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ABSLI Immediate Annuity

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What is the ABSLI Immediate Annuity Plan about?

Aditya Birla Sun Life Insurance Immediate Annuity Plan is a single premium plan that keeps your savings aside and gives you a regular income in your retirement years, so you can enjoy a happy and relaxed second innings.

What are the key Features of the ABSLI Immediate Annuity Plan?

  • Guaranteed1 income for your entire life
  • Flexibility to choose from 6 different payout options to receive your annuity
  • Convenient annuity payout modes - monthly, quarterly, semi-annually and annually from date of purchase
  • No medical tests to purchase this plan
  • Tax benefits under Section 80CCC of the Income Tax Act, 1961

1Provided all due premiums are paid

2Tax benefits are subject to changes in tax laws. Please consult your tax advisor for more details.


What are the choices available with ABSLI Immediate Annuity Plan?

Annuity Options:

Option 1 : Annuity payable for life at uniform rate. Upon the unfortunate death of the annuitant, the annuity payouts will cease.

Option 2 : Annuity payable for life with return of purchase price on death of annuitant.

Option 3 : Annuity payable for the chosen term of 5/10/15/20 years is guaranteed and after that, as long as annuitant is alive. In case of death of annuitant during chosen term, nominee will continue to receive the annuity for balance term.

Option 4 : Annuity payable for life at a simple increasing rate of 3% per annum. Upon the unfortunate death of the annuitant, the annuity payouts will cease.

Option 5 : Joint Life Last Survivor where the annuity is first paid to the primary annuitant. After the death of the primary annuitant, the purchase price is returned annuitant, the second annuitant (spouse) continues to receive the annuity. Upon the unfortunate death of the secondary annuitant, the annuity payouts will cease.

Option 6 : Joint Life Last Survivor with return of purchase price. Here the annuity is first paid to the primary annuitant. After the death of the primary annuitant, the second annuitant (spouse) continues to receive the annuity. Upon the unfortunate death of the secondary annuitant, the purchase price is returned to the beneficiary/nominee.


What is Criteria to apply for ABSLI Immediate Annuity Plan?

Here’s eligibility criterion:

Age at entry 30 to 90 years
Frequency of income Monthly, quarterly, semi-annual or annual
Purchase price Min. Regular Income of Rs. 1,000, Rs. 3,000, Rs. 6,000 or Rs. 12,000 for monthly, quarterly, semi-annual and annual mode of annuity payment respectively
There is no maximum limit on the purchase price.

How does the plan work

STEP 1

Decide the amount of premium (lump sum amount) you want to pay to purchase the annuity depending on the amount of regular income you wish to receive.

STEP 2

Choose one of the 6 payout options as mentioned below.

STEP 3

Choose your annuity payout mode from monthly, quarterly, semi-annual or annual.

STEP 4

Choose how would like to receive your annuity from either post dated cheques or through direct credit to your bank account.


Frequently Asked Questions

 

What is so special about this plan?

ABSLI Immediate Annuity Plan keeps your savings aside and gives you a regular income in your retirement years, so you can enjoy a happy and relaxed second innings. The special features are:

  • Guaranteed1 regular income for entire life
  • Choose between multiple payout options
  • No medical tests to purchase this plan

1Provided all due premiums are paid

Till what age will I keep receiving a regular income?

It is a regular income plan and you will get income for all your entire life.

Why should I buy this policy?

This immediate annuity plan has the following benefits thus, telling you why you need this plan:

  • Guaranteed1 income for your entire life
  • Flexibility to choose from 6 different payout options to receive your annuity
  • Convenient annuity payout modes - monthly,quarterly,semi-annually and annually from date of purchase.
  • No medical tests to purchase this plan
  • Tax benefits under Section 80CCC2 of income Tax Act,1961

1Provided all due premiums are paid

2Tax benefits are subject to change in tax laws. Please consult your tax advisor for more details.

How do I Purchase this plan offline?

You can call any ABSLI Advisor to buy this plan offline or reach out to your nearest ABSLI branch/office.

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Disclaimer

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI).This is a non- participating non linked traditional annuity plan. Annuity payouts are taxable as per extant tax laws. GST and Education Cess and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. For more details on risk factors , terms & conditions, please read sales brochure carefully before concluding the sale. Tax benefits are subject to changes in the tax laws.

 

Aditya Birla Sun Life Insurance Company Limited (Formerly Birla Sun Life Insurance Company Limited)

Registered Office:
Birla Sun Life Insurance Company Limited, One Indiabulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.
CIN:U99999MH2000PLC128110 VER1/APR/2018
Registration No. 109
ADV/5/20-21/154
UIN: 109N083V03

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