Bajaj Allianz Life Insurance has introduced a variation of its participating savings plan, providing customers with a stream of increasing income while also protecting against the impact of rising inflation.
The Bajaj Allianz Life Ace – Increasing Income is a non-linked, participating, individual life insurance savings plan that provides customers with a consistent increase in income while protecting against rising costs. Tailored for a diverse range of customers, this plan allows individuals to save according to their financial requirements and capacity.
This plan not only caters to individual financial objectives but also emphasises flexibility in response to the changing economic environment by offering annually increasing income. It equips customers with a mechanism and a defence against the rising demands of daily life through expanding income options. As individuals age, the need for planning healthcare, long-term care, and post-retirement funds becomes imperative, and this plan aims to address these needs, said the firm.
On the launch of Bajaj Allianz Life Ace – Increasing Income, Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance, said, “In a dynamic economic environment with rising inflation, we understand that customers seek opportunities to create long-term wealth to help them meet their financial goals. Aligned with this we’ve launched Bajaj Allianz Life Ace – Increasing Income, which offers and provides unparalleled control in the hands of customers to decide when they want to receive their income and maturity benefit. We are happy to bring this distinctive combination that was previously unavailable in the life insurance landscape, for our customers. The remarkable rising income, and flexibility, backed by consistent bonus by the company, makes our latest product a powerful investment tool to meet various life goals for customers.”
Notable features of the Bajaj Allianz Life Ace – Increasing Income plan comprise:
• Annual income escalation
• Flexibility to choose your policy term within a broad range, spanning from 10 years to 100 years of age
• Payment flexibility with the option to select premium payment terms ranging from 5 to 12 years
• Up to five years deferment of income for augmented earnings
• Life cover accompanied by tax benefits
Furthermore, this plan caters to the requirements of a diverse customer base, including young professionals, newlyweds, parents with children, and self-employed individuals, offering a range of options. Policyholders can choose the Early Income option for immediate expenses, the Wealth option to leave a legacy for future generations, or the Increasing Income option designed for strategic retirement planning.
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Published: 11 Dec 2023, 08:08 PM IST