ABSLI Guaranteed Annuity Plus

ABSLI Nishchit Pension Plan

A non-linked, non-participating individual pension plan!
A non-linked, non-participating individual pension plan!
fully guaranteed corpus Fully Guaranteed# Corpus
life insurance cover Life Insurance Cover

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Pay ₹1 lac1 for 5 years and Get ₹21.35 lakhs after 25 years.

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Why buy ABSLI Nishchit Pension Plan?

In your golden years of retirement, you should be doing things you have always wanted to do, for which you surely need to plan well. ABSLI Nishchit Pension Plan is a non-linked non-participating individual pension plan that helps you accumulate a guaranteed# corpus for your retirement along with a life insurance cover. This lump sum corpus allows you to secure an uninterrupted income throughout your golden years!

Key Features
  • Key Features - ABSLI Guaranteed Annuity Plus Fully guaranteed# corpus accumulated on your retirement helping you secure a regular income for your golden years.
  • Key Features - ABSLI Guaranteed Annuity Plus Guaranteed# Additions accrued periodically during the Policy Term to build your retirement corpus.
  • Key Features - ABSLI Guaranteed Annuity Plus Loyalty Addition added at the end of the Policy Term to further boost your retirement corpus, provided all due premiums paid.
  • Key Features - ABSLI Guaranteed Annuity Plus Build your own plan by choosing between varied Premium Payment Terms – invest for the entire Policy Term or for a limited period to suit your requirements.
  • Key Features - ABSLI Guaranteed Annuity Plus Life Insurance Cover to offer financial protection for your loved ones, equal to total premiums paid accumulated at a fixed percentage during the Policy Term
  • Key Features - ABSLI Guaranteed Annuity Plus Flexibility to defer your Vesting Benefit by up to 10 years to ensure your retirement planning always stays aligned with your life goals.
Brochure Policy Contract Leaflet

Benefits of ABSLI Nishchit Pension Plan

Make yourself future ready and receive regular income with ABSLI Nishchit Pension Plan.

Death Benefit
In the event of death of the Life Insured during the Policy Term and provided that the Policy is In-force, the Death Benefit will be payable to the Nominee(s)/Legal heir(s). Nomination can only be effected if the Policyholder and Life Insured are the same.
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Guaranteed Additions
Guaranteed Additions are defined as a fixed percentage of Total Premiums Payable which get accrued into your policy.
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Loyalty Addition
On survival of the Life Insured till the end of the Policy Term, provided the policy is in-force and all due premiums have been paid.
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Vesting Benefit
On survival of the Life Insured till the end of the Policy Term, your Vesting Benefit will be defined as the sum of the following
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Deferral of Vesting Benefits
At any time during the Policy Term, provided the policy is in-force and all due premiums are paid
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Tax Benefit
You may be entitled to certain applicable tax benefits on premiums paid and on benefit(s) received under Your policy.
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Eligibility Criteria of Nishchit Pension Plan

Eligibility Criteria of Nishchit Pension Plan

Product Specifications

Type of Plan

A Non-Linked Non-Participating Individual Pension Plan

Coverage

All Individuals (Male | Female | Transgender)

Premium Payment Term (PPT) & Policy Term (PT)

 

 

Premium Payment Term

Policy Term

Minimum

Maximum

5 years

(PPT + 5) years

35 years

6 years

8 years

10 years

12 years

Regular Pay

10 years

 

The Premium Payment Term and Policy Term can only be chosen at Policy inception and cannot be changed thereafter.

 

Age of the Life Insured at Entry (Age as on last birthday)

Minimum

30 years

Maximum

70 years

Vesting Age of the Life Insured (Age as on last birthday)

Minimum

45 years

Maximum

75 years

Minimum Annualized Premium

Rs. 20,000

Maximum Annualized Premium

No Limit (subject to Board Approved Underwriting Policy)

Premium Payment Frequency and Frequency Loadings

 

Frequency

Annual

Semi-annual

Quarterly

Monthly

Modal Factors

0.0%

3.5%

5.0%

6.0%

 

 

Premium Bands

The benefits under this product vary by premium bands as mentioned below:

 

Annualized Premium (Rs.)

