Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), announced the launch of an annuity plan – ABSLI Guaranteed Annuity Plus. This single premium plan offers guaranteed regular income for one’s retirement and future financial needs, ensuring a stress-free and sustained lifestyle.
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 customers the flexibility to choose either an immediate or deferred annuity. 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. Customers planning to leave behind a legacy for their dependents can select the level or increasing annuity option.
The plan allows individuals aged minimum 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.
Commenting on the launch, Mr. Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, said, “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. 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.”
ABSLI Guaranteed Annuity Plus offers following benefits ensuring financial independence in retirement:
· Guaranteed lifelong income: Annuity once purchased is guaranteed for life.
· Option to receive annuity payments, as long as You or Your partner are alive – Option to choose a single life or a joint life annuity.
· Retirement planning made easier – Opt to invest today to build a guaranteed lifetime income stream for tomorrow. 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: Choose from various annuity options to suit respective financial needs. Some of the unique annuity options the product provides are: –
o Option to get 50% enhanced Annuity on first occurrence of specified 42 Critical Illness or Accidental Permanent Disability.
o Option to get purchase price back on attainment of age 80 years
o Option to get return of balance of purchase price, if any.
· Option to increase your annuity: The customer can increase the annuity through Top-up option.