Key Features of ABSLI Saral Pension Plan
-
Guaranteed regular Income for retired life
-
Option to receive annuity payments for as long as you or your partner are alive
-
Choice of multiple pay-out options
-
No medical tests
Plan Options
Option 1: Life Annuity with Return of 100% of Purchase price (ROP)
Option 2: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor
-
Death Benefit
Option 1: Life Annuity with Return of 100% of Purchase Price (ROP)
In the event of death of the Annuitant, 100% of the Purchase price shall be payable in lump sum to the nominee / legal heirs.Option 2: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor
On first death of either of the Annuitants, 100% of the Annuity shall continue to be paid as long as one of the Annuitant is alive.On death of the last survivor, the Annuity will cease immediately and the Purchase Price shall be payable in lump sum to the nominee/ legal heirs
-
Survival Benefit
Option 1: Life Annuity with Return of 100% of Purchase Price (ROP)>
A fixed annuity guaranteed at policy inception shall be paid.Option 2: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor
A fixed annuity guaranteed at policy inception shall be paid till either of the Annuitants is alive.The annuity will be payable in arrears at the end of chosen annuity payment frequency from the date of purchase of the plan.
Please refer the brochure for detailed description on this benefit.
-
Maturity Benefit
There is no Maturity Benefit under the product.
-
Rider Benefits
Not Applicable
-
Coverage
All Individuals (Male | Female | Transgender)
-
Age of the Life Insured(s) at Entry (age as on last birthday)
Minimum: 40 Years
Maximum: 80 Years
Note - For Joint life annuities, the age limits apply to both lives.
-
Maturity Age of the Life Insured(s) (age as on last birthday)
Not Applicable -
Premium Payment Term (PPT)
Single Pay -
Policy Term (PT)
Whole Life -
Annuity pay-out frequency
The annuity payout frequencies available are : Yearly, Half- Yearly, Quarterly, Monthly.
The annuity will be payable in arrears at the end of chosen annuity payment frequency from the date of purchase of the plan. Annuity instalments shall be as specified below.
Frequency of Annuity
Annuity Amount payable
Yearly
Annual Annuity
Half yearly
98%*Annual Annuity/2
Quarterly
97%*Annual Annuity/4
Monthly
96%*Annual Annuity/12
-
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. -
Maximum Annuity Amount
No Limit (subject to Board Approved Underwriting Policy) -
Minimum Single Premium/Purchase Price
Rs. 2,14,182
-
Maximum Single Premium/Purchase Price
No Limit -
Note:-
- Only your spouse can be the Secondary Annuitant.
- Annuity Option once chosen cannot be changed thereafter.
Need help in buying life insurance?
How Does ABSLI Saral Pension Plan work?
ABSLI Saral Pension FAQs
-
What are the key features of ABSLI Saral Pension?
Key features of ABSLI Saral Pension are as follows:
- Guaranteed Income: Annuity once purchased is guaranteed for lifetime
- Option to receive annuity payments for as long as you or your partner are alive: You have the option to choose a single life or a joint life annuity.
- Option to choose the frequency of payout: You may choose to receive your annuity payouts on a yearly, half-yearly, quarterly or monthly basis, as per your needs and requirement.
- Easy Issuance: No medical tests required to purchase this plan
-
What is the age criteria for this plan?
Anyone whose age at entry(as on last birthday) is between 40 to 80 years is eligible to avail ABSLI Saral Pension.
Note - For Joint life annuities, the age limits apply to both lives.
-
What are the Plan Options available in this plan? Can these options be changed during the Policy Term?
There are 2 Plan Options available under this plan:
Option 1: Life Annuity with Return of 100% of Purchase price (ROP)
Option 2 :Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor
The Plan option once chosen at inception cannot be changed anytime during the Policy Term.
-
What is the minimum Purchase Price amount (Single Premium)?
The minimum Purchase Price (Single Premium) under this plan is Rs. 2,14,182.
-
What is the minimum and maximum annuity payable in this plan?
The minimum annuity amount is Rs.1,000, Rs.3,000, Rs.6,000 and Rs.12,000 for monthly, quarterly, semi-annual and annual mode of annuity payment respectively. There is no limit for maximum annuity payable, however it is subject to the Board Approved Underwriting Policy.
-
Are my annuity rates guaranteed?
The annuity rates are determined at the date of purchase and once the pension plan is purchased they are guaranteed for life.
-
What is the maturity benefit under this plan?
There is no maturity benefit available under this plan.
-
Does the plan offer top up option?
No top ups are allowed under this plan.
-
Is there any rider benefit in this plan?
No riders are available under this plan.
Trending Articles
Explore other products
Disclaimer
This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non-Linked Non-Participating Single Premium Individual Immediate Annuity Plan
All terms & conditions are guaranteed throughout the Policy Term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. For further details please refer to the Policy contract. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. Registered Office: One World Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg Elphinstone Road, Mumbai - 400013. Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com Reg. No. 109 | CIN: U99999MH2000PLC128110 UIN: 109N130V01 ADV/6/21-22/378
The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License.