Band 1

Band 2

Band 3

Band 4

Band 5

Band 6

20,000 to 49,999

50,000 to
99,999

100,000 to 199,999

200,000 to 499,999

500,000 to 24,99,999

25,00,000 & above

How does ABSLI Nishchit Pension Plan work for you?

  • Mr. Khanna, aged 35 years, works in ABC Ltd invests Rs. 100,000 (excluding GST) in ABSLI Nishchit Pension Plan
  • He chooses Vesting Age - 60 years, Policy Term - 25 years, Premium Paying Term - 10 years, Premium Payment Mode: Annual
  • Mr. Khanna survives through the Policy Term and receives the Vesting Benefit as follows:
  • Mr. Khanna will have the option to utilize his Vesting Benefit basis the options given in the ‘Vesting Benefit’ section above.
View Illustration
  • Mr. Khanna, aged 35 years, works in ABC Ltd invests Rs. 100,000 (excluding GST) in ABSLI Nishchit Pension Plan
  • He chooses Vesting Age - 60 years, Policy Term - 25 years, Premium Paying Term - 10 years, Premium Payment Mode: Annual
  • Mr. Khanna dies during the 12th year of the policy, his nominee(s)/ Legal heir(s) will receive the Death Benefit and the policy will terminate.
  • Mr. Khanna’s nominee will have the option to utilize the Death Benefit proceeds basis the options given in the ‘Death Benefit’ section above.
View Illustration
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Enjoy a lumpsum corpus and regular income in your golden years

Invest in ABSLI Nishchit Pension Plan
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What’s Not Covered in Nishchit Pension Plan?

Suicide Exclusion .
In case of death due to suicide within 12 months from the date of commencement of the risk or from the date of revival of the policy, as applicable, the nominee(s)/ Legal heir(s) or the beneficiary of the Policyholder shall be entitled to receive the total premiums paid till date of death or surrender value available on the date of death, whichever is higher, provided the policy is In-force.

How to initiate Claim?

3 quick steps, everything online.

  • Fill basic details
  • Claim intimation
  • Document submission
More About Claims

FAQs on Nishchit Pension Plan

What is ABSLI Nishchit Pension Plan?
ABSLI Nishchit Pension Plan is a non-linked non-participating individual pension plan, that helps you accumulate a guaranteed# corpus for your retirement along with a life insurance cover. This lump sum corpus allows you to secure an uninterrupted income throughout your golden years.
What is the Policy Term under this plan?
ABSLI Nishchit Pension Plan offers a Policy Term for a period of 10 years to 35 years.
What is the minimum premium under the plan?
The minimum annualized premium is Rs. 20,000 for all PPTs.
The premium amount chosen will be payable every year throughout the premium paying term.
Is there any additional benefit for higher premiums?
Yes, higher vesting benefit is available if you pay a higher premium. The premium bands are as mentioned below:

Annualized Premium (Rs.)

Band 1

Band 2

Band 3

Band 4

Band 5

Band 6

20,000 to 49,999

50,000 to
99,999

100,000 to 199,999

200,000 to 499,999

500,000 to 24,99,999

25,00,000 & above
Is there any rider benefit in this plan?
No, rider benefits are not available under this plan.
What are the significant features of ABSLI Nishchit Pension Plan?
Key features of ABSLI Nishchit Pension Plan are:

• Fully guaranteed# corpus accumulated on your retirement helping you secure a regular income for your golden years.
• Guaranteed Additions during the Policy Term to build your retirement corpus.
• Loyalty Addition added at the end of the Policy Term to further boost your retirement corpus, provided all due premiums have been paid.
• Build your own plan by choosing between varied Premium Payment Terms – invest for the entire policy term or for a limited period to suit your requirements.
• Life Insurance Cover to offer financial protection for your loved ones, equal to total premiums paid accumulated at a fixed percentage during the Policy Term.
• Flexibility to defer your Vesting Benefit by up to 10 years to ensure your retirement planning always stays aligned with your life goals.
Is loan facility available under this plan?
No, loan is not available under the plan.
What is the Vesting Benefit available in the plan
On survival of the Life Insured till the end of the Policy Term, your Vesting Benefit will be the sum of the following:

• Guaranteed Vesting Benefit; plus
• Accrued Guaranteed Additions till the end of the Policy Term; plus
• Loyalty Addition, if any.

