• Bajaj Allianz Retire Rich Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    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.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Bajaj Allianz Retire Rich Plan Reviews

  • Page 1 of 17 1 2 3 4 5
    • Bajaj Allianz Life Life Insurance
      "Satisfied"
      0.5 3.5/5 "Pretty good"
      I have a Bajaj Allianz life insurance from more than 10 years and it is a long term policy. There are not much branches of Bajaj. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year and i am convenient with the payment options. I have taken this policy mainly for tax savings.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2018
    • Bajaj Allianz Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The main issue with the Life Insurance policy from Bajaj is that I've been receiving n number of fake calls. I never had any issues pertaining to this policy. I pay the premium either via check or online. Overall Their service is not as good as I expected.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • Bajaj Allianz Life Life Insurance
      "GOOD POLICY"
      0.5 5.0/5 "Blown Away!"
      I took this policy mainly because of the good returns, its long tenure process , the payment can be done through easy monthly ecs . The best about the policy is claim rate is high compared to other policy available in the market. There customer service and customer response is good .
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 30, 2018
    • Bajaj Allianz Life Life Insurance
      "Life insurance with BAJAJ"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from BAJAJ ALLIANZ and the policy premium is 30000 annually. This is an investment come insurance policy so i will get some interest from mutual funds. We have to pay the premium for 5 years. The customer service and response with the card is fine.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have four policy's with Bajaj Allianz Life Insurance service. Tenure period is good with Bajaj Allianz Life Insurance service. The payments options are through online. It was an good experience with Bajaj Allianz Life Insurance service.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 25, 2018
    • Bajaj Allianz Life Life Insurance
      "Worst company to buy insurance from"
      0.5 1.0/5 "Really Bad"
      I had bought Super Saver policy which is Super Loser policy. Instead of giving returns, it actually eats up all your money. Agents mislead you that the policy can be withdrawn at early stage of 3 or 5 years. But actual term is 15 years or so. Absolutely rubbish plan. Customer support is pathetic an unhelpful. No knowledge about the product as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 31, 2018
    • Bajaj Allianz Life Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I hold a my life insurance with Bajaj Allianz from last 15 years and it is a long term policy. The tenure of this policy is 10 years. I have to pay a premium for 4-5 years and for remaining years the company will pay. It is an average policy, i am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 29, 2018
    • Bajaj Allianz Life Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 7-8 years and it is a term insurance. The tenure of this life insurance policy is 20 years. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the Life insurance policy from the BAJAJ ALLIANZ LIFE INSURANCE Company. I have got this policy around a year ago. The customer support service is good with the BAJAJ ALLIANZ LIFE INSURANCE company. This policy has the tenure of life time and I have paid Rs,12,000 to this policy .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 14, 2018
    • Bajaj Allianz Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the Life insurance policy from the BAJAJ ALLIANZ LIFE INSURANCE Company. I have got this policy around a year ago. The customer support service is good with the BAJAJ ALLIANZ LIFE INSURANCE company. This policy has the tenure of life time and I have paid Rs,12,000 to this policy .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 14, 2018
    • Bajaj Allianz Life Life Insurance
      "better experience"
      0.5 4.0/5 "Great!"
      I had applied and got a life insurance policy from the famous private sector insurance company BAJAJ ALLIANZ LIFE INSURANCE. Most of all benefits are covered under one policy. I feel that there are no benefits to renew my health policy so I withdrawn my health policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 03, 2018
    • Bajaj Allianz Life Life Insurance
      "Better "
      0.5 3.0/5 "Satisfactory"
      I have taken the life insurance policy with the Bajaj allianz life insurance company. The premium amount is nominal one for me and the coverage value is reasonable one for me with them. Every aspects are better one with the Bajaj allianz life insurance company.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 03, 2018
    • Bajaj Allianz Life Life Insurance
      "Very Good Investment"
      0.5 4.0/5 "Great!"
      This is absolutely a delight to have this Insurance. I took it last November. Their return is around 9.5%. I have been paying Rs.50000 as an annual premium for it. I just need to pay for 6 years and after that it has a 6 years locking period after which I can take out a good return out of it.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 02, 2018
    • Bajaj Allianz Life Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Bajaj Life insurance service is good. I have taken one policy with Bajaj for the period of 15 years. The payments are generally through online and the new schemes and offers they provide is good,it is totally a good experience with Bajaj Life insurance service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 02, 2018
    • Bajaj Allianz Life Life Insurance
      "Good policy to use"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with Bajaj Allianz from last 5 years and it is a short term policy. This policy has a tenure period of 2 years and my premium amount gets auto deducted from the salary account. I am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Okay"
      0.5 2.5/5 "Just OK"
      I am having the life insurance policy with the Bajaj allianz life insurance company. I would like to say that the customer service is good one and the coverage value too. Every aspects are not yet experienced with the Bajaj allianz life insurance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 26, 2018
    • Bajaj Allianz Life Life Insurance
      "Good policy"
      0.5 4.5/5 "Excellent!"
      Recently I took a life insurance with Bajaj Allianz. It was taken through an agent. The representative was very kind and helpful. It is good and secured policy. I paid 25K yearly for this insurance. I made the payment through cheque. The total tenure period is 7 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 08, 2018
    • Bajaj Allianz Life Life Insurance
      "Good Products"
      0.5 5.0/5 "Blown Away!"
      Bajaj Finserv issued insurance for the loan products, its a life insurance cum accidental cover from Bajaj Allianz company. They have taken one time premium around Rs. 3100 for the tenure of six years. They are providing critical illness, accidental care as well. I got the policy copy on time, I am satisfied about it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2018
    • Bajaj Allianz Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with Bajaj Insurance from last 5 years and it is one of the good insurance policy to use. The tenure of this life insurance policy is 15 years and it is long term policy. I pay my premium on monthly basis and the payment options are convenient for me. The coverage and benefits are also good in this policy.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Feb 01, 2018
    • Bajaj Allianz Life Life Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Bajaj allianz general insurance company. Services are good one with them , response and other aspects are better one for me with them. I would like to say that the coverage value is around 10 lakh Rupees.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 24, 2018
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