Bajaj Allianz Life Introduces Guaranteed Pension Goal II With Unique 30-Year Deferment Option

Bajaj Allianz Life Insurance has launched its new pension plan named “Bajaj Allianz Life Guaranteed Pension Goal II”, which, the company claims, is designed to provide flexible, long-term financial security for individuals planning for retirement. This plan offers a 30-year deferment option, which allows customers to begin building their retirement funds from an early age as per the release.

Key Features Of Guaranteed Pension Goal II

The Bajaj Allianz Life Guaranteed Pension Goal II is a non-linked, non-participating immediate and deferred annuity plan that aims to help customers secure their retirement with ease. Key highlights of the plan include:

30-Year Deferment Option: This feature allows individuals, as young as 35, to start planning their retirement by deferring the start of their annuity payouts for up to 30 years. This gives them the flexibility to begin saving early and set their own payout timeline.

Multiple Annuity Options: Customers can choose from various annuity options, such as life annuity, joint life annuity, and return of purchase price (ROP) options, depending on their specific retirement needs.

Customizable Return of Purchase Price (ROP): The plan offers a flexible ROP feature, where individuals can choose to return 50 per cent to 100 per cent of their initial purchase price, thus enhancing their annuity payout.

Guaranteed Lifelong Income: Bajaj Allianz Life guarantees a steady stream of income throughout the customer's retirement, ensuring financial stability.

Exclusive Benefits for NPS Subscribers: The plan also includes a specialized Family Pension option for NPS (National Pension Scheme) subscribers, which extends financial support to the policyholder's dependents, including spouses and parents.

Meeting the Changing Needs of Retirement Planning

Bajaj Allianz Life’s study found that 77 per cent of Indians view life insurance as their preferred tool for a secure and stress-free retirement. The survey revealed an increasing recognition among young professionals of the need to begin retirement planning at an early stage.

With a rising life expectancy in India, many people are now living well into their 80s and 90s. This longer life span means that retirees could spend 25 to 30 years without a regular income. While many countries offer retirees a second income through social security, such a system does not exist in India. Therefore, there is an increasing need for structured, long-term retirement solutions.

Expert Insights on Retirement Planning

During the product launch, Tarun Chugh, Managing Director and CEO of Bajaj Allianz Life emphasized the importance of retirement planning given the longer life expectancy and the absence of social security for retirees in India. "With many people now living well into their 80s and 90s, retirement planning has become more crucial than ever," Chugh said. He added that the “Guaranteed Pension Goal II” allows individuals to begin saving for their retirement at a young age and provides a steady income stream during their post-retirement years.

The Shift Toward Early Retirement Planning

This product launch reflects a growing trend in India, where more young professionals are prioritizing financial security for their future. By offering the flexibility of early retirement planning with a 30-year deferment option, Bajaj Allianz Life is tapping into this shift toward more structured retirement solutions.