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Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
ABSLI Guaranteed Annuity Plus
Guaranteed# Income for a dream retired life.
Guaranteed# Lifelong Income
10 Plan Options to Receive Annuity payouts
Give ₹1 lakh/ month for 5
years and Get ₹ 4.24 lakhs
every year till your life1
Why Buy ABSLI Guaranteed Annuity Plus?
Key Features
Guaranteed# lifelong income with a choice of multiple annuity options
Deferred Annuity option to build regular income stream for future with deferment period up to 15 years
Wide range of accumulation periods ranging from 5 years to 15 years available under Limited Pay Option
Receive annuity (series of payments at regular intervals) as long as you or your partner is alive.
Option to increase annuity through top-ups
Benefits Of ABSLI Guaranteed Annuity Plus
Make yourself future ready and receive regular income with ABSLI Guaranteed Annuity Plus.
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.
Tax Benefit
The policy provides tax benefit² to the policyholder on all the premiums paid.
Plan Options
ABSLI Guaranteed Annuity Plus provides the flexibility to choose from 10 plan options to suit your varied needs.
Life Annuity (Level/Increasing at 3%/Increasing at 5%)
Choose to receive a level or increasing annuity, depending upon your need.
Annuity Certain for a specified period and thereafter for Life
Receive the guaranteed annuity during the annuity certain period chosen by the annuitant.
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Product Specifications | |||||||||||||
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Type of Plan |
A non-linked, non-participating, general annuity plan | ||||||||||||
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Coverage |
All Individuals (Male | Female | Transgender) | ||||||||||||
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Age of the Annuitant(s) at Entry (age as on last birthday)* |
*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 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.
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Maturity Age (age as on last birthday) |
Not Applicable | ||||||||||||
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Minimum Group Size (For Group Policies) |
5 members | ||||||||||||
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Maximum Group Size (For Group Policies) |
No Limit | ||||||||||||
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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.
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)
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Premium Payment Term (PPT) |
Single Pay/ Limited Pay (5 – 10 Years) | ||||||||||||
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Policy Term (PT) |
Whole Life | ||||||||||||
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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
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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. | ||||||||||||
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Maximum Annuity Amount |
No Limit (subject to Board Approved Underwriting Policy) | ||||||||||||
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Minimum Premium/Purchase Price |
Rs. 1,50,000 for Single Pay Depends on the minimum Annuity amount for Limited Pay | ||||||||||||
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Maximum Premium/Purchase Price |
No Limit | ||||||||||||
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Premium Payment Frequency and Frequency Loadings |
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Note:
- In case of Joint Life, the Primary Annuitant will be the primary person entitled to receive the Annuity Pay-outs.
- Any person having ‘insurable interest’ in the life of Primary Annuitant can be the Secondary annuitant.
- Annuitants are said to have an ‘insurable interest’ in the other when they stand to gain or benefit from the continued existence and well-being of the other, and would suffer a financial loss if there is an eventuality/casualty to the other.
How Does ABSLI Guaranteed Annuity Plus Work?
Learn with an example.Lead by an example.
Use Case 1
Use Case 2
Use Case 3
Use Case 4
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.36,676 annuity for whole life.
Invest In Annuity For Regular Payments
Buy ABSLI Guaranteed Annuity Plus
What’s Not Covered?
The ABSLI Guaranteed Annuity Plus does not cover annuitant for
Critical Illness if diagnosed within 90 days applicable from the policy effective date. No enhanced Annuity under Critical Illness will be payable.
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
Death or permanent disability acquired due to participating in taking part in naval, military, or air force operations during peacetime.
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.
1
Fill basic details
2
Claim intimation
3
Document submission
ABSLI Guaranteed Annuity Plus FAQs
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.
Please find below options available under the plan:
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.
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Years |
Minimum |
Maximum |
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Deferment period (Single Pay) |
1 year |
15 years subject to Maximum Vesting age |
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Deferment period (Limited Pay) |
Chosen PPT |
15 years subject to Maximum Vesting age |
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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.
# Provided all due premiums are paid
1 Annuitant -Health Male: Age 45 years | Annuity Option: Deferred Life Annuity with Return of Premium | Premium payment term – Limited pay (5 years) | Purchase Price: Rs. 1,00,000/ month for 5 years | Deferment period: 5 years Annuity Pay-out Frequency: Annual | Single life. Get Rs 4,24,132/- (Exclusive of taxes) every year till annuitant is alive.
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: 109N132V12
ADV/10/24-25/1855