Long Life Goal Plan by Bajaj Allainz

Planning for your retirement may not be an easy task while you are in your 20s or 30s. However, wanting a stable financial backing for the second innings of your life is something we all wish for. Here’s when, the idea of long-term investment arises. Investing regularly plays a vital role in building a corpus for yourself that could last a lifetime that would not seem small in comparison to the future inflation rates. With the ULIP retirement plan, Bajaj Allianz Life LongLife Goal, you can stay rest assured! Being a whole life insurance plan, it allows you to pay premiums only for a limited period of time, while you get regular income during your retirement age. Moreover, ULIPs not only offer tax benefits, but also give you annual loyalty additions, periodical return of mortality charges and a hike-up income with the return enhancer benefit.  

Retired Life Income till 99 years of age

What’s better than receiving income right till the age of 99? With ULIP, under the LongLife Goal policy, you get a retired life income till you turn 99 years of age. Additionally, you can opt for systematic withdrawal of the funds once you reach the age of 55 years or the policy has completed 10 years, whichever is later. Thus flexible ULIP plans lessen the financial worries of tomorrow. 

Coverage for whole life

While you pay premiums for a limited period i.e. minimum of 10 years & maximum of 25 years, the Bajaj Allianz Life LongLife Goal ULIP policy covers your life till you reach the age of 99 years. Bajaj Allianz LongLife Goal provides you with a whole life insurance cover which means that your family members will be able to achieve their life goals even in your absence.

Pension Plans & Provident Fund aren't enough

Statistics in India reveal that 90% of retired citizens depend on their children for financial assistance as their savings get exhausted sooner in life. The remaining 10% avail government pensions or aid from former employers, which tends to fall short for the rising inflation. Hence, considering the increase in medical care and growing expenses, planning your retirement early is very important.

Tax benefits

Bajaj Allianz Life LongLife Goal policy offers ULIP tax benefits on premium paid, Maturity Benefit, Death Benefit, partial withdrawal, and Retired Life Income. This way, you don’t just secure your life financially post retirement, but also save up on taxes up to Rs.1.5 Lakhs.

Retired Life Income till 99 years of age

What’s better than receiving income right till the age of 99? With ULIP, under the LongLife Goal policy, you get a retired life income till you turn 99 years of age. Additionally, you can opt for systematic withdrawal of the funds once you reach the age of 55 years or the policy has completed 10 years, whichever is later. Thus flexible ULIP plans lessen the financial worries of tomorrow. 

Coverage for whole life

While you pay premiums for a limited period i.e. minimum of 10 years & maximum of 25 years, the Bajaj Allianz Life LongLife Goal ULIP policy covers your life till you reach the age of 99 years. Bajaj Allianz LongLife Goal provides you with a whole life insurance cover which means that your family members will be able to achieve their life goals even in your absence.

Pension Plans & Provident Fund aren't enough

Statistics in India reveal that 90% of retired citizens depend on their children for financial assistance as their savings get exhausted sooner in life. The remaining 10% avail government pensions or aid from former employers, which tends to fall short for the rising inflation. Hence, considering the increase in medical care and growing expenses, planning your retirement early is very important.

Tax benefits

Bajaj Allianz Life LongLife Goal policy offers ULIP tax benefits on premium paid, Maturity Benefit, Death Benefit, partial withdrawal, and Retired Life Income. This way, you don’t just secure your life financially post retirement, but also save up on taxes up to Rs.1.5 Lakhs.

How does LongLife Goal work?

In a ULIP pension plan, the amount that you contribute as premiums is accumulated as investments till your retirement. One third of this invested amount is paid back to you while the remaining is invested in an annuity scheme. The returns from this scheme are then paid to you as pension on a monthly/ quarterly /half-yearly or annual basis. A unit linked pension plan invests in equity markets and gives high returns.

Let’s understand with an example how the LongLife Gain ULIP helps you save for your retirement

Ashish, 35 years, has bought a Bajaj Allianz LongLife Goal ULIP plan (without Waiver of Premium variant) with the aim to build a corpus for his retired life. He believes that the plan will help him build a corpus that will help him live a comfortable and worry-free retirement. He is paying an annual premium of Rs. 1 lakh for a payment term of 20 years with a Sum Assured of Rs 17.5 lakh. He has opted for Retired Life Income option at 8% of fund value and has chosen for the payout to be received annually. Let's see what the benefits available to Rahul under the Policy are:  

Total Fund Value Received by Rahul at the age of 99 years is ₹ 22,33,443 (Amount is inclusive of Fund Value on the date of Maturity + Return of Total Mortality Charge ₹ 14,271 + Loyalty Additions ₹ 1,02,000)

Total Sum of Retired Life Income received by Rahul from Age of 55 years is ₹ 92,74,687