

    3.5%

    21 – 25

    10%

    30%

    4%

    26 - 30

    11%

    33%

    4.5%

    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 Bajaj Allianz Retire Rich 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.

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