Bajaj Allianz pension guarantee plan is the plan mainly proposed for the Policy buyer who belongs from private sector or non organised sector. Where pensions are not provided. By this policy the policyholder will be able to get a certain amount of money per month as pension after the maturity age. There is also provision of death benefit if the policyholder die within the policy term.
1. This plan is non linked individual plan that provides annuity benefits.
2. The minimum amount for which the policy can be purchased is rupees 25000 and there is no maximum limit for the purchase of policy
3. The benefits provided in this plan is according to the option which have been taken by the policyholder
4. The annuity provided after the maturity of the plan can be monthly, quarterly, half yearly or annually.
5. There is discount on premium available on higher sum assured plans.
6. There is death benefit option available on the choice of policy buyer.
1. Option A
According to this option the policyholder will get the annuity as Long as he or she well alive
2. Option B
According to this option the policyholder will get annuity as well as if he or she will meet death then the policy price will be returned to the nominee.
3. Option C
According to this option annuity is paid for certain period such as 5 years, 10 years ,15 years or 20 years as per choice and the rest and annuity will be paid to the policy holder. If policy holder dies then the rest annuity is paid to the nominee of the policy holder.
4. Option D
According to this option and annuity is paid for both husband and wife 50% annuity is paid to husband and the rest 50% annuity is paid to wife. If any of them dies then the others annuity will be continue.
5. Option E
This is also option for both husband and wife. In this option both will get the annuity amount throughout there life. After the death of the last partner the nominee will get the purchasing amount of the policy.
6. Option F
According to this option the policyholder and his wife both get the annuity amount. In case of anyone die, then the hundred percent of annuity will be provided to the other partner.
If the policy holder meet to death and the policy amount is remaining then the nominee will get the remaining amount. In option E the nominee of the policy holder gets the whole premium amount after the death of the policy holder.
There is no maturity benefit provided in this because this is a pension plan that provides annuity.
According to Income Tax Act section 80c. The premium paid under this plan is tax free also according to Section 10 D. The claim received is tax free that means it is going to save your tax on the amount paid as premium.
1. The minimum entry age for option B is 0 years and in rest of the options 37 years.
2. The maximum entry age for this plan is hundred years for option B and in rest of the option this is 80 years.
3. The premium can be paid monthly, quarterly, half yearly or annually.
4. Minimum sum that can be purchase price is rupees 25 thousand and there is no upper limit for the sum assured.
Documents required for Bajaj Allianz pension guarantee plan
Terms related to Bajaj Allianz pension guarantee plan.
Free look period
If the policy buyer is not satisfied with the policy and it’s terms and condition or anything else . Then within 15 days after receiving the policy documents the policy can be cancelled.
There is a provision of grace period for 15 days for the monthly premium payers as late premium and 30 days for other premium payment options as late premium.
Revival of policy
If the premium is not paid within the grace period then the policy get lapsed in this case the policy can be revived within the period of 2 years from the last premium paid.