Retirement plans

Deferred pension plans:

These are the most common type of retirement saving plans. You pay regular premiums during your working years, and the corpus accumulates over time. After the chosen retirement age, you start receiving your pension. This helps you build a solid financial cushion gradually.

Immediate pension plans:

Perfect for those who are about to retire or have a lump sum amount ready. You invest a single premium, and your pension starts almost immediately—usually within a month. This type of pension plan ensures you don’t face any income gap after retirement.

Traditional pension plans:

These plans offer guaranteed returns and are ideal for conservative investors who want security and stability over high returns. The money grows at a fixed rate, providing predictable income after retirement.

Unit Linked Pension Plans (ULPPs):

These are market-linked retirement investment plans where your premium is invested in equity and debt funds. The returns depend on market performance, offering the potential for higher growth. You can also track your investment performance using a retirement calculator to plan effectively.

National Pension System (NPS):

A popular government-backed retirement scheme, NPS offers flexibility, professional fund management, and tax benefits. You can invest in equity and debt funds and decide your allocation based on your risk appetite. It’s one of the most accessible and efficient long-term retirement saving options in India.

Public Provident Fund (PPF):

Another government-backed option, PPF is a secure, long-term retirement investment plan with guaranteed returns and tax exemptions. It’s perfect for low-risk investors seeking steady growth.

Annuity-based pension plans:

These private pension plans are designed to give you a fixed income for life after you invest a lump sum amount. Depending on the type of annuity you choose (lifetime, joint life, or period-based), you can ensure regular cash flow for yourself or your spouse.

Corporate pension schemes:

Many employers in India offer retirement plans as part of their benefits package. Contributions from both employee and employer build a fund that you receive as pension or lump sum upon retirement.

Guaranteed pension plans:

These are ideal for individuals who want assured, risk-free income post-retirement. The returns are predefined, providing stability even during market fluctuations.

Self-invested retirement plans:

These private pension plans allow you to control your investments—choosing where your money goes and how it grows. This is perfect for financially savvy individuals who prefer flexibility and control over their retirement corpus.

Regular premium or single premium options:

You can choose to pay premiums regularly or as a one-time lump sum, depending on your financial comfort. This flexibility helps you plan your savings conveniently without affecting your other financial goals.

Guaranteed or market-linked returns:

Depending on the plan type, your investment can grow through fixed guaranteed returns or market-linked growth. It lets you pick a balance between safety and higher earning potential based on your comfort with risk.

Life cover:

Many retirement plans include built-in life insurance protection. This ensures your family’s financial security in case of an unfortunate event, even while you build your retirement corpus over the years.

Flexible payout options:

You can choose how you want your pension—monthly, quarterly, half-yearly, or annually. These customisable payout options help you manage post-retirement income according to your lifestyle and expenses.

Tax benefits:

Premiums paid toward pension plans qualify for deductions under Section 80C, and certain pension receipts may be partly tax-free. It’s a great way to grow your savings while reducing your annual tax burden.

Rider options:

You can enhance your retirement plan with riders such as critical illness, accidental death, or premium waiver. These add-ons strengthen your protection and ensure peace of mind during uncertain times.

Regular income post-retirement:

A retirement pension plan provides a steady flow of income after you retire, ensuring you can meet daily expenses and maintain your lifestyle without relying on anyone else for financial support.

Insurance cover:

Most pension plans offer built-in life cover, securing your family’s future if something happens to you. It combines savings and protection, giving your loved ones long-term financial safety.

Tax benefits:

Contributions made toward retirement plans qualify for tax deductions under Section 80C, while certain payouts receive exemptions. This helps you save money while building your retirement fund efficiently.

No-risk investment:

Guaranteed pension plans provide fixed returns, protecting your corpus from market volatility. They’re perfect for conservative investors who prefer steady, risk-free growth and assured income in retirement.

Option to add riders:

You can boost your retirement plan by adding optional riders such as critical illness or accidental cover. These extra protections make your plan more comprehensive and adaptable to your personal needs.

Young professionals:

Starting early with a retirement plan allows your savings to grow steadily through the power of compounding. Even small monthly contributions can build a large retirement corpus over time, giving you more financial freedom and flexibility when you retire.

Mid-career individuals:

This is the perfect stage to review your finances and strengthen your retirement plan. By increasing your contributions and aligning investments with your goals, you can secure a comfortable, worry-free retirement and make up for any earlier savings gaps.

Self-employed individuals:

Without employer-provided pension benefits, self-employed people should create their own retirement plan. Regular investments in a reliable pension plan ensure a stable income post-retirement while also offering tax savings and long-term financial independence.

