Bajaj Allianz Life Insurance recently launched the Bajaj Allianz Life Guaranteed Pension Goal II, a new annuity plan specifically crafted to assist individuals in securing their retirement. This plan provides a range of flexible payout options and guarantees lifelong income for policyholders. The Bajaj Allianz Life Guaranteed Pension Goal II is a non-linked, non-participating immediate and deferred annuity plan that empowers customers to take charge of their retirement planning.
A notable feature of this plan is its unique 30-year deferment option, which enables individuals as young as 35 to start planning for their financial future well in advance. By offering a structured retirement solution, the plan caters to the changing financial needs of pensioners, ensuring income stability even in their later years.
The plan features various annuity options, including life annuity, joint life annuity, and return of purchase price (ROP) choices. Policyholders have the flexibility to personalize their ROP selection, with options ranging from 50 percent to 100 percent, giving them increased control over their annuity amount.
Moreover, the plan guarantees a lifelong income, bringing peace of mind by removing financial uncertainties during retirement. Special benefits are also accessible for National Pension System (NPS) contributors, such as a Family Pension alternative that provides financial assistance to dependents like spouses and parents, as disclosed in the statement.
Key features
Diverse annuity options – Select from life annuity, joint life annuity, and return of purchase price (ROP) choices, designed to align with individual retirement objectives.
Innovative 30-year deferment – Empowers young professionals to strategize for retirement in advance, with flexibility in payout schedules.
Tailored Return of Purchase Price (ROP) features – Provides the option to personalize ROP from 50% to 100%, enabling individuals to increase their annuity amount by adjusting the level of ROP.
Secure lifetime income – Delivers consistent income throughout retirement, eliminating financial insecurities.
Exclusive perks for NPS participants – Includes a specialized Family Pension plan, granting extended financial assistance to dependents such as spouses and parents.
Tarun Chugh, MD & CEO of Bajaj Allianz Life, said: “With improved healthcare, life expectancy in India is rising, and many people today are living well into their 80s and 90s. This means one could spend 25-30 years without a regular income, making retirement planning more critical than ever. Globally, retirees often rely on a second source of income through social security, but Indians don’t have this benefit. Therefore, we need to bridge this gap with structured retirement solutions.”
According to a recent study conducted by Bajaj Allianz Life, 77% of Indians view life insurance as their top choice for ensuring a secure and worry-free retirement. This data underscores a noticeable trend towards more intentional retirement planning. The survey further highlights a growing understanding among young professionals regarding the importance of early retirement planning in order to achieve financial stability and independence later in life. In response to these changing customer needs, Bajaj Allianz Life has developed the Guaranteed Pension Goal II plan.
Chugh said: “At Bajaj Allianz Life, we understand that customers seek flexibility and certainty in their financial future. That’s why we’re introducing Bajaj Allianz Life Guaranteed Pension Goal II, allowing individuals to start saving as early as 35. With an industry-first 30-year deferment option and multiple annuity choices, this plan ensures a steady income stream for life ensuring customers can achieve their life goals with confidence and financial independence.”