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You have been working hard. You’re
going to retire one day. How do you
see your retirement? Traveling? 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. Its 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 UnitGain
Life Pension, a plan that ensures
that your olden years are your golden
years.
The “Bajaj Allianz UnitGain Life
Pension” Plan
With Bajaj Allianz, you can take control
of your future and ensure a retirement
you can look forward to. This plan
has been designed to take care of
your retirement and insurance needs,
thereby providing you with a comprehensive
solution for a lifetime.
There are two packages to choose from:
- UnitGain Life Pension Regular
Premium
- UnitGain Life Pension Single Premium
What are the
benefits available?
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.
The benefits
on Vesting Date (the date you choose
to retire)
- The Account Value as on the vesting
date will be used to purchase
an immediate annuity. The
immediate annuity will be purchased
at rates prevailing at that point
of time.
- Option
to take lump sum: You have
the option to take upto 1/3rd of
the account value 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.
- 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%.
- The minimum installment of annuity
from Bajaj Allianz is Rs. 1000/-.
The annuity frequency may be changed
to make each installment more than
the minimum requirement. If it still
below the minimum, the Account Value
may be utilised to purchase an immediate
annuity from any other company in
the open market as per your choice,
or paid in lumpsum, if permissible,
subject to prevailing tax laws.
Assurance
– for your family
In the unfortunate event of death
during the deferment period, your
spouse will get the greater of the
Sum Assured or the Account Value.
S/he will have the option to take
it 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. The immediate annuity from Bajaj
Allianz will be available only if
the spouse is above 45. If age were
below 45, the amount would be paid
out as a lumpsum.
Annuity Options
You will be able to choose from all
annuity products offered by Bajaj
Allianz Life insurance at the vesting
date. The annuity products currently
available are:
a) Annuity for Life
b) Annuity for Life with 5, 10 or
15 years certain payout
c) Annuity for Life with Return of
Capital
You also have the open market option
to purchase immediate annuity.
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