1 min read.Updated: 06 Dec 2021, 01:31 PM ISTLivemint
Key features of Bajaj Allianz Life Assured Wealth Goal Regular plan include guaranteed long-term income, increasing guaranteed income, option to defer and get higher income payout, higher benefit at higher ticket sizes
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Bajaj Allianz Life on Monday launched a guaranteed income-cum-life insurance plan Bajaj Allianz Life Assured Wealth Goal.
The plan comes with two variants for customers. The first plan, Bajaj Allianz Life Assured Wealth Goal – Step-Up Income generates an assured income that increases by 10% every 5 years after the completion of premium payment term. To keep up with increasing expenses, one needs an increasing source of income that can assure a comfortable and financially stable future and this plan aims to achieve that, the insurance company said in its statement. The policyholder is paid back the premium paid at the end of the income period.
The second variant, Bajaj Allianz Life Assured Wealth Goal – Second Income, focuses on generating an additional income to supplement one’s finances. This plan is a simple product that provides guaranteed, tax-free income for a 25-years or 30-years period, as chosen by the customer, the company said. The plan also gives the policyholders an option to receive all the premiums contributed during the policy at the end of the income period.
Key features of Bajaj Allianz Life Assured Wealth Goal Regular plan include guaranteed long-term income, increasing guaranteed income, option to defer and get higher income payout, higher benefit at higher ticket sizes, return of premiums, and tax-free income.
The Indian insurance industry has witnessed major transformation over the last one year with the pandemic making customers across all-age groups realize the importance of insurance.
“In today’s uncertain times and rising expenses it is imperative to have a guaranteed product in one’s financial portfolio. Bajaj Allianz Life’s Assured Wealth Goal is designed to provide guaranteed tax-free income for up to 30 years. I’m confident it will suit the needs of customers who’d like to systematically save and invest towards their long-term life goals, and have an assurance on the amount they’d receive at the end of their policy term," said Tarun Chugh, MD and CEO, Bajaj Allianz Life.