Investment Plans August 24, 2021

Aditya Birla Sun Life Insurance (ABSLI) Guaranteed Annuity Plus is a non-linked, non-participating, single premium, general annuity plan that provides you guaranteed income for life. Key benefits of the ABSLI Guaranteed Annuity Plus Plan are as follows:

  • Guaranteed lifelong income
  • Flexible payout options
  • Wide range of annuity options

Investment

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Continue reading this page further and learn more about these benefits of the ABSLI Guaranteed Annuity Plus Plan.

ABSLI Guaranteed Annuity Plus Plan Annuity Options

You can choose any one of the annuities at inception and the same cannot be changed thereafter.

For Single Life

  • Life Annuity (Level/Increasing at 3%/Increasing at 5%)
  • Annuity Certain for a specified period and thereafter for Life (certain period of 5 years,10 years,15 years or 20 years)
  • Life Annuity with Return of Balance of Purchase Price (Level/Increasing at 3% /Increasing at 5%)
  • Life Annuity with Return of Purchase Price (100% ROP /75% ROP /50% ROP)
  • Life Annuity with enhanced Annuity on Critical Illness/ Accidental Permanent Disability and with Return of Purchase Price
  • Life Annuity with ROP on attaining 80 years of age
  • Deferred Life Annuity with Return of Purchase Price (ROP)
  • NPS – Family Income

For Joint Life

  • Life Annuity (Level/Increasing at 3%/Increasing at 5%)
  • Life Annuity with 50% Annuity payable to Seconda Annuitant on the death of Prima Annuitant.
  • Life Annuity with Return of Purchase Price (100% ROP /75% ROP /50% ROP)
  • Life Annuity with Partial Return of Purchase Price to survivor and balance to the nominee
  • Deferred Life Annuity with Return of Purchase Price
  • NPS – Family Income

Annuity Payout Frequency

The annuity payout frequencies under ABSLI Guaranteed Annuity Plus Plan are as follows:

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

The annuity will be payable in arrears as per your chosen annuity payment frequency from the date of purchase of the plan. For government sector subscribers under the National Pension System (NPS), monthly frequency is mandatory. The same is subject to change and will be as per the extant Pension Fund Regulatory and Development Authority (PFRDA) regulations.
The minimum annuity amount is:

  • INR 1,000 per month
  • INR 3,000 per quarter
  • INR 6,000 per half-year
  • INR 12,000 per year

In the case of Joint Life, the primary annuitant will be entitled to receive the annuity payouts. Any person who has an ‘insurable interest’ in the life of a primary annuitant can be the secondary annuitant.

ABSLI Guaranteed Annuity Plus Plan Policy Term and Premium Payment Option

ABSLI Guaranteed Annuity Plus Plan policy term is for the whole life, and it comes with a single pay option. The minimum premium amount is INR 1.50 Lakh.

ABSLI Guaranteed Annuity Plus Vesting age & Deferment Period

A deferment period applies only to Deferred Annuity variants and not Immediate Annuity variants, and the same cannot be changed during the policy term. The minimum deferment period is 1 year and a maximum of 15 years, subject to the maximum vesting age. The minimum and maximum age allowed at the time of vesting is 46 years and 90 years, respectively.
Note: The minimum vesting age is 55 years in case the policy is sourced under Qualifying Recognized Overseas Pension Scheme (QROPS) as per prevailing (Her Majesty’s Revenue & Customs) (HMRC) regulations.

ABSLI Guaranteed Annuity Plus Plan Eligibility Criteria

If you want to purchase the ABSLI Guaranteed Annuity Plus Plan, you need to meet the following age criteria:
Minimum Entry Age – 45 years for both Immediate and Deferred Annuity
Maximum Entry Age – 65 years for Life Annuity with enhanced Annuity on Critical Illness/ Accidental Permanent Disability and with Return of Purchase Price and Life Annuity with ROP on attaining 80 years and 90 years for all other options (for Immediate Annuity) and 75 years (Deferred Annuity)

Note – In the case of joint life annuities, the age limits shall apply to both lives. The minimum entry age of 0 years applies to all annuity options, except Life Annuity with enhanced Annuity on Critical Illness/ Accidental Permanent Disability and with Return of Purchase Price. And the maximum entry age of 100 years applies to Life Annuity with Return of Purchase Price (100% ROP /75% ROP /50% ROP) if the proceeds are arising out of:

  • NPS corpus
  • ABSLI Pension product
  • Pension product from any other insurer
  • Superannuation or other schemes where the compulsory purchase of an annuity is required

Free Look Period

You will have a free look period of 15 days from the date of receipt of the policy to review the terms and conditions. And you can cancel the policy in case you disagree with the terms & conditions. Once the insurer receives your written notice of cancellation, the Purchase Price shall be refunded after a deduction of stamp duty and the paid annuity (if any).
Note: Free Look Period is 30 days in case the policy is purchased through distance marketing mode.

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