Bajaj Allianz Life Insurance, one of the private life insurers, on Thursday launched Bajaj Allianz Life ACE, a non-linked, participating, early income life insurance plan. The policy offers enhanced flexibility to customers to tailor-make the cash flows as per their unique financial requirements, Bajaj Allianz said.

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"Participating or savings life insurance plans are popular amongst customers as they offer three key features - safety, liquidity and returns. Bajaj Allianz Life’s existing savings plans are backed with these features and are meant to offer high returns and bonuses declared by the company, regularly," it said.

Bajaj Allianz Life ACE is suitable for all those customers who are keen to create and control their income flow to plan for multiple life goals. Through this product, customers can now choose either a higher income to create an additional source of income, or a higher lumpsum to create a legacy or enjoy the balance of both regular income and lumpsum. All this in addition to the life cover the product offers.

Speaking at the launch of Bajaj Allianz Life ACE, Tarun Chugh, MD & CEO at Bajaj Allianz Life, said, “This feature will provide the customers the power of choice. Depending on their financial goal customers can choose the level of income, when and for how long they want the income, and how they want their cash flow. This wasn’t possible earlier."

Key features of Bajaj Allianz Life Ace

Bajaj Allianz Life ACE offers flexibility with its key feature of dynamic income options. Here, customers can choose the desired income, income start year, income period, adjust maturity benefits as per their goals and much more at the start of the policy.

Other unique aspects of Bajaj Allianz Life ACE include early or deferred income option, which enables customers to receive income right from the start of the policy or defer the start of your income for up to 5 years. This can be from the end of first month of paying the premium or deferring it to a specific period to suit their financial needs. The product also allows customers to choose their income tenure, starting with a minimum of 10 years to up to the age of 100 years.

Additionally, Bajaj Allianz Life ACE also provides the Goal Protection Benefit as an option that ensures the policy holder’s family continues to get the income through the policy term, even if the policy holder was to pass away during the policy term.

For women, Bajaj Allianz Life ACE comes with additional income benefit. So, now they will get safety, liquidity, returns and flexibility of savings product, along with additional income.

(Edited by : Anshul)