ABSLI Guaranteed Annuity Plus

ABSLI Guaranteed Annuity Plus

Guaranteed Income for a dream retired life.
Guaranteed Income for a dream retired life.
Guaranteed Lifelong Income Guaranteed Lifelong Income
10 Plan Options 10 Plan Options to Receive Annuity payouts

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Pay Single Premium ₹10 lac and Get Annuity of ₹77,3441

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Why buy ABSLI Guaranteed Annuity Plus?

Aditya Birla Sun Life Insurance Guaranteed Annuity Plus provides guaranteed income for life which enables you to enjoy a dream retirement life.

Key Features

  • Key Features - ABSLI Guaranteed Annuity Plus Guaranteed lifelong income with a choice of multiple annuity options
  • Key Features - ABSLI Guaranteed Annuity Plus Deferred Annuity option to build regular income stream for future with deferment period up to 15 years
  • Key Features - ABSLI Guaranteed Annuity Plus Wide range of accumulation periods ranging from 5 years to 15 years available under Limited Pay Option
  • Key Features - ABSLI Guaranteed Annuity Plus Receive annuity (series of payments at regular intervals) as long as you or your partner is alive.
  • Key Features - ABSLI Guaranteed Annuity Plus Option to increase annuity through top-ups
ABSLI Guaranteed Annuity Plus

Benefits of ABSLI Guaranteed Annuity Plus

Make yourself future ready and receive regular income with ABSLI Guaranteed Annuity Plus.

Survival Benefit
Survival Benefit
Annuity is payable as long as the annuitant is alive in Single Life/Joint Life Plan. Annuitant can choose level or increasing option. Read the policy brochure for detailed benefits
Death Benefit
Death Benefit
On death of the annuitant the annuity will be paid to the nominee, till the end of the annuity certain period, depending on the plan option. Read the policy brochure for detailed benefits.
Surrender Benefit
Surrender Benefit
The amount of annuity received when you surrender the policy before the end of policy term. The benefit is not applicable under Option1, Option 2, Option 3 and Option 4. However, the benefit under different plans varies depending on the option selected. Read the policy brochure for detailed benefits.
Survival Benefit
Tax Benefit
The policy provides tax benefit² to the policyholder on all the premiums paid. The tax benefits are subject to changes in tax laws. Consult your financial advisor for the same.

Plan Options

ABSLI Guaranteed Annuity Plus provides the flexibility to choose from 10 plan options to suit your varied needs.

Coverage

Male|Female|Transgenders

Age of the Annuitant(s) at Entry (age as on last birthday)*

Parameters

Minimum *

Maximum*

Immediate Annuity

45 years

For option 6 and 7: 65 years

For all other options: 90 years

Deferred Annuity

45 years

75 years

*In case of Joint life annuities the age limits apply to both lives.

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, will be allowed provided the proceeds are arising out of:

  1. NPS corpus
  2. ABSLI Pension product
  3. Pension product from any other Insurer
  4. Superannuation schemes or other schemes, where compulsory purchase of an annuity is required

Maturity Age of the Life Insured

NA

Minimum Group Size (For Group Policies)

5 members

Maximum Group Size (For Group Policies)

No Limit

Premium Payment Term

Single Pay / Limited Pay (5 – 10 Years)

Policy Term

Whole Life

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

Rs.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

Mode

Annual

Semi-Annual

Quarterly

Monthly

Modal Loading

0.0%

3.5%

5.0%

6.0%


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.

Years

Minimum

Maximum

Deferment period (Single Pay)

1 year

15 years subject to Maximum Vesting age

Deferment period (Limited Pay)

Chosen PPT

15 years subject to Maximum Vesting age

Vesting age

46 years

90 years


Example: If the Annuity is purchased on 24th March 2021, then, in case of Deferment period of 10 years and monthly frequency of payment, the first pay-out will be made on 24th April 2031. In case of annual frequency of pay-out, the first pay-out will be made on 24th March 2032.

The minimum vesting age in case of policies sourced under QROPS is 55 years, as per prevailing (Her Majesty's Revenue & Customs (HMRC) regulations)

Annuity pay-out frequency

The annuity payout frequencies available are: Yearly, Half- Yearly, Quarterly, Monthly.

The annuity will be payable in arrears at the end of chosen annuity payment frequency from the date of purchase of the plan. Annuity instalments shall be as specified below.

Frequency of Annuity

 

Annuity Amount payable

Yearly

Annual Annuity

Half yearly

98%*Annual Annuity/2

Quarterly

97%*Annual Annuity/4

Monthly

96%*Annual Annuity/12


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

How does ABSLI Guaranteed Annuity Plus Works?

Learn with an example. Lead by an example.

