ABSLI Guaranteed Annuity Plus is a plan designed to provide guaranteed, regular income for life, helping you enjoy a comfortable retirement while ensuring a steady stream of income.
Key Features:
- Guaranteed Lifelong Income: Offers guaranteed income for life with various annuity options to choose from.
- Deferred Annuity Option: Build a regular income stream for the future with a deferment period of up to 15 years.
- Flexible Accumulation Periods: Choose accumulation periods ranging from 5 to 15 years under the Limited Pay Option.
- Regular Annuity Payments: Receive annuity payments at regular intervals as long as you or your partner is alive.
- Top-Up Option: Option to increase annuity through additional contributions.
Benefits:
- Financial Security: Provides financial independence and peace of mind during retirement.
- Customizable Payments: Flexibility to select from multiple annuity pay-out frequencies—yearly, half-yearly, quarterly, or monthly.
- Flexible Premium Payments: Available through Single Pay or Limited Pay (5 to 10 years).
Plan Options:
- Immediate Annuity: Starts paying annuity immediately after purchase.
- Deferred Annuity: Allows deferring the start of annuity payments for a period up to 15 years.
Product Specifications:
- Type of Plan: Non-linked, non-participating, general annuity plan.
- Coverage: Available for individuals of all genders, with different entry ages depending on the annuity option chosen.
- Minimum Entry Age: 45 years (for Immediate Annuity) or 45-75 years (for Deferred Annuity).
- Maximum Entry Age: 90 years (Immediate Annuity options) or 75 years (Deferred Annuity options).
- 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.
- Minimum Premium/Purchase Price: Rs. 1,50,000 for Single Pay; varies for Limited Pay.
- Maximum Premium/Purchase Price: No limit, subject to underwriting policy.
How It Works:
- Example: Mr. Sharma, aged 45, purchases ABSLI Guaranteed Annuity Plus with a whole life annuity option. He opts for an annual annuity payout with a purchase price of Rs. 5,00,000. He will receive a yearly annuity of Rs. 36,676 for his lifetime.
Exclusions:
- Critical Illness: No enhanced annuity for critical illness diagnosed within 90 days of policy start.
- Permanent Disability: No enhanced annuity for disability resulting from specific exclusions like suicide attempts, self-destruction, or participation in high-risk activities.
- Death or Permanent Disability: Not covered if due to participation in certain military or professional activities.
For more details, refer to the brochure or contact our representatives.