KOCHI:
Investing towards retirement is essential to enjoy a stress-free retired life. Many Indians dream about retiring early from work life and have a stress-free retired life. At the same time, given the medical advancements, Indians are living longer. What this means is that we will have more number of years during our post retirement life, for which we must plan well in advance to ensure that after ‘retirement’ we have the financial resources not just to live comfortably, but also achieve all our life goals.
Amongst this, over the past few years, we have seen that the rate of inflation in India has been rising at a rapid speed, due to the growth levels in the economy. The cost of living and healthcare are also increasing. This means that post retirement you will need a substantial retirement corpus to take care of day-to-day expenses, health contingencies, family’s needs and adequate financial aid to meet all your retirement Life Goals.
Hence it is critical to invest in a retirement corpus that is inflation-adjusted, and also guarantees a source of income during one’s retired life. Today, there are several financial instruments that help in building a retirement corpus, but they have some shortcomings. While some financial instruments offer guaranteed returns such products may not account for inflation. Some instruments also lack liquidity as they restrict the withdrawal of funds, Furthermore, taxation on some instruments can also impact your retirement corpus or withdrawals during the retirement period.
To address this gap, Bajaj Allianz Life Insurance Company recently launched a comprehensive new age unit-linked insurance plan Bajaj Allianz Life Long Life Goal. . It is a whole-life ULIP that comes with attractive features like tax free Retired Life Income, a life cover till 99 years and flexibility to make partial withdrawals in case of emergency.
Bajaj Allianz LongLife Goal comes in two variants – with waiver of premium and without waiver of premium. The fund offers four different investment strategies to choose from – based on one’s risk appetite – Investor Selectable Portfolio Strategy, Wheel of Life Portfolio Strategy II, Trigger Based Portfolio Strategy and Auto Transfer Portfolio Strategy.
Some of the most important features of the Bajaj Allianz Life Long Life Goal policy are:
Tax free retired life income: This product enables you to enjoy the benefits of investing in market-linked funds, and help you build a corpus to tide inflation and rising costs. 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. Cover for whole life: 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.
Period Return of Mortality Charges: The mortality charges are returned periodically every 10th policy year, after the life assured attains 60 years of age or the policy completes 15 years, whichever is later. This is added back to your retirement corpus, at maturity thus enhancing the value of the corpus.
Return Enhancer: In this feature each instalment of the Retired Life Income is increased by 0.5% over and above the % chosen by you
