Bajaj Allianz Life Guaranteed Pension Goal II

At a Glance

With the advent of technology, our lifestyle goals have upgraded. Today we use gadgets, appliances and services which were not there 2-3 decades ago. Who knows what is in store for us in the next 2-3 decades? We need to stay prepared so that our lifestyle goals are not compromised in the second innings of life- retirement. Presenting Bajaj Allianz Life Guaranteed Pension Goal II which assures your Lifestyle goals by giving guaranteed¹ income throughout life as per your choice and need.

Key Features

Bajaj Allianz Life Guaranteed Pension Goal II is a Non-Participating, Non-Linked, Individual/Group General Annuity.

• Guaranteed* income throughout life: Your annuity amount is guaranteed* at policy inception and is paid regularly as per your choice and need (Yearly/Half-yearly/Quarterly/Monthly)
• Wide range of Annuity Options: Choose from a wide range of Annuity options to meet your Lifestyle goals
• Choose when your second innings starts: Annuity starts immediately or after a few years (from policy inception) as per your choice and need
• Ensure your family's lifestyle goals are met even when you are not around: Option to take Joint life annuity with 50% or 100% annuity payable to your spouse after your death
• Return of cost (Purchase price) ^&: Option to receive Return of Purchase Price^& (ROP) on death^ or as Survival Benefit^
• Option to take a % of Return of purchase Price^&: Option to choose 50% to 100% Return of Purchase Price payable on death

^Product features mentioned above are dependent on benefit chosen

*Conditions Apply – The guaranteed benefits are dependent on the purchase price & annuity option chosen. For more details, please refer to sales brochure.

^&Purchase price is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws if any

How does the plan work? 

Step-1 Choose Deferred or Immediate Annuity option. Annuity option has to be chosen at inception and once opted cannot be changed during the policy term

Step-2 Enter the Purchase price you wish to pay or the Annuity you wish to receive

Step-3 Choose the Annuity payout frequency

Step-4 Receive annuity payouts as per chosen frequency

Key Benefits

ANNUITY OPTIONS* AVAILABLE TO YOU

Immediate Annuity - Pay a lump sum and the Annuity payout will start immediately as per your annuity frequency option chosen by you at inception. Annuity options available are mentioned below

Option A: Life Annuity

Annuity will be payable to you throughout life

Option B: Life Annuity with Return of Purchase Price (ROP¹) on death:

Annuity will be payable to you throughout life and on death X% of the Purchase price will be returned to your nominee. The proportion (X%) of the Purchase Price given as ROP can range from 50% to 100% (both inclusive), as chosen by the policyholder at inception. The proportion, once chosen, cannot be changed during the term of the policy.

Option C: Annuity Certain and Life thereafter:

Annuity will be payable to you for a guaranteed period of 5, 10, 15 or 20 years, as chosen by you at inception; or throughout life, whichever is later. On death during the Annuity-Certain Period, the remaining Annuity instalments will be paid to your nominee till the end of Annuity-Certain Period.

Option D: Joint Life Last Survivor with 50% of Annuity to spouse:

Annuity will be payable to you throughout life and on death, your spouse will receive 50% of the Annuity throughout his/her life

Option E: Joint Life Last Survivor with 100% of Annuity to spouse:

Annuity will be payable to you throughout life and on death, your spouse will receive 100% of the annuity throughout his/her life

Option F: Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price¹ on death of Last Survivor: Annuity will be payable to you throughout life; and on death, your spouse will receive 100% of the prevailing Annuity throughout his/her life. On death of the Last Survivor, X% of the Purchase Price will be returned to the nominee. The proportion (X%) of the Purchase Price given as ROP can range from 50% to 100%, as chosen by the policyholder at inception. The proportion, once chosen cannot be changed during the term of the policy.

Option G: Life Annuity with Return of Purchase Price¹ on death or survival:

Annuity will be payable to you throughout life and additionally on the policy anniversary after the 25^th Policy Year or the policy anniversary after attaining Age 85 (whichever is later), the Purchase Price will be returned to you as Survival benefit[1] with annuity continuing subsequently.

On death before receiving the Survival benefit², the Purchase price will be returned to your nominee and on death after receiving the Survival benefit², no further benefit shall be payable.

