ABSLI Guaranteed Annuity Plus


PROTECTING your lifestyle in your retirement years the way you want it.


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

Key Features

  • Deferred Annuity option to build regular income stream for future with deferment period upto 15 years
  • Guaranteed Lifelong income with a choice of multiple annuity options
  • Option to receive annuity payments as long as You or Your partner are alive
  • Option to increase annuity through Top-up option

Plan Options

  • Option 1: Life Annuity (Level/Increasing at 3%/Increasing at 5%):

    Option to receive level or increasing annuity, depending upon your need.

  • Option 2: Annuity Certain for a specified period and thereafter for Life (certain period of 5 years,10 years,15 years or 20 years)

    The Annuity is guaranteed during the Annuity Certain Period chosen by the Annuitant or till survival of Annuitant.

  • Option 3: Life Annuity with Return of Balance of Purchase Price (Level/Increasing at 3%/Increasing at 5%)

    Under this option, Annuitant can choose to get level or increasing annuity, and the balance purchase price will be returned back to nominee.

  • Option 4: Life Annuity with 50% Annuity payable to Secondary Annuitant on death of Primary Annuitant

    If Primary Annuitant predeceases secondary annuitant, secondary annuitant will continue to get 50% annuity.

  • Option 5: Life Annuity with Return of Purchase Price (100% ROP /75% ROP /50% ROP)

    Under this option, Annuitant can get life-long annuity and return of purchase price as per chosen RoP percentage.

  • Option 6: Life Annuity with enhanced Annuity on Critical Illness/ Accidental Permanent Disability and with Return of Purchase Price

    50% enhanced annuity on occurrence of 42 specified Critical illnesses or Accidental Permanent Disability as specified in the product in addition to life long annuity guaranteed at inception and return of premium

  • Option 7: Life Annuity with ROP on attainment of Age 80 years

    Option to get back the return of purchase price early at age 80 while your annuity continues for life.

  • Option 8: Life Annuity with Partial Return of Purchase Price to survivor and balance to nominee

    Option to get life-long annuity and return of 50% purchase price to surviving annuitant and balance to nominee, on death of last surviving annuitant.

  • Option 9: Deferred Life Annuity with Return of Purchase Price

    This option enables to plan early for retirement. Annuitant can invest in earning years and defer the annuity payments till 15 years as per his/her financial needs.

  • Option 10: NPS – Family Income

    This option is available specifically for National Pension System (NPS) subscribers only)

Note: Please read policy brochure for more details on the plan options.

  • Survival Benefit

    Option 1: Life Annuity(Level/Increasing at 3%/Increasing at 5%)

    Single Life

    Joint Life

    Annuity is payable as long as the Annuitant is alive. The Annuitant has the option to choose level or increasing Annuity.

    • Level annuity: - Annuity amount will remain constant throughout the policy term.
    • Increasing annuity:- Annuity shall increase at a simple rate of 3% p.a. or 5% p.a. at each policy anniversary as per chosen annuity escalation rate.

    Annuity is payable as long as either of the Primary or Secondary Annuitant is alive. The Annuitant has the option to choose level or increasing Annuity.

    • Level annuity: - Annuity amount will remain constant throughout the policy term.
    • Increasing annuity:- Annuity shall increase at a simple rate of 3% p.a. or 5% p.a. at each policy anniversary as per chosen annuity escalation rate.

     

    Option 2: Annuity Certain for a specified period and thereafter for Life (certain period of 5 years,10 years,15 years or 20 years)

    Single Life

    The Annuity is guaranteed during the Annuity Certain Period chosen by the Annuitant, and thereafter the Annuity shall continue as long as the Annuitant is alive.

     

    Option 3: Life Annuity with Return of Balance of Purchase Price (Level/Increasing at 3%/Increasing at 5%)

    Single Life

    Annuity is payable as long as the Annuitant is alive. The Annuitant has the option to choose level or increasing Annuity.

    • Level annuity: - Annuity amount will remain constant throughout the policy term.
    • Increasing annuity:- Annuity shall increase at a simple rate of 3%p.a. or 5% p.a. at each policy anniversary as per chosen annuity escalation rate.

     

    Option 4: Life Annuity with 50% Annuity payable to Secondary Annuitant on death of Primary Annuitant.

    Joint Life

    • If Primary Annuitant predeceases the Secondary Annuitant, 50% of Annuity shall be payable for as long as the Secondary Annuitant is alive.
    • If the Secondary Annuitant predeceases the Primary Annuitant, 100% of Annuity shall continue to be payable for as long as the Primary Annuitant is alive.

