Indian life insurance joint venture Bajaj Allianz Life has launched a new income-cum-life insurance offering, called Bajaj Allianz Life Assured Wealth Goal.

The new offering has two variants. The first one, dubbed Bajaj Allianz Life Assured Wealth Goal – Step-Up Income, will offer a regular and tax-free income regularly, along with a life cover for insureds.

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Notably, the income offered will increase by 10% every five years after a premium payment is complete.

Additionally, once the income period ends, the insured will receive all the premium paid.

The second variant, called Bajaj Allianz Life Assured Wealth Goal – Second Income, is designed to provide assured tax-free income for 25 to 30 years (chosen by the customer).

This plan also offers the insured the option to receive all the premiums paid during the policy.

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Key features of the new offering include regular guaranteed long-term income, return of premium, tax-free income, life cover and option to defer and get higher income payout.

Bajaj Allianz Life MD & CEO Tarun Chugh said: “In today’s uncertain times and rising expenses it is imperative to have a guaranteed product in one’s financial portfolio. Bajaj Allianz Life’s Assured Wealth Goal is designed to provide guaranteed tax-free income for up to 30 years.

“I’m confident it will suit the needs of customers who’d like to systematically save and invest towards their long-term life goals and have an assurance on the amount they’d receive at the end of their policy term”.

Last month, Bajaj Allianz General Insurance partnered with the Indian drone marketplace TropoGo to offer its drone insurance offering.