What is an annuity plan and how does Bajaj Life Guaranteed Pension Goal II work?

An annuity plan is a financial product that converts a lump sum amount into guaranteed 1 regular income for life. With Bajaj Life Guaranteed Pension Goal II, you pay purchase price and receive guaranteed 1 monthly/quarterly/half-yearly/yearly income as opted, for your entire lifetime. The annuity rates are guaranteed 1 at policy inception.

What is the difference between Bajaj Life Guaranteed Pension Goal II Immediate Annuity and Deferred Annuity?

Immediate Annuity starts paying income on each Annuity instalment date as per the Annuity payment frequency opted—ideal if you are retiring now and need regular cash-flow to start immediately. Deferred Annuity allows you to defer the start of income to a future date, ideal if you're still working and you have a few years to retire.

What is the entry age requirements for Bajaj Life Guaranteed Pension Goal II?

For Immediate Annuity, entry age is 30 to 85 years. For Deferred Annuity, entry age is 35 to 84 years. The maximum age at vesting (when regular income starts) is 85 years for deferred annuity.

How does Joint Life Annuity benefit my spouse?

Joint Life Annuity options ( D, E and F) ensure that after your death, your spouse continues to receive annuity income for their lifetime either 100% (Options E and F) or 50% (Option D) of the original annuity amount. Additionally, under Options F, the Purchase Price is returned to the nominee on the death of the last surviving annuitant. This helps secure your spouse's financial future with a regular income stream while also providing a legacy benefit for your loved one.

Can the deferment period once selected be changed afterwards?

No. The deferment period selected at the inception of the policy cannot be changed under any conditions.

What is Return of Purchase Price 2 (ROP) and how does it work?

Return of Purchase Price means your nominee receives back 50% to 100% of your total premiums paid as a lump sum on your death (or last death in joint life options). This ensures your family receives legacy protection even while you enjoyed lifetime income. Options B, F, G and H offer ROP benefits.

Can I change my annuity payout frequency after policy starts?

Yes, you can change your annuity payout frequency (yearly/half-yearly /quarterly /monthly) at any Policy Anniversary, subject to policy terms and conditions. This flexibility helps you adjust cash flow as your needs change during retirement.

What happens if I die after purchasing the policy?

If you have chosen an option with Return of Purchase Price (Options B, F, G, H), your nominee receives the specified percentage (50% to 100%) of purchase price as lump sum. For Option A, C, D, E without ROP, the policy terminates on death with no further benefits (except spouse continuation in joint life options).

Is Bajaj Life Guaranteed Pension Goal II suitable for NPS subscribers?

Yes, absolutely. Option I (Family Pension) is specifically designed for NPS subscribers as per PFRDA guidelines. When you withdraw your NPS corpus, you can use it to purchase this annuity plan to receive guaranteed 1 income as per NPS regulations.

Can QROPS policyholders purchase Bajaj Life Guaranteed Pension Goal II?

Yes. QROPS policyholders can purchase Guaranteed Pension Goal II through transfer of UK tax relieved assets. The following terms & conditions shall apply to QROPS policyholders: Cancellation in the Free-Look Period - If this product is purchased as QROPS through transfer of UK tax relieved assets, the proceeds from cancellation in the free-look period shall only be transferred back to the fund house from where the money was received Non-Forfeiture Benefits – If this product is purchased as QROPS through transfer of UK tax relieved assets, access to benefits from Policy proceeds would be restricted till the Policyholder attains 55 years of age. Overseas transfer charge - In the event of applicable tax charge arising as a result of an overseas transfer (Her Majesty Revenue & Customs HMRC) - Policy paper – The overseas transfer charge – guidance, published 8th March 2017) for which the Scheme Manager i.e. Bajaj Life Insurance Company may become liable, we shall deduct an amount only to the extent of the applicable tax charge from the Policy value and remit the same to HMRC. Other terms and conditions of HMRC shall also apply as applicable from time to time The minimum entry age for payment of annuity will be governed by the rules defined by HMRC from time to time.

Are annuity payments taxable?

Yes, income received from annuity plan is taxable as per your income tax slab under "Income from Other Sources." However, the purchase price may qualify for deduction under under Section 123 (read with Schedule XV) under old tax regime

Can I surrender my Bajaj Life Guaranteed Pension Goal II policy and get my money back?

Yes, you have the option to surrender your Bajaj Life Guaranteed Pension Goal II policy. For Immediate Annuity, the surrender value will be the Special surrender value (SSV) For Deferred Annuity – Surrender value will be higher of Guaranteed 1 Surrender Value (GSV) or SSV if surrender happens during the deferment period, in case surrender happens after the deferment period, the surrender value will be SSV. Note- For more details regarding GSV & SSV kindly refer to Product circular/Sales literature.

Is there a free-look period for Bajaj Life Guaranteed Pension Goal II?

Yes, you get a free-look period of 30-day from the date of receiving the policy document (electronic or physical) for reviewing the terms and conditions, except for policies with a term of less than one year.

