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– New-age annuity plan offers flexible payout options, lifelong income security, and tailored solutions for evolving retirement needs
Chandigarh, 18 February, 2025: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, today announced the launch of Bajaj Allianz Life Guaranteed Pension Goal II, a non-linked, non-participating immediate and deferred annuity plan designed to help customers take control of their retirement planning. With an industry-first feature allowing a deferment of up to 30 years, this innovative pension plan enables individuals as young as 35 years to start securing their financial future, providing unmatched flexibility for early retirement planning.
Recent study by Bajaj Allianz Life revealed that 77% of Indians consider life insurance as their preferred financial tool for a secure and stress-free retirement, reflecting a growing shift towards structured retirement planning. The survey also indicates an increasing awareness among young professionals about the need for early retirement planning, as they seek financial security and independence in their later years. Bajaj Allianz Life Guaranteed Pension Goal II is designed to address these evolving customer needs, offering an industry-first 30-year deferment period that empowers individuals to start building their retirement corpus early while maintaining financial flexibility. This strategic offering ensures customers have control over their retirement journey, allowing them to retire with confidence, stability, and peace of mind.
Speaking at the launch, Mr. Tarun Chugh, MD & CEO of Bajaj Allianz Life, said, “”With improved healthcare, life expectancy in India is rising, and many people today are living well into their 80s and 90s. This means one could spend 25-30 years without a regular income, making retirement planning more critical than ever. Globally, retirees often rely on a second source of income through social security, but Indians don’t have this benefit. Therefore, we need to bridge this gap with structured retirement solutions. At Bajaj Allianz Life, we understand that customers seek flexibility and certainty in their financial future. That’s why we’re introducing Bajaj Allianz Life Guaranteed Pension Goal II, allowing individuals to start saving as early as 35. With an industry-first 30-year deferment option and multiple annuity choices, this plan ensures a steady income stream for life ensuring customers can achieve their life goals with confidence and financial independence.”
Key features of Bajaj Allianz Life Guaranteed Pension Goal II:
· Multiple annuity options – Choose from life annuity, joint life annuity, and return of purchase price (ROP) options, tailored to individual retirement goals.
· Industry-first 30-year deferment – Enables young professionals to plan their retirement early with flexibility in payout timing.
· Customizable Return of Purchase Price (ROP) – Offers a choice between 50% to 100% ROP, that allows one to enhance their annuity amount by opting for different level of ROP.
· Guaranteed lifelong income – Ensures a steady flow of income during retirement, removing financial uncertainties.
· Exclusive benefits for NPS subscribers – Includes a specialized Family Pension option, offering extended financial support to dependents, including spouse and parents.
