Aditya Birla Sun Life Insurance launches Guaranteed Annuity Plus, a flexible annuity plan for your money needs, post retirement

Aditya Birla Sun Life Insurance launches Guaranteed Annuity Plus, a flexible annuity plan for your money needs, post retirement

~Wide range of Annuity options to suit customer’s retirement needs~

Mumbai, 12 August 2021: 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: -

Option to get 50% enhanced Annuity on first occurrence of specified 42 Critical Illness or Accidental Permanent Disability.

Option to get purchase price back on attainment of age 80 years

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.

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About Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company

Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a part of Aditya Birla Capital Ltd (ABCL). ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc., an international financial services organization in Canada.

ABSLI offers a range of products across the customer’s life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (“ULIPs”).

As of June 2021, total AUM of ABSLI Stood at Rs.543,656 million. ABSLI recorded a gross premium income of Rs. 17,628 million in Q1 FY 2021-22 and registering a y-o-y growth of 4% in Gross Premium with Individual Business FYP at Rs 3,691 Mn. ABSLI has a nation-wide distribution presence through 370+ branches, 7 bancassurance partners, 6 distribution channels, over 90,000 direct selling agents, other Corporate Agents and Brokers and through its website. The company has over 13,000 employees and more than 17 lac active customers.

About Aditya Birla Capital

Aditya Birla Capital Limited (ABCL) is the holding company for the financial services businesses of the Aditya Birla Group.

ABCL’s subsidiaries have a strong presence across Protecting, Investing and Financing solutions, ABCL is a universal financial solutions group catering to diverse needs of its customers across their life stages. Powered by more than 21,000 employees, the subsidiaries of ABCL have a nationwide reach with 850+ branches and more than 2,00,000 agents / channel partners and several bank partners.

As of June 30th, 2021, Aditya Birla Capital Limited manages aggregate assets under management over Rs. 3,430 billion, has a consolidated lending book of approx. Rs. 571 billion, and an active customer base of over 25 million, through its subsidiaries and joint ventures.

Aditya Birla Capital Limited is a part of the Aditya Birla Group, a US$ 48.3 billion Indian multinational, in the league of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 36 countries across the globe.

About Sun Life Financial Inc, Canada

Sun Life Financial is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2021, Sun Life Financial had total assets under management of CAD 1,361 billion. For more information please visit Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

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