Aditya Birla Sun Life Annuity Plan

What is an Aditya Birla Sun Life Annuity Plan?

Aditya Birla Sun Life Insurance (ABSLI) Annuity Plan is a retirement-focused insurance solution that provides guaranteed income for life through either a one-time (Single Pay) or regular (Limited Pay) premium options. It is a non-linked, non-participating plan, meaning returns are fixed and unaffected by market fluctuations.

These annuity plans are designed to offer financial security and peace of mind during retirement by ensuring a steady income stream, regardless of market conditions. Once the annuity begins, payments are fixed and continue for the policyholder's lifetime, with options for joint life cover and return of purchase price to nominees. 

Payout modes include monthly, quarterly, half-yearly, or yearly, depending on the plan. The Insurance Regulatory and Development Authority of India (IRDAI) approves these plans and caters to investors seeking predictable, long-term financial stability.

Types of Aditya Birla Sun Life Annuity Plans

ABSLI Annuity Plans are designed uniquely to present a steady income flow during retirement so that annuitants enjoy financial independence. Depending on when you want your income to start, you may choose an Immediate or Deferred Annuity option. 

Deferred options are available only under the Guaranteed Annuity Plus Plan, while the Saral Pension is an immediate annuity plan. Each type supports multiple variants to suit various financial objectives and family responsibilities. 

Let's get brief overviews of diverse types of annuities available currently through Aditya Birla Sun Life Insurance:

• ABSLI Guaranteed Annuity Plus Plan: This guaranteed pension plan is a non-linked, non-participating annuity plan that offers a guaranteed stream of income for life. It provides guaranteed income for life through either a one-time (Single Pay) or regular (Limited Pay) premium payment option, depending on the plan. The ABSLI guaranteed milestone plan offers flexibility through ten annuity options, single or joint life cover, and return of purchase price.
• ABSLI Saral Pension Plan: A standard, non-linked, non-linked, non-participating, single-premium individual immediate annuity plan that provides a simple and transparent solution for securing a lifelong income after retirement. This retirement annuity plan offers two options: a life annuity with return of 100% of the purchase price on death, and a joint life annuity with return of the purchase price on the death of the last survivor.

ABSLI Guaranteed Annuity Plus Plan

The ABSLI Guaranteed Annuity Plus Plan is a non-linked, non-participating type annuity plan offering guaranteed life income in return for either a Single Pay or Limited Pay premium option. Under the Limited Pay option, investors can pay premiums on a monthly, quarterly, half-yearly, or annual basis. 

Entry age ranges from 45 to 90 years for the Immediate Annuity and 45 to 75 years for the Deferred Annuity options. It can extend to 100 years when the purchase uses proceeds from NPS, pension, superannuation, or other insurer plans. 

Key Features of ABSLI Guaranteed Annuity Plus Plan

Sample Illustration - ABSLI Guaranteed Annuity Plus Plan (Monthly Payout)

If you invest ₹10,00,000 in the ABSLI Guaranteed Annuity Plus Plan under the Life Annuity with Return of Purchase Price option, a 60-year-old annuitant may receive ₹62,494 per annum (for the Life Annuity with Return of Purchase Price option)

The annuity is payable for as long as the annuitant lives, and upon death, the entire purchase price of ₹10,00,000 is returned to the nominee.

*Key Notes: The actual annuity rates may differ based on aspects like purchase price, age, prevailing regulations, and annuity option being chosen.

ABSLI Saral Pension Plan

The ABSLI Saral Pension Plan is a single-premium, non-linked, non-participating individual immediate annuity plan designed to offer guaranteed lifelong income. It provides two simple options: life annuity with return of purchase price, and joint life annuity with return of purchase price after the last survivor's death. 

Entry age ranges from 40 to 80 years, and annuity payments can be received monthly, quarterly, half-yearly, or annually. Approved by the IRDAI, the plan ensures post-retirement financial stability with transparent features and no medical underwriting.

Key Features of ABSLI Saral Pension

Sample Illustration - ABSLI Saral Pension (Monthly Payouts)

Suppose a 60-year-old individual chooses the Life Annuity with Return of Purchase Price option with monthly payouts. With a single premium of ₹5,00,000, the annuitant may receive about ₹2,300 per month for life. This amount is fixed and continues until death. 

Upon the annuitant's passing, the full purchase price of ₹5,00,000 is returned to the nominee. No market risk is involved.

*Note: This illustration depends on the official brochure by the ABSLI Saral Pension Plan and assumes standard conditions. The actual annuity amounts may differ per the purchase price, age, and chosen annuity option.

Key Takeaways

Aditya Birla Sun Life annuity plans offer reliable, lifelong income solutions tailored to diverse retirement needs. With flexible payout options, transparent features, and IRDAI-approved benefits, they provide financial security and peace of mind without market risk. The Guaranteed Annuity Plus and Saral Pension options ensure that your post-retirement years are supported by guaranteed income and financial protection for your family.