Bajaj Allianz Launches New Non-Linked Life Ace - Increasing Income Plan

Bajaj Allianz Life Insurance has launched a variant of its participating savings plan which is said to be its flagship orduct. The new plan called Bajaj Allianz Life Ace - Increasing Income is a Non-linked, participating, individual life insurance Savings Plan. According to the company, this plan offers customers a steady flow of rising income. The company claims that the plan aligns with an individual's financial goals and also focuses on adaptability in the evolving economic landscape by providing income increasing every year.

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In a media statement, 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.”

The press statement by the company added that the plan addresses the specific needs of young professionals, newlyweds, parents with children, and self-employed individuals. "Policyholders can opt for the Early Income option, which caters to immediate expenses, wealth option to leave a legacy for your future generations or the Increasing Income option, strategically crafted for retirement planning," it added.

Key Features of the Plan as per Bajaj Allianz's statement are:

• Increasing Income every year

• Flexibility to decide your policy term from a wide range, i.e. 10 years to 100 years of age

• Pay as you like with a choice of premium payment terms from 5 to 12 years

• Deferment of income up to 5 years to enhance income

• Life Cover with Tax benefit

Bajaj Allianz Life Ace was launched earlier this year, and to further enhance its position, the company has introduced the increasing income variant.