Business owners:

A well-chosen retirement plan helps business owners build personal financial security beyond business income. It ensures steady post-retirement cash flow, offers tax advantages, and allows flexibility in contributions—helping you balance business growth and future stability with ease.

Pre-retirees:

As you approach retirement, it’s time to focus on income planning rather than wealth accumulation. Switching to guaranteed pension plans ensures regular payouts, protecting you from market fluctuations and securing a stress-free retirement lifestyle.

Homemakers:

Homemakers can ensure financial independence by jointly investing in a retirement plan with their spouse. It provides stability, shared financial goals, and long-term security, ensuring both partners enjoy a comfortable and confident retirement together.

Estimate your monthly expenses post-retirement:

Think about your lifestyle, healthcare needs, and daily costs. Remember, inflation means expenses will likely rise in the future.

Account for inflation:

On average, prices increase 5–7% every year. Multiply your estimated expenses by this rate to see what you’ll need later.

Decide your retirement age and life expectancy:

Knowing how long your money needs to last helps determine the total corpus you must build.

Consider your existing savings and investments:

Add up your savings, provident fund, and any income sources to understand the gap you need to fill.

Use a retirement calculator:

A retirement calculator can make this process quick and accurate. It tells you exactly how much to invest regularly to meet your retirement goals without financial stress.

Understand your retirement goals:

Think about what kind of lifestyle you want after retirement. Whether it’s traveling, supporting family, or pursuing hobbies, having a clear goal helps you choose the right pension plan.

Determine your income requirements:

Estimate your monthly post-retirement expenses, including healthcare, housing, and leisure. Your chosen plan should generate enough regular income to cover all these comfortably.

Evaluate your risk appetite:

Some pension plans are market-linked, while others offer guaranteed returns. If you prefer stability, choose traditional plans. For higher returns, consider ULIP-based or equity-linked retirement plans.

Check the investment tenure:

Long-term commitment is key. Ensure your plan aligns with your retirement age so that you build an adequate corpus over time without financial strain.

Analyse the type of plan:

Compare deferred, immediate, and annuity-based pension plans. Deferred plans suit early savers, while immediate ones are ideal for those nearing retirement.

Use a pension calculator:

A pension calculator helps estimate how much you need to save today to achieve your desired post-retirement income. It simplifies decision-making and ensures realistic planning.

Consider inflation impact:

Inflation reduces purchasing power. Choose a plan that either offers increasing annuity options or market-linked growth to keep pace with rising costs.

Evaluate plan flexibility:

Look for plans that allow you to increase or decrease premiums, change investment funds, or switch payout modes to suit your changing financial needs.

Check the death cover and life cover:

Many pension plans provide inbuilt life insurance protection. This ensures your family receives financial support even if something happens to you during the accumulation period.

Understand annuity options:

Check if the plan offers lifetime, joint-life, or period-based annuities. This helps you customise your post-retirement income as per your personal situation.

Review charges and fees:

ULIP-based pension plans have fund management or policy charges. Review these carefully, as high fees can reduce your long-term returns.

Check for tax benefits:

Premiums paid toward your pension plan qualify for deductions under Section 80C, and certain payouts have partial tax exemptions—making them financially rewarding.

Compare multiple plans:

Don’t settle for the first option. Use comparison tools or a pension calculator to assess plans from different insurers based on returns, flexibility, and benefits.

Review fund performance (for ULIP plans):

If choosing a market-linked plan, study the historical performance of the investment funds. It gives a fair idea of potential long-term growth.

Consider post-retirement liquidity:

Ensure the retirement plan allows partial withdrawals or lump-sum withdrawals if needed. This flexibility can help during emergencies or large expenses.

Check insurer credibility and claim record:

A reliable insurer with a high claim settlement ratio and strong reputation ensures your savings and benefits remain secure.

Account for dependents’ needs:

Choose a pension plan that covers your spouse or dependents, so they continue receiving income even in your absence.

Look for guaranteed income options:

If you want complete peace of mind, go for plans that offer guaranteed monthly payouts, regardless of market conditions.

Read policy terms carefully:

Understand all terms, conditions, and exclusions before investing. Clarity ensures no surprises later and helps you make an informed decision.

Seek professional advice if needed:

A financial advisor can help assess your needs and suggest a retirement plan that best suits your income, lifestyle, and future goals.

Start early:

The sooner you begin, the less you need to save monthly. Time allows your money to compound and grow significantly.

Estimate expenses:

Consider all future needs—housing, healthcare, travel, and leisure.

Add inflation:

Assume a 6% annual inflation rate while estimating future costs.