Will I get any tax benefit in Bajaj Life Guaranteed Pension Goal II?

Yes, tax benefits are available as per prevailing income tax laws. You may consult your tax consultant and obtain independent advice for eligibility and before claiming any benefit under the policy.

Can I take loan under Bajaj Life Guaranteed Pension Goal II policy?

Yes, you can avail loan facility subject to policy terms and conditions.

Buy Bajaj Life Guaranteed Pension Goal II

Calling From	Phone Number
Calling us from INDIA
Rest of the World

Age at last birthday	Purchase Price²	Immediate Annuity	Deferred Annuity (Deferment Period=10 years, Single premium payment)
50 years / Male	₹ 25 Lakhs	₹ 1,75,825	₹ 1,57,950	₹ 3,58,050	₹ 3,29,300
55 years / Male	₹ 1,86,025	₹ 1,58,325	₹ 3,90,475	₹ 3,45,100
60 years / Male	₹ 1,99,575	₹ 1,58,425	₹ 4,38,475	₹ 3,67,750

Annuity Options	A	B	C	D	E	F	G	H	I
Immediate Annuity	✔	✔	✔	✔	✔	✔	✔	✔	✔
Deferred Annuity (SP)	✔	✔	✘	✘	✘	✔	✔	✔	✘
Deferred Annuity (RP)	✔	✔	✘	✘	✔	✔	✘	✘	✘

Options	Details
Option A: Life Annuity	Fixed regular income for your lifetime. The income will stop on death of the annuitant.
Option B: Life Annuity with Return of Purchase Price² (ROP) on Death	Fixed regular income for your lifetime with 50% to 100% purchase price returned to nominee on death.
Option C: Annuity certain and life thereafter	Receive fixed regular income for certain guaranteed¹ period of 5, 10, 15 or 20 years, or throughout life, whichever is later
Option D: Joint Life Last Survivor with 50% of Annuity to Spouse	Get guaranteed¹ regular income for your life and 50% guaranteed¹ regular income will continue to spouse after your death for his/her life
Option E: Joint Life Last Survivor with 100% of Annuity to Spouse	Get guaranteed¹ regular income for your life and 100% guaranteed¹ regular income will continue to spouse after your death for their lifetime.his/her life.
Option F: Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price² (ROP) on death of Last Survivor	Get guaranteed¹ regular income for your life with 100% guaranteed¹ regular income for the spouse after your death for his/her lifetime. After the death of the last survivor, the nominee will get back the purchase price between 50%to 100%, as chosen.
Option G: Life Annuity with Return of Purchase Price² (ROP) on death or survival	Receive guaranteed¹ regular income for your life and get your Purchase Price back as a Survival Benefit on the policy anniversary after 25 policy years or upon attaining age 85, whichever is later.
Option H: Life Annuity with Return of Purchase Price² (ROP) on death or in instalments on survival	You will receive guaranteed¹ lifetime income. Additionally, starting from the policy anniversary after the 15th policy year or age 70 years, whichever is later, you will receive survival benefit at each policy anniversary which will be paid in instalments based on your chosen payment frequency.
Option I: Family Pension (Special provision for NPS subscribers as per PFRDA guidelines)	Designed specifically for NPS subscribers with family pension provisions as per PFRDA guidelines.

Options	Details
Option A: Life Annuity	Fixed regular income will be paid to you for lifetime after the deferment period
Option B: Life Annuity with Return of Purchase Price² (ROP) on death	Fixed guaranteed¹ regular income will be paid for lifetime after the deferment period and on death of the annuitant the total purchase price will be paid back to the nominee. You can choose to get back between 50% and 100% of your purchase price² when you start the policy.
Option E: Joint Life Last Survivor with 100% of Annuity to spouse	Get guaranteed¹ regular income for your life and 100% fixed regular income will continue to spouse after your death for his/her lifetime.
Option F: Joint Life Last Survivor with 100% of Annuity to spouse & with Return of Purchase Price² (ROP) on death of Last Survivor	Get guaranteed¹ regular income for your life with 100% fixed regular income for the spouse after your death for his/her lifetime. After the death of the last survivor, the nominee will get back the purchase price² between 50% to 100%, as chosen.
Option G: Life Annuity with Return of Purchase Price² (ROP) on death or survival	Get guaranteed¹ regular income for your life and additionally, on the policy anniversary after the 25th policy year or age 85, whichever is later, get back your total purchase price as a survival benefit while your income continues. This option is available only with Single Premium.
Option H: Life Annuity with Return of Purchase Price² (ROP) on death or in instalments on survival	You will receive guaranteed¹ lifetime income. Additionally, starting from the policy anniversary after the 15th policy year or age 70 years, whichever is later, you will receive survival benefit at each policy anniversary which will be paid in instalments based on your chosen payment frequency.

