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Key Features
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Deferred Annuity option to build regular income stream for future with deferment period upto 15 years
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Guaranteed Lifelong income with a choice of multiple annuity options
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Option to receive annuity payments as long as You or Your partner are alive
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Option to increase annuity through top-ups
Note: Please read policy brochure for more details on the plan options.
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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
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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.
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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.
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Frequently Asked Questions
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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.
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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.
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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.
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What are the different Annuity options available under the plan?
Please find below options available under the plan.
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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.
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What is the term of the policy?
ABSLI Guaranteed Annuity Plus has a policy term of Whole Life.
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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
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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.
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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.
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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.
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What is the Maturity Benefit under this plan?
There is no Maturity Benefit available under this plan.
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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.
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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.