Bajaj Allianz Life Insurance, an insurance joint venture between Bajaj Finserv and Allianz, has introduced a new a non-linked immediate annuity plan, Pension Guarantee.
The plan is available for adults with the age in the range of 37 years – 80 years.
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Besides offering a guaranteed income for one’s lifetime, the new product also provides consumers with options of extending the pension to spouse, returning the purchase price in case of the death of annuitant, and paying the outstanding annuity to the legal heir after the death of nominated spouse.
The plan also provides provision for payment of either 50% or 100% annuity to the spouse of the annuitant after his death as per the Joint Life Last Survivor options chosen.
Bajaj Allianz Life Insurance Product Development head Rituraj Bhattacharya said the Pension Guarantee plan offers annuity extension for spouse, looking at the increasing life expectancy among Indians.
"The option of annuity with return of purchase price can be effectively used for passing inheritance to one’s legal heir," added Bhattacharya.
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