Where,
‘Guaranteed Vesting Benefit’ is the amount guaranteed to become payable on the date of vesting, in accordance with the terms and conditions of the policy. This is expressed as a percentage of Total Premiums Payable.

‘Guaranteed Additions’ and ‘Loyalty Addition’ are explained in detail in question no. 12 below, please refer the same.
How can I utilize the Vesting Benefit?
You may choose from the below 3 options, regulation mandates the Policyholder to utilize the proceeds of the Vesting Benefit as below:

Utilize the entire proceeds to purchase immediate annuity or deferred annuity from us at the then prevailing annuity rate or subject to the point 3 below, you shall be given an option to purchase immediate annuity or deferred annuity from any other insurer; or
1. Commute up to 60% and utilize the balance amount to purchase immediate annuity or deferred annuity from us at the then prevailing annuity rate or subject to the point 3 below, you shall be given an option to purchase available annuity from any other insurer.
2. Policyholder shall be given an option to purchase immediate annuity or deferred annuity from another insurer at the then prevailing annuity rate to the extent of percentage, stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.

3. The purchase of annuity shall be subject to terms and conditions under the annuity product.

In case the proceeds of the policy on vesting is not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended from time to time, such proceeds of the policy shall be paid to you or your beneficiary as a lump sum.

For details on the Vesting factor applicable to Your Policy, please refer to the Benefit Illustration.
What are the other benefits offered under this plan?
Guaranteed Additions are defined as a fixed percentage of Total Premiums Payable which get accrued into your policy as per the premium payment term chosen:

• For a Limited Pay policy, Guaranteed Additions accrue at the end of each policy year starting from the end of the policy year following the Premium Payment Term till the date of vesting i.e., till the end of the Policy Term.
• For a Regular Pay policy, Guaranteed Additions accrue at the end of each policy year starting from the end of the first policy year onwards till the date of vesting i.e., till the end of the Policy Term.

Accrued Guaranteed Additions shall be paid on the date of vesting.

Loyalty Additions: On survival of the Life Insured till the end of the Policy Term, provided the policy is in-force and all due premiums have been paid, a Loyalty Addition as a fixed percentage of Total Premiums Payable will be added to your Vesting Benefit and payable on the date of vesting i.e., at the end of the Policy Term.
Loyalty Addition will not be applicable for policies where the premium payment is discontinued.
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  • Disclaimer

    Our life insurance policies cover COVID -19 claims under life insurance claims, subject to applicable terms & conditions of policy contract and extant regulatory framework

    #Provided all due premiums are paid.

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

    1 Policy holder, aged 35 years, works in ABC Ltd invests Rs. 100,000 (excluding GST) in ABSLI Nishchit Pension Plan. He chooses Vesting Age - 60 years, Policy Term - 25 years, Premium Paying Term - 5 years, Premium Payment Mode: Annual

    This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI).
    This is a non-linked non-participating individual pension 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.
    An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc.
    This brochure contains only the salient features of the plan. It does not purport to be a contract of insurance and does not in any way create any rights and/or obligations. All the benefits are payable subject to the terms and conditions of the Policy.
    This product shall also be available for sales through online channel.
    All policy benefits are subject to policy being In-force.
    “We” or “Us” or “Our” or “Company” or “ABSLI” means Aditya Birla Sun Life Insurance Company Limited.
    “You” or “Your” or “Policyholder” means the Policyholder.
    Policyholder and Life Insured can be different under this product. In all situations, it is ensured that the Policyholder has an insurable interest in the Life Insured.
    For other terms and conditions, request your Agent Advisor or intermediaries for giving a detailed presentation of the product before concluding the sale. Should you need any further information from us, please contact us on the below mentioned address and numbers.
    (UIN : 109N151V02)
    ADV/6/23-24/857