Plan for longevity:

With increasing life expectancy, ensure your savings last at least 20–25 years post-retirement.

Include existing assets:

Subtract your savings, provident fund, or other investments to see how much more you need to save.

Use a retirement calculator:

This tool gives you a clear idea of your target amount and how much you must invest monthly to achieve it.

Step 1: Identify your needs:

Think about the kind of lifestyle you want post-retirement and estimate your expenses.

Step 1: Set your retirement age:

Knowing when you plan to retire helps determine your investment duration and required savings.

Step 3: Choose the right plan type:

Explore different retirement plans—deferred, immediate, ULIP-based, or guaranteed—and pick one that fits your goals and risk level.

Step 4: Decide your premium amount:

Use an online calculator to figure out how much you need to invest regularly to meet your retirement goals comfortably.

Step 5: Review the policy details:

Read all terms, payout options, and benefits carefully before buying.

Step 6: Make your purchase online:

You can easily buy retirement plans online today—compare, calculate, and invest in just a few clicks.

Identify your retirement goals:

Decide what you want your retirement to look like—simple living, travel, or family support—and choose a plan that can meet those needs.

Assess your risk appetite:

If you prefer guaranteed income, go for traditional pension plans. For potentially higher returns, consider ULIP or market-linked options.

Compare plan types:

Study immediate, deferred, and annuity-based retirement plans. Immediate plans suit those nearing retirement, while deferred plans are ideal for early savers.

Check payout flexibility:

Choose a pension plan that lets you decide how and when you receive your pension—monthly, quarterly, or annually—to match your spending pattern.

Evaluate charges and benefits:

Understand policy fees, fund charges, and life cover options. A transparent plan ensures better long-term returns and security.

Step 1: Click on Get Quote

Click on Get Quote. You will be asked to enter your mobile number so we can send you a one-time password (OTP).

Step 2: Enter the OTP

Check your phone for the OTP and type it in when prompted. This helps us verify it is you.

Step 3: Fill in your details

Once the OTP is confirmed, you’ll see our application form pop up.

• If you are an existing user, some of your details might already be filled in.
• If you are new, just enter your name, gender, date of birth, email ID, and PIN code.
• Do not forget to tick the checkboxes to proceed.

Step 4: Choose your plan

You will now be redirected to our partner’s page. This is where you can:

• Select the coverage amount
• Choose the policy tenure
• Pick your payment type
• Decide how much you want to invest

Once everything looks good, you can go ahead and complete your purchase.

Minimum and maximum entry age:

Most retirement plans allow entry from 18 years and go up to 65 years, depending on the insurer. Starting early helps build a larger retirement corpus, while late entry offers a shorter accumulation period with slightly higher premium requirements.

Minimum and maximum vesting age:

The vesting age, or the age when pension starts, usually ranges from 40 to 80 years. It gives flexibility to choose when you’d like your pension plan payouts to begin—either early for early retirement or later for a higher pension.

Policy term:

The policy term varies depending on your chosen retirement plan and entry age. It generally ranges from 10 to 40 years, allowing you to accumulate wealth gradually and create a stable financial foundation for your post-retirement years.

Annual premium amount:

The minimum annual premium for retirement plans may start as low as Rs. 10,000, with no fixed upper limit. You can increase your contribution as your income grows to build a stronger corpus and ensure long-term financial security.

Premium payment term:

You can choose between single, limited, or regular premium payment terms based on your convenience. Flexible payment options make retirement plans more adaptable, helping you manage other financial commitments while consistently contributing toward your pension plan goals.

Filled-in proposal form

Proof of age (like birth certificate, passport, etc.)

Valid photo ID (Aadhaar, passport, voter ID)

Address proof (utility bill, Aadhaar, etc.)

Recent medical reports, if applicable

Income proof (salary slips, ITR, bank statements)

PAN card or Aadhaar card

Step 1 - Register your claim request

Register the claim request with the insurer through their website, e-mail or by calling their claim assistance contact number.

Contact No.: 020-6712 1212

Email at: customercare@bajajlife.com

Step 2 - Submit the required documents

Submit the necessary documents along with the duly filled claim form online. You can also submit it to the nearest branch of the insurer.

Step 3 - Claim settlement

The insurer will assess the claim request. The claim initiator will receive the status via e-mail and SMS. The claim initiator can also check it online on the insurer’s website.

Original policy documents.

Age proof, such as PAN card, passport, voter’s ID, birth certificate.

Attested copy of death certificate issued by local municipal authority.

Death claim intimation form downloaded from the Bajaj Life Insurance Limited official website.

NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook.