KOLKATA:
Many in India have a life goal to retire early from their daily jobs to pursue their real interests. On the same hand, keeping all parameters in mind, Indians are living longer. Both these statements lead to one thing – no matter when you retire, you will have more years in hand to enjoy your post retirement life.
At the same time, while we are enjoying the fast pace economic development, inflation is a truth we cannot escape. The cost of living and healthcare are also increasing. Combine this with the earlier statement and it means that post retirement you will not only have a longer life ahead of you, but will need a substantial retirement corpus to take care of day-to-day expenses, health contingencies, needs of dependents and enough financial aid to meet all your retirement Life Goals.
Hence, investing towards retirement is essential. Today, there are several financial instruments that help you build a retirement corpus, but may have some short-falls. Some of these instruments offer guaranteed returns that ensure you get a certain amount for sure. This security and guarantee is good, however, such products may not account for inflation or increased cost of living.
Further, the taxation clauses associated with some instruments can impact the corpus you build or what you withdraw during your retired life. Also some of these instruments lack in liquidity options, restricting the withdrawal of funds, in case you may need for any emergency. While creating a retirement corpus, it is prudent to have some guaranteed income come in during your retired life. However, accounting for inflation and increasing costs of everything around, it is advisable to invest in retirement products that bring you the advantages of being market-linked to meet your Retirement Life Goals.
To enable you to build a healthy retirement corpus by investing in India’s growth story through market-linked products, and offer flexibility and regular income during your retired life, Bajaj Allianz Life Insurance launched Bajaj Allianz Life LongLife Goal, today. This new-age whole-life ULIP comes with attractive features like tax free Retired Life Income, a life cover till 99 years and flexibility to make partial withdrawals. Thus, making it one of the preferred ULIP to have when you are investing towards getting your retirement Life Goals, Done.
Speaking at the launch, Dheeraj Sehgal, Chief Institutional Business Officer, Bajaj Allianz Life Insurance, said, “Our philosophy to offer living benefits to our customers is well reflected in this product. This ULIP is one of the preferred investment option for those looking to enjoy a comfortable retired life, no matter when they plan to retire.
Being cognizant of our increased life span, we believe it is essential to save and invest in simple, yet value-packed investments’ product, which will offer you a retired life income to make the most of your retired years. We took a good look of what is available in the market and mapped it against what the customers are looking for when it comes to retirement planning. Bajaj Allianz Life LongLife Goal bridges the gaps, and its unique features ensure that the product will become an essential product amongst our customers’ portfolio when it comes to planning for their retirement life goals.”
Bajaj Allianz Life Longlife Goal Unique Features
This is a non-participating, individual, whole life unit-linked, regular premium payment endowment plan.
Tax Free Retired Life Income: This product will enable you to enjoy the benefits of investing in market-linked funds, and help you to build a corpus to tide inflation and rising costs, thereby enabling you better to meet future needs. Further, Retired Life Income is tax free. It can be opted to be received as regular income for whole life, starting from the age of 55 years or as soon as you complete 10 policy years, whichever is later.
Partial Withdrawals: To ensure you have the funds to meet any emergency, you can make partial withdrawals anytime after 5 years including the Retired Life Income period.
Waiver of Premium (depending on the variant chosen): In case, as a policyholder, something were to happen to you where you are unable to pay the premium, like death or total disability, even then your spouse or child will continue to be protected and will enjoy the benefits that come with this policy. In case of total disability with this waiver of premium feature, you will also get to enjoy all the benefits of the policy .
Life cover till the age of 99 years: This means that you pay a premium for a limited term ranging from 10 years to 25 years, and the policy will continue to cover you till you turn 99 years and ensures you can continue to keep your family’s life goals on track.
Bajaj Allianz Life Longlife Goal Features That Help to Boost Your Retirement Corpus
Reliable Investment Performance Record: The ULIP Funds of Bajaj Allianz Life Insurance have consistently delivered one of the best CAGR returns, beating the benchmark indices over a longer horizon of three, five and ten years. Further, most of its funds enjoy high ratings from the coveted Morning Star rating agency.
Return Enhancer feature where each instalment of the Retired Life Income is increased by 0.5% over and above the % chosen by you
Periodical Return of Life Cover charge: Life cover charges or the mortality charges are returned periodically every 10th policy year, after the life assured attains 60 years of age or the policy has completed 15 years, whichever is later and at maturity, and helps you add back to your retirement corpus.
Loyalty Additions: These are added to your fund value for paying premiums regularly and staying invested in the policy. It is applicable from the 6th policy year till the 25th year, and is calculated as a percentage of the annual premium every year.
Periodical Return of Waiver of Premium Charge: When you have opted for the policy with Waiver of Premium, then total amount of Waiver of Premium charges deducted in the policy, will be added back to the Fund Value at regular intervals and at maturity
Tax benefits: Premium paid and all benefits including Retired Life Income, Maturity Benefit, Death Benefit, partial withdrawal, and Surrender Benefit may be eligible for tax benefits as per Income Tax Act 1961, subject to the provision stated therein.