Option H: Life Annuity with Return of Purchase Price¹ on death or in instalments on survival:

Annuity will be payable to you throughout life and additionally, starting from the policy anniversary after the 15th policy year or policy anniversary after attaining age 70 (whichever is later), Survival benefit² would be payable to you at each policy anniversary in instalments as per the Annuity payment frequency with Annuity continuing subsequently.

In yearly payment frequency, the Survival benefit² will be in annual instalments equivalent to 5% of the Purchase Price. Under monthly, quarterly and half-yearly, each instalment, respectively, will be (5%/12), (5%/4) and (5%/2) of the Purchase price. Survival benefit² will be payable till the total of all the instalments equals 100% of the Purchase Price.

On death, an amount equal to Purchase Price less sum of the Survival benefit² paid (if any) shall be paid to your nominee

Option I: Family Pension: (Only for NPS subscribers) Life annuity shall be payable to the NPS subscriber as below:

• If the NPS subscriber has a spouse/spouse is alive: Annuity will be payable as per the Annuity option, Option F (Joint Life Last Survivor with 100% of annuity to spouse & with ROP on death of last survivor).
• If the NPS subscriber does not have a spouse or his/her spouse is not alive: Annuity will be payable as per the annuity option,

Option B (Life annuity with ROP on death).

On death of the both the annuitant and the spouse:

• The ROP shall be used to purchase an Annuity under Annuity option, Option B, on the dependent mother (if alive) of the

deceased NPS subscriber; and

• On the death of the mother, ROP shall be used to purchase an Annuity as per Annuity option, Option B, on the dependent father (if alive) of the deceased NPS subscriber.
• The Annuity amount, on each purchase (mentioned above), will be based on the prevailing annuity rate then under the mentioned Annuity option.

On the death of the last surviving annuitant (out of the NPS subscriber, the spouse, the mother, the father), and provided the policy has not been terminated prior, the death benefit payable shall be 100% of the Purchase price.

^*Option once chosen at inception, cannot be changed during the Policy term.

Annuity amount will vary depending upon the Option chosen

Deferred Annuity: Pay a lump sum or regular/limited Premium and Annuity payout will start post completion of the Deferment period as chosen by you at inception. Annuity options available are mentioned below: 

Option A: Life Annuity:

Annuity will be payable to you throughout life

Option B: Life Annuity with Return of Purchase Price (ROP¹) on death: Annuity will be payable to you throughout life and on death after the Deferment period, an amount equal to X% of Total Premiums Paid shall be paid to your nominee. The proportion (X%) of the Purchase Price given as ROP can range from 50% to 100%, as chosen by the policyholder at inception. The proportion, once chosen, cannot be changed during the term of the policy.

Option E: Joint Life Last Survivor with 100% of Annuity to spouse: Annuity will be payable to you throughout life; and on death, your spouse will receive 100% of the prevailing Annuity throughout his/her life. Under deferred annuity, this option is available only with regular premium payment.

Option F: Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price (ROP ¹) on death of Last Survivor: Annuity will be payable to you throughout life and on death, your spouse will receive 100% of the prevailing Annuity throughout his/her life.

On death of surviving life after the Deferment period, an amount equal to X% of Total Premiums Paid shall be paid to your nominee. The proportion (X%) of the Purchase Price given as ROP can range from 50% to 100%, as chosen by the policyholder at inception. The proportion, once chosen, cannot be changed during the term of the policy. Under Deferred Annuity with Single Premium payment, X% is, mandatorily,100%.

Option G: Life Annuity with Return of Purchase Price (ROP ¹) on death or survival: (Only Single Premium payment is available in this option) Annuity will be payable to you throughout life and additionally on the policy anniversary after the 25th policy year or the policy anniversary after attaining age 85 (whichever is later), the Purchase price will be returned to you as Survival benefit² with annuity continuing subsequently.

On death after the Deferment period and before receiving the Survival benefit², an amount equal to the Purchase price shall be paid to your nominee. On death after receiving the Survival benefit², no further benefit shall be payable.

