ABSLI Guaranteed Annuity Plus

What is ABSLI Guaranteed Annuity Plus?

Aditya Birla Sun Life Insurance Guaranteed Annuity Plus is a non-linked, non-participating, general annuity plan offered by Aditya Birla Sun Life Insurance. This type of plan is designed to provide you with a guaranteed income stream for life or a set period, depending on the option you choose.

Features of ABSLI Guaranteed Annuity Plus Plan

• The ABSLI Guaranteed Annuity Plus plan ensures you receive regular income payments. This provides peace of mind, knowing you'll have a financial safety net in place.

• The plan offers a variety of annuity options to suit your individual needs. You can choose to receive level payments throughout your retirement or opt for increasing payments to keep pace with inflation.

• The Deferred Annuity option allows you to start investing today and lock in current annuity rates. This way, you can build a guaranteed income stream for your future retirement.

• With the Limited Pay Option, you have the flexibility to choose an accumulation period ranging from 5 to 15 years. This lets you adjust your premium payment schedule to fit your financial goals.

• Ensure your spouse or partner is taken care of as well. You can choose to receive annuity payments as long as either you or your partner is alive.

• The plan allows you to increase your annuity income through top-up contributions. This can be helpful if your retirement expenses change over time.

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Annuity Options Available Under ABSLI Guaranteed Annuity Plus Plan

Eligibility Criteria for ABSLI Guaranteed Annuity Plus Plan

Benefits Under ABSLI Guaranteed Annuity Plus Plan

Here are the key benefits of the plan: 

• Survival Benefit: As long as you (the annuitant) are alive, you will receive annuity payments throughout your lifetime, either as a single person (Single Life Plan) or jointly with a partner (Joint Life Plan). You can choose to receive these payments at a fixed level (level annuity) or with an increase over time (increasing annuity). 

• Death Benefit: In case of your uncertain demise, the annuity payments will continue to be paid to your nominee until the end of a pre-selected period, depending on the plan option you choose.

• Surrender Benefit: In some plan options, you may be eligible for a surrender benefit if you need to access your funds before the policy term ends. This benefit is not available in all options (Options 1, 2, 3, and 4). The amount you receive will vary depending on the option you selected. 

• Tax Benefit: The ABSLI Guaranteed Annuity Plus Plan may offer tax benefits on the premiums you pay. However, it's important to remember that tax laws can change. We recommend consulting with a financial advisor to understand the current tax implications of this plan.

Policy Details of ABSLI Guaranteed Annuity Plus Plan

1. Top-up Annuity

   During your policy term, you can increase your Annuity by paying an additional amount called Top-Up Purchase Price.

2. Policy Loan

   Under certain Annuity options, you can avail a loan:

3. Life Annuity with Return of Purchase Price

   • Life Annuity with Enhanced Annuity on Critical Illness/Accidental Permanent Disability and with Return of Purchase Price

   • Life Annuity with Return of Purchase Price on reaching Age 80

   • Life Annuity with partial Return of Purchase Price to survivor and balance to nominee

   • Deferred Life Annuity with Return of Premium

   • NPS - Family Income

4. Termination of Policy

   • The policy ends upon:

   • Completion of Annuity Certain period or the Annuitant's death (for specific options)

   • Annuitant's death (Single/Joint Life)

   • Last surviving family member's death (NPS - Family Income)

   • Surrender of Policy/Annuity Certificate

   • Free-look cancellation payment date

5. Free Look Period

   You have 15 days (30 days for electronic/distance mode policies) to review and cancel the policy for a refund (minus stamp duty and Annuity paid).

6. Grace Period

   None for Single Pay. Limited Pay has a 30-day (15 days for monthly) Grace Period to pay premiums, or else the policy lapses or continues on a Reduced Paid-Up basis.

7. Revival or Reinstatements

   Not applicable for Single Pay. Limited Pay policies can be revived within five years from the due date of the first unpaid premium by paying all dues and proving insurability.

Exclusions Under the ABSLI Guaranteed Annuity Plus Plan

• Early Critical Illness: If you are diagnosed with a critical illness within 90 days of the policy becoming effective, the enhanced annuity benefit for critical illness will not be available.

• Permanent Disability due to Self-Harm: The increased annuity amount for permanent disability will not be paid out if the disability is a direct result of:

  • Suicide attempt or self-destruction

  • Accident caused by being under the influence of alcohol or drugs

  • Disease or infection intentionally contracted

  • Nuclear, biological, or chemical contamination

• Military Activities: Death or permanent disability resulting from participation in naval, military, or air force operations during peacetime is not covered.

• High-Risk Activities: The plan also excludes death or permanent disability arising from:

  • Flying activities (other than as a fare-paying passenger on a commercially scheduled flight)

  • Participating in professional sports