Bajaj Allianz Life launches value-packed Annuity product

Chandigarh: Bajaj Allianz Life, one of India’s leading life insurer, launched its value-packed annuity (pension) plan - Bajaj Allianz Life Guaranteed Pension Goal, today. The comprehensive plan is designed to meet the pension needs of different types of customers and offers nine annuity options to choose from. It is the only life insurance plan that offers a regular premium deferred annuity option that enables policyholders to guarantee their pension amount at the time of retirement by paying regularly over a period of time. Additionally, the plan also offers an option for policyholders’ spouse to continue receiving the guaranteed income during his / her lifetime. Further a legacy can be left for the nominees by ensuring the Return of Purchase Price (RoP).
 
As living expenses including health care costs rising, it is essential to have a robust pension plan, which will help individuals meet these expenses post retirement. This pension should be able to meet the needs for the lifetime of the policyholder, which is also increasing as life expectancy is improving. Hence, financial solutions, such as Bajaj Allianz Life Guaranteed Pension Goal, stands out as it offers guaranteed regular income as long as one is living. This is possible as the insurance plan locks the annuity amount at the time of buying the policy, and that stays fixed for lifetime.
 
Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life, said “Like other developing countries, India is undergoing demographic changes in terms of share of ageing and improvement in life expectancy rate. At the same time, cost of living is increasing, and the nuclear family set-ups thriving. Add to this a not so comprehensive social security system. This developing environment makes it critical for individuals to save for their retired lives, which typically will span for 25-30 years post their working age (typically 60 years in India). While there are several saving instruments that will help build a retirement corpus, annuity plans are one of the most effective tools to ensure individuals receive an income in a sustained manner through their retired life. To make it more convenient for individuals to plan for their retired life, we have introduced the deferred annuity with regular premium feature in our latest product Bajaj Allianz Life Guaranteed Pension Goal. This, first-of-its-kind feature will strike the right note with our customers and will help policyholders sustain the lifestyle they’d wanted during their retired lives.”