     

    Option 5: Life Annuity with Return of Purchase Price(100% ROP /75% ROP /50% ROP)

    Single Life

    Joint Life

    Annuity is payable as long as the Annuitant is alive.

    Annuity is payable as long as either Primary or Secondary Annuitant is alive.

     

    Option 6: Life Annuity with enhanced Annuity on Critical Illness/ Accidental Permanent Disability and with Return of Purchase Price

     

    Single Life

    Annuity is payable for as long as the Annuitant is alive

     

    Option 7: Life Annuity with ROP on attainment of Age 80 years

     

    Single Life

    Annuity shall be payable as long as the Annuitant is alive.

    On survival of the Annuitant on the policy anniversary falling after the attained age of 80 years, a lump-sum amount equal to the Purchase Price shall be payable to the Annuitant. The Annuity will continue even after the return of Purchase Price till survival of the Annuitant.

     

    Option 8: Life Annuity with Partial Return of Purchase Price to survivor and balance to nominee.

     

    Joint Life

    Annuity is payable as long as either of the Primary or the Secondary Annuitant is alive.

     

    Option 9: Deferred Life Annuity with Return of Purchase Price

     

    Single Life

    Joint Life

    Annuity is payable after the end of the Deferment Period, as long as the Annuitant is alive.

    Annuity is payable after the end of the Deferment Period, as long as either of the Primary or the Secondary Annuitant is alive.

     

    Option 10: NPS – Family Income

     

    Under this option, the annuity benefit would be payable in accordance with the regulations as prescribed by Pension Fund Regulatory and Development Authority (PFRDA) from time to time. Any change in the product due to changes in the regulations prescribed by PFRDA shall be subject to prior IRDAI approval. As per prevailing regulations, the Annuity benefit will be payable for life of the subscriber and his/her spouse (if any) as per the Annuity option “Life Annuity with Return of Purchase Price”(Single Life/ Joint Life whichever applicable).The RoP Percentage applicable for this option will be 100% of Purchase Price

  • Death Benefit

    Option 1: Life Annuity (Level/Increasing at 3%/Increasing at 5%)

    No Death Benefit is payable

     

    Option 2: Annuity Certain for a specified period and thereafter for Life (certain period of 5 years,10 years,15 years or 20 years)

    Single Life

    • On death of the Annuitant during the annuity certain period, the Annuity shall continue to be paid to the nominee/legal heir till the end of the annuity certain period.
    • On death of the Annuitant after the annuity certain period, the policy terminates and no Death Benefit is payable.

     

    Option 3: Life Annuity with Return of Balance of Purchase Price(Level/Increasing at 3%/Increasing at 5%)

    Single Life

    On death of the Annuitant, the nominee/legal heir shall be paid a lump-sum amount equal to the Purchase Price less the sum of Annuity already paid. If the balance is negative, then no benefit will be payable on death.

     

    Option 4: Life Annuity with 50% Annuity payable to Secondary Annuitant on death of Primary Annuitant.

    No Death Benefit is payable


    Option 5: Life Annuity with Return of Purchase Price(100% ROP /75% ROP /50% ROP)

    Single Life

    Joint Life

    On death of the Annuitant, lump-sum amount equal to 100% or 75% or 50% of Purchase Price as chosen at inception, will be paid to the nominee/legal heir.

    On death of the last surviving annuitant, a lump-sum amount equal to 100% or 75% or 50% Purchase Price as chosen at inception, will be paid to the nominee/legal heir.

     

    Option 6: Life Annuity with enhanced Annuity on Critical Illness/ Accidental Permanent Disability and with Return of Purchase Price

    Single Life

    On death of the Annuitant, a lump-sum amount equal to the Purchase Price will be paid to the nominee/legal heir.

     

    Option 7: Life Annuity with ROP on attainment of Age 80 years

    Single Life

    On death of the Annuitant before the attained age of 80 years, the nominee/legal heir shall be paid a lump-sum amount equal to the Purchase Price.

    In the event of death of the annuitant post age 80 years, there will not be any death benefit payable.

     

    Option 8: Life Annuity with Partial Return of Purchase Price to survivor and balance to nominee.

    Joint Life

    On death of any one of the annuitant, 50% of the Purchase Price will be paid in a lump-sum to the surviving annuitant. After the death of the last surviving annuitant, remaining 50% of the Purchase Price will be paid to nominee/legal heir in a lump sum.

