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Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
ABSLI Saral Pension
Protecting your post-retirement money needs is easy
Multiple payout options
No medical tests
Give ₹5 lakhs once
Get ₹28.8 k every year till your life¹
What is ABSLI Saral Pension?
Key Features:
Guaranteed Income: Annuity once purchased is guaranteed for lifetime
Option to receive annuity payments for as long as you or your partner are alive: You have the option to choose a single life or a joint life annuity.
Option to choose the frequency of payout: You may choose to receive your annuity payouts on a yearly, half-yearly, quarterly or monthly basis, as per your needs and requirement.
Easy Issuance: No medical tests required to purchase this plan
Plan Options
Option 1: Life Annuity with Return of 100% of Purchase price (ROP)
Option 2: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor
Benefits
Death Benefit
Option 1: Life Annuity with Return of 100% of Purchase Price (ROP) In the event of death of the Annuitant, 100% of the Purchase price shall be payable in lump sum to the nominee /legal heirs.
Survival Benefit
Option 1: Life Annuity with Return of 100% of Purchase Price (ROP) A fixed annuity guaranteed at policy inception shall be paid.
Product Specifications
| Specification | Details |
|---|---|
| Coverage | All Individuals (Male | Female | Transgender) |
| Age of the Life Insured(s) at Entry (age as on last birthday) | Minimum: 40 Years | Maximum: 80 Years Note: For Joint life annuities, the age limits apply to both lives. |
| Maturity Age of the Life Insured(s) (age as on last birthday) | Not Applicable |
| Premium Payment Term (PPT) | Single Pay |
| Policy Term (PT) | Whole Life |
| Annuity Pay-out Frequency | The annuity payout frequencies available are: Yearly, Half-Yearly, Quarterly, Monthly. Annuity will be payable in arrears at the end of the chosen frequency from the date of purchase. |
| Frequency of Annuity |
Yearly: Annual Annuity Half Yearly: 98%*Annual Annuity/2 Quarterly: 97%*Annual Annuity/4 Monthly: 96%*Annual Annuity/12 |
| Minimum Annuity Amount | Rs. 1,000 per month, Rs. 3,000 per quarter, Rs. 6,000 per half year, Rs. 12,000 per year. |
| Maximum Annuity Amount | No Limit (subject to Board Approved Underwriting Policy) |
| Minimum Single Premium/Purchase Price | Rs. 2,14,182 |
| Maximum Single Premium/Purchase Price | No Limit |
** Note :-**
- Only your spouse can be the Secondary Annuitant.
- Annuity Option once chosen cannot be changed thereafter.
Sample Illustration of Annual Annuity Amounts:
Option 1 - Life Annuity with Return of 100% of Purchase Price (ROP)
| Age (Male) / Purchase Price | Rs. 2,50,000 | Rs. 5,00,000 | Rs. 10,00,000 | Rs. 25,00,000 |
|---|---|---|---|---|
| 55 | 14,099 | 28,881 | 58,446 | 1,47,141 |
| 60 | 14,117 | 28,889 | 58,434 | 1,47,069 |
| 65 | 14,088 | 28,805 | 58,240 | 1,46,545 |
| 70 | 13,830 | 28,267 | 57,142 | 1,43,767 |
Option 2 - Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor
| Age (Male) / Purchase Price | Rs. 2,50,000 | Rs. 5,00,000 | Rs. 10,00,000 | Rs. 25,00,000 |
|---|---|---|---|---|
| 55 | 14,135 | 29,015 | 58,775 | 1,48,054 |
| 60 | 14,267 | 29,248 | 59,211 | 1,49,099 |
| 65 | 14,322 | 29,326 | 59,335 | 1,49,360 |
| 70 | 14,328 | 29,309 | 59,272 | 1,49,160 |
Please Note:-
- Purchase Price is exclusive of GST & other statutory levies.
- For given illustration, age of Secondary Annuitant(female) is 5 years less than that of Primary Annuitant
- All annuity values are basis annuity rates as of March 2021.
- Please note that the rates and payouts are subject to change. The final payout will depend on the prevailing rates. Hence, please check for prevailing annuity rates at the time of purchasing the policy.
ABSLI Saral Pension FAQs
Key features of ABSLI Saral Pension are as follows:
- Guaranteed Income: Annuity once purchased is guaranteed for lifetime
- Option to receive annuity payments for as long as you or your partner are alive: You have the option to choose a single life or a joint life annuity.
- Option to choose the frequency of payout: You may choose to receive your annuity payouts on a yearly, half-yearly, quarterly or monthly basis, as per your needs and requirement.
- Easy Issuance: No medical tests required to purchase this plan
Anyone whose age at entry(as on last birthday) is between 40 to 80 years is eligible to avail ABSLI Saral Pension.
Note - For Joint life annuities, the age limits apply to both lives.
There are 2 Plan Options available under this plan:
Option 1: Life Annuity with Return of 100% of Purchase price (ROP)
Option 2 :Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor
The Plan option once chosen at inception cannot be changed anytime during the Policy Term.
The minimum Purchase Price (Single Premium) under this plan is Rs. 2,14,182.
The minimum annuity amount is Rs.1,000, Rs.3,000, Rs.6,000 and Rs.12,000 for monthly, quarterly, semi-annual and annual mode of annuity payment respectively. There is no limit for maximum annuity payable, however it is subject to the Board Approved Underwriting Policy.
The annuity rates are determined at the date of purchase and once the plan is purchased they are guaranteed for life.
There is no maturity benefit available under this plan.
No top ups are allowed under this plan.
No riders are available under this plan.
1Mr Sharma, Age:55 years, Non-smoker, invests Rs. 5 lakhs in ABSLI Saral Pension opting for Option 1 (Life Annuity with Return of 100% of Purchase price (ROP)). He chooses single pay option with annual payout frequency. He receives Rs. 28.881/- as survival benefit every year till his life starting from 1st policy anniversary.
This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non-Linked Non-Participating Single Premium Individual Immediate Annuity Plan
All terms & conditions are guaranteed throughout the Policy Term. 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. Registered Office: One World Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg Elphinstone Road, Mumbai - 400013. Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com Reg. No. 109 | CIN: U99999MH2000PLC128110 UIN: 109N130V01