Who Should Buy?	Why?
NPS Subscribers	Individuals who have accumulated corpus in NPS and want to secure a steady regular income for their post-retirement financial needs.
Early Retirees (40s–50s+) Seeking Stable Monthly Income	Early or voluntary retirees to get guaranteed¹ monthly income to maintain lifestyle without market stress.
Individuals Nearing Retirement	Those who want to secure a steady source of life long income post-retirement
Individuals without employer pension benefits	Those who do not have any employer backed pension benefits can create a reliable source of regular income for life
Superannuation Fund Members	Employees with accumulated savings in a superannuation fund who wish to receive a regular income after retirement.
High Net Worth Individuals Seeking Predictable Income	Those who want to convert a portion of their wealth into guaranteed¹ income and ensure a steady cash flow during retirement.
QROPS Policyholders	Individuals holding a Qualifying Recognized Overseas Pension Scheme (QROPS) and seeking a reliable source of retirement income in compliance with applicable regulations.
Banks / Financial Institutions	Banks and financial institutions that offer reverse mortgage schemes can purchase annuities to fulfill long-term payment commitments to homeowners, ensuring a guaranteed¹ and regular income for senior citizens.

Retirement Benefits	Health Benefits
Guaranteed lifelong regular income*	Health & Wellness Wallet worth up to 3× the monthly annuity amount per policy year
Wide range of annuity options	Health benefits available even during the deferment period
Deferment period of up to 30 years	Benefits extend to spouse under Joint Life policies
Designed for retirement income security	Healthcare support throughout retirement

Wallet	Benefit	Wallet Value	Per Voucher Value⁶
Preventive Care Wallet	Preventive Health Check-Up with 89 tests	1x the monthly annuity amount (per year)	Equal to monthly annuity amount
Health Wallet	OPD Consultations, Lab & Radiology and Physiotherapy		General Physician – ₹500 Specialist – ₹1000
1x the monthly annuity amount (per year)	Lab & Radiology – ₹1000 Physiotherapy – ₹800
Pharmacy Wallet	25% discount on medicines⁷	1x the monthly annuity amount (per year)	Equal to monthly annuity amount
Total		3x the monthly annuity amount (per year)	Equal to monthly annuity amount

Benefit	Feature	Frequency
CritiCare Top-up	Additional wallet upto 10x the monthly annuity amount enabled for next 12 months on diagnosis of 60 Critical Illnesses¹⁰	Once during entire tenure of the policy
Doctor Teleconsultations	General Physician and Specialists	Unlimited^#

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Life Insurance Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

¹©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

What is Bajaj Life Guaranteed Pension Goal II?

Key features

Pricing Details of Bajaj Life Guaranteed Pension Goal II?

Why is retirement planning important in India in 2026?

What are the Annuity Options Available Under Bajaj Life Guaranteed Pension Goal II?

What are the options available under Immediate Annuity?

What are the options available under Deferred Annuity?

What are the eligibility criteria for Bajaj Life Guaranteed Pension Goal II?

Bajaj Life Guaranteed Pension Goal II Specifications

How Does Bajaj Life Guaranteed Pension Goal II Work?

Who should buy Bajaj Life Guaranteed Pension Goal II?

What Are the Health Benefits⁵ Available Under Bajaj Life Guaranteed Pension Goal II?

Documents Required For Buying Bajaj Life Guaranteed Pension Goal II

How to Intimate a Claim?

What are the tax benefits available in Bajaj Life Guaranteed Pension Goal II?

Bajaj Life Guaranteed Pension Goal II FAQs

Age at last birthday	Purchase Price²	Immediate Annuity		Deferred Annuity (Deferment Period=10 years, Single premium payment)
Age at last birthday	Purchase Price²	Option A: Life Annuity (Rs.)	Option B: Life Annuity with ROP² on death (100% ROP²) (Rs.)	Option A: Life Annuity (Rs.)	Option B: Life Annuity with ROP² on death (100% ROP²) (Rs.)
50 years / Male	₹ 25 Lakhs	₹ 1,75,825	₹ 1,57,950	₹ 3,58,050	₹ 3,29,300
55 years / Male		₹ 1,86,025	₹ 1,58,325	₹ 3,90,475	₹ 3,45,100
60 years / Male		₹ 1,99,575	₹ 1,58,425	₹ 4,38,475	₹ 3,67,750

Annuity Options	A	B	C	D	E	F	G	H	I
Annuity Options	Life Annuity	Life Annuity with ROP² on death	Annuity Certain (5/10/15/20 years) and life thereafter	Joint Life Last Survivor with 50% of Annuity to spouse	Joint Life Last Survivor with 100% of Annuity to spouse	Joint Life Last Survivor with 100% of Annuity to spouse & with ROP² on death of Last Survivor	Life Annuity with ROP² on death or survival	Life Annuity with ROP² on death or in instalments on survival	Family Pension
Immediate Annuity	✔	✔	✔	✔	✔	✔	✔	✔	✔
Deferred Annuity (SP)	✔	✔	✘	✘	✘	✔	✔	✔	✘
Deferred Annuity (RP)	✔	✔	✘	✘	✔	✔	✘	✘	✘