Aditya Birla Sun Life launches Guaranteed Annuity Plus – Check details

The plan also allows individuals aged a minimum of forty-five years to choose from 10 annuity options

Aditya Birla Sun Life Insurance (ABSLI) has launched an annuity plan – ABSLI Guaranteed Annuity Plus – a single premium plan with a guaranteed regular income for one’s retirement and future financial needs, ensuring a stress-free and sustained lifestyle.

The insurance company claims this annuity plan with multiple annuity options can be customised to perfectly suit customers’ unique financial needs during retirement. This non-linked, non-participating plan also provides policyholders with the flexibility to choose either an immediate or deferred annuity.

Experts say the deferred annuity option is specially designed for individuals who wish to invest early for a secured retirement and lock current annuity rates for guaranteed, life-long payment, during the retirement years. The insurance company says individuals planning to leave behind a legacy for their dependents can select the level or increasing annuity option.

The plan also allows individuals aged a minimum of forty-five years to choose from 10 annuity options: from single life to joint life, each tailored to an individual’s post-retirement goals. The product is available on both individual and group platforms.

Kamlesh Rao, MD and CEO, Aditya Birla Sun Life Insurance, says, “As we forge forward in life, and deal with the disruption caused by the pandemic, people are adopting practical yet cautious approach towards managing their finances. They are seeking out options to generate guaranteed returns. ABSLI Guaranteed Annuity Plus provides for this critical need and allows one to generate regular income during one’s retirement, without worrying about the rising prices, increasing health care costs, higher life expectancy etc.”

He further adds, “Keeping our customers’ unique needs in mind, we have ensured that the plan provides multiple annuity options to choose from, ensuring our customers and their loved ones continue to enjoy their current lifestyle, during the golden years of their life.”

Benefits of the Guaranteed Income Plus plan;

· Guaranteed lifelong income: Annuity once purchased is guaranteed for life
· Option to receive annuity payments, as long as policyholder or policyholder’s partner is alive – Option to choose a single life or a joint-life annuity
· Retirement planning made easier Offers guaranteed lifetime income stream -With the deferred annuity option, the customer has the choice to plan early for his/her retirement and lock annuity rates at present for a guaranteed life-long payment.
· Wide range of annuity options: One can choose from various annuity options to suit respective financial needs. Such as, option to get 50 per cent enhanced annuity on the first occurrence of specified 42 Critical Illness or Accidental Permanent Disability, the option to get the purchase price back on the attainment of age 80 years, option to get a return of the balance of purchase price, if any, along with the option to increase the policyholders’ annuity through top-up option.