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ABSLI Guaranteed Annuity Plus
Guaranteed# Lifelong Income
10 Plan Options to Receive Annuity payouts
Pay Single Premium ₹10 lac and Get Annuity of ₹81,6001
Why buy ABSLI Guaranteed Annuity Plus?
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Guaranteed# lifelong income with a choice of multiple annuity options
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Deferred Annuity option to build regular income stream for future with deferment period up to 15 years
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Wide range of accumulation periods ranging from 5 years to 15 years available under Limited Pay Option
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Receive annuity (series of payments at regular intervals) as long as you or your partner is alive.
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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.
Plan Options
ABSLI Guaranteed Annuity Plus provides the flexibility to choose from 10 plan options to suit your varied needs.
|
Coverage |
Male|Female|Transgenders |
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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:
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Maturity Age of the Life Insured |
NA |
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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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Premium Payment Term |
Single Pay / Limited Pay (5 – 10 Years) |
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Policy Term |
Whole Life |
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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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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.
- 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.34,665 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.7,23,835/- 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.8,26,231/- 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 ₹3,41,938.
- Annuity is payable after the end of the Deferment Period, as long as the Annuitant is alive.
Invest in annuity for regular payments
What’s not covered?
The ABSLI Guaranteed Annuity Plus does not cover annuitant for:
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.
- 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.
- 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:
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 |
Other Retirement Plans
Guaranteed additions to boost your retirement corpus
Assured Option to enjoy a guaranteed benefit on vesting
Self-Managed Option to choose from various funds
Investment options to suit your financial needs
Choose the single premium amount you wish to pay
Tax Benefits
Guaranteed regular Income for retired life
Choice of multiple pay-out options
No medical tests
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Disclaimer
# Provided all due premiums are paid
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.81,600 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: 109N132V06
ADV/2/22-23/3162