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Bajaj Allianz Life Insurance

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Bajaj Allianz Life Insurance

Overview
Bajaj Allianz Life Insurance Company Limited is a joint venture entity set up by Allianz SE and Bajaj Finserv Limited. The company is one of the most reputed insurance companies in India and is known for its reasonable pricing of insurance products like investment, retirement, child and other plans. There are insurance products that are tailored for almost every segment.

The company has total AUM or assets under management of Rs. 49, 720 crore along with 638 offices throughout India. The company has also kept the claim settlement ratio at 93.87%. The company has also received several prestigious industry awards and laurels over the years.

Bajaj Allianz Life Insurance at a glance
  • Competitive pricing and customized life insurance solutions
  • Special insurance plan for women
  • Life cover of 1 crore at a premium of just Rs 18 per day.
  • Assets Under Management (AUM) as on 31st March 2017 is Rs 49,270 crore

Bajaj Allianz Life Insurance Company Limited Pension Plans
There are several pension plans offered by Bajaj Allianz Life Insurance Company Limited these include unit linked plans with guaranteed death benefits and vesting benefits. There are options for limited/regular/single payment of premium, top-up premium payment flexibility and premium term flexibility. These plans help in getting adequate income after retirement.

Documentation needed for availing Bajaj Allianz Life Insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

Bajaj Allianz Retirement Plans
  • Bajaj Allianz Retire Rich: Bajaj Allianz Retire Rich manages your money to give you the flexibility to accommodate the changing needs of life.
  • Bajaj Allianz Pension Guarantee: This immediate annuity plan from Bajaj Allianz gives you and your spouse an assured income long after you’re retired. Pension Guarantee plan comes on the annuity payment mode chosen by you – monthly, quarterly, half-yearly or yearly.

1: Bajaj Allianz Retire Rich: This unit linked pension plan enables you to have a blast in your golden years and encourages pursuing your hobbies and leading a worry free life. Bajaj Allianz Retire Rich manages your money to give you the flexibility to accommodate the changing needs of life.

Advantages and Benefits
  • Offers the option to select regular, limited or single premium payment
  • Option to change the premium payment term
  • Flexibility to pay top-up premium
  • Offers Guaranteed Vesting Benefit of 101% and Guaranteed Death Benefit 105% of the total premiums paid
  • Policyholder gets additional Loyalty Additions added to the fund value on the original vesting date of the policy
  • Option to make lump sum investment
Bajaj Allianz Retire Rich at a glance
Features Description
Min/Max entry age 30 / 73 yrs
Min/Max age at vesting 37 / 80 yrs
Min/Max policy term 7 / 30 yrs
Min Premium Payment Term 5 yrs
Max Premium Payment Term Up to the Policy Term chosen
Min Regular premium
For Regular and Limited Premium Payment options
Premium Paying Term Per yearly installment Per half-yearly installment Per quarterly installment Per monthly installment
Less than 7 yrs Rs 50000 Rs 37500 Rs 25000 Rs 9500
7 to 10 yrs Rs 25000 Rs 19000 Rs 12500 Rs 4500
11 yrs & above Rs 15000 Rs 11500 Rs 8000 Rs 3000
For Single Premium Payment option
Policy Term Single Premium
7 to 10 years Rs 100000
11 years and above Rs 50000
Max Regular premium No Limit

2: Bajaj Allianz Pension Guarantee: This Pension Guarantee plan comes on the annuity payment mode chosen by you – monthly, quarterly, half-yearly or yearly. There are almost 6 options available to choose from.

Advantages and Benefits
  • In this plan, irrespective of the option chosen, the annuity is paid to the annuitant as long as he/she is alive. For life annuity - on death
  • For life annuity - on death of the annuitant, any outstanding annuity installment as on the date of death will be paid to the nominee
  • Provides certain annuity for period of 5,10,15, 20 years and life thereafter
  • Offers joint life last survivor with 50% of annuity to spouse
  • Offers joint life last survivor with return of purchase price on death of last survivor (100% of annuity to spouse)
  • Option of joint life last survivor with 100% of annuity to spouse is also available
Bajaj Allianz Pension Guarantee at a glance
Features Description
Min/Max entry age 37 / 80 yrs
Min Purchase Price Rs 25000
Max Purchase Price No limit
Min Annuity / installment
Frequency Yearly Half Yearly Quarterly Monthly
Annuity installment 12,000 6,000 3,000 1,000
Max Annuity / installment No Limit