How annuity plan works
  • Mr. Sharma aged 45 years bought ABSLI Guaranteed Annuity Plus with life annuity option 1, annuity payout frequency as annual, and policy term as whole life
  • Annuity will be payable every year in arrears until the Annuitant is alive.
  • Purchase Price Rs.5,00,000/-.
  • Mr. Sharma will get survival benefit of Rs.32,848 annuity for whole life.
  • Mr. Sharma aged 45 years, purchased ABSLI Guaranteed Annuity Plus, option 4-Life Annuity with 50% Annuity payable to secondary annuitant on death of the primary annuitant. Annuity will be payable annually for whole life as per the policy term
  • Mr. Sharma paid a single purchase price of Rs.7,63,067/- and he received annual annuity of Rs.50,000 for whole life.
  • After the death of Mr. Sharma, his wife (declared as secondary annuitant) continues to receive 50% of annuity after the death of the primary annuitant.
  • Mr. Sharma aged 45 years, purchased ABSLI Guaranteed Annuity Plus plan with Option 8-Life Annuity with Partial Return of purchase price to survivor and balance to nominee.
  • Annuity will be payable annually for whole life
  • Mr Sharma paid the single purchase price of Rs.8,71,159/- and received the annual annuity of Rs.50,000 for whole life
  • The annuity was payable for lifelong. After the death of Mr. Sharma, his wife (surviving annuitant) will be returned 50% of purchase price in lump sum.
  • After the death of the last surviving annuitant, the nominee gets 50% of the purchase price.
  • Mr. Sharma aged 45 years, purchased ABSLI Guaranteed Annuity Plus plan with Option 9: Deferred Life Annuity with Return of Premium.
  • Mr. Sharma paid the premium amount of Rs. 5,00,000 for a period of 5 years.
  • He chose to receive the annuity after a deferment period of 15 years.
  • After the age of 60 years, Mr. Sharma will continue to receive annuity of Rs. 3,23,880.
  • Annuity is payable after the end of the Deferment Period, as long as the Annuitant is alive.
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What’s not covered?

The ABSLI Guaranteed Annuity Plus does not cover annuitant for:

notcovered
Critical Illness if diagnosed within 90 days applicable from the policy effective date. No enhanced Annuity under Critical Illness will be payable.
notcovered
No enhanced annuity under permanent disability benefit if disability is directly a result of attempt to suicide, self-destruction, accident due to influence of alcohol, disease or infection, nuclear contamination, etc
notcovered
Death or permanent disability acquired due to participating in taking part in naval, military, or air force operations during peacetime.
notcovered
Death or permanent disability arising due to participation in flying activity or due to taking part in professional sports

How to initiate Claim?

3 quick steps, everything online.

  • Fill
    basic details
  • Claim
    intimation
  • Document submission

Frequently Asked Questions

Know more about ABSLI Guaranteed Annuity Plus here.

ABSLI Guaranteed Annuity Plus is a, Non-Linked, Non-Participating, General Annuity Plan with various annuity options to provide guaranteed income for life and help customer lead a worry-free retirement life. The customer can decide the Purchase Price or the annuity required, depending on his/her requirement. This annuity payment is guaranteed for life and depends on the annuity rates prevailing at the time of the purchase of the annuity
Yes, tax benefit² is applicable under ABSLI Guaranteed Annuity Plus per prevailing tax laws.
Key features of ABSLI Guaranteed Annuity Plus are as follows:
  • Guaranteed lifelong income: Annuity once purchased is guaranteed for life.
  • Option to receive annuity payments for joint life – Option to choose a single life or a joint life annuity.
  • Retirement planning is made easier – Customers can opt to invest today to build a guaranteed lifetime income stream for tomorrow. With the deferred annuity option, customers have the choice to plan early for retirement and lock annuity rates at present for a guaranteed life-long payment.
  • Wide range of annuity options: Choose from various annuity options as per financial needs.
  • Wide range of accumulation periods: Choose the accumulation period ranging from 5 years to 15 years, depending upon your needs and requirements under Limited Pay Option.
  • Option to increase annuity: Option to increase annuity through Top-up option.
  • Choice of annuity pay-out frequency: Customers may choose to receive annuity pay-outs monthly, quarterly, half-yearly or yearly as per need and requirement.
Anyone with below eligibility can opt for the plan:
  • Age at entry is between 45 to 90 years. [option on 6 and 7 can be availed till age 65 years and option 9 till age 75 years]
  • In case of Joint life annuities, the age limits apply to both lives.
Minimum purchase price will be Rs.1,50,000 for Single Pay. Minimum Premium should be sufficient to purchase minimum annuity of Rs. 12,000 p.a. as per selected annuity option for Limited Pay. There is no limit for maximum Purchase Price/Premium.
ABSLI Guaranteed Annuity Plus has a policy term of Whole Life.
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.

Years

Minimum

Maximum

Deferment period (Single Pay)

1 year

15 years subject to Maximum Vesting age

Deferment period (Limited Pay)

Chosen PPT

15 years subject to Maximum Vesting age

Vesting age

46 years

90 years

The annuity rates are determined at the date of purchase and once the plan is purchased they are guaranteed for life.
Yes, Top ups are allowed under this plan. Top-up can be done anytime while the Policy is in-force. The Top-up Annuity will be effective immediately after the date of exercising the option. Once exercised, this option cannot be subsequently removed.
The product provides periodical annuity payouts to the annuitant for whole life as per the chosen Annuity Option. Annuitants need to provide a Survival Certificate to get a regular stream of income.
There is no Maturity Benefit available under this plan.
All these choices can be made only at inception of the policy and it cannot be changed subsequently.
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  • Disclaimer

    1 Male age 60 years, Annuity Option -Life Annuity, Annuity Payout Frequency-Annual, Option chosen of Premium, Purchase Price Rs.10,00,000, Level Annuity, PPT: Single Pay, Single Life. Receive Annuity Rs.77,344 per annum/-

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

    This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non-Linked, Non-Participating, General 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. UIN: 109N132V03 ADV/6/22-23/395.