Guaranteed Pension Goal - India Post Payments Bank
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FAQS - Guaranteed Pension Goal
Q. What is Annuity amount and who is Annuitant?
A. Annuity amount refers to the guaranteed* income payable for the lifetime of the annuitant in an annuity policy. Annuitant is the person on whose life the annuity is payable.
Q. Is the annuity amount guaranteed* throughout the lifetime of the annuitant?
A. Yes. The annuity amount is guaranteed* from the inception of the policy.
Q. What does Immediate Annuity mean?
A. Annuitant pays a lump sum (Single premium) and the Annuity payout will start immediately, as early as next month, depending upon the Annuity frequency option chosen by policy holder at the policy inception.
Q. What are annuity frequency options?
A. Annuity frequency refers to the interval between two annuity payouts. The annuitant has the flexibility to choose between 4 annuity frequency options- Yearly, Half-yearly, Quarterly or Monthly. For example, in case yearly annuity frequency option is chosen, annuity will be paid once every year; if half-yearly is chosen, annuity will be paid once in every 6 months; if quarterly is chosen, annuity will be paid once every 3 months; and if monthly is chosen, annuity will be payable every month.
Q. Can the annuity frequency be changed after the inception of the policy?
A. Yes. You will have the option to change the Annuity payment frequency at any policy anniversary.
Q. What is the Purchase Price?
A. The Purchase price is the single premium paid at the inception of the policy; plus, top-up Premiums paid (if any), excluding GST/any other tax as may be applicable from time to time.
Q. What is the Annuity benefit under Life Annuity with ROP on death option (Option B)?
A. Under Life Annuity with ROP on death option, the Annuity will be payable throughout life on each Annuity installment date and on death the Purchase price will be returned to your nominee.
Q. Is there any Death Benefit under Life Annuity with ROP on death option (Option B)?
A. On death of the annuitant, the Death benefit will be equal to the Purchase price paid at inception and would be payable to the nominee. No further benefits shall be payable thereafter and policy shall be terminated.
Q. What is the Minimum & Maximum entry age5 for purchasing this plan ?
A. The minimum entry age is 40 years and the Maximum entry age is 70 Years and as per IRDAI POS Guidelines as amended from time to time.
Q. What are the minimum and maximum policy term in Bajaj Allianz Life Guaranteed Pension Goal?
A. Since this is an annuity plan, there is no policy term. Annuity is payable till the annuitant is alive.
Q. Can the policy be surrendered?
A. Yes. The policy can be surrendered & Surrender value (as applicable) would be payable. Policy will terminate after payment of Surrender value. The option to revive the policy will not be available to a surrendered policy.
1) For details regarding the product features & benefits, the sales literature & policy document are to be referred.
2) The FAQs are specific to POS channel.
3) 5Entry age is age at last birthday.
4) For policies sold through POS Channel, the Annuity amounts will be as per prevailing IRDAI POS Guidelines, as amended from time to time.
5)*Conditions Apply- The guaranteed benefits are dependent on the purchase price & annuity option chosen.
For more details please refer to sales brochure.