You have been working hard. You’re going to retire one day. How do you see your retirement? Travelling? Golfing? Turning a hobby into a second career or volunteering for a noble cause or simply spending more time with your family. In retirement, how you choose to spend your time is now upto you. It's also upto you to ensure your retirement income lasts as long as you do. The decisions you make about your money today should be flexible enough to accommodate your changing needs. Taking charge of your retirement begins with Bajaj Allianz Swarna Vishranti, a plan that ensures that your olden years are your golden years.

What does “Bajaj Allianz Swarna Vishranti” offer you?

With Bajaj Allianz Swarna Vishranti, you can take control of your future and ensure a retirement you can look forward to. This plan helps you to prudently plan for your retirement today, so that you don’t have to worry about inflation, declining interest rates and rising medical bills in the future as also ensures the financial security of your family. The annuity payable under this plan will ensure that your earnings never stop during your lifetime. Packed with a host of innovative features and with flexibility like never before, your search for the perfect pension plan ends here

With Bajaj Allianz Swarna Vishranti, you have the option to choose the following additional benefits:

1. Family Income Benefit
   You can select the unique Family Income Benefit from Bajaj Allianz that ensures total financial protection for your loved ones. In case of death or accidental total permanent disability, a guaranteed monthly income of 1% of the sum assured (12% per annum) is paid till the vesting date or at least for a period of 10 years, whichever is higher. Moreover, all future premiums are waived. This unique regular income benefit can act as an important supplement to the pension available to the spouse in case of death.
   
   
2. Comprehensive Accident Protection
   This benefit provides comprehensive cover in case of an accident. It comprises of: Accidental Death Benefit Accidents are always sudden and sometimes fatal. You can’t lessen the emotional shock but you can certainly soften the financial one. Bajaj Allianz Accidental Death Benefit gives the loved ones something to start with after the permanent loss of income by paying an amount equal to the Sum Assured. (Subject to a maximum of Rs. 50,00,000/- under all policies with Bajaj Allianz taken together).
   Accidental Permanent Total/Partial Disability Benefit Accidents are unpredictable and so are the consequences. They may lead to a disability - partial or total. This benefit provides a financial cushion against such misfortunes. One will get 50% of the Sum Assured in case of partial disability and 100% in case of total disability. (Subject to a maximum of Rs. 25,00,000/- for partial and Rs. 50,00,000/- for total disability under all policies with Bajaj Allianz taken together). Waiver of Premium Benefit An accident may lead to permanent total disability, limiting one’s ability to earn. Bajaj Allianz Waiver of Premium Benefit is a helping hand when one needs it most. It waives off all future premiums while keeping the valuable life insurance cover alive, thus enabling you to live up to your commitments.
3. Term Cover -
   Additional Protection for your family You have the option to include a Term Cover in your policy, which will provide an additional life insurance protection at a nominal cost. This also ensures that the pension available to spouse is further supplemented.
4. Critical Illness Benefit
   Some illnesses are critical. They not only alter your life's pattern but also result in a financial drain. Bajaj Allianz Critical Illness Benefit softens the impact on the family by paying out the Critical Illness Benefit under the plan immediately, while other policy benefits continue (excluding Hospital Cash Benefit). We cover 11 critical illnesses. You have the flexibility of choosing Critical Illness cover up to the basic Sum Assured selected by you (Minimum Rs. 50, 000).
5. Hospital Cash Benefit
   The worry of settling hospital bills (room charges) adds to the trauma of hospitalization. Bajaj Allianz Hospital Cash Benefit reduces this financial burden and helps recovery with peace of mind.

What are the benefits of Bajaj Allianz Swarna Vishranti?
The plan works in two parts - the deferment period and the annuity period. During the deferment period, the plan provides valuable life cover and builds up the funds required to purchase the immediate annuity. The deferment period ends at the vesting date. You are free to choose your age of retirement (vesting date) between 45 and 70 years.
Since the Bajaj Allianz Swarna Vishranti plan participates in the profits of the company, the Sum Assured grows with time through the bonuses declared by the company.

The benefits on Vesting Date (the date you choose to retire)

1. The Sum Assured along with all accrued bonuses will be used to purchase an immediate annuity. The immediate annuity will be purchased at rates prevailing at that point of time.
2. Option to take lump sum: You have the option to take upto 33% of Sum Assured plus accrued bonuses on the vesting date as a lump sum. This amount would be tax free in your hand, as per current tax laws. The balance amount will be used to purchase an immediate annuity.
3. Open Market Option: You have the option to purchase an immediate annuity from Bajaj Allianz or from any other company. If the immediate annuity is purchased from Bajaj Allianz,
   the amount available for purchase of the annuity will be marked up by 2%. At present, we offer our immediate annuity plan for life, Swarna Raksha, tied to this plan.
4. The minimum installment of annuity from Bajaj Allianz is Rs. 1000/-. The annuity mode may be changed to make each installment more than the minimum requirement. If it is still below the minimum, the Sum Assured + Accrued Bonuses would be paid.

Added Assurance - for your family
In the unfortunate event of death during the deferment period, your spouse will have the option to take the Sum Assured plus accrued bonuses as a lump sum or purchase an annuity to get regular income for life. For the immediate annuity, your spouse will have the Open Market Option as well. Bajaj Allianz immediate annuity, with a mark up of 2% will be available only if the spouse is above 45 years of age. In all ages lower than 45, the Sum Assured + Accrued bonuses would be paid out.

Flexibility in Coverage
At Bajaj Allianz, we believe in offering benefits and not just products. We realise that you are unique and your needs for insurance vary with time. We therefore offer you the flexibility of inclusion of coverage or exclusion of coverage at each policy anniversary till the vesting date, subject to conditions relating to such inclusions and exclusion. “Comprehensive Accident Protection” can be included and excluded at each policy anniversary.

The Term Cover, Family Income Benefit, Critical Illness Benefit and Hospital Cash Benefit can be taken at inception only. Critical Illness Benefit and Hospital Cash Benefit can be reduced or excluded subsequently at any policy anniversary. Once reduced or excluded, they cannot be increased or included in the policy subsequently. The Family Income benefit, once selected, cannot be removed. The term cover can be excluded at any subsequent policy anniversary. Once removed, it cannot be included in the policy subsequently.