     

    Option 9: Deferred Life Annuity with Return of Purchase Price

    Single Life

    Joint Life/

    On death of the Annuitant, either during or after the end of Deferment period, the below mentioned death benefit shall be payable in a lump-sum to the nominee/legal heir

    Higher of-

    a) 110% of Purchase Price or

    b) [Purchase Price + Accrued Guaranteed Additions – sum of Annuity amount already paid]

    On death of the last surviving annuitant, either during or after the end of Deferment period, the below mentioned death benefit shall be payable in a lump-sum to the nominee/legal heir

    Higher of-

    a) 110% of Purchase Price or

    b) [Purchase Price + Accrued Guaranteed Additions – sum of Annuity amount already paid]

     

    Option 10: NPS – Family Income

    On death of the Annuitant (last surviving annuitant in case of Joint life), the Annuity payment would cease and refund of the Purchase Price shall be utilized to purchase an Annuity afresh, at the then prevailing Annuity rates for Annuity option “Life Annuity with Return of Purchase Price” (Single Life/ Joint Life whichever applicable), for living dependent parents (if any) as per the order specified below.

    a) Living dependent mother of the deceased subscriber

    b) Living dependent father of the deceased subscriber

    The Annuity would continue until all such family members in the order specified above are covered. After the coverage of all such family members, the Purchase Price shall be returned to the surviving children of the subscriber and in the absence of the children, the nominee/legal heir of the subscriber, as may be applicable.

  • Surrender Benefit

    Option 1, Option 2, Option 3, Option 4:

    Not Applicable

    Option 5, Option 6, Option 7, Option 8, Option 9, Option 10:

    Applicable

    Please read policy brochure for more details on this benefit.

  • Coverage

    All Individuals (Male | Female | Transgender)

  • 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

     

    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 of the Life Insured(s) (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.

    Years

    Minimum

    Maximum

    Deferment period

    1 year

    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) 

  • 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.

    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


  • 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 Single Premium

    Rs. 1,50,000

  • Maximum Single Premium

    No Limit

Need help with life insurance?

+91
I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

Thank you for your details. We will reach out to you shortly.

1800-270-7000 or reach out to us on this number.

Thank you for your details. Currently we are facing issue in our system.

1800-270-7000 or reach out to us on this number.

Illustration

illustration
Illustration

Frequently Asked Questions

  • What is ABSLI Guaranteed Annuity Plus?

    ABSLI Guaranteed Annuity Plus is a, Non-Linked, Non-Participating, Single Premium 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 amount (lump sum amount) 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.

  • What are the key features of ABSLI Guaranteed Annuity Plus?

    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 made easier – Customer can opt to invest today to build a guaranteed lifetime income stream for tomorrow. With the deferred annuity option, customer has 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.
    • Option to increase annuity: Option to increase annuity through Top-up option.
    • Choice of annuity pay-out frequency: Customer may choose to receive annuity pay-outs monthly, quarterly, half-yearly or yearly as per need and requirement.
  • What is the age criteria for this Plan?

    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.

  • What are the different Annuity options available under the plan?

    Please find below options available under the pan.

  • What is the minimum and maximum purchase price for the plan?

    Minimum purchase price will be Rs.1,50,000. Minimum premium should be sufficient to purchase minimum annuity of Rs. 12,000 p.a. as per selected annuity option. There is no limit for maximum purchase price.

  • What is the term of the policy?

    ABSLI Guaranteed Annuity Plus has a policy term of Whole Life.

  • What is deferment period in this plan and what is the minimum and maximum 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

    1 year

    15 years subject to Maximum Vesting age

  • Are my annuity rates guaranteed?

    The annuity rates are determined at the date of purchase and once the plan is purchased they are guaranteed for life.

  • Can I do top ups under this plan?

    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.

  • What is the Survival Benefit under this plan?

    The product provides periodical annuity payouts to the annuitant for whole life as per the chosen Annuity Option. Annuitant need to provide a Survival Certificate to get regular stream of income.

  • What is the Maturity Benefit under this plan?

    There is no Maturity Benefit available under this plan.

  • Can we change the Annuity option, Annuity Escalation Rate, Annuity Certain Period or Rop % under the plan?

    All these choices can be made only at inception of the policy and it can be changed subsequently.

Trending Articles

Popular Articles
View All

Disclaimer

This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non-Linked, Non-Participating, Single Premium 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. 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: 109N132V01 ADV/7/21-22/592

The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License.

Need help with life insurance?

+91
I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

Thank you for your details. We will reach out to you shortly.

1800-270-7000 or reach out to us on this number.

Thank you for your details. Currently we are facing issue in our system.

1800-270-7000 or reach out to us on this number.