Bajaj Allianz Life launches value-packed Annuity product

-   Bajaj Allianz Life Guaranteed Pension Goal designed to provide regular pension for meeting post Retirement Goals

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.”

Bajaj Allianz Life Guaranteed Pension Goal enables policyholders to opt for immediate regular income through an immediate annuity plan or start the income later through the deferred annuity plans. The plan is designed to help people secure their retirement income for life.

Key features of Bajaj Allianz Life Guaranteed Pension Goal

The plan offers the following value-packed features:

1)      Guaranteed Lifelong Regular Income: To assure policyholders of a secured financial future and receive their pension amount yearly / half-yearly / quarterly or monthly, the annuity (pension) amount is fixed at the beginning of the policy. The annuity (pension) is paid regularly to policyholders throughout their life as per their choice and need.

2)      Joint Life option with continued payout for both lives: Policyholder has the option to take joint life annuity (pension) with 50% or 100% annuity (pension) payable to spouse after their death, thus ensuring their family's life goals are on track even when they are not around.

3)      Return of capital (Purchase price): Whether the customer chooses a single life or a joint life, the plan offers an option to receive the entire capital on death. The plan also comes with an option of return of purchase price on survival. In both cases the annuity (pension) is payable for life.

1.      In the 1^st option on death of the policyholder, the purchase price will be returned to the nominee

2.      In the 2^nd option, the purchase price is returned to the policyholder at age 85 with the annuity (pension) continuing. One can also receive the purchase price in yearly instalments from the age of 75 years

 4)      Nine annuity (pension) options to choose from: Policyholder can choose from a wide range of Annuity (pension) options to meet their lifestyle goals post retirement. These are

1.      Life Annuity

2.      Life Annuity Return of Purchase Price on death

3.      Life Annuity Guaranteed for 5/10/15/20 years

4.      Joint Life with 50% annuity to spouse

5.      Joint Life with 100% annuity to spouse

6.      Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price on death of Last Survivor

7.      Life Annuity with return of purchase price on death / survival

8.      Life Annuity with return of purchase price on death or in annual instalments on survival

9.      Family Pension

5)      Premium payment term of 5 to 10 years; single premium option also available: Policyholder can choose to pay their premium once or for a period of 5 to 10 years as per their convenience.

 6)      Option to change Annuity (pension) Frequency: Policyholder will have the option to change the Annuity (pension) payment frequency, at any policy anniversary.

 

7)      Guaranteed Addition (GA):Guaranteed Additions are added in case of a deferred annuity policy. This addition is before the start of the annuity payment.

PNB MetLife broadens its product portfolio with three

PNB MetLife broadens its product portfolio with three unique offerings for retail customers

·         A guaranteed savings plan, which allows customers the flexibility of pay-out as a lumpsum or supplementary income

·         A combined plan, assuring life and health insurance protection, with coverage against Covid-19

·         A new Unit Linked Insurance Plan (ULIP), which offers whole life cover along with tailor-made solutions for wealth creation

PNB MetLife Insurance is expanding its product portfolio with three new unique offerings: PNB MetLife Guaranteed Future Plan; Mera Mediclaim Plan and PNB MetLife Smart Platinum Plus. At PNB MetLife customer centricity is the cornerstone that binds all functions. These offerings complement the Company’s concept of “Circle of Life”, which assesses the needs of the customers and offers them with solutions on varied financial needs including - Child Education, Family Protection, Long Term Savings and Retirement.are testament to this approach and was designed keeping in mind the evolving needs of customers across different segments. 

PNB MetLife Guaranteed Future Plan, a guaranteed savings life insurance plan that offers dual advantages of long term guaranteed benefits and financial protection to the family in case of adversities. The plan offers complete control to customer and helps customize the savings schedule based on customer’s needs and affordability. It allows customers the flexibility to choose their future guaranteed pay-out as a lumpsum, income or a combination thereof which will help meeting financial requirements for various goals.