Option H: Life Annuity with Return of Purchase Price (ROP¹ ) on death or in instalments on survival: (Only Single Premium payment is available in this option) Annuity will be payable to you throughout life and additionally, starting from the policy anniversary after the 15th Policy Year or the policy anniversary after attaining Age 70 (whichever is later), Survival benefit² would be payable to you at each policy anniversary in instalments as per the Annuity payment frequency with Annuity continuing subsequently.

In yearly payment frequency, the Survival benefit² will be in annual instalments equivalent to 5% of the Purchase Price. Under monthly, quarterly and half-yearly, each instalment, respectively, will be (5%/12), (5%/4) and (5%/2) of the Purchase price.

Survival benefit² will be payable till the total of all the instalments equals 100% of the Purchase Price.

 On death after the Deferment period, an amount equal to the Purchase price less sum of the Survival benefit² paid (if any) shall be paid to your nominee. This amount shall be subject to a minimum of Purchase price less Survival benefit² paid (if any)

Option C, D, E & I shall not be available with Deferred Annuity.

¹The Purchase Price is the single Premium or the sum of all regular/limited Premiums; plus, top-up Premiums paid excluding any GST/any other tax as may be applicable from time to time.

²The due date of survival benefit with respect to Top-up premiums (if any) will be assessed from the date of payment of each top-up premium.

Eligibility

		Minimum	Maximum
Entry Age (applicable for Single & Joint Lives )4	Immediate	30 years	85 years
	Deferred	45 years	84 years subject to Annuity starting at maximum age of 85 years
Annuity Amount	Immediate/ Deferred	Mode	Yearly	Half -Yearly	Quarterly	Monthly
		Minimum	Rs.12,000	Rs.6,000	Rs. 3,000	Rs.1,000
		Maximum	No limit
		·         The minimum Annuity is not applicable in case the purchase of Annuity is from a superannuation fund, pension fund/Policy or from the NPS fund etc
Purchase Price		As per prevailing Board Approved Underwriting Policy
Modes of Payment of Premium  (only under Deferred Annuity Regular/Limited Premium)	Yearly, half-yearly, quarterly, monthly Quarterly & monthly Premium frequencies are available only with auto-debit mode (as approved by RBI).
Deferment Period (applicable only for Deferred Annuity)	Single Premium	1 year	10 years
	Regular/Limited Premium	PPT Chosen
Premium Payment Term (PPT)	Single Premium (Immediate / Deferred Annuity)	Single Premium
	Regular/limited  Premium ( Deferred Annuity)	5 years	10 years
Minimum Group Size	5 members

 

Deferment period will start from the Policy commencement date in a Deferred Annuity Policy ⁴Entry age is age at last birthday

For policies sourced through POS channel Policy terms & conditions, Eligibility Conditions and annuity amounts shall be as per prevailing POS guidelines, as amended from time to time

• Higher ages at entry may be allowed under the annuity options, Option B and Option F to cater to the needs of NPS subscribers, as per extant PFRDA guidelines
• If a life assured (annuitant) or nominee/legal-heirs under a deferred pension policy with BALIC, uses the proceeds from that policy to purchase this policy, then, the above mentioned minimum and maximum entry ages will not apply, and it shall be as below:

18. a) Under a single life annuity, the annuitant’s minimum age at entry will be 0 years last birthday and maximum 100 years last birthday. The risk cover will start immediately, even for a minor life. In case of a minor life, an individual policy will vest on the life assured on attainment of age 18.
19. b) Under a joint life annuity, both the annuitants’ minimum ages at entry will be 18 years last birthday and maximum 100 years last birthday

• If this product is purchased as QROPS through transfer of UK tax relieved assets, the minimum entry age for payment of annuity will be governed by the rules defined by HMRC from time to time.
• If the nominee/legal heir is a minor, and uses the proceeds to purchase this policy, then, the policy will vest on the life assured on attainment of age 18.
• The product is available for sale through online mode

⁴If a life assured (Annuitant) or nominee/legal heirs under a deferred pension Policy with BALIC uses the proceeds from that Policy to purchase this Policy, then, the entry ages will not apply. If this product is purchased as QROPS through transfer of UK tax relieved assets, the minimum entry age for payment of annuity will be governed by the rules defined by HMRC from time to time