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Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
Why buy ABSLI Index Guaranteed Annuity Plus?
Key Features
Get guaranteed# return with potential upside to manage rising cost
3 different annuity options to choose from
Receive your income immediately or later with choice of deferment period
Pay premium as per your convenience - Single Pay or Limited Pay
Benefits Of ABSLI Index Guaranteed Annuity Plus
Make yourself future ready and receive regular income for life with ABSLI Index Guaranteed Annuity Plus.
Survival Benefit
Annuity is payable as long as the annuitant is alive. Read the brochure for detailed benefits
Death Benefit
On death of the annuitant return of premiums will be paid to nominee depending on the plan option chosen..
Plan Options
ABSLI Index Guaranteed Annuity plus provides flexibility to choose from 3 plan options to suit your varied needs.
Life Annuity
Annuity, as per the chosen frequency of Annuity payment is payable in arrears as long as the Annuitant is alive.
Life Annuity with Return of Purchase price
Receive the guaranteed annuity during the annuity certain period chosen by the annuitant.
| Product Specifications | ||||||||||||
| Type of Plan | A non-linked, non-participating, general annuity plan | |||||||||||
| Coverage | All Individuals (Male | Female | Transgender) | |||||||||||
| Age of the Annuitant(s) at Entry (age as on last birthday)* |
Please Note: A minimum entry age of 0 years, for all Annuity Options except Annuity Option 6, and maximum entry age of 100 years, only for Annuity Option 5 and Option 10, will be allowed provided the proceeds are arising out of: - NPS corpus - ABSLI Pension product - Pension product from any other Insurer - Superannuation schemes or other schemes, where compulsory purchase of an annuity is required Qualifying Recognized Overseas Pension Scheme (QROPS), as per prevailing Her Majesty’s Revenue & Customs (HMRC) regulations) As per the prevailing Her Majesty’s Revenue & Customs (HMRC) regulations, existing QROPS policyholders may buy non-QROPS policy, but the minimum vesting age of the Life Insured cannot be less than 55 (Fifty-Five) years. Further, an existing non-QROPS policyholder shall not be allowed to purchase a QROPS Policy unless s/he modifies Vesting age to 55 (Fifty-Five) years. | |||||||||||
| Maturity Age (age as on last birthday) | Not Applicable | |||||||||||
| Minimum Group Size (For Group Policies) | 5 members | |||||||||||
| Maximum Group Size (For Group Policies) | No Limit | |||||||||||
| Vesting age & Deferment Period | Deferment Period means the period from Date of Commencement of Risk till the policy anniversary preceding the date on which the first Annuity payment is made to the Annuitant as per Deferred Annuity option. Deferment Period is applicable only for Deferred Annuity variants and not for Immediate Annuity variants. Deferment Period cannot be changed during the term of the policy.
The minimum vesting age in case of policies sourced under QROPS is 55 years, as per prevailing (Her Majesty’s Revenue & Customs (HMRC) regulations) | |||||||||||
| Premium Payment Term (PPT) | Single Pay/ Limited Pay (2 – 10 Years) | |||||||||||
| Policy Term (PT) | Whole Life | |||||||||||
| Annuity Pay-out Frequency | The annuity payout frequencies available are : Yearly, Half- Yearly, Quarterly, Monthly. The annuity will be payable in arrears as per the chosen annuity payment frequency from the date of purchase of the plan. Annuity instalments shall be as specified below.
Note - For Government sector subscribers under National Pension System (NPS), monthly frequency is mandatory.The same is subject to change and will be as per the extant PFRDA regulations | |||||||||||
| Minimum Annuity Amount | Rs. 1,000 per month, Rs. 3,000 per quarter, Rs. 6,000 per half year and Rs. 12,000 per year. | |||||||||||
| Maximum Annuity Amount | No Limit (subject to Board Approved Underwriting Policy) | |||||||||||
| Minimum Premium/Purchase Price | RRs. 1,50,000 for Single Pay Depends on the minimum Annuity amount for Limited Pay | |||||||||||
| Maximum Premium/Purchase Price | No Limit | |||||||||||
| Premium Payment Frequency and Frequency Loadings |
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How does ABSLI Index Guaranteed Annuity Plus Works?
Learn with an example.
Use Case 1
Use Case 2
Use Case 3
Option 1 Life Annuity
Mr.Abhishek 60 years old planning for retirement, he opts ABSLI Index Guaranteed Annuity Plus. He chooses Option 1 Life Annuity.
He opts Single Pay, Rs 25,000 and Annuity Payout Frequency as Yearly.
How To Initiate Claim?
3 quick steps, everything online.
1
Fill basic details
2
Claim intimation
3
Document submission
Frequently asked questions
ABSLI Index Guaranteed Annuity Plus (iGAP), a Non-Participating, Non-Linked, Individual General Annuity Plan which is designed to offer the best of both worlds. Basis the plan option, the customer can choose the ratio of Guaranteed to Variable components is 60%:40%, 70%:30%, 80%:20%, 90%:10% and 100%:0% respectively.
For the Plan option 1 Life Annuity, the income are Guaranteed for Life. For Plan option 2 and 3 it depends on the Guaranteed to Variable component percentage of the Premium chosen by customer. If 100% of Guaranteed component is chosen, then the Income will be Guaranteed for Life. However, for other percentages of Guaranteed components i.e. 60% or 70% or 80% or 90% there will be Guaranteed Annuity plus Variable Annuity. The Guaranteed Annuity shall remain same throughout the Life of the Annuitant and the Variable Annuity would vary with the Growth rate of Nifty 50 Index.
Key features of ABSLI Index Guaranteed Annuity Plus are:
- Get guaranteed return with potential upside to manage rising costs
- 3 different annuity options to choose from
- Receive your income immediately or later with choice of deferment period
- Pay premium as per your convenience - Single Pay or Limited Pay
|
Annuity Options Available |
Guaranteed Annuity Payout |
Variable Annuity Payout |
|
1) Life Annuity |
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2) Life Annuity with Return of Purchase Price |
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3) Deferred Life Annuity with Return of Premium |
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ü |
ABSLI Index Guaranteed Annuity Plus has a policy term of Whole Life.
# Provided all due premiums are paid
¹ Annuitant Healthy Male: Age 55 years invests in ABSLI Index Guaranteed Annuity Plus| Annuity Option: Deferred Life Annuity with Return of Premium| Premium payment term: 10 years| Deferment period: 10 years| Annualized premium: Rs. 5,00,000| Annuity Pay-out Frequency: Annual | Premium payment frequency: Annual| Guaranteed component: 60%| Variable component: 40%. The Annuity amount of Rs. 5,87,188 (Guaranteed Annuity Rs. 2,70,900 + Variable Annuity Rs. 3,16,288) is shown for Age 65th year of the Annuitant basis historical growth rate. Guaranteed Annuity will remain same throughout the Life of the Annuitant, but the Variable Annuity varies every year.
*Basis plan option chosen
Annuity products with variable annuity pay-out option are different from the traditional insurance products and are subject to the risk factors.
The premium paid in the annuity offered under the annuity policies with variable annuity pay-out option are subject to investment risks associated with capital markets and publicly available index. The annuity amount may go up or down based on the factors influencing the capital market/publicly available index and the insured is responsible for his/her decisions.
This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non-Participating, Non-Linked, Individual General Annuity Plan . GST 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 and conditions, please read the sales brochure carefully before concluding the sale. For further details please refer to the Policy contract. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true.
UIN: 109N182V01