The company, in partnership with Religare Health Insurance, has launched - Mera Mediclaim Plan – that combines benefits of health and life insurance under a single policy. The new solution gives customers access to quality healthcare, cashless hospitalization, along with life insurance coverage.

Additionally, the company has also received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to launch PNB MetLife Smart Platinum Plus, a whole life savings-oriented unit-linked insurance plan (ULIP). The plan also offers life insurance cover to protect ones family in case of an unfortunate demise as well as provides with tailor-made solutions to achieve ones goals, including an option where wealth creation doesn’t take a back seat even during critical illness.

Ashish Kumar Srivastava, MD & CEO, PNB MetLife, said “At PNB MetLife, we believe in “Customer Centricity’ and continuously work towards providing solutions in line with our mantra. As a part of our ‘Circle of Life’ approach, which has been conceptualized to deliver need-based solutions that provide financial wellbeing to the customers during their lifetime, the new products will address the need for life and health protection as well as wealth creation.  PNB MetLife also declared bonus for its participating polices which remains consistent even in these uncertain times. We will continue to invest our efforts in product innovations and introduce more products that will serve the life-stage needs of our valued customers.”  

PNB MetLife Guaranteed Future Plan offers four different options to create a corpus to meet one’s financial goals. The plan comes with a guaranteed income ranging from 103% to 245% of the annualized premium.  Annual premiums higher than Rs.30,000 also receive High Premium Reward ranging from 4% - 12% of annualized premiums.  Besides one can opt for Income plus booster options that will give them an additional income pay-out at specified intervals ranging from 30%-406%. The plan allows customers to time the receipt of maturity amounts on special occasions like birthdays or anniversaries. The policyholder will also be eligible to avail income tax benefit on premiums paid and benefits received under 80 (c) and 10(10d).

Mera Mediclaim Plan offers coverage for comprehensive health and hospitalisation insurance along with life insurance.  The plan features cashless hospitalization cover across Religare Health Insurance’s network of more than 7,500 hospitals. The plan also covers more than 540 Day Care Treatments, alternative treatments such as Ayurveda, Unani, Siddha and Homeopathy and offers a no claim bonus which helps cover to increase upto 220% over two years and 250% over five years. This unique plan provides a cost-effective solution for customers by offering a discount of 7.5% on both life and health insurance premiums, plus dual tax benefits under both section 80 (c) and 80 (d)

PNB MetLife Smart Platinum Plus is a whole life protection and savings oreinted Unit Linked Insurance Plan.  The plan features an unique Care Benefit which helps customers secure their goals against health exigencies and the insurer pays all future premiums in case of diagnosis of any of the listed five critical illnesses. The plan provides additional allocations through features like Return of Fund Management charges of 1st 5 years and Fund booster which is paid at the end of 10th year which enhance the fund value and also incentivise the customers to stay invested for longer. This holistic plan offers the policyholder with the freedom to choose from the benefits, duration of premium payment, the sum assured multiple and also maximise their wealth creation potential through a choice of portfolio strategies and variety of funds. It also offers flexibility of switching between different fund depending on the risk appetite and partially withdrawing money from the fund value after the lock-in period.  The company so far has 22 unit-linked funds in its portfolio of which PNB MetLife Virtue Fund II and PNB MetLife Virtue Fund has been ranked amongst the top 10 in the Insurance Large Cap Category (as of June 30, 2020) by Morningstar, a leading independent investment research organization. This ranking is testimony to the company’s strong fund management prosess and reaffirm the commitment to deliver value accretive growth to its customers investing through market-linked products. 

This trio of products launched by PNB MetLife holistically fulfils the advanced needs and demands of the consumer. Amongst the three products, Mera Mediclaim Plan and PNB MetLife Guaranteed Future Plan are available across PNB MetLife’s bancasurance, agency as well as online channels. As the masses settle to the new normal where protection of health and life and wealth creation have assumed a level of importance like never before, PNB MetLife strives to serve its customers at every new juncture of their lives through its dynamic and ever-evolving approach to customer satisfaction.